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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
NORTECH SYSTEMS INCORPORATED
Commission file number 0-13257
State of Incorporation: Minnesota
IRS Employer Identification No. 41-1681094
Executive Offices: 7550 Meridian Circle N., Suite # 150, Maple Grove, MN 55369
Telephone number: (952) 345-2244
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, par value $.01 per share
|
NSYS
|
NASDAQ Capital Market
|
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ☐
|
|
Accelerated Filer ☐
|
Non-accelerated Filer ☒
|
|
Smaller Reporting Company ☒
|
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Number of shares of $.01 par value common stock outstanding as of May 6, 2024 was 2,756,677.
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION |
|
|
|
|
PAGE |
Item 1 |
- |
Financial Statements |
|
|
Condensed Consolidated Statements of Operations and Comprehensive Income |
3 |
|
Condensed Consolidated Balance Sheets |
4 |
|
Condensed Consolidated Statements of Cash Flows |
5-6 |
|
Condensed Consolidated Statements of Shareholders’ Equity |
7 |
|
Condensed Notes to Consolidated Financial Statements |
8-15 |
|
|
Item 2 |
- |
Management’s Discussion and Analysis of Financial Condition And Results of Operations |
15 |
Item 3 |
- |
Quantitative and Qualitative Disclosures About Market Risk |
19 |
Item 4 |
- |
Controls and Procedures |
20 |
|
|
PART II – OTHER INFORMATION |
|
|
|
Item 1 |
- |
Legal Proceedings |
21 |
Item 1A. |
- |
Risk Factors |
21 |
Item 2 |
- |
Unregistered Sales of Equity Securities, Use of Proceeds |
21 |
Item 3 |
- |
Defaults on Senior Securities |
21 |
Item 4 |
- |
Mine Safety Disclosures |
21 |
Item 5 |
- |
Other Information |
21 |
Item 6 |
- |
Exhibits |
22 |
SIGNATURES |
23 |
PART
ITEM 1. FINANCIAL STATEMENTS
NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE DATA)
|
|
THREE MONTHS ENDED
|
|
|
|
MARCH 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$ |
34,215 |
|
|
$ |
34,888 |
|
Cost of goods sold
|
|
|
28,767 |
|
|
|
29,404 |
|
Gross profit
|
|
|
5,448 |
|
|
|
5,484 |
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
|
805 |
|
|
|
890 |
|
General and administrative expenses
|
|
|
3,170 |
|
|
|
3,265 |
|
Research and development expenses
|
|
|
318 |
|
|
|
276 |
|
Total operating expenses
|
|
|
4,293 |
|
|
|
4,431 |
|
Income from operations
|
|
|
1,155 |
|
|
|
1,053 |
|
Other expense
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(167 |
) |
|
|
(110 |
) |
Total other expense
|
|
|
(167 |
) |
|
|
(110 |
) |
Income before income taxes
|
|
|
988 |
|
|
|
943 |
|
Income tax expense
|
|
|
223 |
|
|
|
262 |
|
Net income
|
|
$ |
765 |
|
|
$ |
681 |
|
|
|
|
|
|
|
|
|
|
Income per common share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
0.28 |
|
|
$ |
0.25 |
|
Weighted average number of common shares outstanding - basic
|
|
|
2,742,511 |
|
|
|
2,692,033 |
|
Diluted
|
|
$ |
0.26 |
|
|
$ |
0.23 |
|
Weighted average number of common shares outstanding - dilutive
|
|
|
2,908,457 |
|
|
|
2,903,635 |
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
Foreign currency translation (loss) gain
|
|
|
(183 |
) |
|
|
40 |
|
Comprehensive income, net of tax
|
|
$ |
582 |
|
|
$ |
721 |
|
See Accompanying Condensed Notes to Condensed Consolidated Financial Statements.
NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2024 AND DECMEBER 31, 2023
(IN THOUSANDS, EXCEPT SHARE DATA)
|
|
MARCH 31,
2024
|
|
|
DECEMBER 31, 2023(1)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash
|
|
$ |
4,028 |
|
|
$ |
960 |
|
Restricted cash
|
|
|
- |
|
|
|
715 |
|
Accounts receivable, less allowances of $292 and $358, respectively
|
|
|
16,051 |
|
|
|
19,279 |
|
Inventories, net
|
|
|
22,951 |
|
|
|
21,660 |
|
Contract assets
|
|
|
14,194 |
|
|
|
14,481 |
|
Prepaid assets and other assets
|
|
|
1,892 |
|
|
|
1,698 |
|
Total current assets
|
|
|
59,116 |
|
|
|
58,793 |
|
Property and equipment, net
|
|
|
6,134 |
|
|
|
6,513 |
|
Operating lease assets, net
|
|
|
7,339 |
|
|
|
6,917 |
|
Deferred tax assets
|
|
|
2,640 |
|
|
|
2,641 |
|
Other intangible assets, net
|
|
|
223 |
|
|
|
263 |
|
Total assets
|
|
$ |
75,452 |
|
|
$ |
75,127 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Current portion of finance lease obligations
|
|
$ |
296 |
|
|
$ |
356 |
|
Current portion of operating lease obligations
|
|
|
1,235 |
|
|
|
1,033 |
|
Accounts payable
|
|
|
15,217 |
|
|
|
15,924 |
|
Accrued payroll and commissions
|
|
|
4,771 |
|
|
|
4,138 |
|
Customer deposits
|
|
|
3,139 |
|
|
|
4,068 |
|
Other accrued liabilities
|
|
|
1,063 |
|
|
|
1,063 |
|
Total current liabilities
|
|
|
25,721 |
|
|
|
26,582 |
|
Long-term liabilities:
|
|
|
|
|
|
|
|
|
Long-term line of credit
|
|
|
6,170 |
|
|
|
5,815 |
|
Long-term finance lease obligations, net of current portion
|
|
|
168 |
|
|
|
209 |
|
Long-term operating lease obligations, net of current portion
|
|
|
6,977 |
|
|
|
6,763 |
|
Other long-term liabilities
|
|
|
410 |
|
|
|
414 |
|
Total long-term liabilities
|
|
|
13,725 |
|
|
|
13,201 |
|
Total liabilities
|
|
|
39,446 |
|
|
|
39,783 |
|
Shareholders' equity:
|
|
|
|
|
|
|
|
|
Preferred stock, $1 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding
|
|
|
250 |
|
|
|
250 |
|
Common stock - $0.01 par value; 9,000,000 shares authorized; 2,755,178 and 2,740,178 shares issued and outstanding, respectively
|
|
|
27 |
|
|
|
27 |
|
Additional paid-in capital
|
|
|
17,009 |
|
|
|
16,929 |
|
Accumulated other comprehensive loss
|
|
|
(715 |
) |
|
|
(532 |
) |
Retained earnings
|
|
|
19,435 |
|
|
|
18,670 |
|
Total shareholders' equity
|
|
|
36,006 |
|
|
|
35,344 |
|
Total liabilities and shareholders' equity
|
|
$ |
75,452 |
|
|
$ |
75,127 |
|
See Accompanying Condensed Notes to Condensed Consolidated Financial Statements.
(1) The balance sheet as of December 31, 2023 has been derived from the consolidated audited financial statements at that date.
NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
|
|
THREE MONTHS ENDED
|
|
|
|
MARCH 31,
|
|
|
|
2024
|
|
|
2023
|
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
765 |
|
|
$ |
681 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
482 |
|
|
|
505 |
|
Compensation on stock-based awards
|
|
|
80 |
|
|
|
99 |
|
Change in inventory reserves
|
|
|
76 |
|
|
|
32 |
|
Change in accounts receivable allowances
|
|
|
(66 |
) |
|
|
(32 |
) |
Other, net
|
|
|
(4 |
) |
|
|
(15 |
) |
Changes in current operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
3,215 |
|
|
|
(206 |
) |
Inventories
|
|
|
(1,400 |
) |
|
|
1,075 |
|
Contract assets
|
|
|
287 |
|
|
|
(823 |
) |
Prepaid expenses and other current assets
|
|
|
(328 |
) |
|
|
(600 |
) |
Accounts payable
|
|
|
(8 |
) |
|
|
(1,799 |
) |
Accrued payroll and commissions
|
|
|
640 |
|
|
|
1,244 |
|
Customer deposits
|
|
|
(926 |
) |
|
|
1,315 |
|
Other accrued liabilities
|
|
|
15 |
|
|
|
242 |
|
Net cash provided by operating activities
|
|
|
2,828 |
|
|
|
1,718 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Proceeds from sale of property and equipment
|
|
|
9 |
|
|
|
- |
|
Purchases of property and equipment
|
|
|
(744 |
) |
|
|
(496 |
) |
Net cash used in investing activities
|
|
|
(735 |
) |
|
|
(496 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Proceeds from line of credit
|
|
|
32,768 |
|
|
|
31,133 |
|
Payments to line of credit
|
|
|
(32,394 |
) |
|
|
(32,145 |
) |
Principal payments on financing leases
|
|
|
(100 |
) |
|
|
(96 |
) |
Stock option exercises
|
|
|
- |
|
|
|
35 |
|
Net cash provided by (used in) financing activities
|
|
|
274 |
|
|
|
(1,073 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
(14 |
) |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
2,353 |
|
|
|
152 |
|
Cash and cash equivalents - beginning of period
|
|
|
1,675 |
|
|
|
2,481 |
|
Cash and cash equivalents - end of period
|
|
$ |
4,028 |
|
|
$ |
2,633 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash and restricted cash reported within the condensed consolidated balance sheets:
|
|
|
|
|
|
|
|
|
Cash
|
|
$ |
4,028 |
|
|
$ |
1,267 |
|
Restricted cash
|
|
|
- |
|
|
|
1,366 |
|
Total cash and restricted cash reported in the condensed consolidated statements of cash flows
|
|
$ |
4,028 |
|
|
$ |
2,633 |
|
NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
|
|
THREE MONTHS ENDED
|
|
|
|
MARCH 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
Cash paid for interest
|
|
$ |
134 |
|
|
$ |
129 |
|
Cash paid for income taxes
|
|
$ |
141 |
|
|
$ |
112 |
|
|
|
|
|
|
|
|
|
|
Supplemental noncash investing and financing activities:
|
|
|
|
|
|
|
|
|
Property and equipment purchases in accounts payable
|
|
$ |
16 |
|
|
$ |
78 |
|
Operating lease assets acquired under operating lease
|
|
$ |
719 |
|
|
$ |
- |
|
See Accompanying Condensed Notes to Condensed Consolidated Financial Statements.
NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
(IN THOUSANDS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Other
|
|
|
|
|
|
|
Total
|
|
|
|
Preferred Stock
|
|
|
Common Stock
|
|
|
Paid-In
|
|
|
Comprehensive
|
|
|
Retained
|
|
|
Shareholders’
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Loss
|
|
|
Earnings
|
|
|
Equity
|
|
Balance as of December 31, 2022
|
|
|
250 |
|
|
$ |
250 |
|
|
|
2,691 |
|
|
$ |
27 |
|
|
$ |
16,347 |
|
|
$ |
(370 |
) |
|
$ |
11,826 |
|
|
$ |
28,080 |
|
Net income
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
681 |
|
|
|
681 |
|
Foreign currency translation adjustment
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
40 |
|
|
|
- |
|
|
|
40 |
|
Stock option exercises
|
|
|
- |
|
|
|
- |
|
|
|
10 |
|
|
|
- |
|
|
|
35 |
|
|
|
- |
|
|
|
- |
|
|
|
35 |
|
Compensation on stock-based awards
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
99 |
|
|
|
- |
|
|
|
- |
|
|
|
99 |
|
Cumulative adjustment related to the adoption of ASC 326 (Current expected credit loss)
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(30 |
) |
|
|
(30 |
) |
Balance as of March 31, 2023
|
|
|
250 |
|
|
$ |
250 |
|
|
|
2,701 |
|
|
$ |
27 |
|
|
$ |
16,481 |
|
|
$ |
(330 |
) |
|
$ |
12,477 |
|
|
$ |
28,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2023
|
|
|
250 |
|
|
$ |
250 |
|
|
|
2,740 |
|
|
$ |
27 |
|
|
$ |
16,929 |
|
|
$ |
(532 |
) |
|
$ |
18,670 |
|
|
$ |
35,344 |
|
Net income
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
765 |
|
|
|
765 |
|
Foreign currency translation adjustment
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(183 |
) |
|
|
- |
|
|
|
(183 |
) |
Compensation on stock-based awards
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
80 |
|
|
|
- |
|
|
|
- |
|
|
|
80 |
|
Issuance for stock-based awards
|
|
|
- |
|
|
|
- |
|
|
|
15 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Balance as of March 31, 2024
|
|
|
250 |
|
|
$ |
250 |
|
|
|
2,755 |
|
|
$ |
27 |
|
|
$ |
17,009 |
|
|
$ |
(715 |
) |
|
$ |
19,435 |
|
|
$ |
36,006 |
|
See Accompanying Condensed Notes to Condensed Consolidated Financial Statements.
CONDENSED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DOLLARS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements for the interim periods have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Company has omitted footnote disclosures that would substantially duplicate the disclosures contained in the Company’s audited consolidated financial statements. These unaudited condensed consolidated financial statements should be read together with the audited consolidated financial statements for the year ended December 31, 2023, and notes thereto included in our Annual Report on Form 10-K as filed with the SEC.
