inTEST Reports 2016 Fourth Quarter and Year-End Financial Results
2016 Fourth Quarter Summary
- Fourth quarter 2016 bookings were
$11.6 million, compared with third quarter 2016 bookings of $11.3 millionand fourth quarter 2015 bookings of $7.3 million; $3.1 million, or 27%, of fourth quarter 2016 bookings were derived from non-semiconductor test, compared with fourth quarter 2015 non-semiconductor test bookings of $2.3 million, or 31%.
- Fourth quarter 2016 net revenues were
$10.3 million, compared with third quarter 2016 net revenues of $10.8 millionand fourth quarter 2015 net revenues of $7.9 million; $4.3 million, or 42%, of fourth quarter 2016 net revenues were derived from non-semiconductor test, compared with fourth quarter 2015 non-semiconductor test revenues of $2.7 million, or 34%.
- Fourth quarter 2016 gross margin was
$5.4 million, or 53%, compared with third quarter 2016 gross margin of $5.6 million, or 52%, and fourth quarter 2015 gross margin of $3.6 million, or 46%.
- Fourth quarter 2016 net earnings were
$1.0 million, or $0.10per diluted share, compared with third quarter 2016 net earnings of $1.1 million, or $0.11per diluted share, and fourth quarter 2015 net earnings of $33,000, or $0.00per diluted share.
- Cash and cash equivalents at
December 31, 2016were $28.6 million, compared with $26.3 millionat September 30, 2016.
2016 Fourth Quarter Share Repurchase
During the fourth quarter of 2016, the Company purchased 32,534 shares of inTEST stock under its previously announced repurchase program, authorized in
2016 Year-End Summary
- 2016 net revenues were
$40.2 million, compared with 2015 net revenues of $38.9 million.
- 2016 gross margin was
$20.4 million, or 51%, compared with 2015 gross margin of $18.7 million, or 48%.
- 2016 net earnings were
$2.7 million, or $0.26per diluted share, compared with 2015 net earnings of $1.9 million, or $0.18per diluted share.
"2016 financial results marked inTEST's seventh consecutive year of profitability, with broad-based growth highlighting the strength of our technology," commented
2017 First Quarter Financial Outlook
inTEST expects that net revenues for the first quarter of 2017 will be in the range of
2016 Q4 & Year-End Conference Call Details
inTEST management will host a conference call on
2016 Q4 & Year-End Live Webcast Details
inTEST Corporation will provide a webcast in conjunction with the conference call. To access the live webcast, please visit inTEST's website www.intest.com under the "Investors" section.
2016 Q4 & Year-End 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.
In advance of the conference call, and for those investors accessing the webcast, inTEST Corporation welcomes individual investors to submit their questions via email to email@example.com. The Company will address as many questions as possible on the conference call.
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 and by manufacturers in other diversified industries. The Company's high-performance products are designed to enable semiconductor manufacturers to improve the speed, reliability, efficiency and profitability of IC test processes. Other industries into which the Company's products are also sold include: 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||Year Ended|
|Engineering and product development expense||782||905||905||3,660||3,935|
|General and administrative expense||1,641||1,517||1,574||7,005||6,404|
|Other income (expense)||(2||)||5||17||61||21|
|Earnings (loss) before income tax expense (benefit)||1,613||(154||)||1,721||4,207||2,583|
|Income tax expense (benefit)||612||(187||)||631||1,549||722|
|Net earnings per share - basic||$||0.10||$||0.00||$||0.11||$||0.26||$||0.18|
|Weighted average shares outstanding - basic||10,274||10,482||10,295||10,314||10,473|
|Net earnings per share - diluted||$||0.10||$||0.00||$||0.11||$||0.26||$||0.18|
|Weighted average shares outstanding - diluted||10,297||10,498||10,319||10,333||10,494|
|Condensed Consolidated Balance Sheets Data:|
|Cash and cash equivalents||$||28,611||$||26,345||$||25,710|
|Trade accounts receivable, net||5,377||6,663||4,395|
|Total current assets||38,006||36,862||34,264|
|Net property and equipment||944||995||1,112|
|Total current liabilities||5,056||5,034||4,059|
|Total stockholders' equity||37,788||36,998||35,925|
Treasurer and Chief Financial Officer
Tel: (808) 960-2642
Source: inTEST Corporation
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