2012 First Quarter Financial and Business Highlights
"Our guidance for the first quarter reflected the turbulent macro-economic environment and resulting softness in semiconductor-related bookings that inTEST had experienced in the second half of 2011, as well as costs related to the closing of the Thermonics acquisition. At the time, however, we had also noted that we were fairly confident that as we approached the end of the first quarter, we were through the trough in the semiconductor business and that our bookings were recovering; and further, we expected a continuation of that trend -- which we have seen. To date, our order flow has returned to more robust levels. First quarter bookings of
"The addition of Thermonics further enhances inTEST's presence in the ATE industry while, at the same time, providing additional leverage into growth industries outside of the semiconductor industry,"
Second Quarter 2012 Financial Outlook:
The Company expects that net revenue for the second quarter ended
The Company's outlook is based on its current views with respect to operating and market conditions and customers' forecasts, which are subject to change.
"Our guidance for the second quarter reflects the continued improvement that we have experienced in our traditional semiconductor market and those new markets addressed by inTEST Thermal Solutions," added
Investor Conference Call / Webcast Details:
There will be a conference call with investors and analysts this evening at
The dial-in number for the live audio call beginning at
2012 Q1 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 and telecommunications industries. Specific products include temperature management systems, positioner 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.
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; implementation of additional restructuring initiatives and other risk factors set forth from time to time in our
SELECTED FINANCIAL DATA (Unaudited) (In thousands, except per share data) Condensed Consolidated Statements of Operations Data: Three Months Ended --------------------------------- 3/31/2012 3/31/2011 12/31/2011 ---------- ---------- ---------- Net revenues $ 10,731 $ 11,704 $ 10,081 Gross margin 4,596 5,093 4,869 Operating expenses: Selling expense 1,406 1,385 1,275 Engineering and product development expense 924 813 796 General and administrative expense 1,991 1,634 1,619 Restructuring and other charges 359 - - Operating income (loss) (84) 1,261 1,179 Other income 13 56 10 Earnings (loss) before income tax expense (benefit) (71) 1,317 1,189 Income tax expense (benefit) (28) 60 420 Net earnings (loss) (43) 1,257 769 Net earnings (loss) per share - basic $ 0.00 $ 0.13 $ 0.08 Weighted average shares outstanding - basic 10,205 10,068 10,192 Net earnings (loss) per share - diluted $ 0.00 $ 0.12 $ 0.08 Weighted average shares outstanding - diluted 10,205 10,267 10,281 Condensed Consolidated Balance Sheets Data: As of: --------------------- 3/31/2012 12/31/2011 ---------- ---------- Cash and cash equivalents $ 10,101 $ 13,957 Trade accounts receivable, net 7,942 6,189 Inventories 4,740 3,896 Total current assets 23,558 24,797 Net property and equipment 1,236 1,134 Total assets 31,820 31,237 Accounts payable 1,941 1,031 Accrued expenses 3,639 3,960 Total current liabilities 5,590 5,038 Noncurrent liabilities - - Total stockholders' equity 26,230 26,199
Contacts: inTEST Corporation
Hugh T. Regan, Jr. Treasurer and Chief Financial Officer Tel: 856-505-8999 Investors: Laura Guerrant-OiyePrincipal Guerrant Associateslguerrant@guerrantir.com Tel: (808) 882-1467
Source: inTEST Corporation
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