inTEST Reports 2019 Fourth Quarter and Year End Financial Results

About inTEST Corporation
inTEST Corporation is a global supplier of precision-engineered 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 shareholder value by maximizing our businesses and by identifying, acquiring and optimizing complementary businesses. For more information visit

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,” or “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. In addition to the factors mentioned in this press release, such risks and uncertainties include, but are not limited to, the potential impact of the coronavirus outbreak on our business; 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, generally; the success of our strategy to diversify our business by entering markets outside the Semi Market; the possibility of future acquisitions or dispositions and the successful integration of any acquired operations; the ability to borrow funds or raise capital to finance major potential acquisitions; 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 Securities and Exchange Commission filings, including, but not limited to, our periodic reports on Form 10-K and Form 10-Q.  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.

– tables follow –

(In thousands, except per share data)

Condensed Consolidated Statements of Operations Data:

  Three Months Ended  Years Ended
  12/31/2019   12/31/2018   9/30/2019   12/31/2019   12/31/2018
Net revenues$13,614  $18,435  $14,632  $60,660 $78,563 
Gross margin 6,465   9,004   7,205   29,225  39,401 
Operating expenses:                  
  Selling expense    1,955       2,306       2,044       8,460     9,611  
  Engineering and product development expense    1,211       1,175       1,261       4,964     4,908  
  General and administrative expense    2,703       3,158       3,094       13,252     12,801  
  Adjustment to contingent consideration liability    -       2,828       -       -     6,901  
Operating income (loss)    596       (463 )     806       2,549     5,180  
Other income (loss)   52       (34 )     (12 )     55     (137 )
Earnings (loss) before income tax expense   648       (497 )     794       2,604     5,043  
Income tax expense (benefit)   (76 )     295       147       282     2,006  
Net earnings (loss)    724       (792 )     647       2,322     3,037  
Net earnings (loss) per share – basic  $   0.07     $   (0.08 )   $   0.06     $   0.22   $   0.29  
Weighted average shares outstanding – basic   10,275       10,367       10,421       10,373     10,348  
Net earnings (loss) per share – diluted  $   0.07     $   (0.08 )   $   0.06     $   0.22   $   0.29  
Weighted average shares outstanding – diluted   10,299       10,367       10,430       10,392     10,382  

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