The condensed consolidated financial statements include the accounts of Nortech Systems Incorporated and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. All dollar amounts are stated in thousands of U.S. dollars.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our consolidated financial statements. Estimates also affect the reported amounts of net sales and expenses during each reporting period. Significant items subject to estimates and assumptions include the valuation allowance for inventories, accounts receivable allowances, realizability of deferred tax assets and long-lived asset recovery. Actual results could differ from those estimates.
Recently Issued New Accounting Standards
In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting Topic (280): Improvements to Reportable Segment Disclosure. The ASU supplements reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU enhances the transparency and decision usefulness of income tax disclosures and is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements and related disclosures.
Out‐of‐Period Correction
During the first quarter of 2024, we identified an error that understated our accrued liabilities by approximately $178 as of December 31, 2023. We corrected the error on a prospective basis during the first quarter of 2024 through an out of period adjustment lowering our net income by $178. We assessed the materiality of the error and concluded that the error was not material to the results of operations or financial condition or for the prior annual and interim periods, and the correction is not expected to be material to the full year results for fiscal year 2024.
Inventories
Inventories are as follows:
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
Raw materials
|
|
$ |
22,143 |
|
|
$ |
20,863 |
|
Work in process
|
|
|
992 |
|
|
|
1,033 |
|
Finished goods
|
|
|
1,059 |
|
|
|
934 |
|
Reserves
|
|
|
(1,243 |
) |
|
|
(1,170 |
) |
Total inventories
|
|
$ |
22,951 |
|
|
$ |
21,660 |
|
Other Intangible Assets
Other intangible assets as of March 31, 2024 and December 31, 2023 are as follows:
|
|
Customer
Relationships
|
|
|
Patents
|
|
|
Total
|
|
Balances as of January 1, 2023
|
|
$ |
216 |
|
|
$ |
206 |
|
|
$ |
422 |
|
Amortization
|
|
|
144 |
|
|
|
15 |
|
|
|
159 |
|
Balances as of December 31, 2023
|
|
$ |
72 |
|
|
$ |
191 |
|
|
$ |
263 |
|
Amortization
|
|
|
36 |
|
|
|
4 |
|
|
|
40 |
|
Balances as of March 31, 2024
|
|
$ |
36 |
|
|
$ |
187 |
|
|
$ |
223 |
|
Intangible assets are amortized on a straight-line basis over their estimated useful lives. The weighted average remaining amortization period of our intangible assets is 2.4 years. Of the patents value as of March 31, 2024, $77 are being amortized and $110 are in process and a patent has not yet been issued.
Amortization expense of finite life intangible assets for both the three months ended March 31, 2024 and 2023 was $40.
As of March 31, 2024, estimated future annual amortization expense (except projects in process) related to these assets is as follows:
Year
|
|
Amount
|
|
2024
|
|
$ |
47 |
|
2025
|
|
|
14 |
|
2026
|
|
|
14 |
|
2027
|
|
|
14 |
|
2028
|
|
|
14 |
|
Thereafter
|
|
|
10 |
|
Total
|
|
$ |
113 |
|
NOTE 2. CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS
Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash, accounts receivable, and contract assets. With regard to cash, we maintain our excess cash balances in checking accounts at primarily two financial institutions, one in the United States and one in China. The account in the United States may at times exceed federally insured limits. The Company’s $4,028 cash balance as of March 31, 2024, included approximately $930 and $7 was held at banks located in China and Mexico, respectively. We grant credit to customers in the normal course of business and generally do not require collateral on our accounts receivable.
We have certain customers whose revenue individually represented 10% or more of net sales, or whose accounts receivable balances individually represented 10% or more of gross accounts receivable. Two customers accounted for 35% of net sales for the three months ended March 31, 2024. One customer accounted for 29% of net sales for the three months ended March 31, 2023.
As of March 31, 2024, two customers represented approximately 37% of our gross accounts receivable. As of December 31, 2023, two customers represented approximately 35% of our gross accounts receivable.
Contract assets for three customers accounted for 41% of gross contract assets as of March 31, 2024. Contract assets for two customers accounted for 34% of gross contract assets as of December 31, 2023.
Export sales from the U.S. represented approximately 3% and 4% of net sales for the three months ended March 31, 2024 and 2023, respectively.
NOTE 3. REVENUE
Revenue Recognition
Revenue under contract manufacturing agreements that was recognized over time accounted for approximately 74% of net sales for both the three months ended March 31, 2024 and 2023.
Contract Assets
Contract assets, recorded as such in the Condensed Consolidated Balance Sheet, consist of unbilled amounts related to revenue recognized over time. Significant changes in the contract assets balance during the three months ended March 31, 2024 were as follows:
Balances as of January 1, 2024
|
|
$ |
14,481 |
|
Increase (decrease) attributed to:
|
|
|
|
|
Amounts transferred over time to contract assets
|
|
|
25,214 |
|
Amounts invoiced during the period
|
|
|
(25,501 |
) |
Balance outstanding as of March 31, 2024
|
|
$ |
14,194 |
|
We expect substantially all of the remaining performance obligations for the contract assets recorded as of March 31, 2024, to be transferred to receivables within 90 days, with any remaining amounts to be transferred within 180 days. We bill our customers upon shipment with payment terms of up to 120 days.
The following tables summarize our net sales by market for the three months ended March 31, 2024 and 2023, respectively:
|
|
Three Months Ended March 31, 2024
|
|
|
|
Product/
Service
Transferred
Over Time
|
|
|
Product
Transferred at
Point in Time
|
|
|
Noncash
Consideration1
|
|
|
Total Net
Sales by
Market
|
|
Medical
|
|
$ |
14,240 |
|
|
$ |
5,245 |
|
|
$ |
797 |
|
|
$ |
20,282 |
|
Aerospace and defense
|
|
|
5,545 |
|
|
|
242 |
|
|
|
73 |
|
|
|
5,860 |
|
Industrial
|
|
|
5,429 |
|
|
|
2,347 |
|
|
|
297 |
|
|
|
8,073 |
|
Total net sales
|
|
$ |
25,214 |
|
|
$ |
7,834 |
|
|
$ |
1,167 |
|
|
$ |
34,215 |
|
|
|
Three Months Ended March 31, 2023
|
|
|
|
Product/
Service
Transferred
Over Time
|
|
|
Product
Transferred at
Point in Time
|
|
|
Noncash
Consideration1
|
|
|
Total Net
Sales by
Market
|
|
Medical
|
|
$ |
15,725 |
|
|
$ |
5,061 |
|
|
$ |
586 |
|
|
$ |
21,372 |
|
Aerospace and defense
|
|
|
6,590 |
|
|
|
2,408 |
|
|
|
474 |
|
|
|
9,472 |
|
Industrial
|
|
|
3,415 |
|
|
|
550 |
|
|
|
79 |
|
|
|
4,044 |
|
Total net sales
|
|
$ |
25,730 |
|
|
$ |
8,019 |
|
|
$ |
1,139 |
|
|
$ |
34,888 |
|
1Noncash consideration represents material provided by the customer used in the build of the product.
NOTE 4. FINANCING ARRANGEMENTS
We had a credit agreement with Bank of America, which was entered into on June 15, 2017 and provides for a line of credit arrangement of $16,000 that was to expire on June 15, 2026.
On February 29, 2024, we replaced the asset backed line of credit agreement with a $15,000 Senior Secured Revolving Line of Credit with Bank of America (the “Revolver”). The Revolver allows for borrowings at a defined base rate, or at the one, three or six month Secured Overnight Finance Rate, also known as “SOFR”, plus a defined margin. If the Company prepays SOFR borrowings before their contractual maturity, the Company has agreed to compensate the bank for lost margin, as defined in the Revolver agreement. The Company is required to quarterly pay a 20-basis point fee on the unused portion of the Revolver.
The Revolver requires the Company to maintain no more than 2.5 times leverage ratio and at least a 1.25 times minimum fixed charges coverage ratio, both of which are defined in the Revolver agreement. The Company met the covenants for the period ended March 31, 2024. There are no subjective acceleration clauses under the Revolver that would accelerate the maturity of outstanding borrowings. The Revolver contains certain covenants which, among other things, require the Company to adhere to regular reporting requirements, abide by shareholder dividend limitations, maintain certain financial performance, and limit the amount of annual capital expenditures. The Revolver is secured by substantially all the Company’s assets and expires on February 28, 2027.
Amounts borrowed on the Revolver are subject to variations in the SOFR index rate. Under the prior credit agreement with Bank of America, the line of credit borrowing availability was restricted by a defined asset borrowing base, and interest was based on variations in the Bloomberg Short-Term Bank Yield (BSBY) index rate. Our line of credit bears interest at a weighted-average interest rate of 9.4% and 8.3% as of March 31, 2024 and December 31, 2023, respectively. We had borrowings on our line of credit of $6,220 and $5,846 outstanding as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 we had unused availability on the line of credit of $8,780.
The line of credit is shown net of debt issuance costs of $50 and $31 on the condensed consolidated balance sheet as of March 31, 2024 and December 31, 2023, respectively.
NOTE 5. LEASES
We have operating leases for certain manufacturing sites, office space, and equipment. Most leases include the option to renew, with renewal terms that can extend the lease term from one to five years or more. Right-of-use lease assets and lease liabilities are recognized at the commencement date based on the present value of the remaining lease payments over the lease term which includes renewal periods we are reasonably certain to exercise. Our leases do not contain any material residual value guarantees or material restrictive covenants. As of March 31, 2024, we do not have material lease commitments that have not commenced.
The components of lease expense were as follows:
|
|
March 31,
|
|
|
March 31,
|
|
Lease Cost
|
|
2024
|
|
|
2023
|
|
Operating lease cost
|
|
$ |
596 |
|
|
$ |
567 |
|
Finance lease interest cost
|
|
|
7 |
|
|
|
12 |
|
Finance lease amortization expense
|
|
|
131 |
|
|
|
182 |
|
Total lease cost
|
|
$ |
734 |
|
|
$ |
761 |
|
Supplemental condensed consolidated balance sheet information related to leases was as follows:
|
Balance Sheet Location
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Finance lease assets
|
Property and equipment, net
|
|
$ |
504 |
|
|
$ |
636 |
|
Operating lease assets
|
Operating lease assets, net
|
|
|
7,339 |
|
|
|
6,917 |
|
Total leased assets
|
|
$ |
7,843 |
|
|
$ |
7,553 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
|
|
Current finance lease liabilities
|
Current portion of finance lease obligations
|
|
$ |
296 |
|
|
$ |
356 |
|
Current operating lease liabilities
|
Current portion of operating lease obligations
|
|
|
1,235 |
|
|
|
1,033 |
|
Noncurrent
|
|
|
|
|
|
|
|
|
|
Long-term finance lease liabilities
|
Long-term finance lease liabilities, net of current portion
|
|
|
168 |
|
|
|
209 |
|
Long-term operating lease liabilities
|
Long-term operating lease obligations, net of current portion
|
|
|
6,977 |
|
|
|
6,763 |
|
Total lease liabilities
|
|
$ |
8,676 |
|
|
$ |
8,361 |
|
Supplemental condensed consolidated statement of cash flows information related to leases was as follows:
|
|
March 31,
|
|
|
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
Operating Leases
|
|
|
|
|
|
|
|
|
Cash paid for amounts included in the measurement of lease liabilities
|
|
$ |
459 |
|
|
$ |
493 |
|
Property acquired under operating lease
|
|
$ |
719 |
|
|
$ |
- |
|
Future payments of lease liabilities as of March 31, 2024 were as follows:
|
|
Operating
Leases
|
|
|
Finance
Leases
|
|
|
Total
|
|
2024
|
|
$ |
1,397 |
|
|
$ |
271 |
|
|
$ |
1,668 |
|
2025
|
|
|
1,635 |
|
|
|
106 |
|
|
|
1,741 |
|
2026
|
|
|
1,581 |
|
|
|
108 |
|
|
|
1,689 |
|
2027
|
|
|
1,286 |
|
|
|
- |
|
|
|
1,286 |
|
2028
|
|
|
1,279 |
|
|
|
- |
|
|
|
1,279 |
|
Thereafter
|
|
|
4,539 |
|
|
|
- |
|
|
|
4,539 |
|
Total lease payments
|
|
$ |
11,717 |
|
|
$ |
485 |
|
|
$ |
12,202 |
|
Less: imputed interest
|
|
|
(3,505 |
)
|
|
|
(21 |
) |
|
|
(3,526 |
)
|
Present value of lease liabilities
|
|
$ |
8,212 |
|
|
$ |
464 |
|
|
$ |
8,676 |
|
The lease term and discount rate as of March 31, 2024 were as follows:
Weighted-average remaining lease term (years)
|
|
|
|
|
Operating leases
|
|
|
7.9 |
|
Finance leases
|
|
|
1.7 |
|
Weighted-average discount rate
|
|
|
|
|
Operating leases
|
|
|
8.1 |
%
|
Finance leases
|
|
|
5.3 |
%
|
NOTE 6. STOCK BASED AWARDS
Stock-based compensation expense was reported as follows in the condensed consolidated statements of operations within General and Administration expenses of $80 and $99 for the three months ended March 31, 2024 and 2023, respectively.
Stock Options
In May 2017, the shareholders approved the 2017 Stock Incentive Plan which authorized the issuance of 350,000 shares. An additional 50,000, 175,000 and 100,000 shares were authorized in March 2020, May 2022, and May 2023, respectively.
There were no stock options granted during both the three months ended March 31, 2024 and 2023.
Total compensation expense related to stock options was $56 and $68 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, there was $776 of unrecognized compensation related to stock options which will be recognized over a weighted average period of 3.3 years.
