NORTECH SYSTEMS INC

For the period ended Mar 31, 2025. Filed May 14, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 14, 2025

NSYS$10.54-5.9%Stored close · as of Nov 9, 2026

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Contents

Condensed Consolidated Balance Sheets

AS OF MARCH 31, 2025 AND DECEMBER 31, 2024

(IN THOUSANDS, EXCEPT SHARE DATA)

	MARCH 31, 2025	DECEMBER 31, 2024
ASSETS
Current assets:
Cash	$1,162	$916
Accounts receivable, less allowances of $231 and $196, respectively	15,668	14,875
Inventories, net	20,910	21,638
Contract assets	13,404	13,792
Assets held for sale	507	-
Prepaid assets and other assets	5,673	4,094
Total current assets	57,324	55,315
Property and equipment, net	5,575	6,232
Operating lease assets, net	7,831	8,139
Deferred tax assets	2,575	2,575
Other intangible assets, net	169	174
Other assets	59	-
Total assets	$73,533	$72,435
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$10,062	$11,582
Accrued payroll and commissions	2,515	1,841
Customer deposits	5,028	5,140
Current portion of operating leases	1,187	1,175
Current portion of finance lease obligations	121	143
Notes payable	563	344
Other accrued liabilities	1,240	1,203
Total current liabilities	20,716	21,428
Long-term liabilities:
Long-term line of credit	11,955	8,634
Long-term operating lease obligations, net of current portion	7,462	7,773
Long-term finance lease obligations, net of current portion	281	311
Other long-term liabilities	287	284
Total long-term liabilities	19,985	17,002
Total liabilities	40,701	38,430
Shareholders’ equity:
Preferred stock, $1 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding	250	250
Common stock - $0.01 par value; 9,000,000 shares authorized; 2,760,993 and 2,760,793 shares issued and outstanding, respectively	28	28
Additional paid-in capital	17,466	17,329
Accumulated other comprehensive loss	(971)	(977)
Retained earnings	16,059	17,375
Total shareholders’ equity	32,832	34,005
Total liabilities and shareholders’ equity	$73,533	$72,435

See Accompanying Notes to Condensed Consolidated Financial Statement.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.