Nortech Systems Inc., with electronics manufacturing services facilities in Merrifield and Baxter, recently reported third quarter results showing net income rising 19 percent for the quarter.
Nortech reported net sales of $31.7 million for the third quarter, which ended Sept. 30, compared to its net of $29.6 million for the same quarter a year ago.
"Net income was $499,261, or $0.18 per diluted common share, an increase of 19 percent over $420,506, or $0.15 per diluted common share, reported for the third quarter of 2007," Nortech reported.
For the nine months ended Sept. 30, Nortech Systems reported net sales of $94.9 million, compared with $88.8 million for the same period in 2007, an increase of 7 percent. Operating income for the nine-month period rose 31 percent to $3.3 million, up from $2.5 million reported for the same period in 2007. Net income for the nine-month period was $1.7 million, or $0.61 per diluted common share, increasing 56 percent over the $1.1 million, or $0.39 per diluted common share, reported for the same period in 2007.
Mike Degen, Nortech's president and CEO said in a news release the company was pleased with the results in face of the economy and pricing pressures with select commodities and the company's Aerospace Systems product line operations finished the quarter strong. Degen said the company maintains "solid relationships with all its strategic customers across three key sectors industrial, medical and defense" and continues to attract new customers.
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