Document And Entity Information
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6 Months Ended | |
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Jun. 30, 2013
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Jul. 31, 2013
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Document and Entity Information [Abstract] | ||
Entity Registrant Name | INTEST CORP | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 10,472,678 | |
Amendment Flag | false | |
Entity Central Index Key | 0001036262 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Jun. 30, 2013 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q2 |
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Consolidated Balance Sheets (Parentheticals) (USD $)
In Thousands, except Share data, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Allowance for doubtful accounts, respectively (in Dollars) | $ 147 | $ 147 |
Preferred stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Treasury stock, at cost, shares, respectively | 33,077 | 33,077 |
Common Stock [Member]
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Common stock, shares issued | 10,505,755 | 10,453,255 |
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Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Net revenues | $ 11,218 | $ 13,576 | $ 20,191 | $ 24,307 |
Cost of revenues | 5,753 | 7,382 | 10,621 | 13,517 |
Gross margin | 5,465 | 6,194 | 9,570 | 10,790 |
Selling expense | 1,528 | 1,555 | 2,717 | 2,961 |
Engineering and product development expense | 925 | 980 | 1,921 | 1,904 |
General and administrative expense | 1,523 | 1,665 | 3,079 | 3,656 |
Restructuring and other charges | 0 | 359 | ||
Total operating expenses | 3,976 | 4,200 | 7,717 | 8,880 |
Operating income | 1,489 | 1,994 | 1,853 | 1,910 |
Other income (expense) | (2) | 0 | 4 | 13 |
Earnings before income tax expense | 1,487 | 1,994 | 1,857 | 1,923 |
Income tax expense | 484 | 660 | 562 | 632 |
Net earnings | $ 1,003 | $ 1,334 | $ 1,295 | $ 1,291 |
Net earnings per common share - basic (in Dollars per share) | $ 0.10 | $ 0.13 | $ 0.13 | $ 0.13 |
Weighted average common shares outstanding - basic (in Shares) | 10,371,716 | 10,273,812 | 10,349,695 | 10,239,463 |
Net earnings per common share - diluted (in Dollars per share) | $ 0.10 | $ 0.13 | $ 0.13 | $ 0.13 |
Weighted average common shares and common share equivalents outstanding - diluted (in Shares) | 10,394,094 | 10,359,657 | 10,380,279 | 10,342,014 |
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Consolidated Statements of Comprehensive Earnings (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Net earnings | $ 1,003 | $ 1,334 | $ 1,295 | $ 1,291 |
Foreign currency translation adjustments | 30 | (89) | (32) | (42) |
Comprehensive earnings | $ 1,033 | $ 1,245 | $ 1,263 | $ 1,249 |
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Consolidated Statement of Stockholders' Equity (USD $)
In Thousands, except Share data |
Common Stock [Member]
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Additional Paid-in Capital [Member]
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Retained Earnings [Member]
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Accumulated Other Comprehensive Income (Loss) [Member]
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Treasury Stock [Member]
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Total
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Balance at Dec. 31, 2012 | $ 105 | $ 26,030 | $ 636 | $ 1,253 | $ (204) | $ 27,820 |
Balance (in Shares) at Dec. 31, 2012 | 10,453,255 | |||||
Net earnings | 1,295 | 1,295 | ||||
Other comprehensive loss | (32) | (32) | ||||
Amortization of deferred compensation related to restricted stock | 58 | 58 | ||||
Issuance of non-vested shares of restricted stock (in Shares) | 42,500 | |||||
Stock options exercised | 30 | 30 | ||||
Stock options exercised (in Shares) | 10,000 | |||||
Balance at Jun. 30, 2013 | $ 105 | $ 26,118 | $ 1,931 | $ 1,221 | $ (204) | $ 29,171 |
Balance (in Shares) at Jun. 30, 2013 | 10,505,755 |
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Note 1 - Nature of Operations
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6 Months Ended |
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Jun. 30, 2013
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Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | (1) NATURE OF OPERATIONS
We
are an independent designer, manufacturer and marketer of
thermal, mechanical and electrical products that are
primarily used by semiconductor manufacturers in conjunction
with automatic test equipment ("ATE") in the testing of
integrated circuits ("ICs" or "semiconductors"). In addition,
in recent years, we have begun marketing our thermal products
in industries outside the ATE industry, such as the
automotive, consumer electronics, defense/aerospace, energy
and telecommunications industries. |
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Note 2 - Summary of Significant Accounting Policies
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Jun. 30, 2013
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies [Text Block] | (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation and Use of Estimates
Goodwill,
Intangible and Long-Lived Assets
Revenue
Recognition
Effect
of Recently Adopted Amendments to Authoritative Accounting
Guidance |
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Note 3 - Acquisition
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Disclosure Text Block Supplement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | (3) ACQUISITION
On
January 16, 2012, Temptronic acquired substantially all of
the assets and certain liabilities of Thermonics pursuant to
the Asset Purchase Agreement dated December 9, 2011.
