$NSYS
Nortech Systems Inc

2014 Q1 Form 10-K Financial Statement

#000104746914001953 Filed on March 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013
Revenue $26.15M $29.29M $111.1M
YoY Change 0.86% 17.07% 3.85%
Cost Of Revenue $23.08M $25.79M $97.94M
YoY Change 1.71% 19.9% 3.6%
Gross Profit $3.074M $3.500M $13.12M
YoY Change -5.05% -0.28% 5.82%
Gross Profit Margin 11.76% 11.95% 11.81%
Selling, General & Admin $2.838M $3.020M $11.66M
YoY Change -5.84% -0.33% 6.65%
% of Gross Profit 92.32% 86.29% 88.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $497.4K $500.0K $2.005M
YoY Change -2.36% 6.38% 8.61%
% of Gross Profit 16.18% 14.29% 15.29%
Operating Expenses $2.838M $3.020M $11.66M
YoY Change -5.84% -0.33% 6.65%
Operating Profit $236.2K $480.0K $1.455M
YoY Change 5.63% 0.0% -0.38%
Interest Expense $89.98K -$90.00K $388.8K
YoY Change -3.79% 0.0% -11.67%
% of Operating Profit 38.09% -18.75% 26.72%
Other Income/Expense, Net -$100.1K -$20.00K -$367.7K
YoY Change -3.35% 100.0% -31.04%
Pretax Income $136.2K $380.0K $1.075M
YoY Change 13.38% 0.0% 39.48%
Income Tax $50.00K $140.0K $300.0K
% Of Pretax Income 36.72% 36.84% 27.92%
Net Earnings $86.16K $240.0K $787.4K
YoY Change -38.93% -14.29% 25.09%
Net Earnings / Revenue 0.33% 0.82% 0.71%
Basic Earnings Per Share $0.29
Diluted Earnings Per Share $0.03 $87.27K $0.29
COMMON SHARES
Basic Shares Outstanding 2.743M shares 2.743M shares 2.743M shares
Diluted Shares Outstanding 2.748M shares 2.744M shares

Balance Sheet

Concept 2014 Q1 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $340.0K $0.00 $0.00
YoY Change 1600.0%
Cash & Equivalents $336.2K $0.00 $0.00
Short-Term Investments
Other Short-Term Assets $1.480M $1.310M $1.310M
YoY Change -3.27% -7.75% -7.75%
Inventory $18.79M $17.43M $17.43M
Prepaid Expenses $800.3K $634.4K
Receivables $15.41M $16.03M $16.03M
Other Receivables $90.00K $140.0K $140.0K
Total Short-Term Assets $36.11M $34.92M $34.92M
YoY Change 3.97% 6.8% 6.82%
LONG-TERM ASSETS
Property, Plant & Equipment $11.02M $11.04M $11.04M
YoY Change -1.86% -4.57% -4.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $121.1K $122.4K $120.0K
YoY Change -12.4% -52.41% -53.85%
Total Long-Term Assets $11.14M $11.16M $11.16M
YoY Change -2.38% -5.62% -5.58%
TOTAL ASSETS
Total Short-Term Assets $36.11M $34.92M $34.92M
Total Long-Term Assets $11.14M $11.16M $11.16M
Total Assets $47.25M $46.08M $46.08M
YoY Change 2.4% 3.51% 3.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.632M $8.185M $8.190M
YoY Change -6.38% -9.58% -9.5%
Accrued Expenses $3.420M $3.310M $3.310M
YoY Change 0.29% 25.38% 25.38%
Deferred Revenue
YoY Change
Short-Term Debt $7.630M $7.230M $7.230M
YoY Change 9.0% -8.71% -8.71%
Long-Term Debt Due $682.0K $632.2K $630.0K
YoY Change 20.76% 39.52% 40.0%
Total Short-Term Liabilities $20.36M $19.37M $19.37M
YoY Change 0.82% -3.8% -3.78%
LONG-TERM LIABILITIES
Long-Term Debt $4.289M $4.247M $4.250M
YoY Change -0.63% 48.19% 48.08%
Other Long-Term Liabilities $281.6K $244.5K $240.0K
YoY Change 51.75% 57.42% 50.0%
Total Long-Term Liabilities $4.853M $4.773M $4.490M
YoY Change 4.18% 46.96% 48.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.36M $19.37M $19.37M
Total Long-Term Liabilities $4.853M $4.773M $4.490M
Total Liabilities $25.22M $24.14M $24.14M
YoY Change 1.45% 3.25% 3.25%
SHAREHOLDERS EQUITY
Retained Earnings $6.069M $5.983M
YoY Change 13.73% 15.16%
Common Stock $27.43K $27.43K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.03M $21.94M $21.94M
YoY Change
Total Liabilities & Shareholders Equity $47.25M $46.08M $46.08M
YoY Change 2.4% 3.51% 3.53%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013
OPERATING ACTIVITIES
Net Income $86.16K $240.0K $787.4K
YoY Change -38.93% -14.29% 25.09%
Depreciation, Depletion And Amortization $497.4K $500.0K $2.005M
YoY Change -2.36% 6.38% 8.61%
Cash From Operating Activities $520.0K $300.0K $280.0K
YoY Change -223.81% -89.62% -93.94%
INVESTING ACTIVITIES
Capital Expenditures $669.7K -$190.0K $1.205M
YoY Change 232.22% -93.56% -72.82%
Acquisitions
YoY Change
Other Investing Activities $0.00 $60.00K
YoY Change 50.0%
Cash From Investing Activities -$670.0K -$200.0K -$1.150M
YoY Change 235.0% -93.24% -73.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $138.0K $613.9K
YoY Change 23.39% 19.19%
Cash From Financing Activities 480.0K -580.0K 870.0K
YoY Change -25.0% -1066.67% -478.26%
NET CHANGE
Cash From Operating Activities 520.0K 300.0K 280.0K
Cash From Investing Activities -670.0K -200.0K -1.150M
Cash From Financing Activities 480.0K -580.0K 870.0K
Net Change In Cash 330.0K -480.0K 0.000
YoY Change 1550.0% 4700.0% -100.0%
FREE CASH FLOW
Cash From Operating Activities $520.0K $300.0K $280.0K
Capital Expenditures $669.7K -$190.0K $1.205M
Free Cash Flow -$149.7K $490.0K -$924.7K
YoY Change -75.92% -91.61% -593.94%

