inTEST Corporation Announces First Quarter Financial Results

Apr 18, 2001, 01:00 ET from inTEST Corporation

    CHERRY HILL, N.J., April 18 /PRNewswire/ --
 inTEST Corporation (Nasdaq:   INTT) today announced its financial results for
 the quarter ended March 31, 2001.  Net revenues for the quarter were
 $20.1 million, a 7% decrease from the quarter ended December 31, 2000.  Net
 earnings for the quarter were $858,000 or $.10 per diluted share, up from
 $473,000 or $.06 per diluted share for the quarter ended December 31, 2000.
 Orders for the Company's products for the quarter ended March 31, 2001 were
 $20.8 million, a decrease of 10% from the quarter ended December 31, 2000.
     Robert E. Matthiessen, President and CEO said, "We are continuing to feel
 the impact of the slowdown in the semiconductor industry on both our net
 revenues and bookings.  While our view of this downturn is not substantially
 different from the consensus, we cannot say with any certainty when it will
 end.  Therefore, as previously disclosed, we have implemented internal
 financial cost controls across all divisions and subsidiaries, and are
 increasing our emphasis on product and customer development to position us for
 the upturn when it occurs.  We will continue to closely manage all aspects of
 our business to meet our short-term performance goals, and are also evaluating
 longer-term strategies to meet our future growth objectives."
     Hugh T. Regan, Jr., Treasurer and CFO added, "With the current weakness
 experienced in the semiconductor capital equipment market over the last
 quarter, management is revising its guidance for the quarter ending June 30,
 2001 downward to reflect these conditions, and believes that net revenues will
 range from $15.0 to $16.0 million and that diluted earnings per share will be
 breakeven for the second quarter of 2001."
 
     inTEST Corporation ( www.intest.com ) is a leading independent designer,
 manufacturer and marketer of manipulator and docking hardware products,
 temperature management systems and customized interface solutions that are
 used by semiconductor manufacturers to perform final testing of integrated
 circuits and wafer products.  Headquartered in Cherry Hill, New Jersey, inTEST
 has manufacturing facilities in New Jersey, Massachusetts, California, the UK
 and Singapore.  In addition, inTEST also has offices in Japan and Germany,
 which provide design, sales, service and support, with additional support
 personnel in Arizona and Texas.
 
      The statements by Messrs. Matthiessen and Regan are forward-looking
 statements that are based upon management's current expectations and are
 subject to risks and uncertainties that could cause actual results to differ
 materially from these forward-looking statements.  In addition to the factors
 discussed above, such risks and uncertainties include, but are not limited to,
 changes in business conditions and the economy, generally; a decline in the
 demand for integrated circuits; changes in 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; costs associated with, and progress in, the integration of acquired
 operations; and other risk factors set forth from time to time in our SEC
 filings including, but not limited to, our report on Form 10-K for the year
 ended December 31, 2000.
 
     As previously announced, there will be a conference call hosted by
 management on Wednesday, April 18, 2001 at 9:00 a.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 Ended
                                                             March 31,
                                                       2001              2000
 
     Net revenues                                   $20,105           $20,254
     Gross margin                                     7,963             9,975
     Operating expenses:
       Selling expense                                2,869             2,318
       Engineering and product development expense    1,677             1,450
       General and administrative expense             2,134             1,473
       Merger-related costs                              --             2,557
     Operating income                                 1,283             2,177
     Other income                                       158               100
     Income tax expense                                 583             1,799
     Net earnings                                       858               478
 
     Net earnings per share - basic                   $0.10             $0.06
     Weighted average shares outstanding - basic      8,252             8,137
 
     Net earnings per share - diluted                 $0.10             $0.06
     Weighted average shares outstanding - diluted    8,411             8,466
 
 
      Consolidated Balance Sheets Data:
 
                                                             As of:
                                                   03/31/01          12/31/00
 
     Cash and cash equivalents                     $  5,788          $  5,680
     Trade accounts and notes receivable, net        12,371            14,752
     Inventories                                     13,224            12,559
     Total current assets                            33,230            34,899
     Net property and equipment                       5,991             5,087
     Total assets                                    45,631            46,529
     Accounts payable                                 3,630             4,563
     Accrued expenses                                 2,487             3,568
     Total current liabilities                        6,207             8,131
     Noncurrent liabilities                             364                --
     Total stockholders' equity                      39,060            38,398
 
