- 2023 revenue increased 6% year-over-year while net income grew
10%
- Demonstrated strong operational cash flow: generated $4.7
million in cash from operations in the fourth quarter and a record
$16.2 million for the year
- Market diversification provided strength in sales for the year
supported by growth in defense/aerospace, industrial, security and
life sciences markets
- Fourth quarter orders improved 2% over the prior quarter driven
by defense/aerospace and industrial markets
- Expects 2024 revenue to range from $145 million to $155 million
including the acquisition of Alfamation
inTEST Corporation (NYSE American: INTT), a global supplier of
innovative test and process technology solutions for use in
manufacturing and testing in key target markets which include
automotive/EV, defense/aerospace, industrial, life sciences,
security, and semiconductor (“semi”), today announced financial
results for the fourth quarter and year ended December 31,
2023.
“The effective execution of our 5-Point Strategy continues to
drive strong results as we delivered a second consecutive year of
record revenue while also achieving net income of $9.3 million, the
highest level in more than a decade,” commented Nick Grant,
President and CEO. “inTEST’s strategy drives innovation, deeper
penetration into target markets, geographic expansion and attracts
top talent. In 2023, we made good progress at key accounts and
strengthened channel relationships throughout the U.S., Europe,
Latin America and the Asia Pacific region. We also announced a new
Center of Excellence in Malaysia for applications engineering,
product development and localized manufacturing that will support
all divisions and better serve customers in Southeast Asia. This
increasing diversification proved fundamental to the strength of
our 2023 results as growing demand from industrial and
defense/aerospace markets helped to offset the widely reported
weakness in the semiconductor market. Our efforts are resulting in
a larger, more diverse customer base positioning inTEST well for
further growth.”
Mr. Grant added, “The recent acquisition of Alfamation, which we
announced on March 12, 2024, is further proof of the progress we
are making on our 5-Point Strategy. The acquisition adds
significant test and automation capabilities, broadens geographic
and key market presence while also providing measurable scale to
the Electronic Test division. The team will continue to drive
organic growth initiatives while pursuing highly complementary
acquisitions such as Alfamation.”
Fourth Quarter 2023 Review (see revenue by market and by
segments in accompanying tables)
Three Months Ended
($ in 000s)
Change
Change
12/31/2023
12/31/2022
$
%
9/30/2023
$
%
Revenue
$27,884
$32,405
$(4,521)
-14.0%
$30,941
$(3,057)
-9.9%
Gross profit
$12,449
$14,981
$(2,532)
-16.9%
$14,447
$(1,998)
-13.8%
Gross margin
44.6%
46.2%
46.7%
Operating expenses (incl. intangible
amort.)
$11,340
$10,949
$391
3.6%
$11,979
$(639)
-5.3%
Operating income
$1,109
$4,032
$(2,923)
-72.5%
$2,468
$(1,359)
-55.1%
Operating margin
4.0%
12.4%
8.0%
Net earnings
$1,455
$3,244
$(1,789)
-55.1%
$2,277
$(822)
-36.1%
Net margin
5.2%
10.0%
7.4%
Earnings per diluted share (“EPS”)
$0.12
$0.30
$(0.18)
-60.0%
$0.19
$(0.07)
-36.8%
Adjusted net earnings (Non-GAAP) (1)
$1,910
$3,707
$(1,797)
-48.5%
$2,707
$(797)
-29.4%
Adjusted EPS (Non-GAAP) (1)
$0.16
$0.34
$(0.18)
-52.9%
$0.22
$(0.06)
-27.3%
Adjusted EBITDA (Non-GAAP) (1)
$2,418
$5,256
$(2,838)
-54.0%
$3,768
$(1,350)
-35.8%
Adjusted EBITDA margin (Non-GAAP) (1)
8.7%
16.2%
12.2%
(1) Adjusted net earnings, adjusted EPS, adjusted EBITDA, and
adjusted EBITDA margin are non-GAAP financial measures. Further
information can be found under “Non-GAAP Financial Measures.” See
also the reconciliations of GAAP financial measures to non-GAAP
financial measures that accompany this press release.
Compared with the prior-year period, fourth quarter revenue was
down primarily due to $8.7 million in lower sales to the semi
market. This was partially offset by a 171%, or $3.7 million,
increase in sales to the industrial market, a 42%, or $1.2 million,
increase in sales to the auto/EV market and an 11%, or $0.2
million, increase in the defense/aerospace market. Sequentially,
industrial revenue was up 141% and auto/EV sales were up 124%.
