inTEST Reports 2016 Second Quarter Financial Results
2016 Second Quarter Summary
- Second quarter 2016 bookings were
$12.6 million, compared with first quarter 2016 bookings of $9.8 million, and second quarter 2015 bookings of $10.3 million; $4.4 million, or 35%, of second quarter 2016 bookings were derived from non-semiconductor test compared with second quarter 2015 non-semiconductor test bookings of $2.6 millionor 26%.
- Second quarter 2016 net revenues were
$10.5 million, compared with first quarter 2016 net revenues of $8.6 million, and second quarter 2015 net revenues of $11.6 million; $2.5 million, or 24%, of second quarter 2016 net revenues were derived from non-semiconductor test compared with second quarter 2015 non-semiconductor test revenues of $3.0 millionor 26%.
- Second quarter 2016 gross margin was
$5.3 million, or 51%. This compares with first quarter 2016 gross margin of $4.1 million, or 47%, and second quarter 2015 gross margin of $5.8 million, or 51%.
- Second quarter 2016 net earnings were
$486,000, or $0.05per diluted share. This compares with first quarter 2016 net earnings of $81,000, or $0.01per diluted share, and second quarter 2015 net earnings of $1.1 million, or $0.10per diluted share. Included in second quarter financial results were $456,000, or $0.04per diluted share, in non-recurring expenses related to a potential acquisition.
- Cash and cash equivalents were
$25.0 millionat both June 30, 2016and March 31, 2016.
2016 Second Quarter Share Repurchase
During the second quarter of 2016, the Company purchased 76,037 shares of inTEST stock under its repurchase program, authorized in
"We reported strong financial results for the second quarter," commented
2016 Third Quarter Financial Outlook
inTEST expects that net revenues for the third quarter of 2016 will be in the range of
2016 Second 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
2016 Second 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.
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 firstname.lastname@example.org. 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. 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||Six Months Ended|
|Engineering and product development expense||982||1,047||991||1,973||1,989|
|General and administrative expense||2,145||1,569||1,645||3,790||3,376|
|Earnings before income tax expense||749||1,659||124||873||2,330|
|Income tax expense||263||579||43||306||812|
|Net earnings per share - basic||$||0.05||$||0.10||$||0.01||$||0.05||$||0.15|
|Weighted average shares outstanding - basic||10,296||10,472||10,390||10,343||10,469|
|Net earnings per share - diluted||$||0.05||$||0.10||$||0.01||$||0.05||$||0.14|
|Weighted average shares outstanding - diluted||10,311||10,494||10,404||10,357||10,489|
|Condensed Consolidated Balance Sheets Data:|
|Cash and cash equivalents||$||25,003||$||24,951||$||25,710|
|Trade accounts receivable, net||6,741||5,336||4,395|
|Total current assets||35,354||34,352||34,264|
|Net property and equipment||977||1,015||1,112|
|Total current liabilities||4,666||4,224||4,059|
|Total stockholders' equity||35,941||35,682||35,925|
Treasurer and Chief Financial Officer
Tel: (808) 960-2642
Source: inTEST Corporation
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