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 2011 first quarter ended March 31,
2011.
2011 First Quarter Highlights:
-- First quarter bookings of $13.1 million increased 13% compared with
fourth quarter bookings of $11.7 million, fueled by strong
contributions from all product segments.
-- First quarter net revenues of $11.7 million increased 23% compared with
first quarter 2010 net revenues of $9.5 million and 16% over fourth
quarter 2010 net revenues of $10.1 million.
-- First quarter net earnings of $1.3 million, or $0.12 per diluted share
increased over first quarter 2010 net earnings of $1.1 million, or $0.11
per diluted share and decreased compared with fourth quarter 2010 net
earnings of $1.3 million, or $0.13 per diluted share. First quarter net
earnings reflects the effect of approximately $250,000 in costs related
to the first quarter relocation of both the Company's corporate
headquarters and the operations of Temptronic Corporation. These costs
were higher than the earlier estimated costs of approximately $155,000,
due to inclement weather and other higher than expected move related
costs.
2011 First Quarter Business Highlights:
-- inTEST relocated the Company's corporate headquarters and Temptronic
Corporation's operations to state-of-the-art facilities. The Company
expects that reduced operating costs will result in annual savings of
approximately $0.05 in earnings per share in future periods.
-- In order to provide a more focused thermal solution for its customers,
two of the Company's Sharon, MA-based subsidiaries, Temptronic and Sigma
Systems, began operating under the umbrella trade name, inTEST Thermal
Solutions Corp., further broadening the marketing range and engineering
capabilities of the two separate entities. In addition to semiconductor
testing, the Thermal division product line addresses a number of high
growth markets, including High-Speed Networking and the use of Fiber
Optic components and devices for 4G and 10G communications, Broadband
TV satellites, and Military applications.
inTEST President and Chief Executive Officer, Robert E.
Matthiessen, commented, "Our results for the first quarter reflect
the strength of our diversified product portfolio, which addresses
growth markets in both the semiconductor and non-semiconductor
areas, including aerospace, defense, automotive, telecommunications
and medical pharmaceutical. We reported our second consecutive
quarter of bookings growth, with solid contributions across all of
our product groups, and revenue for the quarter increased both
sequentially and on a year-over-year basis." Mr. Matthiessen
concluded, "Our customers continue to increase their overall test
capacity as they seek to meet end market demand for a broad range
of products. Accordingly, we believe the growth prospects for
inTEST Corporation remain positive."
Second Quarter 2011 Financial Outlook:
The Company expects that net revenue for the second quarter
ended June 30, 2011 will be in the range of $12.5 to $13.5 million
and that net earnings will be in the range of $0.15 to $0.20 per
diluted share. The second quarter outlook is based on the Company's
current views with respect to operating and market conditions and
customers' forecasts, which are subject to change.
First Quarter 2011 Investor Conference Call / Webcast
Details:
There will be a conference call with investors and analysts this
evening at 5:00 pm EDT to discuss the Company's first quarter 2011
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.
The dial-in number for the live audio call beginning at 5 p.m.
EDT on May 4, 2011 is +1-(480) 629-9762. The passcode for the
conference call is 4433870. A live webcast of the conference call
will be available on inTEST's website at www.intest.com, under the
'Investors' section.
A replay of the call will be available 2 hours following the
call through midnight on May 12, 2011 by telephone at
+1-303-590-3030. The conference ID number to access the replay is
4433870. Additionally, an archive of the webcast is available for a
period of one year at inTEST's website at www.intest.com, under the
'Investors' section.
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 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. 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 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
---------------------------------
3/31/2011 3/31/2010 12/31/2010
---------- ---------- ----------
Net revenues $ 11,704 $ 9,529 $ 10,110
Gross margin 5,093 4,537 4,788
Operating expenses:
Selling expense 1,385 1,229 1,290
Engineering and product development
expense 813 701 789
General and administrative expense 1,634 1,481 1,345
Operating income 1,261 1,126 1,364
Other income (expense) 56 (11) 61
Earnings before income tax expense 1,317 1,115 1,425
Income tax expense 60 3 131
Net earnings 1,257 1,112 1,294
Net earnings per share - basic $ 0.13 $ 0.11 $ 0.13
Weighted average shares outstanding -
basic 10,068 9,993 10,042
Net earnings per share - diluted $ 0.12 $ 0.11 $ 0.13
Weighted average shares outstanding -
diluted 10,267 9,999 10,184
Condensed Consolidated Balance Sheets Data:
As of:
---------------------
3/31/2011 12/31/2010
---------- ----------
Cash and cash equivalents $ 5,248 $ 6,895
Trade accounts receivable, net 8,833 6,244
Inventories 4,003 3,489
Total current assets 18,351 17,058
Net property and equipment 1,243 718
Total assets 23,204 21,408
Accounts payable 2,325 1,672
Accrued expenses 3,217 3,445
Total current liabilities 5,693 5,265
Noncurrent liabilities 10 39
Total stockholders' equity 17,501 16,104
Add to Digg Bookmark with del.icio.us Add to Newsvine
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) 882-1467
inTest (AMEX:INTT)
Historical Stock Chart
From Aug 2024 to Sep 2024
inTest (AMEX:INTT)
Historical Stock Chart
From Sep 2023 to Sep 2024