Gross margin was 44.6% in the fourth quarter, a 160-basis point
contraction compared with the prior-year period primarily due to
lower volume and product mix. Operating expenses increased
primarily because of $0.4 million of incremental corporate
development expenses, which were somewhat offset by lower selling
costs and expense management.
With the benefit of other income in the quarter of $0.6 million,
net earnings were $1.5 million, or $0.12 per diluted share.
2023 Summary
Full year revenue was a record $123.3 million, up 6%, or $6.5
million, over the prior year. Growth was driven primarily by $5.5
million higher sales to the defense/aerospace market, as well as a
$4.3 million increase in sales to the industrial market.
Gross profit for the year increased 7% to $57.0 million
reflecting the impact of higher volume, favorable mix as well as
ongoing cost and pricing actions. Gross margin expanded 50 basis
points to 46.2%. Operating income was down 3% to $10.4 million and
net earnings increased 10% to $9.3 million. Adjusted EBITDA
(Non-GAAP) was down 1% to $15.8 million.
Net earnings benefitted from higher cash balances and interest
rates resulting in other income of $1.3 million. On a per diluted
share basis, net earnings were up 1% to $0.79 compared with $0.78
in the prior year. Adjusted earnings per diluted share (Non-GAAP)1
were $0.94 compared with $0.99 in 2022.
Significant Financial Flexibility with Strong Cash Flow and a
Solid Balance Sheet
The Company generated $4.7 million in cash from operations in
the fourth quarter and $16.2 million in 2023. Capital expenditures
in the fourth quarter were $0.3 million, unchanged from the
prior-year period and were $1.3 million in 2023, down from $1.4
million in 2022.
Cash and cash equivalents at December 31, 2023 were $45.3
million, an increase of $31.8 million from the end of 2022, which
included $19.2 million in net proceeds from the Company’s
at-the-market equity offering program that was initiated and
completed in second quarter 2023. The Company paid down $1.0
million in debt in the fourth quarter and $4.1 million during the
year. Total debt was $12.0 million at year end.
Fourth Quarter 2023 Orders and Backlog (see orders by
market in accompanying tables)
Three Months Ended
($ in 000s)
Change
Change
12/31/2023
12/31/2022
$
%
9/30/2023
$
%
Orders
$27,523
$31,315
$(3,792)
-12.1%
$26,854
$669
2.5%
Backlog (at quarter end)
$40,130
$46,800
$(6,670)
-14.3%
$40,491
$(361)
-0.9%
Fourth quarter orders of $27.5 million were down 12% versus the
prior-year period but up 2% sequentially. Defense/aerospace orders
were very strong year-over-year, up 53% to $5.2 million, and were
strong as well sequentially, increasing 70%. Higher demand drove
fourth quarter industrial orders up 30%, or $0.8 million, compared
with last year’s fourth quarter. Sequentially, industrial orders
more than doubled to $3.4 million. Semi front-end orders were
resilient in the fourth quarter, primarily supporting epitaxy
applications. Back-end orders declined further year-over-year and
sequentially but began to show stabilization. Combined semi orders,
while down 10% year-over-year, improved sequentially by 3% to $13.3
million.
Backlog at December 31, 2023, was $40.1 million, down 14% versus
the prior year on lower demand from the semi market as well as
customers returning to shorter lead times as global supply chain
challenges have dissipated. Approximately 45% of backlog is
expected to ship beyond the first quarter of 2024.
Orders and backlog are key performance metrics that management
uses to analyze and measure the Company’s financial performance and
results of operations. Please see “Key Performance Indicators” for
a further explanation of the use and how these metrics are
calculated.
First Quarter and Full Year 2024 Guidance
First quarter guidance now includes just over two weeks of
financial results from the Alfamation acquisition. Revenue for the
first quarter of 2024 is expected to be approximately $29 million
with gross margin of approximately 45% to 46%. First quarter 2024
operating expenses, including amortization, corporate development
expenses and additional professional fees, are now expected to be
approximately $13 million. Intangible asset amortization is
estimated to be approximately $0.6 million pre-tax, or
approximately $0.5 million after tax, or $0.04 per share. The
effective tax rate is expected to be approximately 16% to 17% and
weighted average shares are expected to be about 12.2 million in
the first quarter.
