Nortech Systems Incorporated (NASDAQ:NSYS) Q3 2023 Earnings Call Transcript
Nortech Systems Incorporated (NASDAQ:NSYS) Q3 2023 Earnings Call Transcript November 11, 2023
Operator: Greetings. Welcome to Nortech’s Third Quarter 2023 Earnings Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Alan Nordstrom, Acting CFO at Nortech. Alan, you may begin.
Alan Nordstrom: Alright. Thank you, Paul. I’d like to welcome everyone to today’s conference call. Jay will begin today’s call with a review of our operations, recent developments and business outlook. We now review Nortech’s third quarter 2023 financial results before handing it back over to Jay for his closing comments. Then we’ll open up the call for your questions. Please note that we’re still working through the final steps with our independent auditors, and we will file the Form 10-Q when those steps have been completed. But before we continue, please note that statements made during this call and Q&A session may be forward-looking regarding expected revenue, 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-Q may be amended or supplemented. The statements made during this conference call are based upon information known by Nortech as of the date and time of this call, and we assume no obligation to update the information in today’s call. You can find Nortech’s complete safe harbor statements in our SEC filings. And with that, I’ll turn it over to you, Jay, for your opening comments.
A consumer electronics manufacturer inspecting a newly manufactured device.
Jay Miller: Thank you, Alan, and good afternoon, everyone. We’re glad you could join us today. As usual, I’d like to start by thanking our more than 750 employees worldwide for their dedicated efforts. These people are truly Nortech’s most important competitive advantage. Our team members work hard every day to deliver the mission-critical electrical components, higher level assemblies, complete finished products and engineering services our customers rely on. Today, I’d like to especially recognize team members at our two international facilities. Alan and I are speaking to you from Nortech’s facility in Monterrey, Mexico, about 1,500 miles south of our Minneapolis headquarters. This week, we held our quarterly Board of Directors meeting here, and it’s been a great opportunity for our Board to see our Monterrey team in action.
Our 77,000 square foot facility here opened in 2018, newly built and outfitted to our specifications for additional engineering resources and enhanced manufacturing workflow. Nortech has operated in Mexico since 2002. Our other international team members are in Suzhou just left of Shanghai and the Eastern Coast of China, where it’s already Thursday morning. They are about 6,800 miles away from Nortech’s headquarters. This facility opened in 2016 and encompasses 60,000 square feet. By the way, Nortech first started in China in 1999 with an operating partnership. We are very proud – we were very proud to announce last month in our Suzhou facility recently received Class II Medical Device certification from China’s National Medical Products Administration for serving the Asian market.
See also 16 Largest Media Companies in the World in 2022 and 10 Best Roth IRA Stocks To Buy.
To continue reading the Q&A session, please click here.
