inTEST Reports First Quarter 2007 Results
May 02 2007 - 5:00PM
PR Newswire (US)
CHERRY HILL, N.J., May 2 /PRNewswire-FirstCall/ -- inTEST
Corporation (NASDAQ:INTT), an independent designer, manufacturer
and marketer of semiconductor automatic test equipment (ATE)
interface solutions and temperature management products, today
announced results for the quarter ended March 31, 2007. Net
revenues for the quarter ended March 31, 2007 were $12.1 million,
compared to $13.2 million reported for the fourth quarter of 2006.
The net loss for the first quarter of 2007 was $(1.2) million or
$(0.13) per diluted share, compared to net earnings of $81,000 or
$0.01 per diluted share for the fourth quarter of 2006. Robert E.
Matthiessen, President and Chief Executive Officer of inTEST
commented, "The first quarter was challenging due to less than
expected revenues which resulted in an operating loss. Although our
temperature management segment managed to exceed expectations, both
of our other two product segments suffered below breakeven revenues
due to the continued slow business environment. On a positive note,
bookings increased in the first quarter of 2007 to $12.6 million
compared to $12.2 million in the fourth quarter of 2006, and
although we cannot be certain, we believe this indicates that the
first quarter represented the trough in this business cycle." Hugh
T. Regan, Jr., Treasurer and Chief Financial Officer of inTEST
said, "We are disappointed to post a loss in the quarter given the
significant costs we previously took out of the business. We do not
presently foresee the need for additional staffing reductions,
however, as our management team views our current staffing levels
as the minimum necessary to support our expected sales. Based upon
customer forecasts, we believe our business will start to resume
sequential growth as we move through the year, however we cannot be
certain of the strength, length or timing of the next cycle."
Investor Conference Call / Webcast Details inTEST will review first
quarter 2007 results today, Wednesday, May 2, 2007 at 5:00 p.m.
EDT. The conference call will be available at
http://www.intest.com/ and by telephone at (201) 689-8560 or toll
free at (877) 407- 0784. A replay of the call will be available 2
hours following the call through 11:59 p.m. EDT on Wednesday, May
9, 2007 at http://www.intest.com/ and by telephone at (201)
612-7415 or toll free at (877) 660-6853. The account number to
access the replay is 3055 and the conference ID number is 238283. A
transcript of the conference call will be filed as an exhibit to a
Current Report on Form 8-K as soon as practicable after the
conference call is completed. 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 http://www.intest.com/ . CONTACTS: Hugh T.
Regan, Jr., Treasurer and Chief Financial Officer, inTEST
Corporation, 856-424-6886, ext 201. David Pasquale, 646-536-7006 or
Joseph Villalta, 646-536-7003 Both of The Ruth Group,
http://www.theruthgroup.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; costs associated with
compliance with Sarbanes Oxley and other risk factors set forth
from time to time in our SEC filings, including, but not limited
to, our periodic reports on Form 10-K and Form 10-Q. The Company
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.
SELECTED FINANCIAL DATA (Unaudited) (In thousands, except per share
data) Condensed Consolidated Statements of Operations Data: Three
Months Ended -------------------------------- 3/31/2007 3/31/2006
12/31/2006 --------- --------- ---------- Net revenues $12,118
$13,732 $13,159 Gross margin 4,419 5,848 5,226 Operating expenses:
Selling expense 2,174 2,129 2,001 Engineering and product
development expense 1,404 1,436 1,419 General and administrative
expense 2,150 1,954 1,866 Restructuring and other charges - - 23
Operating income (loss) (1,309) 329 (83) Other income 121 56 241
Earnings (loss) before income taxes (1,188) 385 158 Income tax
expense 33 45 77 Net earnings (loss) (1,221) 340 81 Net earnings
(loss) per share - basic $(0.13) $0.04 $0.01 Weighted average
shares outstanding - basic 9,179 8,991 9,125 Net earnings (loss)
per share - diluted $(0.13) $0.04 $0.01 Weighted average shares
outstanding - diluted 9,179 9,068 9,293 Condensed Consolidated
Balance Sheets Data: As of: ----------------------------- 3/31/2007
12/31/2006 ----------- ----------- Cash and cash equivalents
$12,434 $13,174 Trade accounts and notes receivable, net 7,255
8,678 Inventories 6,755 6,193 Total current assets 27,197 28,803
Net property and equipment 3,107 3,328 Total assets 33,976 35,759
Accounts payable 3,134 3,145 Accrued expenses 3,995 4,169 Total
current liabilities 7,652 8,410 Noncurrent liabilities 495 527
Total stockholders' equity 25,829 26,822 DATASOURCE: inTEST
Corporation CONTACT: Hugh T. Regan, Jr., Treasurer and Chief
Financial Officer of inTEST Corporation, +1-856-424-6886, ext 201;
or David Pasquale, +1-646-536- 7006, or Joseph Villalta,
+1-646-536-7003, both of The Ruth Group,
http://www.theruthgroup.com/, for inTEST Corporation Web site:
http://www.intest.com/
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