First quarter 2024 estimated EPS is now expected to be
approximately $0.06, while first quarter estimated adjusted EPS
(Non-GAAP) is now expected to be approximately $0.10.2
1Adjusted earnings per diluted share is a non-GAAP financial
measure. Further information can be found under “Non-GAAP Financial
Measures.” See also the reconciliations of GAAP financial measures
to non-GAAP financial measures that accompany this press release. 2
First quarter 2024 estimated adjusted EPS is a forward-looking
non-GAAP financial measure. Further information can be found under
“Forward-looking Non-GAAP Financial Measures.” See also the
reconciliations of GAAP financial measures to non-GAAP financial
measures that accompany this press release.
The Company’s guidance for 2024 is as follows:
(as of March 27, 2024)
2024 Guidance
Revenue
$145 million to $155 million
Gross margin
45% to 46%
Operating expenses
$57 million to $59 million
Intangible asset amort
expense
Approximately $4.0 million
Intangible asset amort exp.
after tax
Approximately $3.5 million
Effective tax rate
18% to 20%
Capital expenditures
1% to 2% of sales
The foregoing guidance is based on management’s current views
with respect to operating and market conditions and customers’
forecasts. It also assumes macroeconomic conditions remain
unchanged through the end of the year and does not consider any
extraordinary non-operating expenses that may occur from time to
time. Actual results may differ materially from what is provided
here today because of, among other things, the factors described
under “Forward-Looking Statements” below. Further information about
non-GAAP measures can be found under “Non-GAAP Financial Measures”
and the reconciliations of GAAP financial measures to non-GAAP
financial measures that accompany this press release.
Conference Call and Webcast
The Company will host a conference call and webcast tomorrow,
March 28, 2024 at 8:30 a.m. ET. During the conference call,
management will review the financial and operating results and
discuss inTEST’s corporate strategy and outlook. A
question-and-answer session will follow. To listen to the live
call, dial (201) 689-8263. In addition, the webcast and slide
presentation may be found at www.intest.com/investor-relations.
A telephonic replay will be available from 11:30 a.m. ET on the
day of the call through Thursday, April 4, 2024. To listen to the
archived call, dial (412) 317-6671 and enter replay pin number
13745436. The webcast replay can be accessed via the investor
relations section of www.intest.com, where a transcript will also
be posted once available.
About inTEST Corporation
inTEST Corporation is a global supplier of innovative test and
process technology solutions for use in manufacturing and testing
in key target markets including automotive/EV, defense/aerospace,
industrial, life sciences, and security, as well as both the
front-end and back-end of the semiconductor manufacturing industry.
Backed by decades of engineering expertise and a culture of
operational excellence, inTEST solves difficult thermal,
mechanical, and electronic challenges for customers worldwide while
generating strong cash flow and profits. inTEST’s strategy
leverages these strengths to grow organically and with acquisitions
through the addition of innovative technologies, deeper and broader
geographic reach, and market expansion. For more information, visit
www.intest.com.
Non-GAAP Financial Measures and Forward-Looking Non-GAAP
Financial Measures
In addition to disclosing results that are determined in
accordance with generally accepted accounting practices in the
United States (“GAAP”), we also disclose non-GAAP financial
measures. These non-GAAP financial measures consist of adjusted net
earnings, adjusted earnings per diluted share (adjusted EPS),
adjusted EBITDA, and adjusted EBITDA margin.
Definition of Non-GAAP Measures
The Company defines these non-GAAP measures as follows:
- Adjusted net earnings is derived by adding acquired intangible
amortization, adjusted for the related income tax expense
(benefit), to net earnings.
- Adjusted earnings per diluted share (adjusted EPS) is derived
by dividing adjusted net earnings by diluted weighted average
shares outstanding.
- Adjusted EBITDA is derived by adding acquired intangible
amortization, net interest expense, income tax expense,
depreciation, and stock-based compensation expense to net
earnings.
- Adjusted EBITDA margin is derived by dividing adjusted EBITDA
by revenue.
