CHERRY HILL, NEW JERSEY - August 3, 1998... inTEST Corporation (NASDAQ:INTT) announced today second quarter results. Net earnings for the quarter ended June 30, 1998 were $908,000 or $.15 per share compared with $1.0 million or $.26 per share for the comparable period in 1997. Net earnings for the six months ended June 30, 1998 were $2.1 million or $.35 per share compared with $1.9 million or $.48 per share for the comparable period in 1997. The following is summary financial information for the periods ended June 30, 1998 and 1997:
In June 1997, in connection with the Company's initial public offering, the Company terminated its status as an S corporation. The following pro forma financial information for the periods ended June 30, 1998 and 1997 reflect pro forma earnings on an after tax basis, assuming the Company had been taxed as a C corporation since January 1, 1997. In addition, these pro forma results also reflect goodwill amortization resulting from the acquisition of minority interests in foreign subsidiaries, net of the elimination of the minority interest charge reflected in the historical financial statements, as if the exchange had occurred on January 1, 1997. Such acquisition resulted in an increase in weighted average shares outstanding for pro forma purposes. The pro forma results for both the three months and six months ended June 30, 1998 are the same as the actual results for the period.
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