Following is the status of option activity for the three months ended and as of March 31, 2024:
|
|
Shares
|
|
|
Weighted-
Average
Exercise Price
Per Share
|
|
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
|
|
Aggregate
Intrinsic Value
|
|
Outstanding – December 31, 2023
|
|
|
458,700 |
|
|
$ |
6.63 |
|
|
|
6.53 |
|
|
$ |
1,432 |
|
Granted
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(6,200 |
) |
|
|
11.10 |
|
|
|
|
|
|
|
|
|
Outstanding – March 31, 2024
|
|
|
452,500 |
|
|
$ |
6.57 |
|
|
|
6.57 |
|
|
$ |
3,066 |
|
Exercisable on March 31, 2024
|
|
|
294,100 |
|
|
$ |
4.71 |
|
|
|
4.71 |
|
|
$ |
2,530 |
|
Restricted Stock Units
During the periods ended March 31, 2024 and 2023, we granted 0 restricted stock units (“RSUs”). Total compensation expense related to the RSUs was $24 and $31 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, total unrecognized compensation expense related to the RSUs was $109, which will vest over a weighted average period of 1.0 years.
Following is the status of restricted stock activity for the three months ended and as of March 31, 2024:
|
|
Shares
|
|
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
|
|
Aggregate
Intrinsic Value
|
|
Outstanding – December 31, 2023
|
|
|
27,000 |
|
|
|
1.0 |
|
|
$ |
254 |
|
Granted
|
|
|
- |
|
|
|
|
|
|
|
|
|
Vested
|
|
|
(15,000 |
) |
|
|
|
|
|
|
|
|
Forfeited
|
|
|
- |
|
|
|
|
|
|
|
|
|
Outstanding – March 31, 2024
|
|
|
12,000 |
|
|
|
1.0 |
|
|
$ |
160 |
|
NOTE 7. NET INCOME PER SHARE DATA
Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average number of common shares outstanding using the treasury stock method during the period. The Company’s potentially dilutive common shares are those that result from dilutive common stock options and non-vested stock relating to restricted stock units.
The calculation of diluted income per share excluded 38,405 and 28,637 in weighted average shares for the three months ended March 31, 2024 and 2023, respectively, as their effect was anti-dilutive. Basic and diluted weighted average shares outstanding were as follows:
|
|
Three Months Ended March 31,
|
|
(In thousands)
|
|
2024
|
|
|
2023
|
|
Basic weighted average shares outstanding
|
|
|
2,742,511 |
|
|
|
2,692,033 |
|
Dilutive effect of outstanding stock options and non-vested restricted stock units
|
|
|
165,946 |
|
|
|
211,602 |
|
Diluted weighted average shares outstanding
|
|
|
2,908,457 |
|
|
|
2,903,635 |
|
NOTE 8. INCOME TAXES
On a quarterly basis, we estimate what our effective tax rate will be for the full fiscal year and record a quarterly income tax provision based on the anticipated rate. As the year progresses, we refine our estimate based on the facts and circumstances, including discrete events.
Our effective tax rate for the three months ended March 31, 2024 was 22.6%. Our effective tax rate for the three months ended March 31, 2023 was 27.8%. The decrease in the effective tax rate is attributable to the application of a valuation allowance during the three-month period ended March 31, 2023 and inclusion of estimated research and development tax credits in the three months ended March 31, 2024, partially offset by increased taxes on foreign entities.
NOTE 9. PAYROLL TAX DEFERRAL
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law which allowed for the deferral of the employer portion of social security taxes incurred through the end of calendar 2020. During the year ended December 31, 2023, the Company remitted $1,158 to the Internal Revenue Service (“IRS”) related to the deferral of payroll taxes, of which $785 was recorded as a refund receivable as of December 31, 2023, with a corresponding liability due. These amounts were settled during the three months ended March 31, 2024.
NOTE 10. RELATED PARTY TRANSACTIONS
David Kunin, our Chairman, is a minority owner of Abilitech Medical, Inc. We have accounts receivable related to Abilitech of $85. Payments of $28 were received during the three months ended March 31, 2024. Abilitech has ceased operations and therefore we do not believe that Abilitech will pay the Company for outstanding accounts receivable, and we have recorded a full allowance against the gross amount. The Company believes that transactions with Abilitech were on terms comparable to those that the Company could reasonably expect in an arm's length transaction with an unrelated third party.
David Kunin, our Chairman, is a minority owner (less than 10%) of Marpe Technologies, LTD an early-stage medical device company dedicated to the early detection of skin cancer through full body scanners. Mr. Kunin is also a member of the Board of Directors of Marpe Technologies. The Company has an agreement with Marpe Technologies to apply for a grant from the Israel-United States Binational Industrial Research and Development Foundation, a legal entity created by Agreement between the Government of the State of Israel and the Government of the United States of America (“BIRD Foundation”). The parties were successful in receiving approval for a $1,000 conditional grant. The Company and Marpe Technologies will each receive $500 from the BIRD Foundation and, among other obligations under the grant, each is required to contribute $500 to match grant funds from the BIRD Foundation. The Company has met its obligation by providing certain services at cost or with respect to administrative services at no cost to Marpe Technologies. The total value of the Company’s contribution will not exceed $500. Marpe is engaged in raising funds for its operations, which funds are necessary to pay for the Company’s services beyond its contribution. The Company will receive a 10-year exclusive right to manufacture the products of Marpe Technologies. There can be no assurances that Marpe Technologies’ medical device operations will be commercially successful, that Marpe Technologies will be successful in raising additional funds to finance its operations or, if commercially successful, the Company will recover the value of services provided to Marpe if not paid when the services are provided. The transactions between the Company and Marpe Technologies have been approved by the Audit Committee pursuant to the Company Related-Party Transactions Policy. During the three months ended March 31, 2024 and 2023, we recognized net sales to Marpe Technologies of $0 and $67, respectively. As of March 31, 2024 and December 31, 2023, we have recorded an unbilled receivable of $21 and $39, respectively, related to expected reimbursement from the BIRD Foundation and have outstanding accounts receivable of $0 and $20, respectively. The Company believes that transactions with Marpe are on terms comparable to those that the Company could reasonably expect in an arm’s length transaction with an unrelated third party.
ITEM 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations
Overview
We are a Minnesota, United States based full-service global EMS contract manufacturer in the Medical, Aerospace & Defense and Industrial markets offering a full range of value-added engineering, technical and manufacturing services and support including project management, design, testing, prototyping, manufacturing, supply chain management and post-market services. Our products are complex electromedical and electromechanical products including medical devices, wire and cable assemblies, printed circuit board assemblies, complex higher-level assemblies and other box builds for a wide range of industries. We serve three major markets within the EMS industry: Medical, Aerospace and Defense, and the Industrial market which includes industrial capital equipment, transportation, vision, agriculture, oil and gas. As of March 31, 2024, we have facilities in Minnesota: Bemidji, Blue Earth, Mankato, Milaca and Maple Grove. We also have facilities in Monterrey, Mexico and Suzhou, China.
Results of Operations
Net Sales. Net sales for the three months ended March 31, 2024 and 2023 were $34,215 thousand and $34,888 thousand, respectively, a decrease of $673 thousand or 2%. The following is a summary of net sales by our major industry markets:
|
|
Three Months Ended March 31, |
|
|
|
|
(in thousands) |
|
2024 |
|
|
2023 |
|
|
Increase (Decrease) |
|
Medical
|
|
$ |
20,282 |
|
|
$ |
21,372 |
|
|
$ |
(1,090 |
) |
|
|
(5.1 |
)% |
Industrial
|
|
|
8,073 |
|
|
|
9,472 |
|
|
|
(1,399 |
) |
|
|
(14.8 |
)% |
Aerospace and defense
|
|
|
5,860 |
|
|
|
4,044 |
|
|
|
1,816 |
|
|
|
44.9 |
% |
Total net sales
|
|
$ |
34.215 |
|
|
$ |
34,888 |
|
|
$ |
(673 |
) |
|
|
(1.9 |
)% |
|
●
|
Medical: Net sales to our medical customers were $20,282 thousand in the first quarter of 2024, a 5.1% decrease from $21,372 thousand in the prior-year quarter. The decrease in net sales relates to demand fluctuations as customers work through inventory.
|
|
●
|
Industrial: Net sales to our industrial customers were $8,073 thousand in the first quarter of 2024, a 14.8% decrease from $9,472 thousand in the prior-year quarter. The decrease in net sales relates to demand fluctuations as customers work through inventory.
|
|
●
|
Defense: Net sales to our aerospace and defense customers were $5,860 thousand in the first quarter of 2024, a 44.9% increase from $4,044 thousand in the prior-year quarter. The increase in net sales relates to increasing demand in the aerospace and defense market and improved access to component parts which allowed increased manufacturing production.
|
Backlog. Our 90-day shipment backlog as of March 31, 2024 was $35,213 thousand, level with the beginning of the quarter and a 4.1% increase from March 31, 2023. Our 90-day backlog consists of firm purchase orders we expect to ship in the next 90 days, with any remaining amounts to be shipped within 180 days.
Our total order backlog as of March 31, 2024 was $86,001 thousand, a 6.2% decrease from $91,684 thousand at the beginning of the quarter and a 13.0% decrease from March 31, 2023. As the supply chain continues to normalize, lead times are reducing and customers are returning to their pre-pandemic ordering practices, which has resulted in a decrease in our backlog. Our 90-day order backlog by market has remained flat when compared to the prior quarter and increased relative to the same period of the prior year. More recently we are also noting, similar to many other contract manufactures, reduced visibility to revenues in the next several quarters as compared with order patterns in the prior-year quarters as customers are balancing their inventories and therefore, deferring the placement of some orders.
90-day shipment and total backlog by our major industry markets are as follows (in thousands):
(in thousands) |
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
90 Day
|
|
|
Total
|
|
|
90 Day
|
|
|
Total
|
|
|
90 Day
|
|
|
Total
|
|
Medical
|
|
$ |
16,995 |
|
|
$ |
40,201 |
|
|
$ |
18,107 |
|
|
$ |
47,593 |
|
|
$ |
20,587 |
|
|
$ |
49,817 |
|
Industrial
|
|
|
8,200 |
|
|
|
15,184 |
|
|
|
8,644 |
|
|
|
13,857 |
|
|
|
7,776 |
|
|
|
20,530 |
|
Aerospace and defense
|
|
|
10,018 |
|
|
|
30,616 |
|
|
|
8,416 |
|
|
|
30,234 |
|
|
|
5,355 |
|
|
|
28,458 |
|
Total backlog
|
|
$ |
35,213 |
|
|
$ |
86,001 |
|
|
$ |
35,167 |
|
|
$ |
91,684 |
|
|
$ |
33,718 |
|
|
$ |
98,805 |
|
The 90-day and total backlog as of March 31, 2024 contain the contract asset value of $14,194 thousand which has been recognized as net sales.
Operating Costs and Expenses.
Net sales, cost of goods sold, gross margin, and operating costs were as follows:
|
|
Three Months Ended March 31,
|
|
(Dollars in thousands)
|
|
2024
|
|
|
2023
|
|
|
Increase/(Decrease)
|
|
Net sales
|
|
$ |
34,215 |
|
|
$ |
34,888 |
|
|
$ |
(673 |
) |
|
|
|
(2.0 |
)% |
Cost of goods sold
|
|
|
28,767 |
|
|
|
29,404 |
|
|
|
(637 |
) |
|
|
|
(2.0 |
)% |
Gross profit
|
|
|
5,448 |
|
|
|
5,484 |
|
|
|
(36 |
) |
|
|
|
(2.0 |
)% |
Gross margin percentage (1)
|
|
|
15.9 |
% |
|
|
15.7 |
% |
|
|
20 |
|
bpc(2)
|
|
|
|
|
Selling expenses
|
|
|
805 |
|
|
|
890 |
|
|
|
(85 |
) |
|
|
|
(11.1 |
)% |
% of Net sales
|
|
|
2.3 |
% |
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
|
3,170 |
|
|
|
3,265 |
|
|
|
(96 |
) |
|
|
|
3.0 |
% |
% of Net sales
|
|
|
9.3 |
% |
|
|
9.5 |
% |
|
|
|
|
|
|
|
|
|
Research &development expense
|
|
|
318 |
|
|
|
276 |
|
|
|
42 |
|
|
|
|
0.0 |
% |
% Net sales
|
|
|
0.9 |
% |
|
|
0.8 |
% |
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
1,155 |
|
|
|
1,053 |
|
|
|
102 |
|
|
|
|
9.1 |
% |
% Net sales
|
|
|
3.4 |
% |
|
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
(1)
|
Gross margin percentage is defined as gross profit as a percentage of net sales.
|
|
(2)
|
Basis points change in gross margin percentage.
|
Gross profit and gross margins. Gross profit as a percent of net sales was 15.9% for the three months ended March 31, 2024. Gross profit as a percent of net sales was 15.7% for the three months ended March 31, 2023. The 20-basis point increase in gross profit as a percentage of net sales for the three months ended March 31, 2024 compared to the same period of the prior year relates primarily to favorable product mix and was net of a $178 thousand, or 16 basis points, catch-up accrual for Mexican statutory benefits.
Selling expenses. Selling expenses for the three months ended March 31, 2024 were $805 thousand or 2.3% of net sales. Selling expenses for the three months ended March 31, 2023 were $890 thousand or 2.6% of net sales. This decrease was driven by the lower revenue in the comparison periods.
General and administrative expenses. General and administrative expenses for the three months ended March 31, 2024 were $3,170 thousand or 9.3% of net sales. General and administrative expenses for the three months ended March 31, 2023 were $3,265 thousand or 9.5% of net sales.