These results are provided as a complement to the results
provided in accordance with GAAP. Adjusted net earnings and
adjusted earnings per diluted share (adjusted EPS) are non-GAAP
financial measures presented to provide investors with meaningful,
supplemental information regarding our baseline performance before
acquired intangible amortization charges as management believes
this expense may not be indicative of our underlying operating
performance. Adjusted EBITDA and adjusted EBITDA margin are
non-GAAP financial measures presented primarily as a measure of
liquidity as they exclude non-cash charges for acquired intangible
amortization, depreciation and stock-based compensation. In
addition, adjusted EBITDA and adjusted EBITDA margin also exclude
the impact of interest income or expense and income tax expense or
benefit, as management believes these expenses may not be
indicative of our underlying operating performance.
Management’s Use of Non-GAAP Measures
The non-GAAP financial measures presented in this press release
are used by management to make operational decisions, to forecast
future operational results, and for comparison with our business
plan, historical operating results and the operating results of our
peers. Reconciliations from net earnings and earnings per diluted
share (EPS) to adjusted net earnings and adjusted earnings per
diluted share (adjusted EPS) and from net earnings and net margin
to adjusted EBITDA and adjusted EBITDA margin, are contained in the
tables below.
Limitations of adjusted net earnings, adjusted earnings per
diluted share (adjusted EPS), adjusted EBITDA, and adjusted EBITDA
margin
Each of our non-GAAP measures have limitations as analytical
tools. They should not be viewed in isolation or as a substitute
for GAAP measures of earnings or cash flows. Limitations may
include the cash portion of interest expense, income tax (benefit)
provision, charges related to intangible asset amortization and
stock-based compensation expense. These items could significantly
affect our financial results.
Management believes these Non-GAAP financial measures are
important in evaluating our performance, results of operations, and
financial position. We use non-GAAP financial measures to
supplement our GAAP results to provide a more complete
understanding of the factors and trends affecting our business.
Adjusted net earnings, adjusted earnings per diluted share
(adjusted EPS), adjusted EBITDA, and adjusted EBITDA margin are not
alternatives to net earnings, earnings per diluted share or margin
as calculated and presented in accordance with GAAP. As such, they
should not be considered or relied upon as substitutes or
alternatives for any such GAAP financial measure. We strongly urge
you to review the reconciliations of adjusted net earnings,
adjusted earnings per diluted share (adjusted EPS), adjusted
EBITDA, and adjusted EBITDA margin along with our financial
statements included elsewhere in this press release. We also
strongly urge you not to rely on any single financial measure to
evaluate our business. In addition, because adjusted net earnings,
adjusted earnings per diluted share (adjusted EPS), adjusted
EBITDA, and adjusted EBITDA margin are not measures of financial
performance under GAAP and are susceptible to varying calculations,
the adjusted net earnings, adjusted earnings per diluted share
(adjusted EPS), adjusted EBITDA, and adjusted EBITDA margin
measures as presented in this press release may differ from and may
not be comparable to similarly titled measures used by other
companies.
Forward-Looking Non-GAAP Financial Measures
This release includes certain forward-looking non-GAAP financial
measures, including estimated adjusted earnings per diluted share
(estimated adjusted EPS). We have provided these non-GAAP measures
for future guidance for the same reasons that were outlined above
for historical non-GAAP measures.
We have reconciled non-GAAP forward-looking estimated adjusted
EPS to its most directly comparable GAAP measure. The
reconciliation from estimated net earnings per diluted share (EPS)
to estimated adjusted EPS is contained in the table below.
Key Performance Indicators
In addition to the foregoing non-GAAP measures, management uses
orders and backlog as key performance metrics to analyze and
measure the Company’s financial performance and results of
operations. Management uses orders and backlog as measures of
current and future business and financial performance, and these
may not be comparable with measures provided by other companies.
Orders represent written communications received from customers
requesting the Company to provide products and/or services. Backlog
is calculated based on firm purchase orders we receive for which
revenue has not yet been recognized. Management believes tracking
orders and backlog are useful as it often is a leading indicator of
future performance. In accordance with industry practice, contracts
may include provisions for cancellation, termination, or suspension
at the discretion of the customer.
Given that each of orders and backlog are operational measures
and that the Company's methodology for calculating orders and
backlog does not meet the definition of a non-GAAP measure, as that
term is defined by the U.S. Securities and Exchange Commission, a
quantitative reconciliation for each is not required or
provided.
