inTEST Reports 2013 First Quarter Results
inTEST Reports 2013 First Quarter Results
2013 First Quarter
- First quarter 2013 bookings were
$7.7 million, compared with fourth quarter 2012 bookings of $9.3 million, and first quarter 2012 bookings of $12.9 million; 16% of first quarter 2013 bookings derived from non-semiconductor test.
- First quarter 2013 net revenues were
$9.0 million, compared with fourth quarter 2012 net revenues of $8.3 million, and first quarter 2012 net revenues of $10.7 million; 19% of first quarter 2013 net revenues derived from non-semiconductor test.
- First quarter 2013 gross margin was
$4.1 million, or 46%, compared with fourth quarter 2012 gross margin of $3.5 million, or 42%, and first quarter 2012 gross margin of $4.6 million, or 43%.
- First quarter 2013 net income was
$292,000, or $0.03per diluted share, compared with fourth quarter 2012 net income of $201,000, or $0.02per diluted share, and first quarter 2012 net loss of $43,000, or $0.00per diluted share.
- Cash and cash equivalents of
$15.4 millionat March 31, 2013decreased by 1% as compared with December 31, 2012.
"We are very well structured in terms of operating profitability. Despite continued challenging industry conditions that were driven by a number of capital equipment suppliers and semiconductor companies who delayed certain capital expenditures, we continued to deliver profitable results, with net earnings per share improving over fourth quarter 2012. In addition, we have a solid balance sheet and continue to carry no debt."
Second Quarter 2013 Financial Outlook:
We expect that net revenues for the second 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
2013 Q1 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 temperature management products and ATE interface solutions, which are used by semiconductor manufacturers to perform final testing of integrated circuits (ICs) and wafers. inTEST's high-performance products are designed to enable semiconductor manufacturers to improve the speed, reliability, efficiency and profitability of IC test processes. inTEST's products are also sold into the automotive, consumer electronics, defense/aerospace, energy and telecommunications industries. Specific products include temperature management systems, manipulator and docking hardware products and customized interface solutions. inTEST 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 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 semiconductor manufacturers; progress of product development programs; increases in raw material and fabrication costs associated with our products; implementation of additional restructuring initiatives 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||996||924||985|
|General and administrative expense||1,556||1,991||1,329|
|Restructuring and other charges||-||359||(46||)|
|Operating income (loss)||364||(84||)||97|
|Earnings (loss) before income tax expense (benefit)||370||(71||)||118|
|Income tax expense (benefit)||78||(28||)||(83||)|
|Net earnings (loss)||292||(43||)||201|
|Net earnings (loss) per share - basic||$||0.03||$||0.00||$||0.02|
|Weighted average shares outstanding - basic||10,327||10,205||10,311|
|Net earnings (loss) per share - diluted||$||0.03||$||0.00||$||0.02|
|Weighted average shares outstanding - diluted||10,366||10,205||10,344|
|Condensed Consolidated Balance Sheets Data:|
|Cash and cash equivalents||$||15,384||$||15,576|
|Trade accounts receivable, net||5,784||5,501|
|Total current assets||26,068||25,579|
|Net property and equipment||1,179||1,250|
|Total current liabilities||4,496||4,579|
|Total stockholders' equity||28,107||27,820|
Treasurer and Chief Financial Officer
Tel: (808) 882-1467
Source: inTEST Corporation
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