Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not convey historical information, but relate to predicted or potential future events and financial results that are based upon management's current expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In addition to the factors mentioned in this press release, such risks and uncertainties include, but are not limited to, changes in business conditions and the economy, generally; changes in the demand for semiconductors, generally; changes in the rates of, and timing of, capital expenditures by our customers; the success of our strategy to diversify our business by entering markets outside the semiconductor or ATE markets; progress of product development programs; increases in raw material and fabrication costs associated with our products, and other risk factors set forth from time to time in our SEC filings, including, but not limited to, our periodic reports on Form 10-K and Form 10-Q. inTEST undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
| Contacts | |||||
| inTEST Corporation | Investors: | ||||
| Hugh T. Regan, Jr. | Laura Guerrant-Oiye, Principal | ||||
| Treasurer and Chief Financial Officer | Guerrant Associates | ||||
| Tel: 856-505-8999 | Email Contact | ||||
| Tel: (808) 960-2642 | |||||
- tables follow –
SELECTED FINANCIAL DATA
(Unaudited)
(In thousands, except per share data)
Condensed Consolidated Statements of Operations Data:
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| 9/30/2018 | 9/30/2017 | 6/30/2018 | 9/30/2018 | 9/30/2017 | |||||||||||||||
| Net revenues | $20,160 | $17,352 | $21,097 | $60,128 | $47,420 | ||||||||||||||
| Gross margin | 10,092 | 8,796 | 10,910 | 30,397 | 24,945 | ||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Selling expense | 2,291 | 2,322 | 2,538 | 7,305 | 5,861 | ||||||||||||||
| Engineering and product development expense | 1,207 | 1,139 | 1,230 | 3,733 | 3,056 | ||||||||||||||
| General and administrative expense | 3,318 | 3,143 | 3,335 | 9,643 | 8,423 | ||||||||||||||
| Adjustment to contingent consideration liability | 3,057 | (549 | ) | (710 | ) | 4,073 | (549 | ) | |||||||||||
| Operating income | 219 | 2,741 | 4,517 | 5,643 | 8,154 | ||||||||||||||
| Other income (expense) | (57 | ) | 100 | (121 | ) | (103 | ) | 195 | |||||||||||
| Earnings before income tax expense | 162 | 2,841 | 4,396 | 5,540 | 8,349 | ||||||||||||||
| Income tax expense | 728 | 823 | 382 | 1,711 | 2,808 | ||||||||||||||
| Net earnings (loss) | (566 | ) | 2,018 | 4,014 | 3,829 | 5,541 | |||||||||||||
| Net earnings (loss) per share – basic | $ (0.05 | ) | $0.20 | $0.39 | $0.37 | $0.54 | |||||||||||||
| Weighted average shares outstanding – basic | 10,356 | 10,288 | 10,343 | 10,342 | 10,277 | ||||||||||||||
| Net earnings (loss) per share – diluted | $(0.05 | ) | $0.19 | $0.39 | $0.37 | $0.54 | |||||||||||||
| Weighted average shares outstanding – diluted | 10,356 | 10,351 | 10,370 | 10,378 | 10,327 | ||||||||||||||
