inTEST Revises Outlook For Third Quarter 2004
October 19 2004 - 9:51AM
PR Newswire (US)
inTEST Revises Outlook For Third Quarter 2004 CHERRY HILL, N.J.,
Oct. 19 /PRNewswire-FirstCall/ -- inTEST Corporation (NASDAQ:INTT),
a leading independent designer, manufacturer and marketer of
semiconductor automatic test equipment (ATE) interface solutions
and temperature management products, today announced that it is
lowering its outlook for the third quarter ending September 30,
2004. Robert E. Matthiessen, President and CEO, said, "We saw a
significant weakening in the level of our orders in two of our
three product segments late in the quarter as several customers
either postponed scheduled shipments or canceled orders. In
addition, we had higher than expected levels of inventory
obsolescence and product warranty expenses during the third
quarter, along with higher materials costs related to product mix.
As a result, revenues for the third quarter are now expected to be
approximately $19.5 million or at the low end of prior guidance,
with pre-tax earnings in the range from $0.10 to $0.12 per diluted
share." "We expect the market weakness will continue based on
current customer forecasts, resulting in an operating loss for the
fourth quarter 2004," said Hugh T. Regan, Jr., Treasurer and CFO.
"We are developing cost containment strategies to bring our
operating expenses inline with expected business levels. We plan to
provide more specific fourth quarter guidance when we report
results for the third quarter on Wednesday, October 27." About
inTEST Corporation inTEST Corporation is a leading 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 Andrew Rodriguez, 646-536-7032 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; 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. DATASOURCE: inTEST Corporation
CONTACT: Hugh T. Regan, Jr., Treasurer and Chief Financial Officer,
inTEST Corporation, +1-856-424-6886, ext 201; or David Pasquale,
+1-646-536-7006, or Andrew Rodriguez, +1-646-536-7032, both of The
Ruth Group, for inTEST Corporation Web site: http://www.intest.com/
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