inTEST Reports 2014 Third Quarter Results
inTEST Reports 2014 Third Quarter Results
2014 Third Quarter
- Third quarter 2014 bookings were
$10.6 million, compared with second quarter 2014 bookings of $12.6 million, and third quarter 2013 bookings of $10.4 million; $4.0 million, or 38% of third quarter 2014 bookings, were derived from non-semiconductor test.
- Third quarter 2014 net revenues were
$10.8 million, compared with second quarter 2014 net revenues of $12.3 million, and third quarter 2013 net revenues of $9.9 million; $3.6 million, or 34% of third quarter 2014 net revenues were derived from non-semiconductor test.
- Third quarter 2014 gross margin was
$5.2 million, or 48%, compared with second quarter 2014 gross margin of $6.1 million, or 49%, and third quarter 2013 gross margin of $4.8 million, or 48%.
- Third quarter 2014 net earnings were
$837,000, or $0.08per diluted share, compared with second quarter 2014 net earnings of $1.4 million, or $0.13per diluted share, and third quarter 2013 net earnings of $1.1 million, or $0.10per diluted share.
- Cash and cash equivalents of
$20.1 millionat September 30, 2014grew by 3% as compared with $19.6 millionat June 30, 2014.
"As anticipated, the decline in our results for the third quarter of 2014 reflects the industry's normal seasonal patterns," noted
"Our long-term objective is to grow and transform inTEST Corporation into a broad-based thermal test solutions company while continuing to supply our valued customers in the semiconductor test arena. Leveraging the strength of our semiconductor business, we have increased our footprint and evolved into a thermal test solutions provider, offering a comprehensive product portfolio capable of addressing growth markets in both the semiconductor and non-semiconductor sectors, including automotive, consumer electronics, defense/aerospace, energy, industrial, and telecommunications. We believe the conditions for our long-term success remain firmly in place."
Fourth Quarter 2014 Financial Outlook:
inTEST expects that net revenues for the fourth quarter ended
Investor Conference Call / Webcast Details:
There will be a conference call with investors and analysts this evening at
The dial-in number for the live audio call beginning at
2014 Q3 Replay Details (Webcast)
A replay of the webcast will be available on inTEST's website for one year following the live broadcast. To access the webcast replay, please visit inTEST's website www.intest.com under the "Investors" section.
About inTEST Corporation
inTEST Corporation is an independent designer, manufacturer and marketer of thermal management products and ATE interface solutions, which are used by semiconductor manufacturers to perform final testing of integrated circuits (ICs) and wafers. The Company's high-performance products are designed to enable semiconductor manufacturers to improve the speed, reliability, efficiency and profitability of IC test processes. The Company's products are also sold into the automotive, consumer electronics, defense/aerospace, energy, industrial and telecommunications markets. Specific products include temperature management systems, manipulator and docking hardware products and customized interface solutions. The Company has established strong relationships with its customers globally, which it supports through a network of local offices. For more information visit www.intest.com.
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; 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
- Tables follow -
|SELECTED FINANCIAL DATA|
|(In thousands, except per share data)|
|Condensed Consolidated Statements of Operations Data:|
|Three Months Ended||Nine Months Ended|
|Engineering and product development expense||894||945||887||2,704||2,866|
|General and administrative expense||1,528||1,469||1,621||4,681||4,548|
|Other income (expense)||(16||)||27||10||1||31|
|Earnings before income tax expense||1,268||1,114||2,054||3,733||2,971|
|Income tax expense||431||24||697||1,253||586|
|Net earnings per share - basic||$||0.08||$||0.11||$||0.13||$||0.24||$||0.23|
|Weighted average shares outstanding - basic||10,441||10,377||10,437||10,424||10,359|
|Net earnings per share - diluted||$||0.08||$||0.10||$||0.13||$||0.24||$||0.23|
|Weighted average shares outstanding - diluted||10,478||10,404||10,456||10,461||10,384|
|Condensed Consolidated Balance Sheets Data:|
|Cash and cash equivalents||$||20,147||$||19,616||$||19,018|
|Trade accounts receivable, net||7,549||7,744||5,748|
|Total current assets||32,602||32,211||29,081|
|Net property and equipment||1,218||1,330||1,254|
|Total current liabilities||4,884||5,540||4,332|
|Total stockholders' equity||33,499||32,855||31,149|
Treasurer and Chief Financial Officer
Tel: (808) 882-1467
Source: inTEST Corporation
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