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inTEST Corporation Announces Second Quarter Results

inTEST Corporation Announces Second Quarter Results

Jul 21, 1999
inTEST Corporation Announces Second Quarter Results

CHERRY HILL, NEW JERSEY – July 21, 1999... inTEST Corporation (NASDAQ:INTT) announced today second quarter results. Net earnings for the quarter ended June 30, 1999 were $493,000 or $.07 per diluted share compared with $908,000 or $.15 per diluted share for the comparable period in 1998. Net earnings for the quarter ended June 30, 1999 increased $321,000 or 187% over net earnings for the quarter ended March 31, 1999. The following is summary financial information for the periods ended June 30, 1999 and 1998:

Robert E. Matthiessen, President and CEO said, “Continued strengthening of the semiconductor industry and of inTEST’s segment of the semiconductor equipment market has been the hallmark of the second quarter. Orders for the Company’s products have shown healthy growth in most geographic segments, although activity in Japan has remained flat. Overall, our orders have increased 47% in the second quarter over the first quarter. The book-to-bill ratio for the second quarter was 1.6 to 1 compared to 1.5 to 1 for the first quarter. The Company’s backlog has grown from $5.6 million at March 31, 1999 to $9.2 million at June 30, 1999. Ever mindful of the increasing backlog, we have continued to work towards expanding our manufacturing capacity. In addition to increasing staffing in our engineering and manufacturing areas during the second quarter, we plan to add in-house fabrication capacity domestically as well as commence manufacturing in Singapore during the third quarter of 1999.”

inTEST Corporation is a leader in providing test head positioning and connection apparatus to the global semiconductor manufacturing community. The Company's products improve the utilization and cost- effectiveness of automatic test equipment required in the manufacture of integrated circuits. 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, Texas, Arizona, Oregon, 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 filed for the year ended December 31, 1998.

SELECTED FINANCIAL DATA
(In thousands, except per share data)

Consolidated Statements of Earnings Data:

Consolidated Balance Sheets Data: