inTEST Reports 2016 Third Quarter Financial Results
2016 Third Quarter Summary
- Third quarter 2016 bookings were
$11.3 million, compared with second quarter 2016 bookings of $12.6 millionand third quarter 2015 bookings of $8.4 million; $4.3 million, or 38%, of third quarter 2016 bookings were derived from non-semiconductor test, compared with third quarter 2015 non-semiconductor test bookings of $3.4 millionor 40%.
- Third quarter 2016 net revenues were
$10.8 million, compared with second quarter 2016 net revenues of $10.5 millionand third quarter 2015 net revenues of $9.2 million; $2.8 million, or 26%, of third quarter 2016 net revenues were derived from non-semiconductor test, compared with third quarter 2015 non-semiconductor test revenues of $3.1 millionor 34%.
- Third quarter 2016 gross margin was
$5.6 million, or 52%, compared with second quarter 2016 gross margin of $5.3 million, or 51%, and third quarter 2015 gross margin of $4.3 million, or 47%.
- Third quarter 2016 net earnings were
$1.1 million, or $0.11per diluted share, compared with second quarter 2016 net earnings of $486,000, or $0.05per diluted share, and third quarter 2015 net earnings of $310,000, or $0.03per diluted share.
- Cash and cash equivalents at
September 30, 2016were $26.3 million, compared with $25.0 millionat June 30, 2016.
2016 Third Quarter Share Repurchase
During the third quarter of 2016, the Company purchased 18,546 shares of inTEST stock under its previously announced repurchase program, authorized in
"We again delivered strong financial results in the third quarter," commented
2016 Fourth Quarter Financial Outlook
inTEST expects that net revenues for the fourth quarter of 2016 will be in the range of
2016 Third 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 Third 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||Nine Months Ended|
|Engineering and product development expense||905||1,041||982||2,878||3,030|
|General and administrative expense||1,574||1,511||2,145||5,364||4,887|
|Earnings before income tax expense||1,721||407||749||2,594||2,737|
|Income tax expense||631||97||263||937||909|
|Net earnings per share - basic||$||0.11||$||0.03||$||0.05||$||0.16||$||0.17|
|Weighted average shares outstanding - basic||10,296||10,474||10,296||10,327||10,470|
|Net earnings per share - diluted||$||0.11||$||0.03||$||0.05||$||0.16||$||0.17|
|Weighted average shares outstanding - diluted||10,319||10,499||10,311||10,345||10,492|
Condensed Consolidated Balance Sheets Data:
|Cash and cash equivalents||$||26,345||$||25,003||$||25,710|
|Trade accounts receivable, net||6,663||6,741||4,395|
|Total current assets||36,862||35,354||34,264|
|Net property and equipment||995||977||1,112|
|Total current liabilities||5,034||4,666||4,059|
|Total stockholders' equity||36,998||35,941||35,925|
Treasurer and Chief Financial Officer
Tel: (808) 960-2642
Source: inTEST Corporation
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