Thermonics is engaged in the business of designing,
manufacturing, selling and distributing temperature forcing
systems used in the testing of various products under
temperature controlled situations. The acquisition of the
Thermonics business broadened the product line of inTEST's
Thermal Products segment. The following represents the allocation of the purchase price:
We estimated the fair value of identifiable intangible assets acquired using a combination of the income, cost and market approaches. The following table provides further information about the finite-lived intangible assets acquired in connection with the acquisition of Thermonics as of the acquisition date:
For the period from January 16, 2012 to June 30, 2012, Thermonics contributed $2,044 of net revenues. We do not track net income within our Thermal Products segment by product line. As a result, the net income for Thermonics for the period from January 16, 2012 to June 30, 2012 is not available. |
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Note 4 - Goodwill and Intangible Assets
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] |
Goodwill
and intangible assets on our balance sheets are the result of
our acquisitions of Sigma Systems Corp. ("Sigma") in October
2008 and Thermonics in January 2012. The acquisition of
Thermonics is discussed further in Note 3.
Intangible
Assets
We generally amortize our finite-lived intangible assets over their estimated useful lives on a straightline basis, unless an alternate amortization method can be reliably determined. Any such alternate amortization method would be based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. None of our intangible assets have any residual value. The following table provides further information about the estimated useful lives of our finite-lived intangible assets as of June 30, 2013:
The following table sets forth changes in the amount of the carrying value of intangible assets for the six months ended June 30, 2013:
Total amortization expense for the six months ended June 30, 2013 and 2012 was $232 and $263, respectively. The following table sets forth the estimated annual amortization expense for our finite-lived intangible assets for each of the next five years:
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Note 5 - Restructuring and Other Charges
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6 Months Ended | |||||||||||||||||||||||||
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Jun. 30, 2013
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] |
In
connection with the acquisition of Thermonics, as discussed
further in Note 3, we signed a separate one year lease for
the facility in Sunnyvale, California occupied by Thermonics
at the time of the acquisition. This facility was owned by
certain shareholders of the seller. We ceased operations at
this facility in February 2012 and relocated the Thermonics
product line to our facility in Mansfield, Massachusetts
where our Temptronic operations are located. During the first
quarter of 2012, we incurred approximately $359 of facility
closure costs related to this action. These costs included
lease termination fees of approximately $220 and other costs
associated with this consolidation of facilities, including
the cost to relocate inventory and equipment, of
approximately $139. During the fourth quarter of 2012 we
received a refund of $46 of lease termination fees paid in
the first quarter due to the sale of the leased facility.
Accrued restructuring and other charges are included in Other
Current Liabilities on our balance sheet.
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- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Note 6 - Major Customers
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6 Months Ended |
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Jun. 30, 2013
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Table Text Block [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] |
During the six months ended June 30, 2013 and 2012, Texas Instruments Incorporated accounted for 11% and 19%, respectively, of our consolidated net revenues. While all three of our operating segments sold products to this customer, these revenues were primarily generated by our Mechanical Products and our Electrical Products segments. During the six months ended June 30, 2012, Teradyne, Inc. accounted for 14% of our consolidated net revenues. While both our Mechanical Products and our Electrical Products segments sold products to this customer, these revenues were primarily generated by our Electrical Products segment. No other customers accounted for 10% or more of our consolidated net revenues during the six months ended June 30, 2013 and 2012. |
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- Definition
No authoritative reference available. No definition available.
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- Details
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Note 7 - Inventories
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Jun. 30, 2013
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] |
Inventories held at June 30, 2013 and December 31, 2012 were comprised of the following:
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- Details
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- Definition
No authoritative reference available. No definition available.
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Note 8 - Debt
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] |
Letters
of Credit
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- Details
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- Definition
No authoritative reference available. No definition available.
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Note 9 - Guarantees
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Guarantees [Abstract] | |||||||||||||||||||||
Guarantees [Text Block] |
Product
Warranties
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Note 10 - Stock-Based Compensation
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
As
of June 30, 2013, we had outstanding stock options and
unvested restricted stock awards granted under stock-based
employee compensation plans that are described more fully in
Note 15 to the consolidated financial statements in our 2012
Form 10-K.
There
was no compensation expense capitalized in the three or six
months ended June 30, 2013 or 2012. The following table summarizes the activity related to nonvested shares for the six months ended June 30, 2013:
Stock
Options
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- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Note 11 - Employee Benefit Plans
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6 Months Ended |
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Jun. 30, 2013
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|
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] |
We
have a defined contribution 401(k) plan for our employees who
work in the U.S. (the "inTEST 401(k) Plan"). All permanent
employees of inTEST Corporation, Temptronic (effective
January 1, 2013) and inTEST Silicon Valley Corporation who
are at least 18 years of age are eligible to participate in
the plan. We match employee contributions dollar for dollar
up to 10% of the employee's annual compensation, with a
maximum limit of $5. Employer contributions vest ratably over
four years. Matching contributions are discretionary. |
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- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Note 12 - Segment Information
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] |
We
have three reportable segments, which are also our reporting
units: Thermal Products, Mechanical Products and Electrical
Products.
The
Electrical Products segment includes the operations of inTEST
Silicon Valley Corporation. Sales of this segment consist
primarily of tester interface products which we design,
manufacture and market.
The following table provides information about our geographic areas of operation. Net revenues from unaffiliated customers are based on the location to which the goods are shipped.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Accounting Policies, by Policy (Policies)
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates [Policy Text Block] | Basis
of Presentation and Use of Estimates |
Reclassification, Policy [Policy Text Block] | Reclassification |
Inventory, Policy [Policy Text Block] | Inventories |
Goodwill Intangible and Long Lived Assets [Policy Text Block] | Goodwill,
Intangible and Long-Lived Assets |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events |
Revenue Recognition, Policy [Policy Text Block] | Revenue
Recognition |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties |