inTEST Reports 2017 First Quarter Financial Results
inTEST Reports 2017 First Quarter Financial Results
2017 First Quarter Summary
- First quarter 2017 bookings were
$15.0 million, compared with fourth quarter 2016 bookings of $11.6 millionand first quarter 2016 bookings of $9.8 million; $3.5 million, or 23%, of first quarter 2017 bookings were derived from non-semiconductor test, compared with first quarter 2016 non-semiconductor test bookings of $2.0 million, or 20%.
- First quarter 2017 net revenues were
$14.2 million, compared with fourth quarter 2016 net revenues of $10.3 millionand first quarter 2016 net revenues of $8.6 million; $3.7 million, or 26%, of first quarter 2017 net revenues were derived from non-semiconductor test, compared with first quarter 2016 non-semiconductor test revenues of $2.6 million, or 30%.
- First quarter 2017 gross margin was
$7.7 million, or 55%, compared with fourth quarter 2016 gross margin of $5.4 million, or 53%, and first quarter 2016 gross margin of $4.1 million, or 47%.
- First quarter 2017 net earnings were
$2.1 million, or $0.20per diluted share, compared with fourth quarter 2016 net earnings of $1.0 million, or $0.10per diluted share, and first quarter 2016 net earnings of $81,000, or $0.01per diluted share.
- Cash and cash equivalents at
March 31, 2017were $27.5 million, compared with $28.6 millionat December 31, 2016.
2017 First Quarter Share Repurchase
During the first quarter of 2017, the Company purchased 13,883 shares of inTEST stock under its previously announced repurchase program, authorized in
"Demand for our broad-based solutions was unexpectedly strong in the first quarter, resulting in solid financial results," commented
2017 Second Quarter Financial Outlook
inTEST expects that net revenues for the second quarter of 2017 will be in the range of
2017 First Quarter Conference Call Details
inTEST management will host a conference call on
2017 First Quarter Live Webcast Details
inTEST Corporation will provide a webcast in conjunction with the conference call. To access the live webcast, please visit inTEST's website www.intest.com under the "Investors" section.
2017 First Quarter 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.
In advance of the conference call, and for those investors accessing the webcast, inTEST Corporation welcomes individual investors to submit their questions via email to firstname.lastname@example.org. The Company will address as many questions as possible on the conference call.
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 and by manufacturers in other diversified industries. The Company's high-performance products are designed to enable semiconductor manufacturers to improve the speed, reliability, efficiency and profitability of IC test processes. Other industries into which the Company's products are also sold include: 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
|SELECTED FINANCIAL DATA|
|(In thousands, except per share data)|
|Condensed Consolidated Statements of Operations Data:|
|Three Months Ended|
|Engineering and product development expense||935||991||782|
|General and administrative expense||1,994||1,645||1,641|
|Other income (expense)||41||28||(2||)|
|Earnings before income tax expense||3,172||124||1,613|
|Income tax expense||1,094||43||612|
|Net earnings per share - basic||$||0.20||$||0.01||$||0.10|
|Weighted average shares outstanding - basic||10,265||10,390||10,274|
|Net earnings per share - diluted||$||0.20||$||0.01||$||0.10|
|Weighted average shares outstanding - diluted||10,295||10,404||10,297|
|Condensed Consolidated Balance Sheets Data:
|Cash and cash equivalents||$||27,455||$||28,611|
|Trade accounts receivable, net||9,817||5,377|
|Total current assets||41,567||38,006|
|Net property and equipment||934||944|
|Total current liabilities||6,433||5,056|
|Total stockholders' equity||39,920||37,788|
Treasurer and Chief Financial Officer
Tel: (808) 960-2642
Source: inTEST Corporation
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