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 the Company’s plans,
strategies and intentions, or our future performance or goals, that
are based upon management's current expectations. These
forward-looking statements can often be identified by the use of
forward-looking terminology such as “believe,” “could,” “expects,”
“guidance,” “may,” “will,” “should,” “plan,” “potential,”
“forecasts,” “targets,” “estimates,” 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. Such risks and uncertainties include, but are
not limited to, any mentioned in this press release as well as the
Company’s ability to execute on its 5-Point Strategy, realize the
potential benefits of acquisitions and successfully integrate any
acquired operations, grow the Company’s presence in its key target
and international markets, manage supply chain challenges, convert
backlog to sales and to ship product in a timely manner; the
success of the Company’s strategy to diversify its markets; the
impact of inflation on the Company’s business and financial
condition; indications of a change in the market cycles in the semi
market or other markets served; changes in business conditions and
general economic conditions both domestically and globally
including rising interest rates and fluctuation in foreign currency
exchange rates; changes in the demand for semiconductors; access to
capital and the ability to borrow funds or raise capital to finance
potential acquisitions or for working capital; changes in the rates
and timing of capital expenditures by the Company’s customers; and
other risk factors set forth from time to time in the Company’s
Securities and Exchange Commission filings, including, but not
limited to, the Annual Report on Form 10-K for the year ended
December 31, 2023. Any forward-looking statement made by the
Company in this press release is based only on information
currently available to management and speaks to circumstances only
as of the date on which it is made. The Company 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, except as
required by law.
– FINANCIAL TABLES FOLLOW –
inTEST CORPORATION
Consolidated Statements of Operations (In thousands,
except share and per share data) (Unaudited)
Three Months Ended December
31,
Years Ended December
31,
2023
2022
2023
2022
Revenue
$
27,884
$
32,405
$
123,302
$
116,828
Cost of revenue
15,435
17,424
66,324
63,388
Gross profit
12,449
14,981
56,978
53,440
Operating expenses:
Selling expense
4,194
4,405
17,605
15,903
Engineering and product development
expense
1,929
1,880
7,618
7,529
General and administrative expense
5,217
4,664
21,316
19,287
Total operating expenses
11,340
10,949
46,539
42,719
Operating income
1,109
4,032
10,439
10,721
Interest expense
(153
)
(178
)
(679
)
(635
)
Other income
610
27
1,288
59
Earnings before income tax expense
1,566
3,881
11,048
10,145
Income tax expense
111
637
1,706
1,684
Net earnings
$
1,455
$
3,244
$
9,342
$
8,461
Earnings per common share – basic
$
0.12
$
0.30
$
0.82
$
0.79
Weighted average common shares outstanding
– basic
11,962,679
10,725,662
11,461,399
10,673,017
Earnings per common share – diluted
$
0.12
$
0.30
$
0.79
$
0.78
Weighted average common shares and common
share equivalents outstanding – diluted
12,122,099
10,928,220
11,779,912
10,862,538
inTEST CORPORATION
Consolidated Balance Sheets (In thousands)
(Unaudited)
December 31,
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$
45,260
$
13,434
Restricted cash
-
1,142
Trade accounts receivable, net of
allowance for credit losses of $474 and $496, respectively
18,175
