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inTEST Corporation Announces 1998 Results

inTEST Corporation Announces 1998 Results

Feb 24, 1999
inTEST Corporation Announces 1998 Results CHERRY HILL, NEW JERSEY – February 24, 1999... inTEST Corporation (NASDAQ:INTT) announced today 1998 results. The net loss for the quarter ended December 31, 1998 was $361,000 or $(.06) per diluted share compared with net earnings of $1.2 million or $.20 per diluted share for the comparable period in 1997. Net earnings for the year ended December 31, 1998 were $1.9 million or $.31 per diluted share compared with $4.3 million or $.88 per diluted share for the comparable period in 1997. The following is summary financial information for the periods ended December 31, 1998 and 1997:

Robert E. Matthiessen, President and CEO said, “Our industry has been experiencing its worst downturn ever; however, we have detected a certain amount of optimism lately among our customer base. The first quarter is showing a modest but definite upturn in business activity with both quotations and bookings accelerating as we approach the final month of the quarter. The slow-business period has been spent preparing the Company for the anticipated return to historical demand levels for automatic test equipment. As a result of our infrastructure improvements and key personnel additions, I feel that we now have the fundamental elements in place to respond with great vigor to a revitalized business climate.

inTEST Corporation is a leader in the design and manufacture of docking hardware and test head manipulators, which are used with automatic test equipment (ATE) by semiconductor manufacturers during the testing of wafers and packaged devices. In addition, the Company manufacturers high quality, production worthy wafer test interfaces for the semiconductor industry marketed under the TestDesign product line. The Company also designs and markets related ATE interface products including high performance test sockets and interface boards. Headquartered in Cherry Hill, New Jersey, the Company has manufacturing facilities in New Jersey, California and the UK and design, sales, service and support offices in New Jersey, California, the UK, Japan and Singapore.

Certain matters in this news release are forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, a further decline in the demand for semiconductor devices, changes in rates of capital expenditures by semiconductor manufacturers, progress of product development programs, unanticipated costs associated with the integration of acquired operations, and other factors set forth in the Company's SEC filings, including its Form 10-K to be filed for the year ended December 31, 1998.

(In thousands, except per share)

Consolidated Statements of Earnings Data:

Consolidated Balance Sheets Data: