inTEST Corporation (NYSE American: INTT), a global supplier of
innovative test and process solutions for use in manufacturing and
testing across a wide range of markets, including automotive,
defense/aerospace, industrial, medical, semiconductor and
telecommunications, today announced financial results for the
quarter and full year ended December 31, 2020.
2020 Fourth Quarter Financial
Summary
($ in Millions, Except
Per Share Data) |
Three Months Ended |
|
12/31/2020 |
9/30/2020 |
12/31/2019 |
Semi Market Bookings (1) |
$ |
11.1 |
|
$ |
7.2 |
|
$ |
4.6 |
|
Multimarket Bookings (2) |
|
6.5 |
|
|
7.2 |
|
|
6.5 |
|
Total Bookings |
$ |
17.6 |
|
$ |
14.4 |
|
$ |
11.1 |
|
|
|
|
|
Semi Market Bookings (1) - %
of Total Bookings |
|
63% |
|
|
50% |
|
|
41% |
|
Multimarket Bookings (2) - %
of Total Bookings |
|
37% |
|
|
50% |
|
|
59% |
|
|
|
|
|
Semi Market Net Revenues
(1) |
$ |
7.6 |
|
$ |
7.4 |
|
$ |
6.1 |
|
Multimarket Net Revenues
(2) |
|
7.3 |
|
|
7.0 |
|
|
7.5 |
|
Total Net Revenues |
$ |
14.9 |
|
$ |
14.4 |
|
$ |
13.6 |
|
|
|
|
|
Semi Market Net Revenues (1) -
% of Total Net Revenues |
|
51% |
|
|
51% |
|
|
45% |
|
Multimarket Net Revenues (2) -
% of Total Net Revenues |
|
49% |
|
|
49% |
|
|
55% |
|
|
|
|
|
Gross Margin - $ |
$ |
6.7 |
|
$ |
6.5 |
|
$ |
6.5 |
|
Gross Margin - % |
|
45% |
|
|
45% |
|
|
48% |
|
|
|
|
|
Net Earnings (Loss) (GAAP)
(3) |
$ |
(0.4 |
) |
$ |
0.5 |
|
$ |
0.7 |
|
Net Earnings (Loss) per
diluted share (GAAP) (3) |
$ |
(0.04 |
) |
$ |
0.04 |
|
$ |
0.07 |
|
|
|
|
|
Adjusted Net Earnings (Loss)
(Non-GAAP) (4) |
$ |
(0.1 |
) |
$ |
0.8 |
|
$ |
1.0 |
|
Adjusted Net Earnings (Loss)
per diluted share (Non-GAAP) (4) |
$ |
(0.01 |
) |
$ |
0.07 |
|
$ |
0.10 |
|
|
|
|
|
EBITDA (Non-GAAP) (4) |
$ |
0.0 |
|
$ |
0.9 |
|
$ |
1.1 |
|
|
|
|
|
|
As of |
|
12/31/2020 |
9/30/2020 |
12/31/2019 |
Cash and cash equivalents |
$ |
10.3 |
|
$ |
9.5 |
|
$ |
7.6 |
|
(1 |
) |
Semi Market: These amounts
include all bookings and net revenues from the semiconductor
market. |
|
|
(2 |
) |
Multimarket: These amounts
include all bookings and net revenues from markets other than the
semiconductor market. |
|
|
(3 |
) |
The amounts for the three
months ended December 31, 2020 and September 30, 2020 include the
impact of costs related to the consolidation of the Company’s EMS
manufacturing operations into its Mt. Laurel, NJ facility and the
reduction of the administrative footprint in the Company’s
Mansfield, MA office associated with the reestablishment of the Mt.
Laurel, NJ office as the Company’s corporate headquarters. These
costs totaled approximately $1.1 million for the three months ended
December 31, 2020 and $161,000 for the three months ended September
30, 2020. |
|
|
(4 |
) |
Adjusted Net Earnings (Loss),
Adjusted Net Earnings (Loss) per diluted share and EBITDA are
non-GAAP financial measures. Further information can be found under
“Non-GAAP Measures.” See also the reconciliation of GAAP financial
measures to non-GAAP financial measures that accompanies this
earnings release. |
inTEST President and CEO Nick Grant commented, “On a GAAP basis,
our 2020 fourth quarter net loss per diluted share was $(0.04).
During the fourth quarter we substantially completed the
consolidation of our California manufacturing operations into our
New Jersey manufacturing operations and reestablished our Mt.