21,215
Inventories
20,089
22,565
Prepaid expenses and other current
assets
2,254
1,695
Total current assets
85,778
60,051
Property and equipment:
Machinery and equipment
7,118
6,625
Leasehold improvements
3,601
3,242
Gross property and equipment
10,719
9,867
Less: accumulated depreciation
(7,529
)
(6,735
)
Net property and equipment
3,190
3,132
Right-of-use assets, net
4,987
5,770
Goodwill
21,728
21,605
Intangible assets, net
16,596
18,559
Deferred tax assets
1,437
280
Restricted certificates of deposit
100
100
Other assets
1,013
569
Total assets
$
134,829
$
110,066
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Current portion of Term Note
$
4,100
$
4,100
Current portion of operating lease
liabilities
1,923
1,645
Accounts payable
5,521
7,394
Accrued wages and benefits
4,156
3,907
Accrued professional fees
1,228
884
Customer deposits and deferred revenue
3,797
4,498
Accrued sales commission
1,055
1,468
Domestic and foreign income taxes
payable
1,038
1,409
Other current liabilities
1,481
1,564
Total current liabilities
24,299
26,869
Operating lease liabilities, net of
current portion
3,499
4,705
Term Note, net of current portion
7,942
12,042
Contingent consideration
1,093
1,039
Deferred revenue, net of current
portion
1,331
-
Other liabilities
384
455
Total liabilities
38,548
45,110
Stockholders' equity:
Preferred stock, $0.01 par value;
5,000,000 shares authorized; no shares issued or outstanding
-
-
Common stock, $0.01 par value; 20,000,000
shares authorized; 12,241,925 and 11,063,271 shares issued,
respectively
122
111
Additional paid-in capital
54,450
31,987
Retained earnings
42,196
32,854
Accumulated other comprehensive
earnings
414
218
Treasury stock, at cost; 75,758 and 34,308
shares, respectively
(901
)
(214
)
Total stockholders' equity
96,281
64,956
Total liabilities and stockholders'
equity
$
134,829
$
110,066
inTEST CORPORATION
Consolidated Statements of Cash Flows (In thousands)
(Unaudited)
Years Ended December
31,
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings
$
9,342
$
8,461
Adjustments to reconcile net earnings to
net cash provided by (used in) operating activities:
Depreciation and amortization
4,683
4,734
Provision for excess and obsolete
inventory
544
771
Foreign exchange (gain) loss
(9
)
109
Amortization of deferred compensation
related to stock-based awards
2,047
1,787
Discount on shares sold under Employee
Stock Purchase Plan
31
36
Proceeds from sale of demonstration
equipment, net of gain
167
68
Loss on disposal of property and
equipment
11
-
Deferred income tax benefit
(1,157
)
(1,659
)
Adjustment to contingent consideration
liability
(294
)
-
Changes in assets and liabilities:
Trade accounts receivable
2,991
(4,886
)
Inventories
2,027
(10,631
)
Prepaid expenses and other current
assets
(535
)
(243
)
Other assets
(686
)
(2
)
Operating lease liabilities
(1,712
)
(1,363
)
Accounts payable
(1,811
)
2,875
Accrued wages and benefits
231
(118
)
Accrued professional fees
339
(157
)
Customer deposits and deferred revenue
(759
)
(1,464
)
Accrued sales commission
(421
)
621
Domestic and foreign income taxes
payable
(371
)
(573
)
Other current liabilities
231
184
Deferred revenue, net of current
portion
1,331
-
Other liabilities
(17
)
61
Net cash provided by (used in) operating
activities
16,203
(1,389
)
CASH FLOWS FROM INVESTING ACTIVITIES
Payment of contingent consideration
related to Z-Sciences acquisition
-
(179
)
Refund of final working capital adjustment
related to Acculogic
-
371
Purchase of property and equipment
(1,291
)
(1,365
)
Purchase of short term investments
