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inTEST Reports 2015 Fourth Quarter and Year-End Financial Results

2015 Earnings per Share of $0.18 Mark Company's Sixth Consecutive Year of Profitability

MOUNT LAUREL, NJ -- (Marketwired) -- 03/02/16 -- inTEST Corporation (NYSE MKT: INTT), an independent designer, manufacturer and marketer of thermal management products and semiconductor automatic test equipment (ATE) interface solutions, today announced financial results for the fourth quarter and year ended December 31, 2015.

2015 Fourth Quarter Summary

2015 Fourth Quarter Share Repurchase
During the fourth quarter, the Company purchased 41,332 shares of inTEST stock under its authorized repurchase program, which began in December 2015. The cost of fourth quarter repurchased shares totaled $154,741.

2015 Year-End Summary

Robert E. Matthiessen, president and chief executive officer, commented, "2015 financial results marked our sixth consecutive year of profitability. The fourth quarter reflected the seasonal decline that we typically experience in the latter part of the year, but was weaker than anticipated."

Mr. Matthiessen added, "One of our primary areas of focus has been the continual optimization of operations to control costs and enhance margins. We are pleased to note that the recent reorganization of our Mechanical and Electrical Product segments into the new EMS Products segment has successfully moved us toward these goals. In addition, we continue to benefit from the ongoing diversification strategy of our Thermal Products segment into non-semiconductor growth markets and remain committed to our goal of diversified growth through acquisition. Our long-term objective to grow and evolve inTEST Corporation into a broad-based industrial test company as we continue to execute on our differentiated product strategy remains unabated."

2016 First Quarter Financial Outlook
inTEST expects that net revenues for the first quarter of 2016 will be in the range of $7.5 million to $8.5 million and that financial results will range from breakeven to a loss of $(0.05) per diluted share. 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.

2015 Fourth Quarter Investor Conference Call / Webcast Details (Wednesday March 2, 2016 at 5:00 p.m. EST)
inTEST management will host a conference call today at 5:00 p.m. Eastern Standard Time. The conference call will address the Company's 2015 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.

The dial-in number for the live audio call beginning at 5:00 p.m. EST on March 2, 2016 is (815) 680-6269 or (866) 900-9241. The Passcode for the conference call is 19978373. Please reference the inTEST 2015 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.

2015 Fourth Quarter 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 thermal 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, our ability to implement and execute the 2015 Repurchase Plan, 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.

SELECTED FINANCIAL DATA
(Unaudited)
(In thousands, except per share data)
Condensed Consolidated Statements of Operations Data:
Three Months Ended Years Ended
12/31/2015 12/31/2014 9/30/2015 12/31/2015 12/31/2014
Net revenues $ 7,939 $ 9,862 $ 9,203 $ 38,889 $ 41,796
Gross margin 3,611 5,027 4,323 18,698 20,462
Operating expenses:
Selling expense 1,348 1,417 1,370 5,797 5,735
Engineering and product development expense 905 876 1,041 3,935 3,580
General and administrative expense 1,517 1,550 1,511 6,404 6,231
Other income (expense) 5 (8 ) 6 21 (7 )
Earnings (loss) before income tax expense (154 ) 1,176 407 2,583 4,909
Income tax expense (benefit) (187 ) 217 97 722 1,470
Net earnings 33 959 310 1,861 3,439
Net earnings per share - basic $ 0.00 $ 0.09 $ 0.03 $ 0.18 $ 0.33
Weighted average shares outstanding - basic 10,482 10,455 10,474 10,473 10,432
Net earnings per share - diluted $ 0.00 $ 0.09 $ 0.03 $ 0.18 $ 0.33
Weighted average shares outstanding - diluted 10,498 10,481 10,499 10,494 10,466
Condensed Consolidated Balance Sheets Data:
As of:
12/31/2015 9/30/2015 12/31/2014
Cash and cash equivalents $ 25,710 $ 25,383 $ 23,126
Trade accounts receivable, net 4,395 5,539 5,034
Inventories 3,520 3,802 3,769
Total current assets 34,823 35,732 32,931
Net property and equipment 1,112 1,181 1,268
Total assets 39,984 40,973 38,738
Accounts payable 909 1,545 1,234
Accrued expenses 3,124 3,340 3,114
Total current liabilities 4,059 4,897 4,370
Noncurrent liabilities - - -
Total stockholders' equity 35,925 36,076 34,368

Contacts
inTEST Corporation
Hugh T. Regan, Jr.
Treasurer and Chief Financial Officer
Tel: 856-505-8999

Investors:
Laura Guerrant-Oiye
Principal
Guerrant Associates
lguerrant@guerrantir.com
Tel: (808) 882-1467

Source: inTEST Corporation

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