Laurel, NJ office as the Company’s corporate headquarters, which
resulted in restructuring and other charges in the quarter.
Excluding these and other non-recurring charges, our 2020 fourth
quarter net earnings per diluted share would have been $0.07
(Non-GAAP).”
Mr. Grant added, “These restructuring actions not only provide
ongoing cost reductions through footprint optimization, but they
also allow us to better serve our global customers through
streamlined operations. We expect that the consolidation of our EMS
manufacturing operations will result in annual savings going
forward.”
2020 Year End Financial
Summary
($ in Millions, Except
Per Share Data) |
Years Ended |
|
12/31/2020 |
12/31/2019 |
Semi Market Bookings (5) |
$ |
32.4 |
|
$ |
25.4 |
|
Multimarket Bookings (6) |
|
27.3 |
|
|
27.4 |
|
Total Bookings |
$ |
59.7 |
|
$ |
52.8 |
|
|
|
|
Semi Market Bookings (5) - %
of Total Bookings |
|
54% |
|
|
48% |
|
Multimarket Bookings (6) - %
of Total Bookings |
|
46% |
|
|
52% |
|
|
|
|
Semi Market Net Revenues
(5) |
$ |
26.8 |
|
$ |
31.0 |
|
Multimarket Net Revenues
(6) |
|
27.0 |
|
|
29.7 |
|
Total Net Revenues |
$ |
53.8 |
|
$ |
60.7 |
|
|
|
|
Semi Market Net Revenues (5) -
% of Total Net Revenues |
|
50% |
|
|
51% |
|
Multimarket Net Revenues (6) -
% of Total Net Revenues |
|
50% |
|
|
49% |
|
|
|
|
Gross Margin - $ |
$ |
24.1 |
|
$ |
29.2 |
|
Gross Margin - % |
|
45% |
|
|
48% |
|
|
|
|
Net Earnings (Loss) (GAAP)
(7) |
$ |
(0.9 |
) |
$ |
2.3 |
|
Net Earnings (Loss) per
diluted share (GAAP) (7) |
$ |
(0.09 |
) |
$ |
0.22 |
|
|
|
|
Adjusted Net Earnings
(Non-GAAP) (8) |
$ |
0.3 |
|
$ |
3.6 |
|
Adjusted Net Earnings per
diluted share (Non-GAAP) (8) |
$ |
0.03 |
|
$ |
0.34 |
|
|
|
|
EBITDA (Non-GAAP) (8) |
$ |
0.7 |
|
$ |
4.5 |
|
(5 |
) |
Semi Market: These amounts
include all bookings and net revenues from the semiconductor
market. |
|
|
(6 |
) |
Multimarket: These amounts
include all bookings and net revenues from markets other than the
semiconductor market. |
|
|
(7 |
) |
The amount for the year ended
December 31, 2020 includes the impact of costs related to the
consolidation of the Company’s EMS manufacturing operations into
its Mt. Laurel, NJ facility, the reduction of the administrative
footprint in the Company’s Mansfield, MA office associated with the
reestablishment of the Mt. Laurel, NJ office as the Company’s
corporate headquarters and other restructuring activities which
occurred in the first half of 2020 in response to the impact of
COVID-19. These costs totaled approximately $1.3 million for the
year ended December 31, 2020. The amount for the year ended
December 31, 2019 includes $240,000 primarily related to the
consolidation of Ambrell’s European operations. |
|
|
(8 |
) |
Adjusted Net Earnings,
Adjusted Net Earnings per diluted share and EBITDA are non-GAAP
financial measures. Further information can be found under
“Non-GAAP Measures.” See also the reconciliation of GAAP financial
measures to non-GAAP financial measures that accompanies this
earnings release. |
“Demand for our innovative test and process technology solutions
is strong and we ended the year with good momentum,” noted Mr.
Grant. “Fourth quarter bookings increased 22% sequentially and 58%
year-over-year, while net revenues increased 3% sequentially and 9%
year-over-year and were at the high end of our guidance. Backlog
increased by $5.9 million compared to the end of 2019 and we
continue to generate positive cash flow.
“We enter 2021 optimistic for the year ahead. Market tailwinds
and investments are driving growth, the worldwide chip shortage is
expected to last into next year, utilization rates are projected to
stay historically high, which normally correlates to strong
semiconductor business for inTEST, and we are making inroads into a
number of growth markets and segments outside of the semiconductor
market.” Mr. Grant concluded, “We are meeting the demanding
requirements of our customers with an impressive breadth of
products to serve our global customer base; and with our business
growing, we expect to approach record bookings levels for the first
quarter of 2021.”
