$NSYS
Nortech Systems Inc

2013 Q4 Form 10-Q Financial Statement

#000110465913084696 Filed on November 14, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $29.29M $27.39M $25.52M
YoY Change 17.07% 7.32% -9.88%
Cost Of Revenue $25.79M $24.37M $22.74M
YoY Change 19.9% 7.2% -9.16%
Gross Profit $3.500M $3.016M $2.784M
YoY Change -0.28% 8.32% -15.35%
Gross Profit Margin 11.95% 11.01% 10.91%
Selling, General & Admin $3.020M $2.639M $2.455M
YoY Change -0.33% 7.49% -14.41%
% of Gross Profit 86.29% 87.53% 88.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $500.0K $500.0K $470.0K
YoY Change 6.38% 6.38% -9.62%
% of Gross Profit 14.29% 16.58% 16.88%
Operating Expenses $3.020M $2.639M $2.455M
YoY Change -0.33% 7.49% -14.41%
Operating Profit $480.0K $376.2K $328.7K
YoY Change 0.0% 14.46% -21.77%
Interest Expense -$90.00K $104.0K $112.0K
YoY Change 0.0% -7.16% -13.95%
% of Operating Profit -18.75% 27.64% 34.08%
Other Income/Expense, Net -$20.00K -$71.26K -$166.5K
YoY Change 100.0% -57.2% 19.55%
Pretax Income $380.0K $304.9K $162.2K
YoY Change 0.0% 88.03% -42.26%
Income Tax $140.0K $87.00K $57.00K
% Of Pretax Income 36.84% 28.53% 35.15%
Net Earnings $240.0K $217.9K $105.2K
YoY Change -14.29% 107.21% -42.49%
Net Earnings / Revenue 0.82% 0.8% 0.41%
Basic Earnings Per Share
Diluted Earnings Per Share $87.27K $79.42K $40.15K
COMMON SHARES
Basic Shares Outstanding 2.743M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $480.0K $0.00
YoY Change
Cash & Equivalents $0.00 $482.6K $0.00
Short-Term Investments
Other Short-Term Assets $1.310M $1.540M $1.670M
YoY Change -7.75% -7.78% 20.14%
Inventory $17.43M $18.65M $17.69M
Prepaid Expenses $634.4K $902.1K $811.7K
Receivables $16.03M $15.08M $15.49M
Other Receivables $140.0K $200.0K $50.00K
Total Short-Term Assets $34.92M $35.96M $34.89M
YoY Change 6.8% 3.05% -14.0%
LONG-TERM ASSETS
Property, Plant & Equipment $11.04M $11.13M $9.143M
YoY Change -4.57% 21.7% 3.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $122.4K $123.7K $339.2K
YoY Change -52.41% -63.52% -34.03%
Total Long-Term Assets $11.16M $11.25M $9.527M
YoY Change -5.62% 18.08% 0.84%
TOTAL ASSETS
Total Short-Term Assets $34.92M $35.96M $34.89M
Total Long-Term Assets $11.16M $11.25M $9.527M
Total Assets $46.08M $47.21M $44.42M
YoY Change 3.51% 6.28% -11.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.185M $8.459M $8.428M
YoY Change -9.58% 0.38% -38.58%
Accrued Expenses $3.310M $3.930M $3.580M
YoY Change 25.38% 9.78% -1.65%
Deferred Revenue
YoY Change
Short-Term Debt $7.230M $7.980M $7.880M
YoY Change -8.71% 1.27% -14.9%
Long-Term Debt Due $632.2K $564.7K $438.3K
YoY Change 39.52% 28.83% -79.39%
Total Short-Term Liabilities $19.37M $20.94M $20.32M
YoY Change -3.8% 3.06% -29.34%
LONG-TERM LIABILITIES
Long-Term Debt $4.247M $4.149M $2.860M
YoY Change 48.19% 45.04% 241.86%
Other Long-Term Liabilities $244.5K $246.4K $143.0K
YoY Change 57.42% 72.34% -11.06%
Total Long-Term Liabilities $4.773M $4.578M $3.244M
YoY Change 46.96% 41.11% 225.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.37M $20.94M $20.32M
Total Long-Term Liabilities $4.773M $4.578M $3.244M
Total Liabilities $24.14M $25.52M $23.56M
YoY Change 3.25% 8.3% -20.81%
SHAREHOLDERS EQUITY
Retained Earnings $5.983M $5.742M $4.920M
YoY Change 15.16% 16.7% 13.59%
Common Stock $27.43K $27.43K $27.43K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.94M $21.69M $20.86M
YoY Change
Total Liabilities & Shareholders Equity $46.08M $47.21M $44.42M
YoY Change 3.51% 6.27% -11.19%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $240.0K $217.9K $105.2K
YoY Change -14.29% 107.21% -42.49%
Depreciation, Depletion And Amortization $500.0K $500.0K $470.0K
YoY Change 6.38% 6.38% -9.62%
Cash From Operating Activities $300.0K $1.430M $400.0K
YoY Change -89.62% 257.5% -83.74%
INVESTING ACTIVITIES
Capital Expenditures -$190.0K -$340.0K -$430.0K
YoY Change -93.56% -20.93% 115.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$200.0K -$340.0K -$430.0K
YoY Change -93.24% -20.93% 115.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -580.0K -610.0K 30.00K
YoY Change -1066.67% -2133.33% -100.82%
NET CHANGE
Cash From Operating Activities 300.0K 1.430M 400.0K
Cash From Investing Activities -200.0K -340.0K -430.0K
Cash From Financing Activities -580.0K -610.0K 30.00K
Net Change In Cash -480.0K 480.0K 0.00000000001819
YoY Change 4700.0% 2638827906662400000.0% -100.0%
FREE CASH FLOW
Cash From Operating Activities $300.0K $1.430M $400.0K
Capital Expenditures -$190.0K -$340.0K -$430.0K
Free Cash Flow $490.0K $1.770M $830.0K
YoY Change -91.61% 113.25% -68.8%

Facts In Submission

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dei Entity Registrant Name
EntityRegistrantName
NORTECH SYSTEMS INC
dei Entity Central Index Key
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dei Document Type
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dei Document Period End Date
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IncreaseDecreaseInIncomeTaxes
-60878 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-650810 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
1259687 USD
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
120092 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-21229 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
56810 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1006874 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-950064 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
59653 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1884000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
489729 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
1453924 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
482631 USD
us-gaap Interest Paid Net
InterestPaidNet
278387 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
187300 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
105468 USD
us-gaap Depreciation
Depreciation
1382757 USD
us-gaap Adjustment For Amortization
AdjustmentForAmortization
15246 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-80000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-3490 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1226912 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1343271 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
239537 USD
us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
124268 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2905432 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
425364 USD
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
83709 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
1733944 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
36856 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1476868 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1440012 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-1469396 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1600970 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
425506 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-293932 USD
us-gaap Interest Paid Net
InterestPaidNet
293740 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
116155 USD
CY2013Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
482631 USD
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.04

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