Nortech Systems Incorporated (NASDAQ:NSYS) Q4 2023 Earnings Call Transcript
Nortech Systems Incorporated (NASDAQ:NSYS) Q4 2023 Earnings Call Transcript March 20, 2024
Nortech Systems Incorporated isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good afternoon, ladies and gentlemen, and welcome to the Nortek Systems Incorporated Fourth Quarter and Full Year 2023 Earnings Conference Call. With me on the line today are Jay Miller, President and Chief Executive Officer; and Andrew LaFrence, Chief Financial Officer and Senior Vice President of Finance. All lines have been placed on a listen-only mode, and the call will be open for questions and comments following the management presentation. At this time, it is my pleasure to turn the call over to Andrew LaFrence.
Andrew LaFrence: Thank you, John. I'd also like to welcome everyone to today's conference call. Jay will begin the call with a review of our operations, recent developments and business outlook, then I will review Nortech's fourth quarter and full year 2023 financial results before turning it back over to Jay for his closing comments. Then we will open up the call for your questions. Before we continue, please note that, statements made during this call may be forward-looking statements regarding expected net sales, earnings, future plans, opportunities and other company expectations. These estimates, plans and other forward-looking statements involve unknown and known risks and uncertainties that may cause actual results to differ materially from those expressed or implied on this call.
These risks, including those that are detailed in our most recent Form 10-K filed today, may be amended or supplemented. The statements made during this call are based upon information known by Nortech as of the date and time of this call, and we assume no responsibility or obligation to update the information in today's call. You can find Nortech's complete Safe Harbor statement in our recent SEC filings. And now with that, I'll turn the call over to Jay for his opening comments.
Jay Miller: Thank you, Andy, and good afternoon, everyone. We're glad you could join us today. Since this is Andy's first conference call with Nortech, I'd like to take a minute and officially welcome him. Andy joined us in December as CFO and Senior VP of Finance, bringing a wealth of knowledge and experience. He's held C-suite positions with several public and private companies, and has served on a number of corporate and non-profit boards. Andy also spent a number of years on the audit side as a partner at KPMG. Nortech is very fortunate to have Andy on the team. Along with overseeing Nortech's financial operations, Andy will assist our leadership team and Board of Directors with strategic planning. As I've mentioned on past calls, strategic planning at Nortech is an ongoing iterative process integrated into our DNA.
Our strategic plan is not something we just dust off every three years before filing it away. We work on it diligently every year and take the process very seriously. Foundational to Nortech's strategic planning is an employee first mindset. Our employees are our most valuable assets and Nortech's strategic plan reflects that. We would not have delivered our strong 2023 financial results with our team members' outstanding contributions and the whole Nortech team deserves our sincere appreciation. While financial and operational improvements are measured on income and cash flow statements, balance sheets and spreadsheets, it's much harder to quantify Nortech's culture and values. But the whole team creates the right environment, where such quantitative improvements can be realized.
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