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Nortech Systems swings to profit in Q1

Nortech Systems Inc. said its normalized net income for the first quarter amounted to 2 cents per share, compared with a loss of 7 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $55,580, compared with a loss of $185,490 in the prior-year period.

The normalized profit margin climbed to 0.2% from negative 0.7% in the year-earlier period.

Total revenue grew 9.1% on an annual basis to $29.0 million from $26.5 million, and total operating expenses grew 7.4% on an annual basis to $28.7 million from $26.7 million.

Reported net income totaled $54,980, or 2 cents per share, compared to a loss of $192,010, or a loss of 7 cents per share, in the year-earlier period.