Research and development expense. Research and development expenses were $318 and $276, or 0.9% and 0.8% of net sales, in the three months ended March 31, 2024 and 2023, respectively.
Operating income. Operating income for the three months ended March 31, 2024 was $1,155 thousand or 3.4% of net sales. Operating income for the three months ended March 31, 2023 was $1,053 thousand or 3.0% of net sales.
Other expense
Interest expense. Interest expense was $167 thousand for the three months ended March 31, 2024 and $110 thousand for the three months ended March 31, 2023. This increase was driven by higher interest rates. Refer to “Liquidity and Capital Resources” for further discussion of financing arrangements.
Income taxes. We reported income tax expense of $223 thousand and $262 thousand for the three months ended March 31, 2024 and 2023, respectively. Our effective tax rate was 22.6% and 27.8% for the three months ended March 31, 2024 and 2023, respectively. The decrease in the effective tax rate is attributable to the application of a valuation allowance during the three-month period ended March 31, 2023 and inclusion of estimated research and development tax credits in the three months ended March 31, 2024, partially offset by increased taxes on foreign entities.
Cash Flow Operating Results
The following is a summary of cash flow results:
|
|
Three Months Ended March 31,
|
|
(in thousands)
|
|
2024
|
|
|
2023
|
|
Cash provided by (used in):
|
|
|
|
|
|
|
|
|
Operating activities
|
|
$ |
2,828 |
|
|
$ |
1,718 |
|
Investing activities
|
|
|
(735 |
) |
|
|
(496 |
) |
Financing activities
|
|
|
274 |
|
|
|
(1,073 |
) |
Effect of exchange rates on changes in cash and cash equivalents
|
|
|
(14 |
) |
|
|
3 |
|
Net change in cash and cash equivalents
|
|
$ |
2,353 |
|
|
$ |
152 |
|
Operating Activities. Cash provided by operating activities was $2,828 thousand in the first three months of 2024, compared with cash provided of $1,718 thousand in the same prior-year period. Significant changes in operating assets and liabilities affecting cash flows during these periods included:
|
●
|
Cash provided by accounts receivable and contract assets was $3,502 thousand in the current-year quarter as compared with cash usage of $1,029 thousand in the same prior-year quarter. The improved cash flow in the current year was due to an expected increase in cash collections due to higher sales and the timing of customer payments in the fourth quarter of 2023 as compared with the fourth quarter of 2022.
|
|
●
|
Cash used in inventory was $1,400 thousand in the current-year quarter as compared with cash provided of $1,075 thousand in the prior-year quarter. The increase in the current-year period cash usage was the result of procurement requirements related to a higher 90-day shipment backlog versus the prior-year quarterly period and normal timing variances of inventory purchases.
|
|
●
|
Cash provided by changes in accounts payable and accruals was $632 thousand in the current-year period as compared with cash usage of $555 thousand, primarily related to the timing of cash payments.
|
|
●
|
Cash used in customer deposits was $926 thousand in the current-year quarter as compared with cash provided of $1,315 thousand in the prior-year period. This was driven by decreased lead times in the supply chain.
|
Investing Activities. Cash used in investing activities was $735 thousand in the first three months of 2024, compared with cash used of $496 thousand in the same prior-year period, both primarily for capital expenditures.
Financing Activities. Cash provided by financing activities was $274 thousand in the first three months of 2024, compared with cash used of $1,073 thousand in the same prior-year period. The improvement in cash provided by operating activities resulted from the timing of line of credit repayments.
Liquidity and Capital Resources
We believe that our existing financing arrangements, anticipated cash flows from operations and cash on hand will be sufficient to satisfy our working capital needs for the next twelve months, capital expenditures and debt repayments.
Credit Facility. We had a credit agreement with Bank of America, which was entered into on June 15, 2017 and provided for a line of credit arrangement of $16 million that was to expire on June 15, 2026.
On February 29, 2024, we replaced the asset backed line of credit agreement with a $15 million Senior Secured Revolving Line of Credit with Bank of America (the “Revolver”). The Revolver allows for borrowings at a defined base rate, or at the one, three or six month Secured Overnight Finance Rate, also known as “SOFR”, plus a defined margin. If the Company prepays SOFR borrowings before their contractual maturity, the Company has agreed to compensate the bank for lost margin, as defined in the Revolver agreement. The Company is required to quarterly pay a 20-basis point fee on the unused portion of the Revolver.
The Revolver requires the Company to maintain no more than 2.5 times leverage ratio and at least a 1.25 times minimum fixed charges coverage ratio, both of which are defined in the Revolver agreement. The Company met the covenants for the period ended March 31, 2024. There are no subjective acceleration clauses under the Revolver that would accelerate the maturity of outstanding borrowings. The Revolver contains certain covenants which, among other things, require the Company to adhere to regular reporting requirements, abide by shareholder dividend limitations, maintain certain financial performance, and limit the amount of annual capital expenditures. The Revolver is secured by substantially all the Company’s assets and expires on February 28, 2027.
Amounts borrowed on the Revolver are subject to variations in the SOFR index rate. Under the prior credit agreement with Bank of America, the line of credit borrowing availability was restricted by a defined asset borrowing base, and interest was based on variations in the Bloomberg Short-Term Bank Yield (BSBY) index rate. Our line of credit bears interest at a weighted-average interest rate of 9.4% and 8.3% as of March 31, 2024 and December 31, 2023, respectively. We had borrowings on our line of credit of $6.2 million and $5.8 million outstanding as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 we had unused availability on the line of credit of $8.8 million.
Off-Balance Sheet Arrangements
We have not engaged in any off-balance sheet activities as defined in Item 303(a)(4) of Regulation S-K.
Forward-Looking Statements
Those statements in the foregoing report that are not historical facts are forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
|
♦
|
Volatility in the marketplace which may affect market supply, demand of our products or currency exchange rates;
|
|
♦
|
Supply chain disruption and unreliability;
|
|
♦
|
Lack of supply of sufficient human resources to produce our products;
|
|
♦
|
Increased competition from within the EMS industry or the decision of OEMs to cease or limit outsourcing;
|
|
♦
|
Changes in the reliability and efficiency of our operating facilities or those of third parties;
|
|
♦
|
Increases in certain raw material costs such as copper and oil;
|
|
♦
|
Commodity and energy cost instability;
|
|
♦
|
Risks related to FDA noncompliance;
|
|
♦
|
The loss of a major customer;
|
|
♦
|
General economic, financial and business conditions that could affect our financial condition and results of operations;
|
|
♦
|
Increased or unanticipated costs related to compliance with securities and environmental regulation;
|
|
♦
|
Disruption of global or local information management systems due to natural disaster or cyber-security incident;
|
|
♦
|
Outbreaks of epidemic, pandemic, or contagious diseases, such as the recent novel coronavirus that affect our operations, our customers' operations or our suppliers' operations.
|
The factors identified above are believed to be important factors (but not necessarily all of the important factors) that could cause actual results to differ materially from those expressed in any forward-looking statement made by us. Discussion of these factors is also incorporated in Part I, Item 1A, “Risk Factors,” and should be considered an integral part of Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Unpredictable or unknown factors not discussed herein could also have material adverse effects on forward-looking statements. All forward-looking statements included in this Form 10-Q are expressly qualified in their entirety by the forgoing cautionary statements. We undertake no obligations to update publicly any forward-looking statement (or its associated cautionary language) whether as a result of new information or future events.
Please refer to forward-looking statements and risks as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
In accordance with Rule 13a-15(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), as of the end of the period covered by this Quarterly Report on Form 10-Q, our management evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act). These controls and procedures are designed to ensure that information required to be disclosed in the Company’s Exchange Act reports is (1) recorded, processed, summarized and reported in a timely manner, and (2) accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Based upon their evaluation of these disclosure controls and procedures as of the date of the evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective.
Changes in Internal Control Over Financial Reporting
There was no change in our internal control over financial reporting during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II
ITEM 1. LEGAL PROCEEDINGS
We are subject to various legal proceedings and claims that arise in the ordinary course of business.
ITEM 1A. RISK FACTORS
We are affected by the risks specific to us as well as factors that affect all businesses operating in a global market. The significant factors known to us that could materially adversely affect our business, financial condition or operating results or could cause our actual results to differ materially from our expectations are described in our annual report on Form 10-K for the fiscal year ended under the heading “Part I – Item 1A.Risk Factors.” There have been no material changes in the risk factors from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Our share repurchase program has expired, and no additional amounts are available for repurchase.
ITEM 3. DEFAULTS ON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
Exhibits
|
101*
|
Financial statements from the quarterly report on Form 10-Q for the quarter ended March 31, 2024, formatted in iXBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Loss, (iii) Condensed Consolidated Statements of Cash Flows, and (iv) the Condensed Notes to Condensed Consolidated Financial Statements.
|
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
|
*Filed herewith
Signatures
-------------
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
Nortech Systems Incorporated and Subsidiaries |
|
|
|
|
|
|
|
|
|
Date: May 14, 2024
|
|
by /s/ Jay D. Miller
|
|
|
|
|
|
|
|
Jay D. Miller
|
|
|
|
Chief Executive Officer and President
|
|
|
|
Nortech Systems Incorporated |
|
|
|
|
|
Date: May 14, 2024 |
|
by /s/ Andrew D. C. LaFrence |
|
|
|
|
|
|
|
Andrew D. C. LaFrence |
|
|
|
Chief Financial Officer and Senior Vice President of Finance |
|
|
|
Nortech Systems Incorporated |
|
Exhibit 31.1
Certification of Chief Executive Officer
Pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934
I, Jay D. Miller, certify that:
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Nortech Systems Incorporated and Subsidiaries;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in the report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: May 14, 2024
|
By:
|
/s/ Jay D. Miller
|
|
|
|
|
|
Jay D. Miller
|
|
|
Chief Executive Officer and President
|
|
|
Nortech Systems Incorporated
|
Exhibit 31.2
Certification of Chief Financial Officer
Pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934
I, Andrew D. C. LaFrence, certify that:
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Nortech Systems Incorporated. and Subsidiaies;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in the report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: May 14, 2024
|
By:
|
/s/ Andrew D. C. LaFrence
|
|
|
|
|
|
Andrew D. C. LaFrence
|
|
|
Chief Financial Officer and Senior Vice President of Finance
|
|
|
Nortech Systems Incorporated
|
Exhibit 32
Written Statement of the Chief Executive Officer
Pursuant to 18 U.S.C. Section 1350
Solely for the purposes of complying with 18 U.S.C. Section 1350, I, the undersigned Jay D. Miller, hereby certify, based on my knowledge, that the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: May 14, 2024
By:
|
/s/ Jay D. Miller
|
|
|
|
|
|
Jay D. Miller
|
|
|
Chief Executive Officer and President
|
|
|
Nortech Systems Incorporated
|
|
Written Statement of the Chief Financial Officer
Pursuant to 18 U.S.C. Section 1350
Solely for the purposes of complying with 18 U.S.C. Section 1350, I, the undersigned Andrew D .C. LaFrence, hereby certify, based on my knowledge, that the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: May 14, 2024
By:
|
/s/ Andrew D. C. LaFrence
|
|
|
|
|
|
Andrew D. C. LaFrence
|
|
|
Chief Financial Officer and Senior Vice President of Finance
|
|
|
Nortech Systems Incorporated
|
|
v3.24.1.1.u2
Document And Entity Information - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 06, 2024 |
Document Information [Line Items] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Mar. 31, 2024
|
|
Document Transition Report |
false
|
|
Entity Registrant Name |
NORTECH SYSTEMS INCORPORATED
|
|
Entity File Number |
0-13257
|
|
Entity Incorporation, State or Country Code |
MN
|
|
Entity Tax Identification Number |
41-1681094
|
|
Entity Address, Address Line One |
7550 Meridian Circle N., Suite # 150
|
|
Entity Address, City or Town |
Maple Grove
|
|
Entity Address, State or Province |
MN
|
|
Entity Address, Postal Zip Code |
55369
|
|
City Area Code |
952
|
|
Local Phone Number |
345-2244
|
|
Title of 12(b) Security |
Common Stock, par value $.01 per share
|
|
Trading Symbol |
NSYS
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding (in shares) |
|
2,756,677
|
Entity Central Index Key |
0000722313
|
|
Current Fiscal Year End Date |
--12-31
|
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Document Fiscal Year Focus |
2024
|
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Q1
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v3.24.1.1.u2
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Net sales |
