inTEST Corporation (NASDAQ: INTT), an independent designer,
manufacturer and marketer of temperature management products and
semiconductor automatic test equipment (ATE) interface solutions,
today announced results for the fourth quarter and year ended
December 31, 2011.
2011 Fourth Quarter
- Fourth quarter bookings were $8.1 million, as compared with
third quarter 2011 bookings of $10.5 million and fourth quarter
2010 bookings of $11.7 million; 38% of fourth quarter 2011 bookings
derived from non-semiconductor test.
- Fourth quarter net revenues were $10.1 million, as compared
with third quarter 2011 net revenues of $11.7 million, and fourth
quarter 2010 net revenues of $10.1 million; 40% of fourth quarter
2011 net revenues derived from non-semiconductor test.
- Fourth quarter gross margin was $4.9 million, or 48%, as
compared with third quarter 2011 gross margin of $6.1 million, or
53%, and fourth quarter 2010 gross margin of $4.8 million, or
47%.
- Fourth quarter net earnings were $769,000, or $0.08 per diluted
share. This compares with third quarter 2011 net earnings of $5.2
million, or $0.50 per diluted share, and fourth quarter 2010 net
earnings of $1.3 million, or $0.13 per diluted share. Third quarter
2011 net earnings reflect the effect of a reversal of $2.9 million
of valuation allowance against our deferred tax assets. The impact
of the reversal of the valuation allowance was an increase in our
diluted net earnings per share of $0.28. Absent the reversal of the
deferred tax valuation allowance, third quarter 2011 net earnings
would have been $0.22 per diluted share.
2011 Year-End
- 2011 net revenues were $47.3 million as compared with 2010 net
revenues of $46.2 million.
- 2011 gross margin was $22.9 million, or 48%, as compared with
2010 gross margin of $22.1 million, or 48%.
- 2011 net earnings were $9.9 million, or $0.96 per diluted
share, compared with 2010 net income of $7.3 million, or $0.72 per
diluted share. 2011 net earnings reflect the effect of a reversal
of $3.1 million of valuation allowance against our deferred tax
assets. The impact of the reversal of the valuation allowance was
an increase in our diluted earnings per share of $0.30. Absent the
reversal of the deferred tax valuation allowance, 2011 net earnings
would have been $0.66 per diluted share.
Recent Business Developments (First Quarter
2012)
- Temptronic Corporation, a member of inTEST Corporation's
Thermal Solutions Group, closed on the acquisition of Thermonics,
Inc., a division of Test Enterprises, Inc., on January 16, 2012,
pursuant to the agreement entered into on December 9, 2011. The
purchase price for the assets was approximately $3.8 million in
cash, which included net working capital of approximately $1.1
million. The addition of Thermonics further enhances inTEST's
presence in the ATE industry while, at the same time, providing
additional leverage into growth industries outside of the
semiconductor industry. As inTEST Corporation evolves from its
origins as an ATE company with a primary focus on semiconductors to
a broad-based industrial test company, non-semiconductor related
products will play an even greater role in the Company's growth
strategy and success.
Robert E. Matthiessen, president and chief executive officer,
commented, "2011 was a banner year for inTEST Corporation. Over the
last few years we have been transforming inTEST through the
strategic diversification of our Thermal Products segment, and we
now address growth markets in both the semiconductor and
non-semiconductor areas, including aerospace, defense, automotive,
telecommunications and medical pharmaceutical. Our results for 2011
were fueled by both our traditional semiconductor markets and those
new markets addressed by inTEST Thermal Solutions."
Mr. Matthiessen added, "During the year we further strengthened
our operations and increased operational efficiencies, while
maintaining our fiscal discipline and cost controls; and in 2011 we
delivered a very strong operating performance, culminating in our
second consecutive year of profitability and net earnings of $9.9
million or $0.96 per diluted share, a testament to the strength of
our diversification strategy and the incredible hard work of our
entire team."
First Quarter 2012 Financial Outlook: The
Company expects that net revenue for the first quarter ended March
31, 2012 will be in the range of $9.5 to $10.5 million and that net
loss will be in the range of $(0.03) to $(0.07) per diluted share.
Guidance for the first quarter reflects the turbulent
macro-economic environment and resulting softness in
semiconductor-related bookings that inTEST experienced in the third
and fourth quarters of 2011, as well as costs related with the
closing of the Thermonics acquisition. The Company's outlook is
based on its current views with respect to operating and market
conditions and customers' forecasts, which are subject to
change.
