$NSYS
NORTECH SYSTEMS INC

2021 Q1 Form 10-Q Financial Statement

#000143774921012210 Filed on May 14, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $22.07M $27.44M
YoY Change -19.56% -2.57%
Cost Of Revenue $20.51M $24.44M
YoY Change -16.06% -3.05%
Gross Profit $1.561M $3.005M
YoY Change -48.05% 1.49%
Gross Profit Margin 7.07% 10.95%
Selling, General & Admin $3.517M $2.614M
YoY Change 34.54% -14.71%
% of Gross Profit 225.3% 86.99%
Research & Development $0.00
YoY Change
% of Gross Profit 0.0%
Depreciation & Amortization $477.0K $567.0K
YoY Change -15.87% -0.53%
% of Gross Profit 30.56% 18.87%
Operating Expenses $3.736M $2.614M
YoY Change 42.92% -14.71%
Operating Profit -$2.175M $391.0K
YoY Change -656.27% -475.96%
Interest Expense $86.00K $224.0K
YoY Change -61.61% -8.57%
% of Operating Profit 57.29%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.261M $167.0K
YoY Change -1453.89% -147.85%
Income Tax -$707.0K $30.00K
% Of Pretax Income 17.96%
Net Earnings -$1.554M $137.0K
YoY Change -1234.31% -137.74%
Net Earnings / Revenue -7.04% 0.5%
Basic Earnings Per Share -$0.58 $0.06
Diluted Earnings Per Share -$0.58 $0.06
COMMON SHARES
Basic Shares Outstanding 2.659M 2.658M
Diluted Shares Outstanding 2.659M 2.669M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $380.0K $730.0K
YoY Change -47.95% 135.48%
Cash & Equivalents $384.0K $730.0K
Short-Term Investments
Other Short-Term Assets $2.380M $2.360M
YoY Change 0.85% -7.81%
Inventory $17.08M $15.36M
Prepaid Expenses
Receivables $12.51M $20.23M
Other Receivables $1.350M $0.00
Total Short-Term Assets $40.37M $45.46M
YoY Change -11.18% -10.04%
LONG-TERM ASSETS
Property, Plant & Equipment $5.920M $9.338M
YoY Change -36.6% -38.85%
Goodwill $2.375M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $440.0K
YoY Change
Total Long-Term Assets $17.13M $17.65M
YoY Change -2.94% -7.85%
TOTAL ASSETS
Total Short-Term Assets $40.37M $45.46M
Total Long-Term Assets $17.13M $17.65M
Total Assets $57.50M $63.10M
YoY Change -8.88% -9.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.01M $16.37M
YoY Change -20.54% -22.57%
Accrued Expenses $7.050M $6.360M
YoY Change 10.85% 4.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.964M $444.0K
YoY Change 342.34% -53.26%
Total Short-Term Liabilities $22.69M $23.79M
YoY Change -4.59% -15.47%
LONG-TERM LIABILITIES
Long-Term Debt $4.995M $3.069M
YoY Change 62.76% -80.41%
Other Long-Term Liabilities $231.0K $112.0K
YoY Change 106.25% -97.73%
Total Long-Term Liabilities $17.66M $19.23M
YoY Change -8.17% -6.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.69M $23.79M
Total Long-Term Liabilities $17.66M $19.23M
Total Liabilities $40.35M $43.01M
YoY Change -6.19% -11.77%
SHAREHOLDERS EQUITY
Retained Earnings $1.108M $4.345M
YoY Change -74.5%
Common Stock $27.00K $27.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.15M $20.09M
YoY Change
Total Liabilities & Shareholders Equity $57.50M $63.10M
YoY Change -8.88% -9.44%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$1.554M $137.0K
YoY Change -1234.31% -137.74%
Depreciation, Depletion And Amortization $477.0K $567.0K
YoY Change -15.87% -0.53%
Cash From Operating Activities -$896.0K $466.0K
YoY Change -292.27% -132.41%
INVESTING ACTIVITIES
Capital Expenditures $208.0K $65.00K
YoY Change 220.0% -83.59%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$272.0K -$71.00K
YoY Change 283.1% -82.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $125.0K $124.0K
YoY Change 0.81% -62.2%
Cash From Financing Activities -$1.415M -80.00K
YoY Change 1668.75% -104.93%
NET CHANGE
Cash From Operating Activities -$896.0K 466.0K
Cash From Investing Activities -$272.0K -71.00K
Cash From Financing Activities -$1.415M -80.00K
Net Change In Cash -$2.582M 314.0K
YoY Change -922.29% -249.52%
FREE CASH FLOW
Cash From Operating Activities -$896.0K $466.0K
Capital Expenditures $208.0K $65.00K
Free Cash Flow -$1.104M $401.0K
YoY Change -375.31% -121.86%

Facts In Submission

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CY2020Q4 us-gaap Inventory Net
InventoryNet
13917000
CY2021Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
17235000
CY2020Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
14865000
CY2021Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1764000
CY2020Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
2159000
CY2021Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
1143000
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
969000
CY2021Q1 us-gaap Lease Cost
LeaseCost
717000
CY2020Q1 us-gaap Lease Cost
LeaseCost
531000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15641000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1727000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1205000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1407000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1730000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1288000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5419000
CY2020Q4 us-gaap Liabilities Current
LiabilitiesCurrent
19536000
CY2021Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
17655000
CY2020Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
19380000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
6959000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
7069000
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
1964000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1204000
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
4995000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
5865000
CY2021Q1 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
2200000
CY2020Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
3328000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1415000
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-80000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-272000
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-71000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-896000
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
466000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-1554000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
137000
CY2021Q1 us-gaap Operating Expenses
OperatingExpenses
3736000
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
2614000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2175000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
391000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
531000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
357000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
10222000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
972000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
688000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9250000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8889000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
357000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
210000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9594000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8998000
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.077
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y328D
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2490000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2875000
CY2021Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-34000
CY2020Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-61000
CY2021Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
231000
CY2020Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
146000
CY2021Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
64000
CY2020Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
6000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
208000
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
65000
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
250000
CY2021Q1 us-gaap Preferred Stock Value
PreferredStockValue
250000
CY2020Q4 us-gaap Preferred Stock Value
PreferredStockValue
250000
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1784000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1485000
CY2021Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-1128000
CY2020Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
167000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5920000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6426000
CY2021Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
125000
CY2020Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
124000
CY2021Q1 us-gaap Repayments Of Mandatory Redeemable Capital Securities
RepaymentsOfMandatoryRedeemableCapitalSecurities
162000
CY2020Q1 us-gaap Repayments Of Mandatory Redeemable Capital Securities
RepaymentsOfMandatoryRedeemableCapitalSecurities
123000
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
598000
CY2020Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
244000
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
3212000
CY2021Q1 us-gaap Restructuring Charges
RestructuringCharges
219000
CY2020Q1 us-gaap Restructuring Charges
RestructuringCharges
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1108000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2662000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
22072000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27440000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P180D
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
858000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
CY2021Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
4995000
CY2020Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
5865000
CY2021Q1 us-gaap Selling Expense
SellingExpense
721000
CY2020Q1 us-gaap Selling Expense
SellingExpense
621000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
21000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
39000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
173700
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.77
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
6140
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
821000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
362640
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
355500
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.96
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.97
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.70
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.40
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
437000
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y361D
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y189D
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
17151000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
18718000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
19976000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
20091000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2659132
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2668590
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2659132
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2657530

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