2021 First Quarter Financial
OutlookinTEST’s guidance for the 2021 first quarter
includes estimates of both GAAP and non-GAAP financial measures. A
reconciliation between these GAAP and non-GAAP financial measures
is included below.
inTEST expects that net revenues for the first
quarter of 2021 will be in the range of $18.5 million to $19.5
million and that on a GAAP basis, our net earnings per diluted
share will range from $0.18 to $0.22. On a non-GAAP basis, we
expect our adjusted net earnings per diluted share will range from
$0.21 to $0.25. In addition, we expect that gross margin will range
from 49% to 51%. This outlook is based on the Company’s current
views with respect to operating and market conditions and
customers’ forecasts, which are subject to change. Actual results
may differ materially as a result of, among other things, the
factors described under “Forward-Looking Statements” below.
2020 Fourth Quarter and Year-End Supplemental
Information and Conference Call DetailsinTEST is providing
Supplemental Information (“Information”) in combination with its
press release. This Information is offered to provide shareholders
and analysts with additional time and detail for analyzing the
Company’s financial results in advance of the Company’s quarterly
conference call. The Information will be available in conjunction
with the press release at inTEST’s website www.intest.com, under
the “Investors” section.
inTEST management will host a conference call on Friday, March
5, 2021 at 8:30 am Eastern Standard Time. The conference call will
address the Company’s 2020 fourth quarter financial 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. To access the live
conference call, please dial (323) 289-6576 or (800) 437-2398. The
Passcode for the conference call is 5369295. Please reference the
inTEST 2020 Q4 and Year-End Financial Results Conference Call.
2020 Fourth Quarter and Year-End Live Webcast
DetailsinTEST Corporation will provide a webcast in
conjunction with the conference call. To access the live webcast,
please visit inTEST’s website www.intest.com under the “Investors”
section.
2020 Fourth Quarter and Year-End 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.
Submit QuestionsIn advance of
the conference call, and for those investors accessing the webcast,
inTEST Corporation welcomes individual investors to submit their
questions via email to laura@ga-ir.com.
Non-GAAP Financial MeasuresIn
addition to disclosing results that are determined in accordance
with GAAP, we also disclose non-GAAP financial measures. These
non-GAAP financial measures consist of adjusted net earnings
(loss), adjusted net earnings (loss) per diluted share, EBITDA, net
earnings excluding restructuring and other non-recurring charges
and net earnings excluding restructuring and other non-recurring
charges per diluted share. Adjusted net earnings (loss) is derived
by adding acquired intangible amortization, adjusted for the
related income tax expense (benefit), to net earnings (loss).
Adjusted net earnings (loss) per diluted share is derived by
dividing adjusted net earnings (loss) by diluted weighted average
shares outstanding. EBITDA is derived by adding acquired intangible
amortization, interest expense, income tax expense, and
depreciation to net earnings (loss). Net earnings per diluted share
excluding restructuring and other non-recurring charges is derived
by adding restructuring and other charges and other non-recurring
charges, both tax effected, to net earnings (loss) and net earnings
excluding restructuring and other non-recurring charges per diluted
share is derived by dividing net earnings excluding restructuring
and other non-recurring charges by diluted weighted average shares
outstanding. These results are provided as a complement to the
results provided in accordance with GAAP. Adjusted net earnings
(loss), adjusted net earnings (loss) per diluted share and EBITDA
are non-GAAP financial measures presented to provide investors with
meaningful, supplemental information regarding our baseline
performance before acquired intangible amortization charges as this
expense may not be indicative of our current core business or
future outlook. Net earnings excluding restructuring and other
non-recuring charges and net earnings excluding restructuring and
other non-recurring charges per diluted share are non-GAAP
financial measures presented to provide investors with meaningful,
supplemental information regarding our baseline performance before
restructuring and other non-recurring charges as these
restructuring and other non-recurring charges may not be indicative
of our current core business or future outlook. These non-GAAP
financial measures are used by management to make operational
decisions, to forecast future operational results, and for
comparison with our business plan, historical operating results and
the operating results of our peers. A reconciliation from net
earnings (loss) and net earnings (loss) per diluted share to
adjusted net earnings (loss) and adjusted net earnings (loss) per
diluted share, from net earnings (loss) to EBITDA and from net
earnings (loss) and net earnings (loss) per diluted share to net
earnings excluding restructuring and other non-recurring charges
and net earnings excluding restructuring and other non-recurring
charges per diluted share, which are discussed in this earnings
release, is contained in the tables below. The non-GAAP financial
measures discussed in this earnings release may not be comparable
to similarly titled measures used by other companies. The
presentation of non-GAAP financial measures is not meant to be
considered in isolation, as a substitute for, or superior to,
financial measures or information provided in accordance with
GAAP.