$ 34,215
|
$ 34,888
|
Cost of goods sold |
28,767
|
29,404
|
Gross profit |
5,448
|
5,484
|
Operating Expenses |
|
|
Selling expenses |
805
|
890
|
General and administrative expenses |
3,170
|
3,265
|
Research and development expenses |
318
|
276
|
Total operating expenses |
4,293
|
4,431
|
Income from operations |
1,155
|
1,053
|
Other expense |
|
|
Interest expense |
(167)
|
(110)
|
Total other expense |
(167)
|
(110)
|
Income before income taxes |
988
|
943
|
Income tax expense |
223
|
262
|
Net income |
$ 765
|
$ 681
|
Income per common share: (in dollars per share) |
$ 0.28
|
$ 0.25
|
Weighted average number of common shares outstanding - basic (in shares) |
2,742,511
|
2,692,033
|
Diluted (in dollars per share) |
$ 0.26
|
$ 0.23
|
Weighted average number of common shares outstanding - dilutive (in shares) |
2,908,457
|
2,903,635
|
Other comprehensive income |
|
|
Foreign currency translation (loss) gain |
$ (183)
|
$ 40
|
Comprehensive income, net of tax |
$ 582
|
$ 721
|
X |
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash |
$ 4,028
|
$ 960
|
Restricted cash |
0
|
715
|
Accounts receivable, less allowances of $292 and $358, respectively |
16,051
|
19,279
|
Inventories, net |
22,951
|
21,660
|
Contract assets |
14,194
|
14,481
|
Prepaid assets and other assets |
1,892
|
1,698
|
Total current assets |
59,116
|
58,793
|
Property and equipment, net |
6,134
|
6,513
|
Operating lease assets, net |
7,339
|
6,917
|
Deferred tax assets |
2,640
|
2,641
|
Other intangible assets, net |
223
|
263
|
Total assets |
75,452
|
75,127
|
Current liabilities: |
|
|
Current portion of finance lease obligations |
296
|
356
|
Current portion of operating lease obligations |
1,235
|
1,033
|
Accounts payable |
15,217
|
15,924
|
Accrued payroll and commissions |
4,771
|
4,138
|
Customer deposits |
3,139
|
4,068
|
Other accrued liabilities |
1,063
|
1,063
|
Total current liabilities |
25,721
|
26,582
|
Long-term liabilities: |
|
|
Long-term line of credit |
6,170
|
5,815
|
Long-term finance lease obligations, net of current portion |
168
|
209
|
Long-term operating lease obligations, net of current portion |
6,977
|
6,763
|
Other long-term liabilities |
410
|
414
|
Total long-term liabilities |
13,725
|
13,201
|
Total liabilities |
39,446
|
39,783
|
Shareholders' equity: |
|
|
Preferred stock, $1 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding |
250
|
250
|
Common stock - $0.01 par value; 9,000,000 shares authorized; 2,747,678 and 2,740,178 shares issued and outstanding, respectively |
27
|
27
|
Additional paid-in capital |
17,009
|
16,929
|
Accumulated other comprehensive loss |
(715)
|
(532)
|
Retained earnings |
19,435
|
18,670
|
Total shareholders' equity |
36,006
|
35,344
|
Total liabilities and shareholders' equity |
$ 75,452
|
$ 75,127
|
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Accounts receivable allowance |
$ 292
|
$ 358
|
Preferred stock, par value (in dollars per share) |
$ 1
|
$ 1
|
Preferred Stock, Shares Authorized (in shares) |
1,000,000
|
1,000,000
|
Preferred Stock, Shares Outstanding (in shares) |
250,000
|
250,000
|
Preferred stock, shares issued (in shares) |
250,000
|
250,000
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized (in shares) |
9,000,000
|
9,000,000
|
Common Stock, Shares, Issued (in shares) |
2,755,178
|
2,740,178
|
Common stock, shares outstanding (in shares) |
|
2,740,178
|
X |
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v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net income |
$ 765
|
$ 681
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
Depreciation and amortization |
482
|
505
|
Compensation on stock-based awards |
80
|
99
|
Change in inventory reserves |
76
|
32
|
Change in accounts receivable allowances |
(66)
|
(32)
|
Other, net |
(4)
|
(15)
|
Changes in current operating assets and liabilities: |
|
|
Accounts receivable |
3,215
|
(206)
|
Inventories |
(1,400)
|
1,075
|
Contract assets |
287
|
(823)
|
Prepaid expenses and other current assets |
(328)
|
(600)
|
Accounts payable |
(8)
|
(1,799)
|
Accrued payroll and commissions |
640
|
1,244
|
Customer deposits |
(926)
|
1,315
|
Other accrued liabilities |
15
|
242
|
Net cash provided by operating activities |
2,828
|
1,718
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Proceeds from sale of property and equipment |
9
|
0
|
Purchases of property and equipment |
(744)
|
(496)
|
Net cash used in investing activities |
(735)
|
(496)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from line of credit |
32,768
|
31,133
|
Payments to line of credit |
(32,394)
|
(32,145)
|
Principal payments on financing leases |
(100)
|
(96)
|
Stock option exercises |
0
|
35
|
Net cash provided by (used in) financing activities |
274
|
(1,073)
|
Effect of exchange rate changes on cash |
(14)
|
3
|
Net change in cash and cash equivalents |
2,353
|
152
|
Cash and cash equivalents - beginning of period |
1,675
|
2,481
|
Cash and cash equivalents - end of period |
4,028
|
2,633
|
Reconciliation of cash and restricted cash reported within the condensed consolidated balance sheets: |
|
|
Cash |
4,028
|
1,267
|
Restricted cash |
0
|
1,366
|
Total cash and restricted cash reported in the condensed consolidated statements of cash flows |
4,028
|
2,633
|
Supplemental disclosure of cash flow information: |
|
|
Cash paid for interest |
134
|
129
|
Cash paid for income taxes |
141
|
112
|
Supplemental noncash investing and financing activities: |
|
|
Property and equipment purchases in accounts payable |
16
|
78
|
Operating lease assets acquired under operating lease |
$ 719
|
$ 0
|
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v3.24.1.1.u2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Preferred Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Preferred Stock [Member] |
Common Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
AOCI Attributable to Parent [Member] |
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Retained Earnings [Member] |
Cumulative Effect, Period of Adoption, Adjustment [Member] |
Total |
Balance (in shares) at Dec. 31, 2022 |
0
|
250,000
|
0
|
2,691,000
|
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 0
|
$ 250
|
$ 0
|
$ 27
|
$ 0
|
$ 16,347
|
$ 0
|
$ (370)
|
$ (30)
|
$ 11,826
|
$ (30)
|
$ 28,080
|
Net income |
|
0
|
|
0
|
|
0
|
|
0
|
|
681
|
|
681
|
Foreign currency translation adjustment |
|
$ 0
|
|
$ 0
|
|
0
|
|
40
|
|
0
|
|
40
|
Stock option exercises (in shares) |
|
0
|
|
10,000
|
|
|
|
|
|
|
|
|
Stock option exercises |
|
$ 0
|
|
$ 0
|
|
35
|
|
0
|
|
0
|
|
35
|
Compensation on stock-based awards |
|
$ 0
|
|
$ 0
|
|
99
|
|
0
|
|
0
|
|
99
|
Balance (in shares) at Mar. 31, 2023 |
|
250,000
|
|
2,701,000
|
|
|
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
|
$ 250
|
|
$ 27
|
|
16,481
|
|
(330)
|
|
12,477
|
|
28,905
|
Balance (in shares) at Dec. 31, 2023 |
|
250,000
|
|
2,740,000
|
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
|
$ 250
|
|
$ 27
|
|
16,929
|
|
(532)
|
|
18,670
|
|
35,344
|
Net income |
|
0
|
|
0
|
|
0
|
|
0
|
|
765
|
|
765
|
Foreign currency translation adjustment |
|
0
|
|
0
|
|
0
|
|
(183)
|
|
0
|
|
$ (183)
|
Stock option exercises (in shares) |
|
|
|
|
|
|
|
|
|
|
|
(0)
|
Compensation on stock-based awards |
|
$ 0
|
|
$ 0
|
|
80
|
|
0
|
|
0
|
|
$ 80
|
Issuance for stock-based awards (in shares) |
|
0
|
|
15,000
|
|
|
|
|
|
|
|
|
Issuance for stock-based awards |
|
$ 0
|
|
$ 0
|
|
0
|
|
0
|
|
0
|
|
0
|
Balance (in shares) at Mar. 31, 2024 |
|
250,000
|
|
2,755,000
|
|
|
|
|
|
|
|
|
Balance at Mar. 31, 2024 |
|
$ 250
|
|
$ 27
|
|
$ 17,009
|
|
$ (715)
|
|
$ 19,435
|
|
$ 36,006
|
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v3.24.1.1.u2
Note 1 - Summary of Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Basis of Presentation and Significant Accounting Policies [Text Block] |
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements for the interim periods have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Company has omitted footnote disclosures that would substantially duplicate the disclosures contained in the Company’s audited consolidated financial statements. These unaudited condensed consolidated financial statements should be read together with the audited consolidated financial statements for the year ended December 31, 2023, and notes thereto included in our Annual Report on Form 10-K as filed with the SEC.
The condensed consolidated financial statements include the accounts of Nortech Systems Incorporated and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. All dollar amounts are stated in thousands of U.S. dollars.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our consolidated financial statements. Estimates also affect the reported amounts of net sales and expenses during each reporting period. Significant items subject to estimates and assumptions include the valuation allowance for inventories, accounts receivable allowances, realizability of deferred tax assets and long-lived asset recovery. Actual results could differ from those estimates.
Recently Issued New Accounting Standards
In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting Topic (280): Improvements to Reportable Segment Disclosure. The ASU supplements reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU enhances the transparency and decision usefulness of income tax disclosures and is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements and related disclosures.
Out‐of‐Period Correction
During the first quarter of 2024, we identified an error that understated our accrued liabilities by approximately $178 as of December 31, 2023. We corrected the error on a prospective basis during the first quarter of 2024 through an out of period adjustment lowering our net income by $178. We assessed the materiality of the error and concluded that the error was not material to the results of operations or financial condition or for the prior annual and interim periods, and the correction is not expected to be material to the full year results for fiscal year 2024.
Inventories
Inventories are as follows:
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
Raw materials
|
|
$ |
22,143 |
|
|
$ |
20,863 |
|
Work in process
|
|
|
992 |
|
|
|
1,033 |
|
Finished goods
|
|
|
1,059 |
|
|
|
934 |
|
Reserves
|
|
|
(1,243 |
) |
|
|
(1,170 |
) |
Total inventories
|
|
$ |
22,951 |
|
|
$ |
21,660 |
|
Other Intangible Assets
Other intangible assets as of March 31, 2024 and December 31, 2023 are as follows:
|
|
Customer
Relationships
|
|
|
Patents
|
|
|
Total
|
|
Balances as of January 1, 2023
|
|
$ |
216 |
|
|
$ |
206 |
|
|
$ |
422 |
|
Amortization
|
|
|
144 |
|
|
|
15 |
|
|
|
159 |
|
Balances as of December 31, 2023
|
|
$ |
72 |
|
|
$ |
191 |
|
|
$ |
263 |
|
Amortization
|
|
|
36 |
|
|
|
4 |
|
|
|
40 |
|
Balances as of March 31, 2024
|
|
$ |
36 |
|
|
$ |
187 |
|
|
$ |
223 |
|
Intangible assets are amortized on a straight-line basis over their estimated useful lives. The weighted average remaining amortization period of our intangible assets is 2.4 years. Of the patents value as of March 31, 2024, $77 are being amortized and $110 are in process and a patent has not yet been issued.
Amortization expense of finite life intangible assets for both the three months ended March 31, 2024 and 2023 was $40.
As of March 31, 2024, estimated future annual amortization expense (except projects in process) related to these assets is as follows:
Year
|
|
Amount
|
|
2024
|
|
$ |
47 |
|
2025
|
|
|
14 |
|
2026
|
|
|
14 |
|
2027
|
|
|
14 |
|
2028
|
|
|
14 |
|
Thereafter
|
|
|
10 |
|
Total
|
|
$ |
113 |
|
|
X |
- DefinitionThe entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity.
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v3.24.1.1.u2
Note 2 - Concentration of Credit Risk and Major Customers
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Concentration Risk Disclosure [Text Block] |
NOTE 2. CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS
Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash, accounts receivable, and contract assets. With regard to cash, we maintain our excess cash balances in checking accounts at primarily two financial institutions, one in the United States and one in China. The account in the United States may at times exceed federally insured limits. The Company’s $4,028 cash balance as of March 31, 2024, included approximately $930 and $7 was held at banks located in China and Mexico, respectively. We grant credit to customers in the normal course of business and generally do not require collateral on our accounts receivable.
We have certain customers whose revenue individually represented 10% or more of net sales, or whose accounts receivable balances individually represented 10% or more of gross accounts receivable. Two customers accounted for 35% of net sales for the three months ended March 31, 2024. One customer accounted for 29% of net sales for the three months ended March 31, 2023.
As of March 31, 2024, two customers represented approximately 37% of our gross accounts receivable. As of December 31, 2023, two customers represented approximately 35% of our gross accounts receivable.
Contract assets for three customers accounted for 41% of gross contract assets as of March 31, 2024. Contract assets for two customers accounted for 34% of gross contract assets as of December 31, 2023.
Export sales from the U.S. represented approximately 3% and 4% of net sales for the three months ended March 31, 2024 and 2023, respectively.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.24.1.1.u2
Note 3 - Revenue
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Revenue from Contract with Customer [Text Block] |
NOTE 3. REVENUE
Revenue Recognition
Revenue under contract manufacturing agreements that was recognized over time accounted for approximately 74% of net sales for both the three months ended March 31, 2024 and 2023.
Contract Assets
Contract assets, recorded as such in the Condensed Consolidated Balance Sheet, consist of unbilled amounts related to revenue recognized over time. Significant changes in the contract assets balance during the three months ended March 31, 2024 were as follows:
Balances as of January 1, 2024
|
|
$ |
14,481 |
|
Increase (decrease) attributed to:
|
|
|
|
|
Amounts transferred over time to contract assets
|
|
|
25,214 |
|
Amounts invoiced during the period
|
|
|
(25,501 |
) |
Balance outstanding as of March 31, 2024
|
|
$ |
14,194 |
|
We expect substantially all of the remaining performance obligations for the contract assets recorded as of March 31, 2024, to be transferred to receivables within 90 days, with any remaining amounts to be transferred within 180 days. We bill our customers upon shipment with payment terms of up to 120 days.