 

SOURCE inTEST Corporation
    CHERRY HILL, N.J., April 18 /PRNewswire/ --
 inTEST Corporation (Nasdaq:   INTT) today announced its financial results for
 the quarter ended March 31, 2001.  Net revenues for the quarter were
 $20.1 million, a 7% decrease from the quarter ended December 31, 2000.  Net
 earnings for the quarter were $858,000 or $.10 per diluted share, up from
 $473,000 or $.06 per diluted share for the quarter ended December 31, 2000.
 Orders for the Company's products for the quarter ended March 31, 2001 were
 $20.8 million, a decrease of 10% from the quarter ended December 31, 2000.
     Robert E. Matthiessen, President and CEO said, "We are continuing to feel
 the impact of the slowdown in the semiconductor industry on both our net
 revenues and bookings.  While our view of this downturn is not substantially
 different from the consensus, we cannot say with any certainty when it will
 end.  Therefore, as previously disclosed, we have implemented internal
 financial cost controls across all divisions and subsidiaries, and are
 increasing our emphasis on product and customer development to position us for
 the upturn when it occurs.  We will continue to closely manage all aspects of
 our business to meet our short-term performance goals, and are also evaluating
 longer-term strategies to meet our future growth objectives."
     Hugh T. Regan, Jr., Treasurer and CFO added, "With the current weakness
 experienced in the semiconductor capital equipment market over the last
 quarter, management is revising its guidance for the quarter ending June 30,
 2001 downward to reflect these conditions, and believes that net revenues will
 range from $15.0 to $16.0 million and that diluted earnings per share will be
 breakeven for the second quarter of 2001."
 
     inTEST Corporation ( www.intest.com ) is a leading independent designer,
 manufacturer and marketer of manipulator and docking hardware products,
 temperature management systems and customized interface solutions that are
 used by semiconductor manufacturers to perform final testing of integrated
 circuits and wafer products.  Headquartered in Cherry Hill, New Jersey, inTEST
 has manufacturing facilities in New Jersey, Massachusetts, California, the UK
 and Singapore.  In addition, inTEST also has offices in Japan and Germany,
 which provide design, sales, service and support, with additional support
 personnel in Arizona and Texas.
 
      The statements by Messrs. Matthiessen and Regan are forward-looking
 statements that are based upon management's current expectations and are
 subject to risks and uncertainties that could cause actual results to differ
 materially from these forward-looking statements.  In addition to the factors
 discussed above, such risks and uncertainties include, but are not limited to,
 changes in business conditions and the economy, generally; a decline in the
 demand for integrated circuits; changes in 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; costs associated with, and progress in, the integration of acquired
 operations; and other risk factors set forth from time to time in our SEC
 filings including, but not limited to, our report on Form 10-K for the year
 ended December 31, 2000.
 
     As previously announced, there will be a conference call hosted by
 management on Wednesday, April 18, 2001 at 9:00 a.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 Ended
                                                             March 31,
                                                       2001              2000
 
     Net revenues                                   $20,105           $20,254
     Gross margin                                     7,963             9,975
     Operating expenses:
       Selling expense                                2,869             2,318
       Engineering and product development expense    1,677             1,450
       General and administrative expense             2,134             1,473
       Merger-related costs                              --             2,557
     Operating income                                 1,283             2,177
     Other income                                       158               100
     Income tax expense                                 583             1,799
     Net earnings                                       858               478
 
     Net earnings per share - basic                   $0.10             $0.06
     Weighted average shares outstanding - basic      8,252             8,137
 
     Net earnings per share - diluted                 $0.10             $0.06
     Weighted average shares outstanding - diluted    8,411             8,466
 
 
      Consolidated Balance Sheets Data:
 
                                                             As of:
                                                   03/31/01          12/31/00
 
     Cash and cash equivalents                     $  5,788          $  5,680
     Trade accounts and notes receivable, net        12,371            14,752
     Inventories                                     13,224            12,559
     Total current assets                            33,230            34,899
     Net property and equipment                       5,991             5,087
     Total assets                                    45,631            46,529
     Accounts payable                                 3,630             4,563
     Accrued expenses                                 2,487             3,568
     Total current liabilities                        6,207             8,131
     Noncurrent liabilities                             364                --
     Total stockholders' equity                      39,060            38,398
 
 SOURCE  inTEST Corporation