$NSYS
NORTECH SYSTEMS INC

2020 Q1 Form 10-Q Financial Statement

#000143774920010598 Filed on May 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $27.44M $28.17M
YoY Change -2.57% 6.48%
Cost Of Revenue $24.44M $25.20M
YoY Change -3.05% 7.62%
Gross Profit $3.005M $2.961M
YoY Change 1.49% -2.28%
Gross Profit Margin 10.95% 10.51%
Selling, General & Admin $2.614M $3.065M
YoY Change -14.71% -2.7%
% of Gross Profit 86.99% 103.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $567.0K $570.0K
YoY Change -0.53% 1.79%
% of Gross Profit 18.87% 19.25%
Operating Expenses $2.614M $3.065M
YoY Change -14.71% -2.7%
Operating Profit $391.0K -$104.0K
YoY Change -475.96% -13.33%
Interest Expense $224.0K $245.0K
YoY Change -8.57% -244.12%
% of Operating Profit 57.29%
Other Income/Expense, Net
YoY Change
Pretax Income $167.0K -$349.0K
YoY Change -147.85% 20.34%
Income Tax $30.00K $14.00K
% Of Pretax Income 17.96%
Net Earnings $137.0K -$363.0K
YoY Change -137.74% -6.92%
Net Earnings / Revenue 0.5% -1.29%
Basic Earnings Per Share $0.06 -$0.14
Diluted Earnings Per Share $0.06 -$0.14
COMMON SHARES
Basic Shares Outstanding 2.658M 2.660M
Diluted Shares Outstanding 2.669M 2.660M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $730.0K $310.0K
YoY Change 135.48% -34.04%
Cash & Equivalents $730.0K $310.0K
Short-Term Investments
Other Short-Term Assets $2.360M $2.560M
YoY Change -7.81% 95.42%
Inventory $15.36M $15.98M
Prepaid Expenses
Receivables $20.23M $31.68M
Other Receivables $0.00 $0.00
Total Short-Term Assets $45.46M $50.53M
YoY Change -10.04% 29.1%
LONG-TERM ASSETS
Property, Plant & Equipment $9.338M $15.27M
YoY Change -38.85% 51.19%
Goodwill $2.375M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.00K
YoY Change 0.0%
Total Long-Term Assets $17.65M $19.15M
YoY Change -7.85% 34.95%
TOTAL ASSETS
Total Short-Term Assets $45.46M $50.53M
Total Long-Term Assets $17.65M $19.15M
Total Assets $63.10M $69.68M
YoY Change -9.44% 30.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.37M $21.14M
YoY Change -22.57% 75.29%
Accrued Expenses $6.360M $6.060M
YoY Change 4.95% 19.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $444.0K $950.0K
YoY Change -53.26% -28.57%
Total Short-Term Liabilities $23.79M $28.14M
YoY Change -15.47% 52.6%
LONG-TERM LIABILITIES
Long-Term Debt $3.069M $15.67M
YoY Change -80.41% 12.25%
Other Long-Term Liabilities $112.0K $4.930M
YoY Change -97.73% 3186.67%
Total Long-Term Liabilities $19.23M $20.60M
YoY Change -6.67% 46.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.79M $28.14M
Total Long-Term Liabilities $19.23M $20.60M
Total Liabilities $43.01M $48.75M
YoY Change -11.77% 49.77%
SHAREHOLDERS EQUITY
Retained Earnings $4.345M
YoY Change
Common Stock $27.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.09M $20.93M
YoY Change
Total Liabilities & Shareholders Equity $63.10M $69.68M
YoY Change -9.44% 30.66%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $137.0K -$363.0K
YoY Change -137.74% -6.92%
Depreciation, Depletion And Amortization $567.0K $570.0K
YoY Change -0.53% 1.79%
Cash From Operating Activities $466.0K -$1.438M
YoY Change -132.41% -366.3%
INVESTING ACTIVITIES
Capital Expenditures $65.00K $396.0K
YoY Change -83.59% -236.55%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$71.00K -$396.0K
YoY Change -82.07% 36.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $13.00K
YoY Change -100.0%
Debt Paid & Issued, Net $124.0K $328.0K
YoY Change -62.2%
Cash From Financing Activities -80.00K 1.624M
YoY Change -104.93% -680.0%
NET CHANGE
Cash From Operating Activities 466.0K -1.438M
Cash From Investing Activities -71.00K -396.0K
Cash From Financing Activities -80.00K 1.624M
Net Change In Cash 314.0K -210.0K
YoY Change -249.52% 600.0%
FREE CASH FLOW
Cash From Operating Activities $466.0K -$1.438M
Capital Expenditures $65.00K $396.0K
Free Cash Flow $401.0K -$1.834M
YoY Change -121.86% -320.96%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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OperatingAndFinanceLeaseLiability
7225000
CY2020Q1 nsys Percentage Of Revenue Transferred To Customers
PercentageOfRevenueTransferredToCustomers
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CY2019Q1 nsys Percentage Of Revenue Transferred To Customers
PercentageOfRevenueTransferredToCustomers
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CY2020Q1 nsys Revenue Remaining Performance Obligation Customers Upon Shipment With Payment Terms
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P120D
CY2020Q1 nsys Change In Accounts Receivable Allowance
ChangeInAccountsReceivableAllowance
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CY2019Q1 nsys Change In Accounts Receivable Allowance
ChangeInAccountsReceivableAllowance
24000
CY2020Q1 nsys Change In Inventory Reserves
ChangeInInventoryReserves
93000
CY2019Q1 nsys Change In Inventory Reserves
ChangeInInventoryReserves
51000
CY2020Q1 nsys Concentration Risk Number Of Divisions
ConcentrationRiskNumberOfDivisions
2
CY2019Q1 nsys Concentration Risk Number Of Divisions
ConcentrationRiskNumberOfDivisions
2
CY2020Q1 nsys Contract With Customer Asset Increase Decrease Product Transferred Over Time
ContractWithCustomerAssetIncreaseDecreaseProductTransferredOverTime
4827000
CY2020Q1 nsys Lessee Operating And Finance Lease Liability Payments Due
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDue
8575000
CY2020Q1 nsys Lessee Operating And Finance Lease Liability Payments Due After Year Five
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueAfterYearFive
2598000
CY2020Q1 nsys Lessee Operating And Finance Lease Liability Payments Due Year Five
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearFive
1048000
CY2020Q1 nsys Lessee Operating And Finance Lease Liability Payments Due Year Four
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearFour
1040000
CY2020Q1 nsys Lessee Operating And Finance Lease Liability Payments Due Year Three
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearThree
1283000
CY2020Q1 nsys Lessee Operating And Finance Lease Liability Payments Due Year Two
