inTEST Reports 2020 First Quarter Financial Results

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, the impact of the COVID-19 pandemic on our business, liquidity, financial condition and results of operations, including as a result of evolving public health requirements in response to the pandemic such as government mandated facility closures, availability of employees, supply chain and distribution constraints, customers’ inability or refusal to accept product deliveries and the sufficiency of our current level of working capital to address the impact of the pandemic; indications of a change in the market cycles in the Semi Market or other markets we serve including as a result of the COVID-19 pandemic; changes in business conditions and general economic conditions both domestically and globally as a result of the COVID-19 pandemic; changes in the demand for semiconductors, generally and as a result of the COVID-19 pandemic; the success of our strategy to diversify our business by entering markets outside the Semi Market; 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 including as a result of the COVID-19 pandemic; progress of product development programs; increases in raw material and fabrication costs associated with our products including as a result of the COVID-19 pandemic; and other risk factors set forth from time to time in our Securities and Exchange Commission filings, including, but not limited to, our annual report on Form 10-K for the year ended December 31, 2019 and subsequent quarterly reports on Form 10-Q.  Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks to circumstances only as of the date on which it is made. We undertake 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.

 


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

Condensed Consolidated Statements of Operations Data:

  Three Months Ended
  3/31/2020   12/31/2019   3/31/2019
      
Net revenues$11,230  $13,614  $18,062
Gross margin 4,867   6,465   8,836
Operating expenses:     
  Selling expense 2,052   1,955   2,374
  Engineering and product development expense 1,292   1,211   1,284
  General and administrative expense  2,884       2,703       3,737
Operating income (loss)   (1,361 )     596       1,441
Other income (expense)    (32 )     52       21
Earnings (loss) before income tax expense (benefit)   (1,393 )     648       1,462
Income tax expense (benefit)   (250 )     (76 )     324
Net earnings (loss)   (1,143 )     724       1,138
           
Net earnings (loss) per share – basic $ (0.11 )   $ 0.07     $ 0.11
Weighted average shares outstanding – basic   10,221       10,275       10,385
           
Net earnings (loss) per share – diluted $ (0.11 )   $ 0.07     $ 0.11
Weighted average shares outstanding – diluted   10,221       10,299       10,414

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