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Net loss for Nortech in fiscal 2015
Nortech Systems reported net sales of USD 31.4 million for the fourth quarter ended December 31, 2015, a three percent increase over net sales of USD 30.4 million for the fourth quarter of 2014.
Net sales for the 2015 fiscal year ended December 31 rose three percent, to USD 115.2 million, compared with USD 112.0 million reported for fiscal 2014. For the fourth quarter of 2015, operating income was USD 329,000, compared with USD 318,000 for the fourth quarter of 2014. Fourth quarter net income of USD 123,000, compares with USD 214,000 in the fourth quarter of 2014. For fiscal 2015, the net loss was USD 571,000. This compares with net income of USD 880,000 for fiscal 2014. “Our performance rebounded in the fourth quarter, finishing an eventful and challenging fiscal 2015,” said Rich Wasielewski, Nortech Systems’ president and CEO. “The increased revenue, ongoing cost-containment initiatives and reduced ramp-up costs led to profit improvements in the quarter. “We’re pleased with the progress on our strategic initiatives and our business-development efforts,” he continued. “Our medical device engineering acquisition has been accretive and also fosters early-engagement opportunities targeted for this growth market. “Business conditions in 2016 are looking similar to last year, with mixed performance continuing among our global customers and markets,” Wasielewski noted. “Our leading indicators – pipeline, backlog and engineering project activities – are in better condition than a year ago with some quarterly volatility expected.” He added, “With several key investments moving into the execution stage, we’re focusing on growth in the medical market and profit improvements from operational efficiency and asset utilization.”