Adjustments to EBITDA in 2021 include:
- In the third quarter of 2021, we recognized $5,209 related to the CARES Act Employee Retention Credit (ERC) as a reduction of costs of goods sold of $4,670, selling expense of $125, and general and administrative expense of $414. Nortech received ERC cash payment in two installments, the first in December 2022 and the second in May 2023.
- CARES Act Paycheck Protection Program (PPP) loan forgiveness gain of $6,170 recorded in the fourth quarter of 2021.
- Restructuring expense in 2021 of $327 related to the consolidation of our printed circuit board production capabilities into our center of excellence in Mankato, Minnesota and closure of our Merrifield, Minnesota plant.
- Gain on sale of assets in 2021 of $141 related to the closure of our Merrifield, Minnesota plant.
- Loss on abandonment of intangible assets in 2021 of $560 related to abandonment of the Devicix tradename.
| Last Twelve Months (LTM) Ended in Quarter | |||||||||||||||||||||||||||||||
Q2 2021 |
Q3 2021 |
Q4 2021 |
Q1 2022 |
Q2 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
||||||||||||||||||||||
| Net Sales | $ |
102.5 |
|
$ |
105.5 |
|
$ |
115.2 |
|
$ |
123.8 |
|
$ |
126.1 |
|
$ |
132.0 |
|
$ |
134.1 |
|
$ |
138.3 |
|
$ |
140.8 |
|
$ |
138.9 |
|
|
| Gross profit $ - Adjusted |
|
8.8 |
|
|
10.3 |
|
|
11.2 |
|
|
13.7 |
|
|
15.1 |
|
|
18.1 |
|
|
20.5 |
|
|
21.9 |
|
$ |
22.4 |
|
$ |
21.4 |
|
|
| Gross margin % - Adjusted |
|
8.6 |
% |
|
9.7 |
% |
|
9.7 |
% |
|
11.0 |
% |
|
12.0 |
% |
|
13.7 |
% |
|
15.3 |
% |
|
15.8 |
% |
|
15.9 |
% |
|
15.4 |
% |
|
| EBITDA - Adjusted | $ |
(2.0 |
) |
$ |
(0.7 |
) |
$ |
(0.2 |
) |
$ |
1.9 |
|
$ |
2.5 |
|
$ |
4.2 |
|
$ |
5.8 |
|
$ |
6.7 |
|
$ |
6.8 |
|
$ |
6.0 |
|
|
