inTEST Reports 2017 Third Quarter Financial Results
| 2017 Third Quarter Summary | ||||||
| ($ in Millions) | Three Months Ended | |||||
| Total Bookings | $ | 17.6 | $ | 14.6 | $ | 11.3 |
| Total Bookings excluding | $ | 11.2 | $ | 12.3 | $ | 11.3 |
| Non ATE Bookings - $ | $ | 8.7 | $ | 5.9 | $ | 4.3 |
| Non ATE Bookings - % of Total Bookings | 49% | 41% | 38% | |||
| Net Revenues | $ | 17.4 | $ | 15.9 | $ | 10.8 |
| Net Revenues excluding | $ | 12.4 | $ | 13.9 | $ | 10.8 |
| Non ATE Net Revenues - $ | $ | 8.2 | $ | 5.7 | $ | 2.8 |
| Non ATE Revenues - % of Total Revenues | 47% | 36% | 26% | |||
| Gross Margin - $ | $ | 8.8 | $ | 8.4 | $ | 5.6 |
| Gross Margin - % | 51% | 53% | 52% | |||
| Net Earnings (GAAP) (1) | $ | 1.5 | $ | 1.4 | $ | 1.1 |
| Net Earnings per diluted share (GAAP) (1) | $ | 0.14 | $ | 0.14 | $ | 0.11 |
| Adjusted Net Earnings (Non-GAAP) (1) | $ | 2.1 | $ | 1.7 | $ | 1.1 |
| Adjusted Net Earnings per diluted share (Non-GAAP) (1) | $ | 0.20 | $ | 0.16 | $ | 0.11 |
| As of | ||||||
| Cash and cash equivalents | $ | 11.5 | $ | 7.6 | $ | 28.6 |
| (1) Consolidated results include expenses related to the acquisition of | ||||||
"We again delivered solid financial results," commented inTEST Executive Chairman, President & CEO
2017
Fourth Quarter Financial Outlook
inTEST expects that net revenues for the fourth quarter of 2017 will be in the range of
2017 Third Quarter Conference Call Details
inTEST management will host a conference call on
2017 Third Quarter 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.
2017 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.
Submit Questions
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 lguerrant@guerrantir.com. The Company will address as many questions as possible on the conference call.
Non-GAAP Results
In addition to disclosing results that are determined in accordance with GAAP, we also disclose non-GAAP performance measures. These non-GAAP performance measures include adjusted net earnings
and adjusted net earnings per diluted share. Adjusted net earnings is derived by adding acquired intangible amortization, adjusted for the related income tax expense, to net earnings and removing any change in the fair value of our contingent consideration liability from net earnings. Adjusted net earnings per diluted share is derived by dividing adjusted net earnings by diluted average shares outstanding. These results are provided as a complement to results provided in accordance with GAAP. Adjusted net earnings and adjusted net earnings per diluted share are non-GAAP performance measures presented to provide investors with meaningful supplemental information regarding our baseline performance before acquired intangible amortization charges and changes in the estimate of future consideration that may be paid out related to prior acquisitions as these expenses or income items may
not be indicative of our current core business or future outlook. These non-GAAP performance measures are used by management to make operational decisions, to forecast future operational results, and for comparison with our business plan, historical operating results and the operating results of our peers. A reconciliation of net earnings and net earnings per diluted share to adjusted net earnings and adjusted net earnings per diluted share, which are discussed in this earnings release, is contained in the tables below. The non-GAAP performance measures discussed in this earnings release may not be comparable to similarly titled measures used by other companies. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP.
About
inTEST Corporation
inTEST Corporation designs and manufactures engineered solutions for ATE and other electronic test, as well as industrial process applications. Our products are used by semiconductor manufacturers to perform development, qualifying and final testing of integrated circuits (ICs) and wafers, and for other electronic test across a range of industries including the automotive, defense/aerospace, energy, industrial and telecommunications markets. We offer induction heating products for joining and forming metals in a variety of industrial markets, including automotive, aerospace, machinery, wire & fasteners, medical, semiconductor, food & beverage, and packaging. Specific products include temperature management systems, induction heating products, manipulator and docking hardware products, and customized interface solutions. We have established strong
relationships with our customers globally, which we support through a network of local offices. For more information visit www.intest.com.
