inTEST Reports 2020 Fourth Quarter & Year-End Financial Results

About inTEST Corporation
inTEST 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 Statements
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,” “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

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