This 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,” or “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. In addition to the factors mentioned in this press release, such risks and uncertainties include, but are not limited to, indications of a change in the market cycles in the semiconductor and ATE markets or other markets we serve; changes in business conditions and general economic conditions both domestically and globally; changes in the demand for semiconductors, generally; the success of our strategy to diversify our business by entering markets outside the semiconductor or ATE markets; the possibility of future acquisitions or dispositions and the successful integration of any acquired operations; the ability to borrow funds or raise capital to finance major potential acquisitions; 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. Any forward-looking statement made by inTEST in this press release is based only on information currently available to inTEST and speaks to circumstances only as of the date on which it is made. 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.
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Contacts | | |
| inTEST Corporation | | Investors: |
| Hugh T. Regan, Jr. | | Laura Guerrant-Oiye, Principal |
| Treasurer and Chief Financial Officer | | Guerrant Associates |
| Tel: 856-505-8999 | |
Email Contact |
| | | Tel: (808) 960-2642 |
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SELECTED FINANCIAL DATA
(Unaudited)
(In thousands, except per share data)
Condensed Consolidated Statements of Operations Data: |
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Three Months Ended |
| |
3/31/2019 |
|
12/31/2018 |
|
3/31/2018 |
| | | | | | |
| Net revenues | $ | 18,062 | | $ | 18,435 | | | $ | 18,871 |
| Gross margin | | 8,836 | | | 9,004 | | | | 9,395 |
| Operating expenses: | | | | | |
| Selling expense | | 2,374 | | | 2,306 | | | | 2,476 |
| Engineering and product development expense | | 1,284 | | | 1,175 | | | | 1,296 |
| General and administrative expense | | 3,737 | | | 3,158 | | | | 2,990 |
| Adjustment to contingent consideration liability | | - | | | 2,828 | | | | 1,726 |
| Operating income (loss) | | 1,441 | | | (463 | ) | | | 907 |
| Other income (expense) | | 21 | | | (34 | ) | | | 75 |
| Earnings (loss) before income tax expense | | 1,462 | | | (497 | ) | | | 982 |
| Income tax expense | | 324 | | | 295 | | | | 601 |
| Net earnings (loss) | | 1,138 | | | (792 | ) | | | 381 |
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| Net earnings (loss) per share – basic | $ | 0.11 | | $ | (0.08 | ) | | $ | 0.04 |
| Weighted average shares outstanding – basic | | 10,385 | | | 10,367 | | | | 10,326 |
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| Net earnings (loss) per share – diluted | $ | 0.11 | | $ | (0.08 | ) | | $ | 0.04 |
| Weighted average shares outstanding – diluted | | 10,414 | | | 10,367 | | | | 10,365 |
