inTEST Reports 2015 Fourth Quarter and Year-End Financial Results
2015 Fourth Quarter Summary
- Fourth quarter 2015 bookings were
$7.3 million, compared with third quarter 2015 bookings of $8.4 million, and fourth quarter 2014 bookings of $9.0 million; $2.3 million, or 31%, of fourth quarter 2015 bookings were derived from non-semiconductor test.
- Fourth quarter 2015 net revenues were
$7.9 million, compared with third quarter 2015 net revenues of $9.2 million, and fourth quarter 2014 net revenues of $9.9 million; $2.7 million, or 34%, of fourth quarter 2015 net revenues were derived from non-semiconductor test.
- Fourth quarter 2015 gross margin was
$3.6 million, or 46%. This compares with third quarter 2015 gross margin of $4.3 million, or 47%, and fourth quarter 2014 gross margin of $5.0 million, or 51%.
- Fourth quarter 2015 net earnings were
$33,000, or $0.00per diluted share. This compares with third quarter 2015 net earnings of $310,000or $0.03per diluted share, and fourth quarter 2014 net earnings of $959,000, or $0.09per diluted share.
- Cash and cash equivalents were
$25.7 millionat December 31, 2015, compared with $25.4 millionreported at September 30, 2015.
2015 Fourth Quarter Share Repurchase
During the fourth quarter, the Company purchased 41,332 shares of inTEST stock under its authorized repurchase program, which began in
2015 Year-End Summary
- 2015 net revenues were
$38.9 million, compared with 2014 net revenues of $41.8 million.
- 2015 gross margin was
$18.7 million, or 48%, compared with 2014 gross margin of $20.5 million, or 49%.
- 2015 net earnings were
$1.9 million, or $0.18per diluted share, compared with 2014 net earnings of $3.4 million, or $0.33per diluted share.
2016 First Quarter Financial Outlook
inTEST expects that net revenues for the first quarter of 2016 will be in the range of
2015 Fourth Quarter Investor Conference Call / Webcast Details (
inTEST management will host a conference call today at
The dial-in number for the live audio call beginning at
2015 Fourth Quarter 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, our ability to implement and execute the 2015 Repurchase Plan, 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||905||876||1,041||3,935||3,580|
|General and administrative expense||1,517||1,550||1,511||6,404||6,231|
|Other income (expense)||5||(8||)||6||21||(7||)|
|Earnings (loss) before income tax expense||(154||)||1,176||407||2,583||4,909|
|Income tax expense (benefit)||(187||)||217||97||722||1,470|
|Net earnings per share - basic||$||0.00||$||0.09||$||0.03||$||0.18||$||0.33|
|Weighted average shares outstanding - basic||10,482||10,455||10,474||10,473||10,432|
|Net earnings per share - diluted||$||0.00||$||0.09||$||0.03||$||0.18||$||0.33|
|Weighted average shares outstanding - diluted||10,498||10,481||10,499||10,494||10,466|
|Condensed Consolidated Balance Sheets Data:|
|Cash and cash equivalents||$||25,710||$||25,383||$||23,126|
|Trade accounts receivable, net||4,395||5,539||5,034|
|Total current assets||34,823||35,732||32,931|
|Net property and equipment||1,112||1,181||1,268|
|Total current liabilities||4,059||4,897||4,370|
|Total stockholders' equity||35,925||36,076||34,368|
Treasurer and Chief Financial Officer
Tel: (808) 882-1467
Source: inTEST Corporation
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