Balance Sheet and Cash Flow Review
Cash and cash equivalents at year-end were $21.2 million, up $2.5 million, or 13%, from September 30, 2021, and more than double the $10.3 million at December 31, 2020. During the year, the Company generated $10.8 million of cash from operations.
In October 2021, inTEST executed a new five-year credit agreement that includes a $25 million non-revolving delayed draw term loan facility and a $10 million revolving credit facility that replaced its previous $10 million facility, which had no borrowings at the time it was replaced. During the fourth quarter, the Company used $20.5 million of its new credit facility and $500,000 in cash for the three acquisitions completed during the quarter. At December 31, 2021, there were no borrowings outstanding under the revolving credit facility and $20.1 million outstanding on the term loan facility.
Full year capital expenditures were $994,000 compared with $658,000 in the prior-year period.
Orders and Backlog Summary ($ in 000s)
ORDERS |
Three Months Ended |
||||||||||||||||||||||||
Change |
Change |
||||||||||||||||||||||||
12/31/2021 |
9/30/2021 |
$ |
% |
12/31/2020 |
$ |
% |
|||||||||||||||||||
Multimarket |
$ |
9,073 |
29.8% |
$ |
7,783 |
36.8% |
$ |
1,290 |
16.6% |
$ |
6,490 |
36.8% |
$ |
2,583 |
39.8% |
||||||||||
Semi Market |
|
21,386 |
70.2% |
|
13,365 |
63.2% |
|
8,021 |
60.0% |
|
11,129 |
63.2% |
|
10,257 |
92.2% |
||||||||||
TOTAL |
$ |
30,459 |
100.0% |
$ |
21,148 |
100.0% |
$ |
9,311 |
44.0% |
|
17,619 |
100.0% |
$ |
12,840 |
72.9% |
||||||||||
| BACKLOG |
As of |
||||||||||||||||||
| Change |
Change |
||||||||||||||||||
| 12/31/2021 |
9/30/2021 |
$ |
% |
12/31/2020 |
$ |
% |
|||||||||||||
| $ |
34,052 |
$ |
20,428 |
$ |
13,624 |
66.7% |
$ |
11,465 |
$ |
22,587 |
197.0% |
||||||||