About inTEST CorporationinTEST
Corporation is a global supplier of innovative test and process
solutions for use in manufacturing and
testing across a wide range of markets including automotive,
defense/aerospace, energy, industrial, semiconductor and
telecommunications. Backed by decades of engineering expertise and
a culture of operational excellence, we solve difficult thermal,
mechanical and electronic challenges for customers worldwide while
generating strong cash flow and profits. Our strategy uses these
strengths to grow and increase stockholder value by maximizing our
businesses and by identifying, acquiring and optimizing
complementary businesses.
For more information visit www.intest.com.
Forward-Looking StatementsThis
press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended. These statements do not convey historical information but
relate to predicted or potential future events and financial
results, such as statements of our plans, strategies and
intentions, or our future performance or goals, that are based upon
management's current expectations. Our forward-looking statements
can often be identified by the use of forward-looking terminology
such as “believes,” “expects,” “intends,” “may,” “will,” “should,”
“plans,” “projects,” “forecasts,” “outlook,” “anticipates” or
similar terminology. These statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements.
Such risks and uncertainties include, but are not limited to,
any mentioned in this press release as well as the impact of the
COVID-19 pandemic on our business, liquidity, financial condition
and results of operations; indications of a change in the market
cycles in the Semi Market or other markets we serve; changes in
business conditions and general economic conditions both
domestically and globally; changes in the demand for
semiconductors; the success of our strategy to diversify our
business by entering markets outside the Semi Market; our ability
to successfully consolidate our EMS operations without any impacts
on customers shipments; the possibility of future acquisitions or
dispositions and the successful integration of any acquired
operations; our ability to borrow funds or raise capital to finance
potential acquisitions; changes in the rates and timing of capital
expenditures by our customers; and other risk factors set forth
from time to time in our Securities and Exchange Commission
filings, including, but not limited to, our annual report on Form
10-K for the year ended December 31, 2019, quarterly reports on
Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and
September 30, 2020. Any forward-looking statement made by us in
this press release is based only on information currently available
to us and speaks to circumstances only as of the date on which it
is made. We undertake 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 |
|
Years Ended |
|
12/31/2020 |
|
12/31/2019 |
|
9/30/2020 |
|
12/31/2020 |
|
12/31/2019 |
|
|
|
|
|
|
|
|
|
|
Net revenues |
$ |
14,875 |
|
$ |
13,614 |
|
$ |
14,443 |
|
$ |
53,823 |
|
$ |
60,660 |
Gross margin |
|
6,720 |
|
|
6,465 |
|
|
6,450 |
|
|
24,104 |
|
|
29,225 |
Operating expenses: |
|
|
|
|
|
|
|
|
|
Selling expense |
|
1,962 |
|
|
1,955 |
|
|
1,747 |
|
|
7,522 |
|
|
8,460 |
Engineering and product development expense |