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearTwo
1430000
CY2020Q1 nsys Lessee Operating And Finance Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingAndFinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2020Q1 nsys Lessee Operating And Finance Lease Liability Undiscounted Excess Amount
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1350000
CY2020Q1 nsys Excess Cash Balances Number Of High Credit Quality Financial Institutions
ExcessCashBalancesNumberOfHighCreditQualityFinancialInstitutions
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CY2020Q1 nsys Finance And Operating Leases Right Of Use Asset
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CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-396000
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
466000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1438000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
137000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-363000
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
2614000
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
3065000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
391000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-104000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5077000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
825000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
858000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4252000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4366000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
210000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4637000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4827000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.048
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y255D
CY2020Q1 us-gaap Other Accrued Liabilities Current
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2738000
CY2019Q4 us-gaap Other Accrued Liabilities Current
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2866000
CY2020Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-61000
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
56000
CY2020Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
112000
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
118000
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
13000
CY2020Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
6000
CY2019Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
65000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
396000
CY2020Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2020Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
250000
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
250000
CY2020Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
250000
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
250000
CY2020Q1 us-gaap Preferred Stock Value
PreferredStockValue
250000
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
250000
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2119000
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2128000
CY2019Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
3179000
CY2020Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
167000
CY2019Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
2030000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9338000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9581000
CY2020Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
124000
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
328000
CY2020Q1 us-gaap Repayments Of Mandatory Redeemable Capital Securities
RepaymentsOfMandatoryRedeemableCapitalSecurities
123000
CY2019Q1 us-gaap Repayments Of Mandatory Redeemable Capital Securities
RepaymentsOfMandatoryRedeemableCapitalSecurities
65000
CY2020Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
244000
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
427000
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
309000
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4345000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4208000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27440000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
28165000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P180D
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2020Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
3069000
CY2020Q1 us-gaap Selling Expense
SellingExpense
621000
CY2019Q1 us-gaap Selling Expense
SellingExpense
761000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
39000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
160000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
107557
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.06
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
3200
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
11300
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
24285000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
372200
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
380300
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.85
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.83
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.29
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.95
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
8095000
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y160D
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y135D
CY2019Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
13000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
20091000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
19976000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
21090000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
20930000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2668590
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2659859
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2657530
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2659859

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