inTEST Reports Third Quarter 2009 Results
November 04 2009 - 4:30PM
PR Newswire (US)
CHERRY HILL, N.J., Nov. 4 /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 and nine months ended September
30, 2009. Net revenues for the quarter ended September 30, 2009
were $6.0 million, compared to $4.7 million for the second quarter
of 2009. Our net loss for the third quarter of 2009 was $(278,000)
or $(0.03) per diluted share, compared to a net loss of $(2.0)
million or $(0.20) per diluted share for the second quarter of
2009. The net loss for the third quarter of 2009 included
restructuring charges of $(27,000) or $(0.00) per diluted share.
The net loss for the second quarter of 2009 included restructuring
charges of $(269,000) or $(0.03) per diluted share. The
restructuring charges recorded during the third quarter were
incurred by our Mechanical Products segment while the restructuring
charges recorded during the second quarter of 2009 were incurred by
all of our product segments. The restructuring charges during the
third quarter consist of facility closure costs for our Japanese
subsidiary while the restructuring charges during the second
quarter consisted of one-time termination benefits as a result of
the workforce reductions we implemented in all three product
segments. Robert E. Matthiessen, President and Chief Executive
Officer of inTEST commented, "We entered this quarter surmising
that the upturn in bookings we experienced at the end of the second
quarter of 2009 represented the beginnings of recovery from the
extended downturn of the semiconductor capital equipment business.
Our business results in the third quarter re-enforce our opinion
that we are seeing a broad-based gradual recovery in the automatic
test equipment market. Net revenues for the third quarter increased
29% over the second quarter while third quarter gross margin
increased 72% over the second quarter. All of our product segments
experienced quarter-over-quarter revenue growth with Mechanical
Products increasing 10%, Thermal Products 15% and Electrical
Products 390%. Bookings for the quarter ended September 30, 2009
were $7.9 million, an increase of 73% over the second quarter
bookings. The increase in business is such that we are now faced
with the challenge of production ramp-up, a challenge we heartily
embrace. Although the business outlook has become more positive, we
will proceed with great prudence monitoring operating expenses as
we increase production output." Conference Call Information There
will be a conference call with investors and analysts this evening
at 5:00 pm ET to discuss the Company's third quarter 2009 results
and management's current expectations and views of the industry.
The call may also include discussion of strategic, operating,
product initiatives or developments, or other matters relating to
the Company's current or future performance. 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/.
CONTACT: Hugh T. Regan, Jr., Treasurer and Chief Financial Officer,
inTEST Corporation, 856-424-6886, ext 201. 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 Nine Months Ended 9/30/2009 9/30/2008 6/30/2009
9/30/2009 9/30/2008 Net revenues $6,009 $9,159 $4,672 $15,076
$31,960 Gross margin 2,432 2,962 1,416 4,651 11,938 Operating
expenses: Selling expense 988 1,863 1,036 3,161 6,180 Engineering
and product development expense 515 1,235 576 1,848 4,062 General
and administrative expense 1,161 1,750 1,374 4,219 6,038 Impairment
of long-lived assets - 133 - - 133 Restructuring and other charges
27 61 269 356 261 Operating loss (259) (2,080) (1,839) (4,933)
(4,736) Other income (expense) (18) 85 (121) (58) 167 Loss before
income taxes (277) (1,995) (1,960) (4,991) (4,569) Income tax
expense (benefit) 1 37 (8) (6) 146 Net loss (278) (2,032) (1,952)
(4,985) (4,715) Net loss per share - basic $(0.03) $(0.22) $(0.20)
$(0.50) $(0.51) Weighted average shares outstanding - basic 9,983
9,337 9,973 9,971 9,323 Net loss per share - diluted $(0.03)
$(0.22) $(0.20) $(0.50) $(0.51) Weighted average shares outstanding
- diluted 9,983 9,337 9,973 9,971 9,323 Condensed Consolidated
Balance Sheets Data: As of: 9/30/2009 6/30/2009 12/31/2008 Cash and
cash equivalents $3,428 $4,606 $7,137 Trade accounts and notes
receivable, net 4,169 2,884 3,758 Inventories 3,237 3,272 4,193
Total current assets 11,301 11,076 15,904 Net property and
equipment 358 423 617 Total assets 14,844 14,697 20,492 Accounts
payable 2,249 1,391 1,830 Accrued expenses 2,124 2,640 3,095 Total
current liabilities 4,504 4,198 5,224 Noncurrent liabilities 1,712
1,741 1,801 Total stockholders' equity 8,628 8,758 13,467
DATASOURCE: inTEST Corporation CONTACT: Hugh T. Regan, Jr.,
Treasurer and Chief Financial Officer, inTEST Corporation,
+1-856-424-6886, ext 201 Web Site: http://www.intest.com/
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