Ultrasound imaging systems (UIS) are essential tools in nondestructive testing (NDT). In general, the quality of images depends on two factors: system hardware features and image reconstruction algorithms. This paper presents a new image reconstruction algorithm for ultrasonic NDT. The algorithm reconstructs images from A-scan signals acquired by an ultrasonic imaging system with a monostatic transducer in pulse-echo configuration. It is based on regularized least squares using a l1 regularization norm. The method is tested to reconstruct an image of a point-like reflector, using both simulated and real data. The resolution of reconstructed image is compared with four traditional ultrasonic imaging reconstruction algorithms: B-scan, SAFT, ω-k SAFT and regularized least squares (RLS). The method demonstrates significant resolution improvement when compared with B-scan-about 91% using real data. The proposed scheme also outperforms traditional algorithms in terms of signal-to-noise ratio (SNR).