Forward-Looking Statements
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; our ability to integrate
| Contacts | ||
| inTEST Corporation | Investors: | |
| Treasurer and Chief Financial Officer | ||
| Tel: 856-505-8999 | lguerrant@guerrantir.com | |
| Tel: (808) 960-2642 | ||
| SELECTED FINANCIAL DATA | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||
| Condensed Consolidated Statements of Operations Data: | ||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||
| Net revenues | $ | 17,352 | $ | 10,823 | $ | 15,888 | $ | 47,420 | $ | 29,955 | ||||||||
| Gross margin | 8,796 | 5,577 | 8,421 | 24,945 | 14,973 | |||||||||||||
| Operating expenses: | ||||||||||||||||||
| Selling expense | 2,322 | 1,394 | 1,871 | 5,861 | 4,200 | |||||||||||||
| Engineering and product development expense | 1,139 | 905 | 982 | 3,056 | 2,878 | |||||||||||||
| General and administrative expense | 3,143 | 1,574 | 3,286 | 8,423 | 5,364 | |||||||||||||
| Adjustment to contingent consideration liability | (549 | ) | - | - | (549 | ) | - | |||||||||||
| Operating income | 2,741 | 1,704 | 2,282 | 8,154 | 2,531 | |||||||||||||
| Other income | 100 | 17 | 54 | 195 | 63 | |||||||||||||
| Earnings before income tax expense | 2,841 | 1,721 | 2,336 | 8,349 | 2,594 | |||||||||||||
| Income tax expense | 823 | 631 | 891 | 2,808 | 937 | |||||||||||||
| Net earnings | 2,018 | 1,090 | 1,445 | 5,541 | 1,657 | |||||||||||||
| Net earnings per share - basic | $ | 0.20 | $ | 0.11 | $ | 0.14 | $ | 0.54 | $ | 0.16 | ||||||||
| Weighted average shares outstanding - basic | 10,288 | 10,295 | 10,277 | 10,277 | 10,327 | |||||||||||||
| Net earnings per share - diluted | $ | 0.19 | $ | 0.11 | $ | 0.14 | $ | 0.54 | $ | 0.16 | ||||||||
| Weighted average shares outstanding - diluted | 10,351 | 10,319 | 10,335 | 10,327 | 10,345 | |||||||||||||
| Condensed Consolidated Balance Sheets Data: | ||||||||
| As of: | ||||||||
| Cash and cash equivalents | $ | 11,499 | $ | 7,596 | $ | 28,611 | ||
| Trade accounts receivable, net | 10,225 | 11,938 | 5,377 | |||||
| Inventories | 6,033 | 6,212 | 3,676 | |||||
| Total current assets | 28,471 | 26,375 | 38,006 | |||||
| Net property and equipment | 1,544 | 1,525 | 944 | |||||
| Total assets | 60,214 | 56,704 | 42,844 | |||||
| Accounts payable | 2,363 | 2,823 | 1,368 | |||||
| Accrued expenses | 5,417 | 4,919 | 3,113 | |||||
| Total current liabilities | 8,867 | 9,732 | 5,056 | |||||
| Noncurrent liabilities | 7,584 | 5,354 | - | |||||
| Total stockholders' equity | 43,763 | 41,618 | 37,788 | |||||
| Reconciliation of GAAP to Non-GAAP Net Earnings: | ||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| Net earnings (GAAP) | $ | 2,018 | $ | 1,090 | $ | 1,445 | $ | 5,541 | $ | 1,657 | ||||
| Acquired intangible amortization | 613 | 57 | 250 | 916 | 173 | |||||||||
| Contingent consideration liability adjustment | (549) | - | - | (549) | - | |||||||||
| Tax adjustments | (6) | (7) | (6) | (18) | (23) | |||||||||
| Adjusted net earnings (Non-GAAP) | $ | 2,076 | $ | 1,140 | $ | 1,689 | $ | 5,890 | $ | 1,807 | ||||
| Diluted average shares outstanding | 10,351 | 10,319 | 10,335 | 10,327 | 10,345 | |||||||||
| Net earnings per share - diluted: | ||||||||||||||
| Net earnings (GAAP) | $ | 0.19 | $ | 0.11 | $ | 0.14 | $ | 0.54 | $ | 0.16 | ||||
| Acquired intangible amortization | 0.06 | - | 0.02 | 0.09 | 0.01 | |||||||||
| Contingent consideration liability adjustment | (0.05) | - | - | (0.05) | - | |||||||||
| Tax adjustments | - | - | - | - | - | |||||||||
| Adjusted net earnings per share - diluted (Non-GAAP) | $ | 0.20 | $ | 0.11 | $ | 0.16 | $ | 0.58 | $ | 0.17 | ||||
| Supplemental Information - Reconciliation of Fourth Quarter 2017 GAAP to Non-GAAP Guidance | |||||
| Low | High | ||||
| Estimated net earnings per share - diluted (GAAP) | $ | 0.11 | $ | 0.15 | |
| Acquired intangible amortization | 0.02 | 0.02 | |||
| Contingent consideration liability adjustment | - | - | |||
| Tax adjustments | 0.00 | 0.00 | |||
| Estimated adjusted net income per share - diluted (Non-GAAP) | $ | 0.13 | $ | 0.17 | |
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