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inTEST Corporation Announces Fourth Quarter Results and Record Quarterly Revenues and Net Earnings

CHERRY HILL, N.J., March 1 /PRNewswire/ -- inTEST Corporation (Nasdaq: INTT) today announced fourth quarter and year-end results. Net earnings for the quarter ended December 31, 1999 were a record $2.1 million or $.31 per diluted share compared with a loss of $362,000 or $(.06) per diluted share for the comparable period in 1998. Net earnings for the quarter ended December 31, 1999 increased $747,000 or 56% over net earnings for the quarter ended September 30, 1999. The following is summary financial information for the periods ended December 31, 1999 and 1998:


                              Three Months              Twelve Months
                                  Ended                     Ended
                          12/31/99      12/31/98    12/31/99     12/31/98
                         (000 omitted except for   (000 omitted except for
                           per share earnings)       per share earnings)

    Net revenues           $13,104      $3,837       $34,496      $19,075
    Gross margin             7,310       1,887        18,891       10,673
    Operating income (loss)  3,225        (746)        6,322        2,518
    Net earnings (loss)      2,088        (362)        4,094        1,927

    Net earnings (loss)
     per share - basic       $0.32      $(0.06)        $0.63        $0.31
    Weighted average shares
     outstanding - basic     6,536       6,536         6,536        6,170

    Net earnings (loss) per
     share - diluted         $0.31      $(0.06)        $0.62        $0.31
    Weighted average shares
     outstanding - diluted   6,683       6,536         6,626        6,186

inTEST Corporation had record net revenues of $13.1 million for the quarter ended December 31, 1999, an increase of $3.0 million or 30% over the September 30, 1999 quarter. The growth in both net revenues and net earnings reflects the current industry-wide strong market for automatic test equipment, demand for which has shown significant quarter-to-quarter increases throughout 1999. For the twelve months ended December 31, 1999, net revenues of the Company (including the net revenues of its TestDesign division which was acquired on August 3, 1998) were a record $34.5 million, an increase of $15.4 million or 81% over the comparable prior period. The growth in net revenues in 1999 over 1998 excluding the net revenues of TestDesign were $8.7 million or 49%. Net earnings for 1999 were $4.1 million, an increase of $2.2 million or 112% over the 1998 period. Excluding TestDesign, net earnings increased $1.4 million or 60%.

Robert E. Matthiessen, President and CEO said, "We are quite pleased with the record results for both the quarter and the year. During this extremely busy period for us, we have taken steps to increase productivity and decrease turn-around time. Improvements in our manufacturing methods and systems are currently being implemented in our largest manufacturing plant located in Cherry Hill. Our TestDesign product division has moved into a larger and improved facility. We have recently completed the renovation of our UK manufacturing facility to provide for the installation of new production equipment, and our manufacturing operation in Singapore, launched in the third quarter of 1999, is now fully operational. All of these accomplishments are designed to improve our ability to operate efficiently at the ever-increasing levels of business we are encountering. While demand for the Company's products continues to be strong around the world, it appears that the significant quarter-over-quarter growth achieved in 1999 will be flattening out in 2000. However, we still believe that the basic underlying factors driving semiconductor equipment demand are healthy and we are planning accordingly," concluded Mr. Matthiessen.

inTEST Corporation is a leader in providing test head positioning and connection apparatus to the global semiconductor manufacturing community. The Company's products improve the utilization and cost-effectiveness of automatic test equipment required in the manufacture of integrated circuits. Headquartered in Cherry Hill, New Jersey, the Company has manufacturing facilities in New Jersey, California, the UK and Singapore and design, sales, service and support offices in New Jersey, California, Texas, Arizona, Oregon, the UK, Japan and Singapore.

Certain matters in this news release are forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, a decline in the demand for semiconductor devices, changes in rates of capital expenditures by semiconductor manufacturers, progress of product development programs, costs associated with the integration of acquired operations, and other factors set forth in the Company's SEC filings, including its Form 10-K filed for the year ended December 31, 1998.

There will be a conference call hosted by management on Wednesday, March 1, 2000 at 5:30 p.m. EST. This call will be broadcast live on the Internet and can be accessed through www.vcall.com. It is recommended that participants register at least 10 minutes prior to the broadcast. The call will be archived for 30 days.


                           SELECTED FINANCIAL DATA
                    (In thousands, except per share data)

Consolidated Statements of Earnings Data:

                               Three Months             Twelve Months
                                   Ended                    Ended
                                 Dec. 31,                  Dec. 31,
                             1999        1998         1999         1998

    Net revenues           $13,104      $3,837       $34,496     $19,075
    Gross margin             7,310       1,887        18,891      10,673

    Operating expenses:
      Selling expense        1,702       1,064         4,869       3,346
      Research and
       development expense     964         596         3,209       1,934
      General and
       administrative
       expense               1,419         973         4,491       2,875
    Operating income (loss)  3,225        (746)        6,322       2,518
    Income tax expense
     (benefit)               1,252        (252)        2,635       1,099
    Net earnings (loss)      2,088        (362)        4,094       1,927

    Net earnings (loss) per
     share - basic           $0.32      $(0.06)        $0.63       $0.31
    Weighted average shares
     outstanding - basic     6,536       6,536         6,536       6,170

    Net earnings (loss) per
     share - diluted         $0.31      $(0.06)        $0.62       $0.31
    Weighted average shares
     outstanding - diluted   6,683       6,536         6,626       6,186


Consolidated Balance Sheets Data:

                                                 As of:
                                      12/31/99           12/31/98

    Cash and cash equivalents         $12,018              $8,468
    Trade accounts and notes
     receivable, net                    6,473               3,275
    Inventories                         3,826               2,521
    Total current assets               23,211              15,304
    Net machinery and equipment         1,785                 835
    Total assets                       31,620              23,218
    Accounts payable                    2,480                 969
    Accrued expenses                    1,946               1,023
    Total current liabilities           6,234               1,992
    Total stockholders' equity         25,386              21,226

SOURCE inTEST Corporation

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