inTEST Reports 2014 Second Quarter Results
2014 Second Quarter
- Second quarter 2014 bookings of
$12.6 millionincreased 24% as compared with first quarter 2014 bookings of $10.2 million, and 15% over second quarter 2013 bookings of $11.0 million; $3.6 million, or 28% of second quarter 2014 bookings, were derived from non-semiconductor test.
- Second quarter 2014 net revenues of
$12.3 millionincreased 40% as compared with first quarter 2014 net revenues of $8.8 million, and 10% over second quarter 2013 net revenues of $11.2 million; $2.9 million, or 23% of second quarter 2014 net revenues were derived from non-semiconductor test.
- Second quarter 2014 gross margin was
$6.1 million, or 49%, compared with first quarter 2014 gross margin of $4.2 million, or 48%, and second quarter 2013 gross margin of $5.5 million, or 49%.
- Second quarter 2014 net earnings of
$1.4 million, or $0.13per diluted share, grew 374% as compared with first quarter 2014 net earnings of $286,000, or $0.03per diluted share; and increased 35% compared with second quarter 2013 net earnings of $1.0 million, or $0.10per diluted share.
- Cash and cash equivalents of
$19.6 millionat June 30, 2014increased by 4% as compared with $18.9 millionat March 31, 2014.
"Our solid financial results for the second quarter reflect momentum and strength in our business, which was fueled by strong demand from a wide range of customers in all three of our business segments," noted
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
2014 Q2 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 thermal 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
- Tables follow -
|SELECTED FINANCIAL DATA|
|(In thousands, except per share data)|
|Condensed Consolidated Statements of Operations Data:|
|Three Months Ended||Six Months Ended|
|Engineering and product development expense||887||925||923||1,810||1,921|
|General and administrative expense||1,621||1,523||1,532||3,153||3,079|
|Other income (expense)||10||(2||)||7||17||4|
|Earnings before income tax expense||2,054||1,487||411||2,465||1,857|
|Income tax expense||697||484||125||822||562|
|Net earnings per share - basic||$||0.13||$||0.10||$||0.03||$||0.16||$||0.13|
|Weighted average shares outstanding - basic||10,437||10,372||10,394||10,415||10,350|
|Net earnings per share - diluted||$||0.13||$||0.10||$||0.03||$||0.16||$||0.13|
|Weighted average shares outstanding - diluted||10,456||10,394||10,449||10,453||10,380|
|Condensed Consolidated Balance Sheets Data:|
|Cash and cash equivalents||$||19,616||$||18,853||$||19,018|
|Trade accounts receivable, net||7,744||5,889||5,748|
|Total current assets||32,211||29,513||29,081|
|Net property and equipment||1,330||1,323||1,254|
|Total current liabilities||5,540||4,455||4,332|
|Total stockholders' equity||32,855||31,480||31,149|
Treasurer and Chief Financial Officer
Tel: (808) 882-1467
Source: inTEST Corporation
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