Click here to close now.

SYS-CON MEDIA Authors: Jon McNeill, Elizabeth White, Liz McMillan, Pat Romanski, Carmen Gonzalez

News Feed Item

inTEST Reports 2013 Fourth Quarter and Year-End Results

Financial Results Mark Fourth Consecutive Year and 17th Consecutive Quarter of Profitability

MOUNT LAUREL, NJ -- (Marketwired) -- 03/05/14 -- inTEST Corporation (NYSE MKT: INTT), an independent designer, manufacturer and marketer of temperature management products and semiconductor automatic test equipment (ATE) interface solutions, today announced financial results for the fourth quarter and year ended December 31, 2013.

2013 Fourth Quarter

  • Fourth quarter bookings were $9.3 million, compared with third quarter 2013 bookings of $10.4 million, and fourth quarter 2012 bookings of $9.3 million; 22% of fourth quarter 2013 bookings were derived from non-semiconductor test.

  • Fourth quarter net revenues were $9.3 million, compared with third quarter 2013 net revenues of $9.9 million, and fourth quarter 2012 net revenues of $8.3 million; 21% of fourth quarter 2013 net revenues were derived from non-semiconductor test.

  • Fourth quarter gross margin was $4.7 million, or 50%, compared with third quarter 2013 gross margin of $4.8 million, or 48%, and fourth quarter 2012 gross margin of $3.5 million, or 42%.

  • Fourth quarter net earnings were $692,000, or $0.07 per diluted share, compared with third quarter 2013 net earnings of $1.1 million, or $0.10 per diluted share, and fourth quarter 2012 net earnings of $201,000, or $0.02 per diluted share.

  • Cash and cash equivalents of $19.0 million at December 31, 2013 increased by $2.3 million as compared with September 30, 2013.

2013 Year-End

  • 2013 net revenues were $39.4 million, as compared with 2012 net revenues of $43.4 million.

  • 2013 gross margin was $19.0 million, or 48%, compared with 2012 gross margin of $19.1 million, or 44%.

  • 2013 net earnings were $3.1 million, or $0.30 per diluted share, compared with 2012 net earnings of $2.2 million, or $0.21 per diluted share. Net earnings in 2012 reflect the effect of approximately $650,000 in non-recurring costs related to the acquisition of Thermonics on January 16, 2012; these costs include restructuring costs of $313,000 (related to facility closure costs) and acquisition related expenses of $337,000.

Commenting on the Company's financial results, Robert E. Matthiessen, president and chief executive officer, noted, "2013 marks inTEST's fourth consecutive year of profitability. Despite challenging industry-wide conditions experienced in the second half of the year, we delivered solid operating results. As forecasted, our orders in the second half of 2013 were stronger than those in the first half by 5%. On a year-over-year basis, 2013 gross margin of $19 million was relatively unchanged on an absolute dollar basis, but expanded as a percent of revenue to 48% from 44% a year ago; and net earnings for the year of $0.30 per diluted share increased by $0.09 over net earnings in 2012.

"For the fourth quarter, net earnings of $0.07 per diluted share exceeded our guidance and marked the Company's 17th consecutive quarter of profitability. Fourth quarter 2013 gross margin of 50% increased from 48% in the previous quarter, and 42% compared with fourth quarter 2012. In addition, we reported a positive book-to-bill ratio for the quarter, have a solid balance sheet, and we continued our trend of generating cash and carrying no debt."

First Quarter 2014 Financial Outlook:
We expect that net revenues for the first quarter ended March 31, 2014 will be in the range of $8.5 million to $9.5 million and that net earnings will range from $0.02 per diluted share to $0.06 per diluted share. Our outlook is based on our current views with respect to operating and market conditions and customers' forecasts, which are subject to change.

Mr. Matthiessen concluded, "Looking forward, we continue to be encouraged by quote activity which gives us a positive outlook for 2014. We see revenue growth resuming in the second quarter of 2014, and overall we expect that 2014 will be stronger than 2013. Our long-term objective is to grow and transform inTEST Corporation into a broad-based thermal solutions test company while continuing to supply our valued customers in the semiconductor test arena. Today, inTEST has evolved into a thermal test solutions provider, offering a comprehensive product portfolio capable of addressing growth markets in both the semiconductor and non-semiconductor markets which include: automotive, consumer electronics, defense/aerospace, industrial, energy, and telecommunications. We believe the conditions for our long-term success remain firmly in place."

Investor Conference Call / Webcast Details:
There will be a conference call with investors and analysts this evening at 5:00 pm EST to discuss inTEST's 2013 fourth quarter and year-end 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 inTEST's current or future performance.

The dial-in number for the live audio call beginning at 5:00 pm EST on March 5, 2014 is (480) 629-9664. The Passcode for the conference call is 4668616. Please reference the inTEST 2013 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.