-
(3,494
)
Sales of short term investments
-
3,494
Net cash used in investing activities
(1,291
)
(1,173
)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from public offering of
common stock
19,244
-
Repayments of Term Note
(4,100
)
(3,958
)
Proceeds from stock options exercised
978
38
Proceeds from shares sold under Employee
Stock Purchase Plan
174
197
Settlement of employee tax liabilities in
connection with treasury stock transaction
(687
)
(10
)
Net cash provided by (used in) financing
activities
15,609
(3,733
)
Effects of exchange rates on cash
163
(324
)
Net cash provided by (used in) all
activities
30,684
(6,619
)
Cash, cash equivalents and restricted cash
at beginning of period
14,576
21,195
Cash, cash equivalents and restricted cash
at end of period
$
45,260
$
14,576
Cash payments for:
Domestic and foreign income taxes
$
3,240
$
3,924
SUPPLEMENTAL DISCLOSURE OF NON-CASH
INVESTING AND FINANCING ACTIVITIES:
Issuance of unvested shares of restricted
stock
$
1,601
$
1,138
Forfeiture of unvested shares of
restricted stock
(176
)
(54
)
inTEST CORPORATION
Revenue by Market (In thousands)
(Unaudited)
($ in 000s)
Three Months Ended
Change
Change
12/31/2023
12/31/2022
$
%
9/30/2023
$
%
Revenue
Semi
$10,743
38.5%
$19,453
60.0%
$(8,710)
-44.8%
$18,476
59.8%
$(7,733)
-41.9%
Industrial
5,911
21.2%
2,179
6.7%
3,732
171.3%
2,456
7.9%
3,455
140.7%
Auto/EV
3,981
14.3%
2,805
8.7%
1,176
41.9%
1,775
5.7%
2,206
124.3%
Life Sciences
878
3.1%
1,006
3.1%
(128)
-12.7%
1,330
4.3%
(452)
-34.0%
Defense/Aerospace
2,416
8.7%
2,176
6.7%
240
11.0%
3,392
11.0%
(976)
-28.8%
Security
819
3.0%
1,002
3.1%
(183)
-18.3%
967
3.1%
(148)
-15.3%
Other
3,136
11.2%
3,784
11.7%
(648)
-17.1%
2,545
8.2%
591
23.2%
$27,884
100.0%
$ 32,405
100.0%
$(4,521)
-14.0%
$30,941
100.00%
$(3,057)
-9.9%
($ in 000s)
Years Ended
Change
12/31/2023
12/31/2022
$
%
Revenue
Semi
$ 65,735
53.3%
$ 68,422
58.6%
$ (2,687)
-3.9%
Industrial
14,310
11.6%
10,038
8.6%
4,272
42.6%
Auto/EV
9,895
8.0%
10,776
9.2%
(881)
-8.2%
Life Sciences
4,856
3.9%
4,589
3.9%
267
5.8%
Defense/Aerospace
12,537
10.2%
7,006
6.0%
5,531
78.9%
Security
3,688
3.0%
3,241
2.8%
447
13.8%
Other
12,281
10.0%
12,756
10.9%
(475)
-3.7%
$ 123,302
100.0%
$116,828
100.0%
$ 6,474
5.5%
inTEST CORPORATION
Orders by Market (In thousands)
(Unaudited)
($ in 000s)
Three Months Ended
Change
Change
12/31/2023
12/31/2022
$
%
9/30/2023
$
%
Orders
Semi
$ 13,295
48.3%
$ 14,775
47.2%
$ (1,480)
-10.0%
$12,935
48.2%
$ 360
2.8%
Industrial
3,445
12.5%
2,657
8.5%
788
29.7%
1,637
6.1%
1,808
110.4%
Auto/EV
1,822
6.6%
1,660
5.3%
162
9.8%
3,051
11.3%
(1,229)
-40.3%
Life Sciences
877
3.2%
2,027
6.5%
(1,150)
-56.7%
931
3.5%
(54)
-5.8%
Defense/Aerospace
5,161
18.8%
3,364
10.7%
1,797
53.4%
3,032
11.3%
2,129
70.2%
Security
65
0.2%
2,172
6.9%
(2,107)
-97.0%
2,212
8.2%
(2,147)
-97.1%
Other
2,858
10.4%
4,660
14.9%
(1,802)
-38.7%
3,056
11.4%
(198)
-6.5%
$ 27,523
100.0%
$ 31,315
100.0%
$ (3,792)
-12.1%
$26,854
100.0%
$ 669
2.5%
($ in 000s)
Years Ended
Change
12/31/2023
12/31/2022
$
%
Orders
Semi
$ 59,297
50.9%
$ 73,070
56.5%
$(13,773)
-18.8%
Industrial
14,980
12.8%
10,554
8.1%
4,426
41.9%
Auto/EV
10,193
8.7%
9,899
7.6%
294
3.0%
Life Sciences
4,353
3.7%
5,705
4.4%
(1,352)
-23.7%
Defense/Aerospace
13,386
11.5%
10,261
7.9%
3,125
30.5%
Security
2,945
2.5%
4,386
3.4%
(1,441)
-32.9%
Other
11,478
9.9%
15,701
12.1%
(4,223)
-26.9%
$116,632
100.0%
$129,576
100.0%
$(12,944)
-10.0%
inTEST CORPORATION
Segment Data (In thousands) (Unaudited)
Three Months Ended
December 31,
Years Ended December
31,
2023
2022
2023
2022
Revenue:
Electronic Test
$
8,105