The following tables summarize our net sales by market for the three months ended March 31, 2024 and 2023, respectively:
|
|
Three Months Ended March 31, 2024
|
|
|
|
Product/
Service
Transferred
Over Time
|
|
|
Product
Transferred at
Point in Time
|
|
|
Noncash
Consideration1
|
|
|
Total Net
Sales by
Market
|
|
Medical
|
|
$ |
14,240 |
|
|
$ |
5,245 |
|
|
$ |
797 |
|
|
$ |
20,282 |
|
Aerospace and defense
|
|
|
5,545 |
|
|
|
242 |
|
|
|
73 |
|
|
|
5,860 |
|
Industrial
|
|
|
5,429 |
|
|
|
2,347 |
|
|
|
297 |
|
|
|
8,073 |
|
Total net sales
|
|
$ |
25,214 |
|
|
$ |
7,834 |
|
|
$ |
1,167 |
|
|
$ |
34,215 |
|
|
|
Three Months Ended March 31, 2023
|
|
|
|
Product/
Service
Transferred
Over Time
|
|
|
Product
Transferred at
Point in Time
|
|
|
Noncash
Consideration1
|
|
|
Total Net
Sales by
Market
|
|
Medical
|
|
$ |
15,725 |
|
|
$ |
5,061 |
|
|
$ |
586 |
|
|
$ |
21,372 |
|
Aerospace and defense
|
|
|
6,590 |
|
|
|
2,408 |
|
|
|
474 |
|
|
|
9,472 |
|
Industrial
|
|
|
3,415 |
|
|
|
550 |
|
|
|
79 |
|
|
|
4,044 |
|
Total net sales
|
|
$ |
25,730 |
|
|
$ |
8,019 |
|
|
$ |
1,139 |
|
|
$ |
34,888 |
|
1Noncash consideration represents material provided by the customer used in the build of the product.
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v3.24.1.1.u2
Note 4 - Financing Arrangements
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Debt Disclosure [Text Block] |
NOTE 4. FINANCING ARRANGEMENTS
We had a credit agreement with Bank of America, which was entered into on June 15, 2017 and provides for a line of credit arrangement of $16,000 that was to expire on June 15, 2026.
On February 29, 2024, we replaced the asset backed line of credit agreement with a $15,000 Senior Secured Revolving Line of Credit with Bank of America (the “Revolver”). The Revolver allows for borrowings at a defined base rate, or at the one, three or six month Secured Overnight Finance Rate, also known as “SOFR”, plus a defined margin. If the Company prepays SOFR borrowings before their contractual maturity, the Company has agreed to compensate the bank for lost margin, as defined in the Revolver agreement. The Company is required to quarterly pay a 20-basis point fee on the unused portion of the Revolver.
The Revolver requires the Company to maintain no more than 2.5 times leverage ratio and at least a 1.25 times minimum fixed charges coverage ratio, both of which are defined in the Revolver agreement. The Company met the covenants for the period ended March 31, 2024. There are no subjective acceleration clauses under the Revolver that would accelerate the maturity of outstanding borrowings. The Revolver contains certain covenants which, among other things, require the Company to adhere to regular reporting requirements, abide by shareholder dividend limitations, maintain certain financial performance, and limit the amount of annual capital expenditures. The Revolver is secured by substantially all the Company’s assets and expires on February 28, 2027.
Amounts borrowed on the Revolver are subject to variations in the SOFR index rate. Under the prior credit agreement with Bank of America, the line of credit borrowing availability was restricted by a defined asset borrowing base, and interest was based on variations in the Bloomberg Short-Term Bank Yield (BSBY) index rate. Our line of credit bears interest at a weighted-average interest rate of 9.4% and 8.3% as of March 31, 2024 and December 31, 2023, respectively. We had borrowings on our line of credit of $6,220 and $5,846 outstanding as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 we had unused availability on the line of credit of $8,780.
The line of credit is shown net of debt issuance costs of $50 and $31 on the condensed consolidated balance sheet as of March 31, 2024 and December 31, 2023, respectively.
|
X |
- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.1.1.u2
Note 5 - Leases
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Lease Disclosure [Text Block] |
NOTE 5. LEASES
We have operating leases for certain manufacturing sites, office space, and equipment. Most leases include the option to renew, with renewal terms that can extend the lease term from one to five years or more. Right-of-use lease assets and lease liabilities are recognized at the commencement date based on the present value of the remaining lease payments over the lease term which includes renewal periods we are reasonably certain to exercise. Our leases do not contain any material residual value guarantees or material restrictive covenants. As of March 31, 2024, we do not have material lease commitments that have not commenced.
The components of lease expense were as follows:
|
|
March 31,
|
|
|
March 31,
|
|
Lease Cost
|
|
2024
|
|
|
2023
|
|
Operating lease cost
|
|
$ |
596 |
|
|
$ |
567 |
|
Finance lease interest cost
|
|
|
7 |
|
|
|
12 |
|
Finance lease amortization expense
|
|
|
131 |
|
|
|
182 |
|
Total lease cost
|
|
$ |
734 |
|
|
$ |
761 |
|
Supplemental condensed consolidated balance sheet information related to leases was as follows:
|
Balance Sheet Location
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Finance lease assets
|
Property and equipment, net
|
|
$ |
504 |
|
|
$ |
636 |
|
Operating lease assets
|
Operating lease assets, net
|
|
|
7,339 |
|
|
|
6,917 |
|
Total leased assets
|
|
$ |
7,843 |
|
|
$ |
7,553 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
|
|
Current finance lease liabilities
|
Current portion of finance lease obligations
|
|
$ |
296 |
|
|
$ |
356 |
|
Current operating lease liabilities
|
Current portion of operating lease obligations
|
|
|
1,235 |
|
|
|
1,033 |
|
Noncurrent
|
|
|
|
|
|
|
|
|
|
Long-term finance lease liabilities
|
Long-term finance lease liabilities, net of current portion
|
|
|
168 |
|
|
|
209 |
|
Long-term operating lease liabilities
|
Long-term operating lease obligations, net of current portion
|
|
|
6,977 |
|
|
|
6,763 |
|
Total lease liabilities
|
|
$ |
8,676 |
|
|
$ |
8,361 |
|
Supplemental condensed consolidated statement of cash flows information related to leases was as follows:
|
|
March 31,
|
|
|
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
Operating Leases
|
|
|
|
|
|
|
|
|
Cash paid for amounts included in the measurement of lease liabilities
|
|
$ |
459 |
|
|
$ |
493 |
|
Property acquired under operating lease
|
|
$ |
719 |
|
|
$ |
- |
|
Future payments of lease liabilities as of March 31, 2024 were as follows:
|
|
Operating
Leases
|
|
|
Finance
Leases
|
|
|
Total
|
|
2024
|
|
$ |
1,397 |
|
|
$ |
271 |
|
|
$ |
1,668 |
|
2025
|
|
|
1,635 |
|
|
|
106 |
|
|
|
1,741 |
|
2026
|
|
|
1,581 |
|
|
|
108 |
|
|
|
1,689 |
|
2027
|
|
|
1,286 |
|
|
|
- |
|
|
|
1,286 |
|
2028
|
|
|
1,279 |
|
|
|
- |
|
|
|
1,279 |
|
Thereafter
|
|
|
4,539 |
|
|
|
- |
|
|
|
4,539 |
|
Total lease payments
|
|
$ |
11,717 |
|
|
$ |
485 |
|
|
$ |
12,202 |
|
Less: imputed interest
|
|
|
(3,505 |
)
|
|
|
(21 |
) |
|
|
(3,526 |
)
|
Present value of lease liabilities
|
|
$ |
8,212 |
|
|
$ |
464 |
|
|
$ |
8,676 |
|
The lease term and discount rate as of March 31, 2024 were as follows:
Weighted-average remaining lease term (years)
|
|
|
|
|
Operating leases
|
|
|
7.9 |
|
Finance leases
|
|
|
1.7 |
|
Weighted-average discount rate
|
|
|
|
|
Operating leases
|
|
|
8.1 |
%
|
Finance leases
|
|
|
5.3 |
%
|
|
X |
- DefinitionThe entire disclosure of information about leases.
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v3.24.1.1.u2
Note 6 - Stock Based Awards
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Share-Based Payment Arrangement [Text Block] |
NOTE 6. STOCK BASED AWARDS
Stock-based compensation expense was reported as follows in the condensed consolidated statements of operations within General and Administration expenses of $80 and $99 for the three months ended March 31, 2024 and 2023, respectively.
Stock Options
In May 2017, the shareholders approved the 2017 Stock Incentive Plan which authorized the issuance of 350,000 shares. An additional 50,000, 175,000 and 100,000 shares were authorized in March 2020, May 2022, and May 2023, respectively.
There were no stock options granted during both the three months ended March 31, 2024 and 2023.
Total compensation expense related to stock options was $56 and $68 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, there was $776 of unrecognized compensation related to stock options which will be recognized over a weighted average period of 3.3 years.
Following is the status of option activity for the three months ended and as of March 31, 2024:
|
|
Shares
|
|
|
Weighted-
Average
Exercise Price
Per Share
|
|
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
|
|
Aggregate
Intrinsic Value
|
|
Outstanding – December 31, 2023
|
|
|
458,700 |
|
|
$ |
6.63 |
|
|
|
6.53 |
|
|
$ |
1,432 |
|
Granted
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(6,200 |
) |
|
|
11.10 |
|
|
|
|
|
|
|
|
|
Outstanding – March 31, 2024
|
|
|
452,500 |
|
|
$ |
6.57 |
|
|
|
6.57 |
|
|
$ |
3,066 |
|
Exercisable on March 31, 2024
|
|
|
294,100 |
|
|
$ |
4.71 |
|
|
|
4.71 |
|
|
$ |
2,530 |
|
Restricted Stock Units
During the periods ended March 31, 2024 and 2023, we granted 0 restricted stock units (“RSUs”). Total compensation expense related to the RSUs was $24 and $31 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, total unrecognized compensation expense related to the RSUs was $109, which will vest over a weighted average period of 1.0 years.
Following is the status of restricted stock activity for the three months ended and as of March 31, 2024:
|
|
Shares
|
|
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
|
|
Aggregate
Intrinsic Value
|
|
Outstanding – December 31, 2023
|
|
|
27,000 |
|
|
|
1.0 |
|
|
$ |
254 |
|
Granted
|
|
|
- |
|
|
|
|
|
|
|
|
|
Vested
|
|
|
(15,000 |
) |
|
|
|
|
|
|
|
|
Forfeited
|
|
|
- |
|
|
|
|
|
|
|
|
|
Outstanding – March 31, 2024
|
|
|
12,000 |
|
|
|
1.0 |
|
|
$ |
160 |
|
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.1.1.u2
Note 7 - Net Income Per Share Data
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Earnings Per Share [Text Block] |
NOTE 7. NET INCOME PER SHARE DATA
Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average number of common shares outstanding using the treasury stock method during the period. The Company’s potentially dilutive common shares are those that result from dilutive common stock options and non-vested stock relating to restricted stock units.
The calculation of diluted income per share excluded 38,405 and 28,637 in weighted average shares for the three months ended March 31, 2024 and 2023, respectively, as their effect was anti-dilutive. Basic and diluted weighted average shares outstanding were as follows:
|
|
Three Months Ended March 31,
|
|
(In thousands)
|
|
2024
|
|
|
2023
|
|
Basic weighted average shares outstanding
|
|
|
2,742,511 |
|
|
|
2,692,033 |
|
Dilutive effect of outstanding stock options and non-vested restricted stock units
|
|
|
165,946 |
|
|
|
211,602 |
|
Diluted weighted average shares outstanding
|
|
|
2,908,457 |
|
|
|
2,903,635 |
|
|
X |
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v3.24.1.1.u2
Note 8 - Income Taxes
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Income Tax Disclosure [Text Block] |
NOTE 8. INCOME TAXES
On a quarterly basis, we estimate what our effective tax rate will be for the full fiscal year and record a quarterly income tax provision based on the anticipated rate. As the year progresses, we refine our estimate based on the facts and circumstances, including discrete events.
Our effective tax rate for the three months ended March 31, 2024 was 22.6%. Our effective tax rate for the three months ended March 31, 2023 was 27.8%. The decrease in the effective tax rate is attributable to the application of a valuation allowance during the three-month period ended March 31, 2023 and inclusion of estimated research and development tax credits in the three months ended March 31, 2024, partially offset by increased taxes on foreign entities.
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Note 9 - Payroll Tax Deferral
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Employee Retention Credit [Text Block] |
NOTE 9. PAYROLL TAX DEFERRAL
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law which allowed for the deferral of the employer portion of social security taxes incurred through the end of calendar 2020. During the year ended December 31, 2023, the Company remitted $1,158 to the Internal Revenue Service (“IRS”) related to the deferral of payroll taxes, of which $785 was recorded as a refund receivable as of December 31, 2023, with a corresponding liability due. These amounts were settled during the three months ended March 31, 2024.
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v3.24.1.1.u2
Note 10 - Related Party Transactions
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Related Party Transactions Disclosure [Text Block] |
NOTE 10. RELATED PARTY TRANSACTIONS
David Kunin, our Chairman, is a minority owner of Abilitech Medical, Inc. We have accounts receivable related to Abilitech of $85. Payments of $28 were received during the three months ended March 31, 2024. Abilitech has ceased operations and therefore we do not believe that Abilitech will pay the Company for outstanding accounts receivable, and we have recorded a full allowance against the gross amount. The Company believes that transactions with Abilitech were on terms comparable to those that the Company could reasonably expect in an arm's length transaction with an unrelated third party.
