inTEST Reports 2013 Fourth Quarter and Year-End Results
2013 Fourth Quarter
- Fourth quarter bookings were
$9.3 million, compared with third quarter 2013 bookings of $10.4 million, and fourth quarter 2012 bookings of $9.3 million; 22% of fourth quarter 2013 bookings were derived from non-semiconductor test.
- Fourth quarter net revenues were
$9.3 million, compared with third quarter 2013 net revenues of $9.9 million, and fourth quarter 2012 net revenues of $8.3 million; 21% of fourth quarter 2013 net revenues were derived from non-semiconductor test.
- Fourth quarter gross margin was
$4.7 million, or 50%, compared with third quarter 2013 gross margin of $4.8 million, or 48%, and fourth quarter 2012 gross margin of $3.5 million, or 42%.
- Fourth quarter net earnings were
$692,000, or $0.07per diluted share, compared with third quarter 2013 net earnings of $1.1 million, or $0.10per diluted share, and fourth quarter 2012 net earnings of $201,000, or $0.02per diluted share.
- Cash and cash equivalents of
$19.0 millionat December 31, 2013increased by $2.3 millionas compared with September 30, 2013.
- 2013 net revenues were
$39.4 million, as compared with 2012 net revenues of $43.4 million.
- 2013 gross margin was
$19.0 million, or 48%, compared with 2012 gross margin of $19.1 million, or 44%.
- 2013 net earnings were
$3.1 million, or $0.30per diluted share, compared with 2012 net earnings of $2.2 million, or $0.21per diluted share. Net earnings in 2012 reflect the effect of approximately $650,000in non-recurring costs related to the acquisition of Thermonics on January 16, 2012; these costs include restructuring costs of $313,000(related to facility closure costs) and acquisition related expenses of $337,000.
Commenting on the Company's financial results,
"For the fourth quarter, net earnings of
First Quarter 2014 Financial Outlook:
We expect that net revenues for the first 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 Q4 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. 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
|SELECTED FINANCIAL DATA|
|(In thousands, except per share data)|
|Condensed Consolidated Statements of Operations Data:|
|Three Months Ended||Years Ended|
|Engineering and product development expense||817||985||945||3,683||3,895|
|General and administrative expense||1,427||1,329||1,469||5,975||6,430|
|Restructuring and other charges||-||(46||)||-||-||313|
|Earnings before income tax expense||1,037||118||1,114||4,008||3,053|
|Income tax expense (benefit)||345||(83||)||24||931||897|
|Net earnings per share - basic||$||0.07||$||0.02||$||0.11||$||0.30||$||0.21|
|Weighted average shares outstanding - basic||10,378||10,311||10,377||10,364||10,273|
|Net earnings per share - diluted||$||0.07||$||0.02||$||0.10||$||0.30||$||0.21|
|Weighted average shares outstanding - diluted||10,435||10,344||10,404||10,419||10,347|
|Condensed Consolidated Balance Sheets Data:|
|Cash and cash equivalents||$||19,018||$||16,751||$||15,576|
|Trade accounts receivable, net||5,748||7,398||5,501|
|Total current assets||29,081||29,152||25,579|
|Net property and equipment||1,254||1,196||1,250|
|Total current liabilities||4,332||5,121||4,579|
|Total stockholders' equity||31,149||30,377||27,820|
Treasurer and Chief Financial Officer
Tel: (808) 882-1467
Source: inTEST Corporation
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