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27430 USD
CY2012Q4 us-gaap Common Stock Value
CommonStockValue
27430 USD
CY2013Q4 us-gaap Additional Paid In Capital
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15738233 USD
CY2012Q4 us-gaap Additional Paid In Capital
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CY2012Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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-62936 USD
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5982721 USD
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5195345 USD
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21935448 USD
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46075421 USD
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44514899 USD
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1
CY2012Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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1
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
250000 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
250000 shares
CY2012Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
250000 shares
CY2012Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
250000 shares
CY2013Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2012Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2013Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
9000000 shares
CY2012Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
9000000 shares
CY2013Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2742992 shares
CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2742992 shares
CY2012Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2742992 shares
CY2012Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2742992 shares
CY2013 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
97942444 USD
CY2012 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
94543067 USD
CY2013 us-gaap Gross Profit
GrossProfit
13115995 USD
CY2012 us-gaap Gross Profit
GrossProfit
12394320 USD
CY2013 us-gaap Selling Expense
SellingExpense
4801182 USD
CY2012 us-gaap Selling Expense
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CY2013 us-gaap General And Administrative Expense
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OperatingExpenses
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CY2012 us-gaap Operating Expenses
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CY2013 us-gaap Operating Income Loss
OperatingIncomeLoss
1455035 USD
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
1460598 USD
CY2013 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
21134 USD
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-92985 USD
CY2013 us-gaap Interest Expense
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CY2012 us-gaap Interest Expense
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440175 USD
CY2013 us-gaap Nonoperating Income Expense
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-367659 USD
CY2012 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-533160 USD
CY2013 us-gaap Net Income Loss
NetIncomeLoss
787376 USD
CY2012 us-gaap Net Income Loss
NetIncomeLoss
629438 USD
CY2013 us-gaap Depreciation
Depreciation
2004940 USD
CY2012 us-gaap Depreciation
Depreciation
1845934 USD
CY2013 us-gaap Adjustment For Amortization
AdjustmentForAmortization
5291 USD
CY2012 us-gaap Adjustment For Amortization
AdjustmentForAmortization
16569 USD
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
12841 USD
CY2013 us-gaap Asset Impairment Charges
AssetImpairmentCharges
74003 USD
CY2012 us-gaap Asset Impairment Charges
AssetImpairmentCharges
127000 USD
CY2013 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
229000 USD
CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-96000 USD
CY2013 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1357 USD
CY2012 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-3490 USD
CY2013 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2422915 USD
CY2012 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3112529 USD
CY2013 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-237392 USD
CY2012 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1364731 USD
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
CY2013 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
140174 USD
CY2013 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
-60878 USD
CY2012 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
231170 USD
CY2013 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1137447 USD
CY2012 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2211460 USD
CY2013 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
629736 USD
CY2012 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-205195 USD
CY2013 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
130905 USD
CY2012 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-207153 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
275939 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
4621617 USD
CY2013 us-gaap Proceeds From Sale Of Property Plant And Equipment
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57160 USD
CY2012 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
36856 USD
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
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1204681 USD
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4432793 USD
CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1147521 USD
CY2012 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-4395937 USD
CY2013 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-688504 USD
CY2012 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-1421557 USD
CY2013 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2174000 USD
CY2012 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1710970 USD
CY2013 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
613914 USD
CY2012 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
515093 USD
CY2013 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
871582 USD
CY2012 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-225680 USD
CY2013 us-gaap Interest Paid Net
InterestPaidNet
366335 USD
CY2012 us-gaap Interest Paid Net
InterestPaidNet
384558 USD
CY2013 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
187300 USD
CY2012 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
111803 USD
CY2013 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
317906 USD
CY2012 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
47425 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
20505793 USD
CY2013 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
12841 USD
CY2013 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
0 USD
CY2013 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
189250 shares
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2013 us-gaap Product Warranty Expense
ProductWarrantyExpense
0 USD
CY2013 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5291 USD
CY2012 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
16569 USD
CY2012 us-gaap Preferred Stock Dividends Per Share Declared
PreferredStockDividendsPerShareDeclared
0
CY2013 us-gaap Preferred Stock Dividends Per Share Declared
PreferredStockDividendsPerShareDeclared
0
CY2012 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0
CY2013 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0
CY2013 us-gaap Increase Decrease In Prepaid Expense
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72774 USD
CY2012 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-10564 USD
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2742992 shares
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2742992 shares
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2744136 shares
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2742992 shares
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1144 shares

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