Mr. Matthiessen concluded, "The conservatism that we experienced
with our semiconductor customers in the second half of 2011 has
improved substantially in the past few weeks, and our bookings are
recovering. We believe that we are through the trough in the
semiconductor business of the past few quarters and anticipate that
this trend will continue. In fact, at this point in time,
quarter-to-date bookings for 2012 reflect an increase of $1.4
million or 18% over the level we achieved in all of the fourth
quarter of 2011. Quarter-to-date bookings for 2012 include $515,000
of bookings for our Thermonics acquisition, which closed on January
16, 2012. Adjusted to eliminate the impact of the acquisition of
Thermonics, the increase in quarter-to-date bookings for 2012 is
$933,000 or 12%.
"Looking forward, the recovery of our semiconductor customers,
driven by the increasing demand for mobility products, along with
the continued expansion of our non-semiconductor businesses, give
us confidence in the long-term growth prospects for inTEST
Corporation. We enter 2012 with a diversified product portfolio,
serving growth markets, and we are well positioned to meet the
needs of our customers who continue to strategically increase their
overall test capacity as they seek to meet end market demand for a
broad range of products."
Investor Conference Call / Webcast
Details: There will be a conference call with investors and
analysts this evening at 5:00 pm EST to discuss the Company's
fourth quarter and year-end 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 5:00 pm
EST on March 7, 2012 is (480) 629-9712. The Passcode for the
conference call is 4514196. Please reference inTEST 2011 Q4
Financial Results Conference Call. inTEST Corporation will provide
a live webcast in conjunction with the conference call. To access
the live webcast, please visit inTEST's website www.intest.com
under the "Investors" section.
2011 Q4 & YE Replay Details (Webcast)
A replay of the webcast will be available on inTEST's website for
one year following the live broadcast. To access the webcast
replay, please visit inTEST's website www.intest.com under the
"Investors" section.
About inTEST Corporation inTEST
Corporation is an independent designer, manufacturer and marketer
of temperature management products and ATE interface solutions,
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.
-Tables Follow-
SELECTED FINANCIAL DATA
(Unaudited)
(In thousands, except per share data)
Condensed Consolidated Statements of Operations Data:
Three Months Ended Year Ended
------------------------------- ----------------------
12/31/2011 12/31/2010 9/30/2011 12/31/2011 12/31/2010
---------- ---------- --------- ---------- ----------
Net revenues $ 10,081 $ 10,110 $ 11,681 $ 47,266 $ 46,204
Gross margin 4,869 4,788 6,133 22,893 22,145
Operating expenses:
Selling expense 1,275 1,290 1,461 5,708 5,717
Engineering and
product
development
expense 796 789 809 3,240 3,044
General and
administrative
expense 1,619 1,345 1,448 6,367 6,034
Operating income 1,179 1,364 2,415 7,578 7,350
Other income 10 61 5 81 50
Earnings before
income tax expense
(benefit) 1,189 1,425 2,420 7,659 7,400
Income tax expense
(benefit) 420 131 (2,762) (2,204) 148
Net earnings 769 1,294 5,182 9,863 7,252
Net earnings per
share - basic $ 0.08 $ 0.13 $ 0.51 $ 0.97 $ 0.72
Weighted average
shares outstanding
- basic 10,192 10,042 10,183 10,148 10,019
Net earnings per
share - diluted $ 0.08 $ 0.13 $ 0.50 $ 0.96 $ 0.72
Weighted average
shares outstanding
- diluted 10,281 10,184 10,297 10,286 10,142
Condensed Consolidated Balance Sheets Data:
As of:
-----------------------------------
12/31/2011 9/30/2011 12/31/2010
----------- ----------- -----------
Cash and cash
equivalents $ 13,957 $ 12,064 $ 6,895
Trade accounts
receivable, net 6,189 6,816 6,244
Inventories 3,896 4,674 3,489
Total current assets 24,797 24,404 17,058
Net property and
equipment 1,134 1,098 718
Total assets 31,237 31,227 21,408
Accounts payable 1,031 1,733 1,672
Accrued expenses 3,960 3,876 3,445
Total current
liabilities 5,038 5,786 5,265
Noncurrent liabilities - - 39
Total stockholders'
equity 26,199 25,441 16,104
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Contacts: inTEST Corporation Hugh T. Regan, Jr. Treasurer
and Chief Financial Officer Tel: 856-505-8999 Investors:
Laura Guerrant-Oiye, Principal Guerrant Associates
lguerrant@guerrantir.com Tel: (808) 882-1467
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