David Kunin, our Chairman, is a minority owner (less than 10%) of Marpe Technologies, LTD an early-stage medical device company dedicated to the early detection of skin cancer through full body scanners. Mr. Kunin is also a member of the Board of Directors of Marpe Technologies. The Company has an agreement with Marpe Technologies to apply for a grant from the Israel-United States Binational Industrial Research and Development Foundation, a legal entity created by Agreement between the Government of the State of Israel and the Government of the United States of America (“BIRD Foundation”). The parties were successful in receiving approval for a $1,000 conditional grant. The Company and Marpe Technologies will each receive $500 from the BIRD Foundation and, among other obligations under the grant, each is required to contribute $500 to match grant funds from the BIRD Foundation. The Company has met its obligation by providing certain services at cost or with respect to administrative services at no cost to Marpe Technologies. The total value of the Company’s contribution will not exceed $500. Marpe is engaged in raising funds for its operations, which funds are necessary to pay for the Company’s services beyond its contribution. The Company will receive a 10-year exclusive right to manufacture the products of Marpe Technologies. There can be no assurances that Marpe Technologies’ medical device operations will be commercially successful, that Marpe Technologies will be successful in raising additional funds to finance its operations or, if commercially successful, the Company will recover the value of services provided to Marpe if not paid when the services are provided. The transactions between the Company and Marpe Technologies have been approved by the Audit Committee pursuant to the Company Related-Party Transactions Policy. During the three months ended March 31, 2024 and 2023, we recognized net sales to Marpe Technologies of $0 and $67, respectively. As of March 31, 2024 and December 31, 2023, we have recorded an unbilled receivable of $21 and $39, respectively, related to expected reimbursement from the BIRD Foundation and have outstanding accounts receivable of $0 and $20, respectively. The Company believes that transactions with Marpe are on terms comparable to those that the Company could reasonably expect in an arm’s length transaction with an unrelated third party.
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v3.24.1.1.u2
Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Accounting, Policy [Policy Text Block] |
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements for the interim periods have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Company has omitted footnote disclosures that would substantially duplicate the disclosures contained in the Company’s audited consolidated financial statements. These unaudited condensed consolidated financial statements should be read together with the audited consolidated financial statements for the year ended December 31, 2023, and notes thereto included in our Annual Report on Form 10-K as filed with the SEC.
The condensed consolidated financial statements include the accounts of Nortech Systems Incorporated and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. All dollar amounts are stated in thousands of U.S. dollars.
|
Use of Estimates, Policy [Policy Text Block] |
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our consolidated financial statements. Estimates also affect the reported amounts of net sales and expenses during each reporting period. Significant items subject to estimates and assumptions include the valuation allowance for inventories, accounts receivable allowances, realizability of deferred tax assets and long-lived asset recovery. Actual results could differ from those estimates.
|
New Accounting Pronouncements, Policy [Policy Text Block] |
Recently Issued New Accounting Standards
In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting Topic (280): Improvements to Reportable Segment Disclosure. The ASU supplements reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU enhances the transparency and decision usefulness of income tax disclosures and is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements and related disclosures.
|
Error Correction [Policy Text Block] |
Out‐of‐Period Correction
During the first quarter of 2024, we identified an error that understated our accrued liabilities by approximately $178 as of December 31, 2023. We corrected the error on a prospective basis during the first quarter of 2024 through an out of period adjustment lowering our net income by $178. We assessed the materiality of the error and concluded that the error was not material to the results of operations or financial condition or for the prior annual and interim periods, and the correction is not expected to be material to the full year results for fiscal year 2024.
|
Inventory, Policy [Policy Text Block] |
Inventories
Inventories are as follows:
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
Raw materials
|
|
$ |
22,143 |
|
|
$ |
20,863 |
|
Work in process
|
|
|
992 |
|
|
|
1,033 |
|
Finished goods
|
|
|
1,059 |
|
|
|
934 |
|
Reserves
|
|
|
(1,243 |
) |
|
|
(1,170 |
) |
Total inventories
|
|
$ |
22,951 |
|
|
$ |
21,660 |
|
|
Intangible Assets, Finite-Lived, Policy [Policy Text Block] |
Other Intangible Assets
Other intangible assets as of March 31, 2024 and December 31, 2023 are as follows:
|
|
Customer
Relationships
|
|
|
Patents
|
|
|
Total
|
|
Balances as of January 1, 2023
|
|
$ |
216 |
|
|
$ |
206 |
|
|
$ |
422 |
|
Amortization
|
|
|
144 |
|
|
|
15 |
|
|
|
159 |
|
Balances as of December 31, 2023
|
|
$ |
72 |
|
|
$ |
191 |
|
|
$ |
263 |
|
Amortization
|
|
|
36 |
|
|
|
4 |
|
|
|
40 |
|
Balances as of March 31, 2024
|
|
$ |
36 |
|
|
$ |
187 |
|
|
$ |
223 |
|
Intangible assets are amortized on a straight-line basis over their estimated useful lives. The weighted average remaining amortization period of our intangible assets is 2.4 years. Of the patents value as of March 31, 2024, $77 are being amortized and $110 are in process and a patent has not yet been issued.
Amortization expense of finite life intangible assets for both the three months ended March 31, 2024 and 2023 was $40.
As of March 31, 2024, estimated future annual amortization expense (except projects in process) related to these assets is as follows:
Year
|
|
Amount
|
|
2024
|
|
$ |
47 |
|
2025
|
|
|
14 |
|
2026
|
|
|
14 |
|
2027
|
|
|
14 |
|
2028
|
|
|
14 |
|
Thereafter
|
|
|
10 |
|
Total
|
|
$ |
113 |
|
|
X |
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v3.24.1.1.u2
Note 1 - Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Schedule of Inventory, Current [Table Text Block] |
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
Raw materials
|
|
$ |
22,143 |
|
|
$ |
20,863 |
|
Work in process
|
|
|
992 |
|
|
|
1,033 |
|
Finished goods
|
|
|
1,059 |
|
|
|
934 |
|
Reserves
|
|
|
(1,243 |
) |
|
|
(1,170 |
) |
Total inventories
|
|
$ |
22,951 |
|
|
$ |
21,660 |
|
|
Schedule of Finite-Lived Intangible Assets [Table Text Block] |
|
|
Customer
Relationships
|
|
|
Patents
|
|
|
Total
|
|
Balances as of January 1, 2023
|
|
$ |
216 |
|
|
$ |
206 |
|
|
$ |
422 |
|
Amortization
|
|
|
144 |
|
|
|
15 |
|
|
|
159 |
|
Balances as of December 31, 2023
|
|
$ |
72 |
|
|
$ |
191 |
|
|
$ |
263 |
|
Amortization
|
|
|
36 |
|
|
|
4 |
|
|
|
40 |
|
Balances as of March 31, 2024
|
|
$ |
36 |
|
|
$ |
187 |
|
|
$ |
223 |
|
|
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
Year
|
|
Amount
|
|
2024
|
|
$ |
47 |
|
2025
|
|
|
14 |
|
2026
|
|
|
14 |
|
2027
|
|
|
14 |
|
2028
|
|
|
14 |
|
Thereafter
|
|
|
10 |
|
Total
|
|
$ |
113 |
|
|
X |
- DefinitionTabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.
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v3.24.1.1.u2
Note 3 - Revenue (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] |
Balances as of January 1, 2024
|
|
$ |
14,481 |
|
Increase (decrease) attributed to:
|
|
|
|
|
Amounts transferred over time to contract assets
|
|
|
25,214 |
|
Amounts invoiced during the period
|
|
|
(25,501 |
) |
Balance outstanding as of March 31, 2024
|
|
$ |
14,194 |
|
|
Disaggregation of Revenue [Table Text Block] |
|
|
Three Months Ended March 31, 2024
|
|
|
|
Product/
Service
Transferred
Over Time
|
|
|
Product
Transferred at
Point in Time
|
|
|
Noncash
Consideration1
|
|
|
Total Net
Sales by
Market
|
|
Medical
|
|
$ |
14,240 |
|
|
$ |
5,245 |
|
|
$ |
797 |
|
|
$ |
20,282 |
|
Aerospace and defense
|
|
|
5,545 |
|
|
|
242 |
|
|
|
73 |
|
|
|
5,860 |
|
Industrial
|
|
|
5,429 |
|
|
|
2,347 |
|
|
|
297 |
|
|
|
8,073 |
|
Total net sales
|
|
$ |
25,214 |
|
|
$ |
7,834 |
|
|
$ |
1,167 |
|
|
$ |
34,215 |
|
|
|
Three Months Ended March 31, 2023
|
|
|
|
Product/
Service
Transferred
Over Time
|
|
|
Product
Transferred at
Point in Time
|
|
|
Noncash
Consideration1
|
|
|
Total Net
Sales by
Market
|
|
Medical
|
|
$ |
15,725 |
|
|
$ |
5,061 |
|
|
$ |
586 |
|
|
$ |
21,372 |
|
Aerospace and defense
|
|
|
6,590 |
|
|
|
2,408 |
|
|
|
474 |
|
|
|
9,472 |
|
Industrial
|
|
|
3,415 |
|
|
|
550 |
|
|
|
79 |
|
|
|
4,044 |
|
Total net sales
|
|
$ |
25,730 |
|
|
$ |
8,019 |
|
|
$ |
1,139 |
|
|
$ |
34,888 |
|
|
X |
- DefinitionTabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.
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v3.24.1.1.u2
Note 5 - Leases (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Lease, Cost [Table Text Block] |
|
|
March 31,
|
|
|
March 31,
|
|
Lease Cost
|
|
2024
|
|
|
2023
|
|
Operating lease cost
|
|
$ |
596 |
|
|
$ |
567 |
|
Finance lease interest cost
|
|
|
7 |
|
|
|
12 |
|
Finance lease amortization expense
|
|
|
131 |
|
|
|
182 |
|
Total lease cost
|
|
$ |
734 |
|
|
$ |
761 |
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
Operating Leases
|
|
|
|
|
|
|
|
|
Cash paid for amounts included in the measurement of lease liabilities
|
|
$ |
459 |
|
|
$ |
493 |
|
Property acquired under operating lease
|
|
$ |
719 |
|
|
$ |
- |
|
Weighted-average remaining lease term (years)
|
|
|
|
|
Operating leases
|
|
|
7.9 |
|
Finance leases
|
|
|
1.7 |
|
Weighted-average discount rate
|
|
|
|
|
Operating leases
|
|
|
8.1 |
%
|
Finance leases
|
|
|
5.3 |
%
|
|
Schedule of Supplemental Balance Sheet Information Related to Leases [Table Text Block] |
|
Balance Sheet Location
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Finance lease assets
|
Property and equipment, net
|
|
$ |
504 |
|
|
$ |
636 |
|
Operating lease assets
|
Operating lease assets, net
|
|
|
7,339 |
|
|
|
6,917 |
|
Total leased assets
|
|
$ |
7,843 |
|
|
$ |
7,553 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
|
|
Current finance lease liabilities
|
Current portion of finance lease obligations
|
|
$ |
296 |
|
|
$ |
356 |
|
Current operating lease liabilities
|
Current portion of operating lease obligations
|
|
|
1,235 |
|
|
|
1,033 |
|
Noncurrent
|
|
|
|
|
|
|
|
|
|
Long-term finance lease liabilities
|
Long-term finance lease liabilities, net of current portion
|
|
|
168 |
|
|
|
209 |
|
Long-term operating lease liabilities
|
Long-term operating lease obligations, net of current portion
|
|
|
6,977 |
|
|
|
6,763 |
|
Total lease liabilities
|
|
$ |
8,676 |
|
|
$ |
8,361 |
|
|
Schedule of Lease Liability Maturity [Table Text Block] |
|
|
Operating
Leases
|
|
|
Finance
Leases
|
|
|
Total
|
|
2024
|
|
$ |
1,397 |
|
|
$ |
271 |
|
|
$ |
1,668 |
|
2025
|
|
|
1,635 |
|
|
|
106 |
|
|
|
1,741 |
|
2026
|
|
|
1,581 |
|
|
|
108 |
|
|
|
1,689 |
|
2027
|
|
|
1,286 |
|
|
|
- |
|
|
|
1,286 |
|
2028
|
|
|
1,279 |
|
|
|
- |
|
|
|
1,279 |
|
Thereafter
|
|
|
4,539 |
|
|
|
- |
|
|
|
4,539 |
|
Total lease payments
|
|
$ |
11,717 |
|
|
$ |
485 |
|
|
$ |
12,202 |
|
Less: imputed interest
|
|
|
(3,505 |
)
|
|
|
(21 |
) |
|
|
(3,526 |
)
|
Present value of lease liabilities
|
|
$ |
8,212 |
|
|
$ |
464 |
|
|
$ |
8,676 |
|
|
X |
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v3.24.1.1.u2
Note 6 - Stock Based Awards (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Share-Based Payment Arrangement, Option, Activity [Table Text Block] |
|
|
Shares
|
|
|
Weighted-
Average
Exercise Price
Per Share
|
|
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
|
|
Aggregate
Intrinsic Value
|
|
Outstanding – December 31, 2023
|
|
|
458,700 |
|
|
$ |
6.63 |
|
|
|
6.53 |
|
|
$ |
1,432 |
|
Granted
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(6,200 |
) |
|
|
11.10 |
|
|
|
|
|
|
|
|
|
Outstanding – March 31, 2024
|
|
|
452,500 |
|
|
$ |
6.57 |
|
|
|
6.57 |
|
|
$ |
3,066 |
|
Exercisable on March 31, 2024
|
|
|
294,100 |
|
|
$ |
4.71 |
|
|
|
4.71 |
|
|
$ |
2,530 |
|
|
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] |
|
|
Shares
|
|
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
|
|
Aggregate
Intrinsic Value
|
|
Outstanding – December 31, 2023
|
|
|
27,000 |
|
|
|
1.0 |
|
|
$ |
254 |
|
Granted
|
|
|
- |
|
|
|
|
|
|
|
|
|
Vested
|
|
|
(15,000 |
) |
|
|
|
|
|
|
|
|
Forfeited
|
|
|
- |
|
|
|
|
|
|
|
|
|
Outstanding – March 31, 2024
|
|
|
12,000 |
|
|
|
1.0 |
|
|
$ |
160 |
|
|
X |
- DefinitionTabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.