|
1,245 |
|
|
1,211 |
|
|
1,316 |
|
|
5,070 |
|
|
4,964 |
General and administrative expense |
|
2,919 |
|
|
2,703 |
|
|
2,799 |
|
|
11,444 |
|
|
13,012 |
Restructuring and other charges |
|
1,078 |
|
|
- |
|
|
161 |
|
|
1,285 |
|
|
240 |
Operating income (loss) |
|
(484 |
) |
|
596 |
|
|
427 |
|
|
(1,217 |
) |
|
2,549 |
Other income (loss) |
|
30 |
|
|
52 |
|
|
6 |
|
|
(14 |
) |
|
55 |
Earnings (loss) before income
tax expense (benefit) |
|
(454 |
) |
|
648 |
|
|
433 |
|
|
(1,231 |
) |
|
2,604 |
Income tax expense
(benefit) |
|
(74 |
) |
|
(76 |
) |
|
(25 |
) |
|
(336 |
) |
|
282 |
Net earnings (loss) |
|
(380 |
) |
|
724 |
|
|
458 |
|
|
(895 |
) |
|
2,322 |
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share
– basic |
$ |
(0.04 |
) |
$ |
0.07 |
|
$ |
0.04 |
|
$ |
(0.09 |
) |
$ |
0.22 |
Weighted average shares
outstanding – basic |
|
10,283 |
|
|
10,275 |
|
|
10,270 |
|
|
10,257 |
|
|
10,373 |
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share
– diluted |
$ |
(0.04 |
) |
$ |
0.07 |
|
$ |
0.04 |
|
$ |
(0.09 |
) |
$ |
0.22 |
Weighted average shares
outstanding – diluted |
|
10,283 |
|
|
10,299 |
|
|
10,288 |
|
|
10,257 |
|
|
10,392 |
Condensed Consolidated Balance Sheets Data:
|
As of: |
|
12/31/2020 |
|
9/30/2020 |
|
12/31/2019 |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
10,277 |
|
$ |
9,473 |
|
$ |
7,612 |
Trade accounts receivable,
net |
|
8,435 |
|
|
9,533 |
|
|
9,296 |
Inventories |
|
7,476 |
|
|
6,924 |
|
|
7,182 |
Total current assets |
|
26,964 |
|
|
26,642 |
|
|
24,895 |
Net property and
equipment |
|
2,350 |
|
|
2,417 |
|
|
2,420 |
Total assets |
|
62,030 |
|
|
62,789 |
|
|
59,715 |
Accounts payable |
|
2,424 |
|
|
2,203 |
|
|
1,984 |
Accrued expenses |
|
4,388 |
|
|
5,147 |
|
|
4,207 |
Total current liabilities |
|
8,856 |
|
|
9,284 |
|
|
8,361 |
Noncurrent liabilities |
|
8,422 |
|
|
8,682 |
|
|
6,520 |
Total stockholders'
equity |
|
44,752 |
|
|
44,823 |
|
|
44,834 |
Reconciliation of Net Earnings (Loss) (GAAP) to Adjusted
Net Earnings (Non-GAAP) and Net Earnings (Loss) Per Share – Diluted
(GAAP) to Adjusted Net Earnings Per Share – Diluted
(Non-GAAP):
|
Three Months Ended |
|
Years Ended |
|
12/31/2020 |
|
12/31/2019 |
|
9/30/2020 |
|
12/31/2020 |
|
12/31/2019 |
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) (GAAP) |
$ |
(380 |
) |
|
$ |
724 |
|
$ |
458 |
|
|
$ |
(895 |
) |
|
$ |
2,322 |
|
Acquired intangible amortization |
|
306 |
|
|
|
313 |
|
|
307 |
|
|
|
1,233 |
|
|
|
1,257 |
|
Tax adjustments |
|
(2 |
) |
|
|
3 |
|
|
(15 |
) |
|
|
(26 |
) |
|
|
(9 |
) |
Adjusted net earnings (loss)
(Non-GAAP) |
$ |
(76 |
) |
|
$ |
1,040 |
|
$ |
750 |
|
|
$ |
312 |
|
|
$ |
3,570 |
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average
shares outstanding |
|
10,283 |
|
|
|
10,299 |
|
|
10,288 |
|
|
|
10,281 |
|
|
|
10,392 |
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share
– diluted: |
|
|
|
|
|
|
|
|
|
Net earnings (loss) (GAAP) |
$ |
(0.04 |
) |
|
$ |
0.07 |
|
$ |
0.04 |
|
|
$ |
(0.09 |
) |
|
$ |
0.22 |
|
Acquired intangible amortization |
|
0.03 |
|
|
|
0.03 |
|
|
0.03 |
|
|
|
0.12 |
|
|
|
0.12 |
|
Tax adjustments |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Adjusted net earnings (loss)
per share – diluted (Non-GAAP) |
$ |
(0.01 |
) |
|
$ |
0.10 |
|
$ |
0.07 |
|
|