$
11,236
$
41,016
$
40,219
Environmental Technologies
7,623
8,041
30,801
30,172
Process Technologies
12,156
13,128
51,485
46,437
Total Revenue
$
27,884
$
32,405
$
123,302
$
116,828
Division operating income:
Electronic Test
$
1,702
$
3,445
$
10,189
$
9,931
Environmental Technologies
594
924
3,073
3,817
Process Technologies
2,182
2,466
9,544
8,230
Total division operating income
4,478
6,835
22,806
21,978
Corporate expenses
(2,856
)
(2,251
)
(10,272
)
(8,563
)
Acquired intangible amortization
(513
)
(552
)
(2,095
)
(2,694
)
Interest expense
(153
)
(178
)
(679
)
(635
)
Other income
610
27
1,288
59
Earnings before income tax
expense
$
1,566
$
3,881
$
11,048
$
10,145
inTEST CORPORATION Reconciliation of
Non-GAAP Financial Measures (In thousands, except per share
and percentage data) (Unaudited)
Reconciliation of Net Earnings to Adjusted Net Earnings
(Non-GAAP) and Earnings Per Share – Diluted to Adjusted
Earnings Per Share – Diluted (Non-GAAP):
Three Months Ended
12/31/2023
12/31/2022
9/30/2023
Net earnings
$
1,455
$
3,244
$
2,277
Acquired intangible amortization
513
552
515
Tax adjustments
(58
)
(89
)
(85
)
Adjusted net earnings (Non-GAAP)
$
1,910
$
3,707
$
2,707
Diluted weighted average shares
outstanding
12,122
10,928
12,212
Earnings per share – diluted:
Net earnings
$
0.12
$
0.30
$
0.19
Acquired intangible amortization
0.04
0.05
0.04
Tax adjustments
─
(0.01
)
(0.01
)
Adjusted earnings per share – diluted
(Non-GAAP)
$
0.16
$
0.34
$
0.22
Years Ended
12/31/2023
12/31/2022
Net earnings
$
9,342
$
8,461
Acquired intangible amortization
2,095
2,694
Tax adjustments
(324
)
(447
)
Adjusted net earnings (Non-GAAP)
$
11,113
$
10,708
Diluted weighted average shares
outstanding
11,780
10,863
Earnings per share – diluted:
Net earnings
$
0.79
$
0.78
Acquired intangible amortization
0.18
0.25
Tax adjustments
(0.03
)
(0.04
)
Adjusted earnings per share – diluted
(Non-GAAP)
$
0.94
$
0.99
Reconciliation of Net Earnings to Adjusted EBITDA (Non-GAAP)
and Adjusted EBITDA Margin (Non-GAAP):
Three Months Ended
12/31/2023
12/31/2022
9/30/2023
Net earnings
$
1,455
$
3,244
$
2,277
Acquired intangible amortization
513
552
515
Net Interest expense (income)
(340)
164
(276)
Income tax expense
111
637
446
Depreciation
255
245
262
Non-cash stock-based compensation
424
414
544
Adjusted EBITDA (Non-GAAP)
$
2,418
$
5,256
$
3,768
Revenue
27,884
32,405
30,941
Net margin
5.2%
10.0%
7.4%
Adjusted EBITDA margin (Non-GAAP)
8.7%
16.2%
12.2%
Years Ended
12/31/2023
12/31/2022
Net earnings
$
9,342
$
8,461
Acquired intangible amortization
2,095
2,694
Net Interest expense (income)
(404)
600
Income tax expense
1,706
1,684
Depreciation
1,021
810
Non-cash stock-based compensation
2,047
1,787
Adjusted EBITDA (Non-GAAP)
$
15,807
$
16,036
Revenue
123,302
116,828
Net margin
7.6%
7.2%
Adjusted EBITDA margin (Non-GAAP)
12.8%
13.7%
Reconciliation of First Quarter 2024 Estimated Earnings Per
Share – Diluted to Estimated Adjusted Earnings Per Share –
Diluted (Non-GAAP):
Q1 2024E
Estimated earnings per share – diluted
$
0.06
Estimated acquired intangible
amortization
0.05
Estimated tax adjustments
(0.01)
Estimated adjusted earnings per share –
diluted (Non-GAAP)
$
0.10
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240327716572/en/
inTEST Corporation Duncan Gilmour Chief Financial Officer
and Treasurer Tel: (856) 505-8999
Investors: Deborah K. Pawlowski Kei Advisors LLC
dpawlowski@keiadvisors.com Tel: (716) 843-3908
inTest (AMEX:INTT)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
inTest (AMEX:INTT)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024