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Saturday, Apr 1, 2023

Income Drops for National Technical in Q1

Engineering services firm National Technical Services Inc. reported a first quarter net income drop of 26 percent when compared with the first quarter from a year ago. The Calabasas-based firm reported net income of $540,000, or $0.06 per diluted share, on revenues of $28.7 million. For the first quarter a year ago, the company had a net income of $728,000, or $0.08 per diluted share, on revenues of $26.6 million. The company attributed the increase in revenues to a slight increase in aerospace, defense and telecom orders. Earnings were impacted by an increase in selling, general and administrative expenses, primarily due to an increase in our bad debt reserves resulting from current economic conditions. “We have added engineering services business development talent and resources to our organization and we have begun the process of upgrading our enterprise software system,” said CEO William C. McGinnis. “We see the development of the new capabilities within the integrated engineering service offering as a substantial growth opportunity, whereas the investment in upgrading our current enterprise software system should drive future operational efficiency and effectiveness.” Shares in National Technical closed down at $3.08. Mark R. Madler

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