← NORTECH SYSTEMS INC

	FY 2016	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent	$44k	($2.4m)	$166k	($1.2m)	($1.5m)	$7.2m	$2.0m	$6.9m	($1.3m)	($252k)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	—	($2.4m)	$166k	—	—	—	—	—	—	—
Amortization	$191k	$315k	$312k	$295k	$191k	$176k	$150k	$159k	$89k	$18k
Amortization of Intangible Assets	$191k	$237k	$219k	$219k	$191k	$176k	$150k	$159k	$89k	$18k
Depreciation	$2.1m	$2.2m	$1.9m	$1.9m	$2.0m	$1.8m	$1.8m	$1.9m	$1.6m	$1.3m
Deferred Income Tax Expense (Benefit)	($202k)	$440k	$1k	$20k	—	—	$0	($2.4m)	($12k)	($558k)
Share-based Payment Arrangement, Noncash Expense	$994	$43k	$126k	$145k	$68k	$111k	$334k	$423k	$461k	$503k
Goodwill, Impairment Loss	—	$908k	$0	—	$2.4m	$0	—	—	—	—
Impairment of Intangible Assets, Finite-lived	—	—	—	—	—	$560k	—	—	—	—
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	$2k	($355k)	—	$32k	$3.8m	$141k	$15k	$0	($23k)	—
Gain (Loss) on Disposition of Property Plant Equipment	($2k)	$355k	—	($32k)	$3.8m	$141k	$15k	$0	$23k	—
Gain (Loss) on Extinguishment of Debt	—	($175k)	—	—	—	$6.2m	$0	—	—	—
Income Tax Expense (Benefit)	$35k	$375k	$326k	$409k	$310k	$859k	$1.5m	($1.4m)	$356k	$263k
Interest Expense Nonoperating	—	—	—	—	—	—	—	—	$744k	$964k
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Accounts Receivable	($1.1m)	($578k)	$2.7m	($1.4m)	($3.0m)	($1.1m)	$1.7m	$3.4m	($4.4m)	$2.0m
Increase (Decrease) in Inventories	$489k	($2.0m)	$3.9m	—	$216k	$4.6m	$3.0m	($716k)	$400k	($485k)
Increase (Decrease) in Accounts Payable	$817k	($2.1m)	$6.0m	($3.7m)	($3.0m)	$1.5m	$2.2m	$483k	($4.0m)	$1.3m
Foreign Currency Transaction Gain (Loss), before Tax	($82k)	($192k)	($170k)	$11k	$32k	$131k	$42k	$54k	$137k	$120k
General and Administrative Expense	$8.3m	$8.1m	$8.4m	$9.6m	$8.0m	$10.0m	$11.4m	$12.4m	$11.7m	$10.8m
Goodwill	$3.3m	$2.4m	$2.4m	$2.4m	—	—	—	—	—	—
Nonoperating Income (Expense)	—	—	—	—	—	$5.7m	($411k)	($487k)	—	—
Operating Expenses	$13.2m	$13.4m	$12.1m	$12.4m	$9.1m	$13.6m	$16.6m	$17.2m	$16.9m	$17.0m
Proceeds from Stock Options Exercised	—	—	—	$7k	—	$35k	$51k	$159k	$38k	$23k
Net Cash Provided by (Used in) Operating Activities	$3.5m	$806k	$2.4m	$997k	$1.4m	($4.5m)	$5.4m	$1.8m	($2.2m)	$2.7m
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment	$2.0m	$813k	$1.4m	$719k	$485k	$1.3m	$2.4m	$1.3m	$1.3m	$661k
Net Cash Provided by (Used in) Investing Activities	($2.0m)	($258k)	($1.4m)	($758k)	$5.5m	($730k)	($2.4m)	($1.3m)	($1.3m)	($157k)
Cash flows from financing activities:
Proceeds from Issuance of Long-term Debt	$466k	$5.1m	—	—	$6.1m	$0	—	—	$345k	—
Repayments of Long-term Debt	$1.5m	$5.9m	$1.0m	$856k	$2.7m	$1.1m	$0	—	—	—
Proceeds from Issuance of Common Stock	$5k	—	—	$7k	$0	$35k	$51k	$159k	$38k	$23k
Payments for Repurchase of Common Stock	—	$30k	$276k	$130k	—	—	—	—	—	—
Net Cash Provided by (Used in) Financing Activities	($1.4m)	($39k)	($889k)	($525k)	($4.0m)	$3.9m	($2.7m)	($1.3m)	$2.8m	($1.9m)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	—	—	—	—	—	$0	($53k)	($10k)	($11k)	$20k
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	—	—	$168k	($287k)	$2.9m	($1.3m)	$256k	($806k)	($759k)	$739k
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	—	—	$947k	$660k	$3.6m	$2.2m	$2.5m	$1.7m	$916k	—
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities	$499k	$538k	$719k	$980k	$577k	$316k	$476k	$503k	$764k	$925k
Income Taxes Paid, Net	$111k	$20k	$335k	$194k	$855k	($114k)	$237k	$1.8m	$473k	$751k