2013 Q4 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. The Company's products are also sold into the automotive, consumer electronics, defense/aerospace, energy, industrial and telecommunications markets. Specific products include temperature management systems, manipulator and docking hardware products and customized interface solutions. The Company has established strong relationships with its customers 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 and financial results 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 our customers; 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. inTEST 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             Years Ended
                     --------------------------------- ---------------------
                     12/31/2013 12/31/2012   9/30/2013 12/31/2013 12/31/2012
                     ---------- ----------  ---------- ---------- ----------

Net revenues         $    9,335 $    8,270  $    9,900 $   39,426 $   43,376
Gross margin              4,689      3,507       4,756     19,015     19,059
Operating expenses:
  Selling expense         1,423      1,142       1,255      5,395      5,425
  Engineering and
   product
   development
   expense                  817        985         945      3,683      3,895
  General and
   administrative
   expense                1,427      1,329       1,469      5,975      6,430
  Restructuring and
   other charges              -        (46)          -          -        313
Other income                 15         21          27         46         57
Earnings before
 income tax expense       1,037        118       1,114      4,008      3,053
Income tax expense
 (benefit)                  345        (83)         24        931        897
Net earnings                692        201       1,090      3,077      2,156

Net earnings per
 share - basic       $     0.07 $     0.02  $     0.11 $     0.30 $     0.21
Weighted average
 shares outstanding
 - basic                 10,378     10,311      10,377     10,364     10,273

Net earnings per
 share - diluted     $     0.07 $     0.02  $     0.10 $     0.30 $     0.21
Weighted average
 shares outstanding
 - diluted               10,435     10,344      10,404     10,419     10,347



Condensed Consolidated Balance Sheets Data:

                                                        As of:
                                         -----------------------------------
                                          12/31/2013  9/30/2013   12/31/2012
                                         ----------- ----------- -----------

Cash and cash equivalents                $    19,018 $    16,751 $    15,576
Trade accounts receivable, net                 5,748       7,398       5,501
Inventories                                    3,243       3,484       3,135
Total current assets                          29,081      29,152      25,579
Net property and equipment                     1,254       1,196       1,250
Total assets                                  35,481      35,498      32,399
Accounts payable                               1,064       1,507       1,041
Accrued expenses                               3,185       3,282       3,455
Total current liabilities                      4,332       5,121       4,579
Noncurrent liabilities                             -           -           -
Total stockholders' equity                    31,149      30,377      27,820

Add to Digg Bookmark with del.icio.us Add to Newsvine

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Red Hat has launched the Red Hat Cloud Innovation Practice, a new global team of experts that will assist companies with more quickly on-ramping to the cloud. They will do this by providing solutions and services such as validated designs with reference architectures and agile methodology consulting, training, and support. The Red Hat Cloud Innovation Practice is born out of the integration of technology and engineering expertise gained through the company’s 2014 acquisitions of leading Ceph s...
Are your applications getting in the way of your business strategy? It’s time to rethink your IT approach. In his session at 16th Cloud Expo, Madhukar Kumar, Vice President, Product Management at Liaison Technologies, will discuss a new data-centric approach to IT that allows your data, not applications, to inform business strategy. By moving away from an application-centric IT model where data integration and analysis are subservient to the constraints of applications, your organization will b...
As organizations shift toward IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection &E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 16th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships, will disc...
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance...
Analytics is the foundation of smart data and now, with the ability to run Hadoop directly on smart storage systems like Cloudian HyperStore, enterprises will gain huge business advantages in terms of scalability, efficiency and cost savings as they move closer to realizing the potential of the Internet of Things. In his session at 16th Cloud Expo, Paul Turner, technology evangelist and CMO at Cloudian, Inc., will discuss the revolutionary notion that the storage world is transitioning from me...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, will demonstrate the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He will discuss from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT ...
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been ...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, will analyze a range of cloud offerings (IaaS, PaaS, SaaS) and discuss the benefits/challenges of migrating to each of...
Platform-as-a-Service (PaaS) is a technology designed to make DevOps easier and allow developers to focus on application development. The PaaS takes care of provisioning, scaling, HA, and other cloud management aspects. Apache Stratos is a PaaS codebase developed in Apache and designed to create a highly productive developer environment while also supporting powerful deployment options. Integration with the Docker platform, CoreOS Linux distribution, and Kubernetes container management system ...
The results of a global study commissioned by CA Technologies reveal that mobile and desktop applications have become the new battleground for brand loyalty. In today’s software-driven world, where consumers are more discerning about what they expect from applications, the reality is that businesses that fail to deliver a positive application experience risk losing as much as a quarter of their customer base. “Consumers no longer view applications as nice-to-have novelties. They now have a hug...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, will analyze a range of cloud offerings (IaaS, PaaS, SaaS) and discuss the benefits/challenges of migrating to each of...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
SYS-CON Media announced today that Symantec, a provider of leading security, backup and availability solutions for where vital information is stored, accessed and shared, has launched new ad campaigns on SYS-CON's i-Technology sites, which include Cloud Computing Journal, DevOps Journal, Virtualization Journal, and IoT Journal. Symantec’s campaigns focus on Disaster Recovery and High Availability, the availability of business-critical applications in today’s complex heterogeneous environments, ...