inTEST Reports 2011 First Quarter Financial Results
2011 First Quarter Highlights: -- First quarter bookings of$13.1 million increased 13% compared with fourth quarter bookings of$11.7 million , fueled by strong contributions from all product segments. -- First quarter net revenues of$11.7 million increased 23% compared with first quarter 2010 net revenues of$9.5 million and 16% over fourth quarter 2010 net revenues of$10.1 million . -- First quarter net earnings of$1.3 million , or$0.12 per diluted share increased over first quarter 2010 net earnings of$1.1 million , or$0.11 per diluted share and decreased compared with fourth quarter 2010 net earnings of$1.3 million , or$0.13 per diluted share. First quarter net earnings reflects the effect of approximately$250,000 in costs related to the first quarter relocation of both the Company's corporate headquarters and the operations ofTemptronic Corporation . These costs were higher than the earlier estimated costs of approximately$155,000 , due to inclement weather and other higher than expected move related costs. 2011 First Quarter Business Highlights: -- inTEST relocated the Company's corporate headquarters andTemptronic Corporation's operations to state-of-the-art facilities. The Company expects that reduced operating costs will result in annual savings of approximately$0.05 in earnings per share in future periods. -- In order to provide a more focused thermal solution for its customers, two of the Company'sSharon, MA -based subsidiaries, Temptronic and Sigma Systems, began operating under the umbrella trade name, inTESTThermal Solutions Corp. , further broadening the marketing range and engineering capabilities of the two separate entities. In addition to semiconductor testing, the Thermal division product line addresses a number of high growth markets, including High-Speed Networking and the use of Fiber Optic components and devices for 4G and 10G communications, Broadband TV satellites, and Military applications.
inTEST President and Chief Executive Officer,
Second Quarter 2011 Financial Outlook:
The Company expects that net revenue for the second quarter ended
First Quarter 2011 Investor Conference Call / Webcast Details:
There will be a conference call with investors and analysts this evening at
The dial-in number for the live audio call beginning at
A replay of the call will be available 2 hours following the call through
midnight on
About inTEST Corporation
inTEST Corporation is an independent designer, manufacturer and marketer of ATE interface solutions and temperature management products, 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. Specific products include positioner and docking hardware products, temperature management systems and customized interface solutions. The Company has established strong relationships with semiconductor manufacturers globally, which it supports 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 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 semiconductor manufacturers; progress of product
development programs; increases in raw material and fabrication costs
associated with our products; implementation of additional restructuring
initiatives and other risk factors set forth from time to time in our
SELECTED FINANCIAL DATA
(Unaudited)
(In thousands, except per share data)
Condensed Consolidated Statements of Operations Data
Three Months Ended
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3/31/2011 3/31/2010 12/31/2010
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Net revenues $ 11,704 $ 9,529 $ 10,110
Gross margin 5,093 4,537 4,788
Operating expenses:
Selling expense 1,385 1,229 1,290
Engineering and product development
expense 813 701 789
General and administrative expense 1,634 1,481 1,345
Operating income 1,261 1,126 1,364
Other income (expense) 56 (11) 61
Earnings before income tax expense 1,317 1,115 1,425
Income tax expense 60 3 131
Net earnings 1,257 1,112 1,294
Net earnings per share - basic $ 0.13 $ 0.11 $ 0.13
Weighted average shares outstanding -
basic 10,068 9,993 10,042
Net earnings per share - diluted $ 0.12 $ 0.11 $ 0.13
Weighted average shares outstanding -
diluted 10,267 9,999 10,184
Condensed Consolidated Balance Sheets Data:
As of:
---------------------
3/31/2011 12/31/2010
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Cash and cash equivalents $ 5,248 $ 6,895
Trade accounts receivable, net 8,833 6,244
Inventories 4,003 3,489
Total current assets 18,351 17,058
Net property and equipment 1,243 718
Total assets 23,204 21,408
Accounts payable 2,325 1,672
Accrued expenses 3,217 3,445
Total current liabilities 5,693 5,265
Noncurrent liabilities 10 39
Total stockholders' equity 17,501 16,104
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Contacts: inTEST CorporationHugh T. Regan, Jr. Treasurer and Chief Financial Officer Tel: 856-505-8999 Investors:Laura Guerrant-Oiye PrincipalGuerrant Associates Email Contact Tel: (808) 882-1467
Source: inTEST Corporation
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