inTEST Reports 2019 Third Quarter Financial Results


About inTEST Corporation
inTEST Corporation is a global supplier of precision-engineered solutions  for use in manufacturing and testing across a wide range of markets including automotive, defense/aerospace, energy, industrial, semiconductor and telecommunications.  Backed by decades of engineering expertise and a culture of operational excellence, we solve difficult thermal, mechanical and electronic challenges for customers worldwide while generating strong cash flow and profits.  Our strategy uses these strengths to grow and increase shareholder value by maximizing our businesses and by identifying, acquiring and optimizing complementary businesses.  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, as amended.  These statements do not convey historical information, but relate to predicted or potential future events and financial results, such as statements of our plans, strategies and intentions, or our future performance or goals, that are based upon management's current expectations.  Our forward-looking statements can often be identified by the use of forward-looking terminology such as “believes,” “expects,” “intends,” “may,” “will,” “should,” “plans,” “projects,” “forecasts,” “outlook,” or “anticipates” or similar terminology.  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, indications of a change in the market cycles in the semiconductor and ATE markets or other markets we serve; changes in business conditions and general economic conditions both domestically and globally; changes in the demand for semiconductors, generally; the success of our strategy to diversify our business by entering markets outside the semiconductor or ATE markets; the possibility of future acquisitions or dispositions and the successful integration of any acquired operations; the ability to borrow funds or raise capital to finance major potential acquisitions;  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 Securities and Exchange Commission filings, including, but not limited to, our periodic reports on Form 10-K and Form 10-Q.  Any forward-looking statement made by inTEST in this press release is based only on information currently available to inTEST and speaks to circumstances only as of the date on which it is made.  inTEST undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.

Contacts
 
inTEST Corporation
Hugh T. Regan, Jr.
Treasurer and Chief Financial Officer
Tel: 856-505-8999

Investors:
Laura Guerrant-Oiye, Principal
Guerrant Associates
Email Contact 
Tel: (808) 960-2642


– tables follow –


SELECTED FINANCIAL DATA
(Unaudited)
(In thousands, except per share data)

Condensed Consolidated Statements of Operations Data:

  Three Months Ended  Nine Months Ended
  9/30/2019   9/30/2018   6/30/2019   9/30/2019   9/30/2018
          
Net revenues$14,632  $20,160  $14,352  $47,046 $60,128 
Gross margin 7,205   10,092    6,719       22,760     30,397  
Operating expenses:                  
  Selling expense   2,044       2,291       2,087       6,505     7,305  
  Engineering and product development expense   1,261       1,207       1,208       3,753     3,733  
  General and administrative expense   3,094       3,318       3,718       10,549     9,643  
  Adjustment to contingent consideration liability   -       3,057       -       -     4,073  
Operating income (loss)   806       219       (294 )     1,953     5,643  
Other income (loss)   (12 )     (57 )     (6 )     3     (103 )
Earnings (loss) before income tax expense (benefit)   794       162       (300 )     1,956     5,540  
Income tax expense (benefit)   147       728       (113 )     358     1,711  
Net earnings (loss)   647       (566 )     (187 )     1,598     3,829  
                   
Net earnings (loss) per share – basic $ 0.06     $ (0.05 )   $ (0.02 )   $ 0.15   $ 0.37  
Weighted average shares outstanding – basic   10,421       10,356       10,411       10,406     10,342  
                   
Net earnings (loss) per share – diluted $ 0.06     $ (0.05 )   $ (0.02 )   $ 0.15   $ 0.37  
Weighted average shares outstanding – diluted   10,430       10,356       10,411       10,423     10,378  

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