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v3.24.1.1.u2
Note 7 - Net Income Per Share Data (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
|
|
Three Months Ended March 31,
|
|
(In thousands)
|
|
2024
|
|
|
2023
|
|
Basic weighted average shares outstanding
|
|
|
2,742,511 |
|
|
|
2,692,033 |
|
Dilutive effect of outstanding stock options and non-vested restricted stock units
|
|
|
165,946 |
|
|
|
211,602 |
|
Diluted weighted average shares outstanding
|
|
|
2,908,457 |
|
|
|
2,903,635 |
|
|
X |
- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
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v3.24.1.1.u2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)
|
3 Months Ended |
12 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Cost of Goods and Services Sold |
$ 28,767,000
|
$ 29,404,000
|
|
|
Finite-Lived Intangible Assets, Remaining Amortization Period |
2 years 4 months 24 days
|
|
|
|
Finite-Lived Intangible Assets, Net |
$ 223,000
|
|
$ 263,000
|
$ 422,000
|
Amortization of Intangible Assets |
40,000
|
$ 40,000
|
$ 159,000
|
|
Patents Received [Member] |
|
|
|
|
Finite-Lived Intangible Assets, Net |
77,000
|
|
|
|
Patents In Process [Member] |
|
|
|
|
Finite-Lived Intangible Assets, Net |
110,000
|
|
|
|
Revision of Prior Period, Error Correction, Adjustment [Member] |
|
|
|
|
Accrued Liabilities, Current |
178,000
|
|
|
|
Cost of Goods and Services Sold |
$ (178)
|
|
|
|
X |
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v3.24.1.1.u2
Note 1 - Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Raw Materials |
$ 22,143
|
$ 20,863
|
Work in Process |
992
|
1,033
|
Finished Goods |
1,059
|
934
|
Reserves |
(1,243)
|
(1,170)
|
Total |
$ 22,951
|
$ 21,660
|
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v3.24.1.1.u2
Note 2 - Concentration of Credit Risk and Major Customers (Details Textual) $ in Thousands |
3 Months Ended |
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Cash and Cash Equivalents, at Carrying Value |
$ 4,028
|
$ 1,267
|
$ 960
|
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents |
$ 4,028
|
$ 2,633
|
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
Concentration Risk Number of Customers |
2
|
1
|
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member] |
|
|
|
Concentration Risk, Percentage |
35.00%
|
|
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] |
|
|
|
Concentration Risk, Percentage |
|
29.00%
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
Concentration Risk Number of Customers |
2
|
2
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member] |
|
|
|
Concentration Risk, Percentage |
37.00%
|
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member] |
|
|
|
Concentration Risk, Percentage |
|
35.00%
|
|
Contract Assets Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
Concentration Risk Number of Customers |
3
|
2
|
|
Contract Assets Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] |
|
|
|
Concentration Risk, Percentage |
41.00%
|
34.00%
|
|
UNITED STATES |
|
|
|
Excess Cash Balances, Number of High Credit Quality Financial Institutions |
1
|
|
|
CHINA |
|
|
|
Excess Cash Balances, Number of High Credit Quality Financial Institutions |
1
|
|
|
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents |
$ 930
|
|
|
MEXICO |
|
|
|
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents |
$ 7
|
|
|
Non-US [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] |
|
|
|
Concentration Risk, Percentage |
3.00%
|
4.00%
|
|
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Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Net sales |
|
$ 34,215
|
$ 34,888
|
Medical [Member] |
|
|
|
Net sales |
|
20,282
|
21,372
|
Aerospace and Defense [Member] |
|
|
|
Net sales |
|
5,860
|
9,472
|
Industrial [Member] |
|
|
|
Net sales |
|
8,073
|
4,044
|
Transferred over Time [Member] |
|
|
|
Net sales |
|
25,214
|
25,730
|
Transferred over Time [Member] | Medical [Member] |
|
|
|
Net sales |
|
14,240
|
15,725
|
Transferred over Time [Member] | Aerospace and Defense [Member] |
|
|
|
Net sales |
|
5,545
|
6,590
|
Transferred over Time [Member] | Industrial [Member] |
|
|
|
Net sales |
|
5,429
|
3,415
|
Transferred at Point in Time [Member] |
|
|
|
Net sales |
|
7,834
|
8,019
|
Transferred at Point in Time [Member] | Medical [Member] |
|
|
|
Net sales |
|
5,245
|
5,061
|
Transferred at Point in Time [Member] | Aerospace and Defense [Member] |
|
|
|
Net sales |
|
242
|
2,408
|
Transferred at Point in Time [Member] | Industrial [Member] |
|
|
|
Net sales |
|
2,347
|
550
|
Noncash Consideration [Member] |
|
|
|
Net sales |
[1] |
1,167
|
1,139
|
Noncash Consideration [Member] | Medical [Member] |
|
|
|
Net sales |
[1] |
797
|
586
|
Noncash Consideration [Member] | Aerospace and Defense [Member] |
|
|
|
Net sales |
[1] |
73
|
474
|
Noncash Consideration [Member] | Industrial [Member] |
|
|
|
Net sales |
[1] |
$ 297
|
$ 79
|
|
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v3.24.1.1.u2
Note 4 - Financing Arrangements (Details Textual) - Bank of America [Member] - Credit Agreement [Member] - Line of Credit [Member] $ in Thousands |
|
3 Months Ended |
12 Months Ended |
|
Feb. 29, 2024
USD ($)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Jun. 15, 2017
USD ($)
|
Line of Credit Facility, Maximum Borrowing Capacity |
$ 15,000
|
|
|
$ 16,000
|
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage |
0.20%
|
|
|
|
Debt Instrument, Maximum Leverage Ratio |
2.5
|
|
|
|
Debt Instrument, Minimum Fixed Charges Coverage Ratio |
1.25
|
|
|
|
Debt Instrument, Interest Rate During Period |
|
9.40%
|
8.30%
|
|
Long-Term Line of Credit |
|
$ 6,220
|
$ 5,846
|
|
Line of Credit Facility, Remaining Borrowing Capacity |
|
8,780
|
|
|
Debt Issuance Costs, Net |
|
$ 50
|
$ 31
|
|
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v3.24.1.1.u2
Note 5 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Operating lease assets |
$ 504
|
$ 636
|
Finance lease assets |
7,339
|
6,917
|
Total leased assets |
7,843
|
7,553
|
Operating lease assets |
296
|
356
|
Operating lease assets |
1,235
|
1,033
|
Operating lease assets |
168
|
209
|
Operating lease assets |
6,977
|
6,763
|
Operating lease assets |
8,676
|
8,361
|
Property and Equipment [Member] |
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$ 7,339
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$ 6,917
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v3.24.1.1.u2
Note 5 - Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Remaining 2024, operating leases |
$ 1,397
|
|
Remaining 2024, finance leases |
271
|
|
Remaining 2024 |
1,668
|
|
2025, operating leases |
1,635
|
|
2025, finance leases |
106
|
|
2025 |
1,741
|
|
2026, operating leases |
1,581
|
|
2026, finance leases |
108
|
|
2026 |
1,689
|
|
2027, operating leases |
1,286
|
|
2027, finance leases |
0
|
|
2027 |
1,286
|
|
2028, operating lease |
1,279
|
|
2028, finance leases |
0
|
|
2028 |
1,279
|
|
Therafter, operating leases |
4,539
|
|
Therafter, finance leases |
0
|
|
Therafter |
4,539
|
|
Total lease payments, operating leases |
11,717
|
|
Total lease payments, finance leases |
485
|
|
Total lease payments |
12,202
|
|
Less: Interest, operating leases |
(3,505)
|
|
Less: Interest, finance leases |
(21)
|
|
Less: Interest |
(3,526)
|
|
Present value of lease liabilities, operating leases |
8,212
|
|
Present value of lease liabilities, finance leases |
464
|
|
Operating lease assets |
$ 8,676
|
$ 8,361
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v3.24.1.1.u2
Note 6 - Stock Based Awards (Details Textual) - USD ($) $ in Thousands |
1 Months Ended |
3 Months Ended |
|
May 31, 2023 |
May 31, 2022 |
May 31, 2020 |
Mar. 31, 2024 |
Mar. 31, 2023 |
May 31, 2017 |
Share-Based Payment Arrangement, Expense |
|
|
|
$ 80
|
$ 99
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross |
|
|
|
0
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
Share-Based Payment Arrangement, Expense |
|
|
|
$ 56
|
68
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount |
|
|
|
$ 776
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition |
|
|
|
3 years 3 months 18 days
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
Share-Based Payment Arrangement, Expense |
|
|
|
$ 24
|
$ 31
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount |
|
|
|
$ 109
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition |
|
|
|
1 year
|
|
|
Stock Incentive Plan 2017 [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized |
|
|
|
|
|
350,000
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized |
100,000
|
175,000
|
50,000
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross |
|
|
|
0
|
0
|
|
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|
|
|
|
|
|
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v3.24.1.1.u2
Note 6 - Stock Based Awards - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Outstanding, shares (in shares) |
458,700
|
|
Outstanding, weighted average exercise price (in dollars per share) |
$ 6.63
|
|
Outstanding – weighted average remaining contractual term (Year) |
6 years 6 months 25 days
|
6 years 6 months 10 days
|
Outstanding – aggregate intrinsic value |
$ 3,066
|
$ 1,432
|
Granted, shares (in shares) |
0
|
|
Granted, weighted average exercise price (in dollars per share) |
$ 0
|
|
Exercised, shares (in shares) |
0
|
|
Exercised, weighted average exercise price (in dollars per share) |
$ 0
|
|
Forefeited, shares (in shares) |
(6,200)
|
|
Forefeited, weighted average exercise price (in dollars per share) |
$ 11.1
|
|
Outstanding, shares (in shares) |
452,500
|
458,700
|
Outstanding, weighted average exercise price (in dollars per share) |
$ 6.57
|
$ 6.63
|
Exercisable, shares (in shares) |
294,100
|
|
Exercisable, weighted average exercise price (in dollars per share) |
$ 4.71
|
|
Exercisable, weighted average remaining contractual term (Year) |
4 years 8 months 15 days
|
|
Exercisable, aggregate intrinsic value |
$ 2,530
|
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v3.24.1.1.u2
Note 6 - Stock Based Awards - Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross |
0
|
|
Restricted Stock [Member] |
|
|
Outstanding – shares (in shares) |
27,000
|
|
Outstanding – weighted average remaining contractual term (in dollars per share) |
$ 1
|
|
Outstanding – aggregate intrinsic value |
$ 160
|
$ 254
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross |
0
|
|
Vested, shares (in shares) |
(15,000)
|
|
Forfeited, shares (in shares) |
0
|
|
Outstanding , shares (in shares) |
12,000
|
|
Outstanding – weighted average remaining contractual term (in dollars per share) |
$ 1
|
|
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- DefinitionGross number of share options (or share units) granted during the period.
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v3.24.1.1.u2
Note 7 - Net Income Per Share (Details) - shares
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Weighted average number of common shares outstanding - basic (in shares) |
2,742,511
|
2,692,033
|
Dilutive effect of outstanding stock options and non-vested restricted stock units (in shares) |
165,946
|
211,602
|
Diluted weighted average shares outstanding (in shares) |
2,908,457
|
2,903,635
|
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- DefinitionAdditional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method.
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v3.24.1.1.u2
v3.24.1.1.u2
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v3.24.1.1.u2
Note 10 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands |
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Agreement Between the BIRD Foundation, the Company, and MARPE Technologies, LTD [Member] |
|
|
|
Agreement, Conditional Grant |
$ 1,000
|
|
|
Agreement, Exclusive Manufacturing Rights, Term (Year) |
10 years
|
|
|
Abilitech Medical, Inc [Member] | Loss on Long-Term Purchase Commitment [Member] |
|
|
|
Accounts Receivable, after Allowance for Credit Loss |
$ 85
|
|
|
Abilitech Medical, Inc [Member] | Payments Received for Delivery of EMS Products [Member] |
|
|
|
Related Party Transaction, Amounts of Transaction |
$ 28
|
|
|
David Kunin [Member] | Marpe Technologies, LTD [Member] | Maximum [Member] |
|
|
|
Ownership, Percent |
10.00%
|
|
|
Marpe Technologies, LTD [Member] | Agreement Between the BIRD Foundation, the Company, and MARPE Technologies, LTD [Member] |
|
|
|
Accounts Receivable, after Allowance for Credit Loss |
$ 0
|
|
$ 20
|
Related Party Transaction, Amounts of Transaction |
0
|
$ 67
|
|
Agreement, Conditional Grant Matching Amount |
500
|
|
|
Unbilled Contracts Receivable |
$ 21
|
|
$ 39
|
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