$ |
0.03 |
|
|
$ |
0.34 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Earnings (Loss) (GAAP) to EBITDA
(Non-GAAP):
|
Three Months Ended |
|
Years Ended |
|
12/31/2020 |
|
12/31/2019 |
|
9/30/2020 |
|
12/31/2020 |
|
12/31/2019 |
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) (GAAP) |
$ |
(380 |
) |
|
$ |
724 |
|
|
$ |
458 |
|
|
$ |
(895 |
) |
|
$ |
2,322 |
|
Acquired intangible amortization |
|
306 |
|
|
|
313 |
|
|
|
307 |
|
|
|
1,233 |
|
|
|
1,257 |
|
Interest (income) expense |
|
4 |
|
|
|
- |
|
|
|
4 |
|
|
|
33 |
|
|
|
(17 |
) |
Income tax expense (benefit) |
|
(74 |
) |
|
|
(76 |
) |
|
|
(25 |
) |
|
|
(336 |
) |
|
|
282 |
|
Depreciation |
|
156 |
|
|
|
150 |
|
|
|
164 |
|
|
|
630 |
|
|
|
685 |
|
EBITDA (Non-GAAP) |
$ |
12 |
|
|
$ |
1,111 |
|
|
$ |
908 |
|
|
$ |
665 |
|
|
$ |
4,529 |
|
Reconciliation of Net Earnings (Loss) (GAAP) to Net
Earnings Excluding Restructuring and Other Non-Recurring Charges
(Non-GAAP) and Net Earnings (Loss) Per Share – Diluted (GAAP) to
Net Earnings Excluding Restructuring and Other Non-Recurring
Charges Per Share – Diluted (Non-GAAP):
|
Three Months Ended |
|
Years Ended |
|
12/31/2020 |
|
12/31/2019 |
|
9/30/2020 |
|
12/31/2020 |
|
12/31/2019 |
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) (GAAP) |
$ |
(380 |
) |
|
$ |
724 |
|
$ |
458 |
|
|
$ |
(895 |
) |
|
$ |
2,322 |
|
Less: Restructuring and other charges |
|
1,078 |
|
|
|
- |
|
|
161 |
|
|
|
1,285 |
|
|
|
240 |
|
Less: Other non-recurring charges |
|
205 |
|
|
|
- |
|
|
165 |
|
|
|
548 |
|
|
|
- |
|
Tax adjustments |
|
(210 |
) |
|
|
- |
|
|
(19 |
) |
|
|
(245 |
) |
|
|
(26 |
) |
Net earnings excluding
restructuring and other non-recurring charges (Non-GAAP) |
$ |
693 |
|
|
$ |
724 |
|
$ |
765 |
|
|
$ |
693 |
|
|
$ |
2,536 |
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average
shares outstanding |
|
10,340 |
|
|
|
10,299 |
|
|
10,288 |
|
|
|
10,281 |
|
|
|
10,392 |
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share
– diluted: |
|
|
|
|
|
|
|
|
|
Net earnings (loss) (GAAP) |
$ |
(0.04 |
) |
|
$ |
0.07 |
|
$ |
0.04 |
|
|
$ |
(0.09 |
) |
|
$ |
0.22 |
|
Less: Restructuring and other charges |
|
0.11 |
|
|
|
- |
|
|
0.02 |
|
|
|
0.13 |
|
|
|
0.02 |
|
Less: Other non-recurring charges |
|
0.02 |
|
|
|
- |
|
|
0.01 |
|
|
|
0.05 |
|
|
|
- |
|
Tax adjustments |
|
(0.02 |
) |
|
|
- |
|
|
- |
|
|
|
(0.02 |
) |
|
|
- |
|
Net earnings per diluted share
excluding restructuring and other non-recurring charges
(Non-GAAP) |
$ |
0.07 |
|
|
$ |
0.07 |
|
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.24 |
|
Supplemental Information – Reconciliation of First
Quarter 2021 Estimated Net Earnings Per Share – Diluted (GAAP) to
Estimated Adjusted Net Earnings Per Share – Diluted
(Non-GAAP):
|
Low |
|
High |
|
|
|
|
Estimated net earnings per share
– diluted (GAAP) |
$ |
0.18 |
|
$ |
0.22 |
Estimated acquired intangible amortization |
|
0.03 |
|
|
0.03 |
Estimated tax adjustments |
|
- |
|
|
- |
Estimated adjusted net
earnings per share – diluted (Non-GAAP) |
$ |
0.21 |
|
$ |
0.25 |
Contacts
inTEST Corporation
Hugh T. Regan, Jr.
Treasurer and Chief Financial Officer
Tel: 856-505-8999
Investors:
Laura Guerrant-Oiye, Principal
Guerrant Associates
laura@ga-ir.com
Tel: (808) 960-2642
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