inTEST Reports Second Quarter 2015 Financial Results
inTEST Reports Second Quarter 2015 Financial Results
Second Quarter 2015 Summary
- Second quarter 2015 bookings were
$10.3 million, compared with first quarter 2015 bookings of $11.4 million, and second quarter 2014 bookings of $12.6 million; $2.6 million, or 26%, of second quarter 2015 bookings were derived from non-semiconductor test.
- Second quarter 2015 net revenues were
$11.6 million, compared with first quarter 2015 net revenues of $10.2 million, and second quarter 2014 net revenues of $12.3 million; $3.0 million, or 26%, of second quarter 2015 net revenues were derived from non-semiconductor test.
- Second quarter 2015 gross margin was
$5.8 million, or 51%. This compares with first quarter 2015 gross margin of $4.9 million, or 48%, and second quarter 2014 gross margin of $6.1 million, or 49%.
- Second quarter 2015 net earnings were
$1.1 million, or $0.10per diluted share, marking inTEST's 23rd consecutive quarter of profitability. This compares with first quarter 2015 net earnings of $438,000, or $0.04per diluted share, and second quarter 2014 net earnings of $1.4 million, or $0.13per diluted share.
- Cash and cash equivalents were
$23.5 millionat June 30, 2015up 4% from the amount reported at March 31, 2015.
inTEST's ongoing diversification strategy of its Thermal Products segment into non-semiconductor growth markets is showing strong results and second quarter operating results are a direct reflection of this. The company's business model is centered on its core market in semiconductor ATE, complemented by an expanded product offering for non-traditional electronics markets that require thermal testing. inTEST has strategically reinforced and expanded its non-semi business such that the company can remain profitable even when there are pauses in the growth rates in the semiconductor market, which the industry is presently seeing.
"In addition, our iTS division introduced an environmentally friendly series of Temptronic ThermoStream temperature forcing systems that use one-third less energy with very low audible noise. The ECO Series temperature test systems operate on a low, 20-amp circuit and incorporate our proprietary WhisperStream™ technology, providing quiet, smooth-sounding operation at 56 dBA. These portable systems are capable of ultra-low temperatures without the use of liquid nitrogen or liquid carbon dioxide, making them ideal for any temperature test environment. Moreover, the systems provide remote communications and set up, touch screen operation, and a wide-reaching thermal head for easy positioning over the test device."
Third Quarter 2015 Financial Outlook
inTEST expects that net revenues for the third quarter ended
Second Quarter 2015 Investor Conference Call / Webcast Details (
inTEST management will host a conference call the same day at
The dial-in number for the live audio call beginning at
Second Quarter 2015 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, 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||1,047||887||942||1,989||1,810|
|General and administrative expense||1,569||1,621||1,807||3,376||3,153|
|Other income (expense)||21||10||(11||)||10||17|
|Earnings before income tax expense||1,659||2,054||671||2,330||2,465|
|Income tax expense||579||697||233||812||822|
|Net earnings per share - basic||$||0.10||$||0.13||$||0.04||$||0.15||$||0.16|
|Weighted average shares outstanding - basic||10,472||10,437||10,465||10,469||10,415|
|Net earnings per share - diluted||$||0.10||$||0.13||$||0.04||$||0.14||$||0.16|
|Weighted average shares outstanding - diluted||10,494||10,456||10,484||10,489||10,453|
Condensed Consolidated Balance Sheets Data:
|Cash and cash equivalents||$||23,466||$||22,485||$||23,126|
|Trade accounts receivable, net||7,380||6,457||5,034|
|Total current assets||35,779||34,205||32,931|
|Net property and equipment||1,191||1,234||1,268|
|Total current liabilities||5,350||5,238||4,370|
|Total stockholders' equity||35,722||34,507||34,368|
Treasurer and Chief Financial Officer
Tel: (808) 882-1467
Source: inTEST Corporation
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