inTEST Reports 2018 Third Quarter Financial Results
Condensed Consolidated Balance Sheets Data:
| |
As of: |
| |
9/30/2018 |
|
6/30/2018 |
|
12/31/2017 |
| |
|
|
|
|
|
| Cash and cash equivalents |
$14,202 |
|
$10,713 |
|
$13,290 |
| Trade accounts receivable, net |
|
11,370 |
|
|
11,596 |
|
|
12,166 |
| Inventories |
|
7,104 |
|
|
6,859 |
|
|
4,966 |
| Total current assets |
|
33,456 |
|
|
29,602 |
|
|
30,999 |
| Net property and equipment |
|
2,858 |
|
|
2,941 |
|
|
1,541 |
| Total assets |
|
65,481 |
|
|
62,037 |
|
|
62,493 |
| Accounts payable |
|
3,025 |
|
|
2,738 |
|
|
2,032 |
| Accrued expenses |
|
5,997 |
|
|
5,374 |
|
|
5,833 |
| Total current liabilities |
|
19,583 |
|
|
15,680 |
|
|
14,419 |
| Noncurrent liabilities |
|
2,395 |
|
|
2,464 |
|
|
8,786 |
| Total stockholders' equity |
|
43,503 |
|
|
43,893 |
|
|
39,288 |
| |
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Net Earnings and Net Earnings per Diluted Share:
| |
Three Months Ended |
|
Nine Months Ended |
| |
9/30/2018 |
|
9/30/2017 |
|
6/30/2018 |
|
9/30/2018 |
|
9/30/2017 |
| |
|
|
|
|
|
|
|
|
|
| Net earnings (loss) (GAAP) |
$ |
(566 |
) |
|
$ |
2,018 |
|
|
$ |
4,014 |
|
|
$ |
3,829 |
|
|
$ |
5,541 |
|
| Acquired intangible amortization |
|
323 |
|
|
|
613 |
|
|
|
247 |
|
|
|
786 |
|
|
|
916 |
|
| Contingent consideration liability adjustment |
|
3,057 |
|
|
|
(549 |
) |
|
|
(710 |
) |
|
|
4,073 |
|
|
|
(549 |
) |
| Tax adjustments |
|
(5 |
) |
|
|
(6 |
) |
|
|
(2 |
) |
|
|
(18 |
) |
|
|
(18 |
) |
| Adjusted net earnings (Non-GAAP) |
$ |
2,809 |
|
|
$ |
2,076 |
|
|
$ |
3,549 |
|
|
$ |
8,670 |
|
|
$ |
5,890 |
|
| |
|
|
|
|
|
|
|
|
|
| Diluted average shares outstanding |
|
10,397 |
|
|
|
10,351 |
|
|
|
10,370 |
|
|
|
10,378 |
|
|
|
10,327 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Net earnings (loss) per share – diluted (GAAP) |
$ |
(0.05 |
) |
|
$ |
0.19 |
|
|
$ |
0.39 |
|
|
$ |
0.37 |
|
|
$ |
0.54 |
|
| Acquired intangible amortization |
|
0.03 |
|
|
|
0.06 |
|
|
|
0.02 |
|
|
|
0.08 |
|
|
|
0.08 |
|
| Contingent consideration liability adjustment |
|
0.29 |
|
|
|
(0.05 |
) |
|
|
(0.07 |
) |
|
|
0.39 |
|
|
|
(0.05 |
) |
| Tax adjustments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Adjusted net earnings per share – diluted (Non-GAAP) |
$ |
0.27 |
|
|
$ |
0.20 |
|
|
$ |
0.34 |
|
|
$ |
0.84 |
|
|
$ |
0.57 |
|
| |
|
|
|
|
|
|
|
|
|
|
