inTEST Reports 2018 Fourth Quarter & Year-End Financial Results

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  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 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; the success of our strategy to diversify our business by entering markets outside the semiconductor or ATE markets; indications of a change in the market cycles in the semiconductor and ATE markets or other markets we serve; changes in business conditions and general economic conditions both domestically and globally; changes in the demand for semiconductors, generally; 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 SEC filings, including, but not limited to, our periodic reports on Form 10-K and Form 10-Q.  Any forward-looking statement made by inTEST in this press release is based only on information currently available to inTEST and speaks to circumstances only as of the date on which it is made.  inTEST 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.


SELECTED FINANCIAL DATA

(Unaudited)
(In thousands, except per share data)

Condensed Consolidated Statements of Operations Data:

  Three Months Ended  Years Ended
  12/31/2018   12/31/2017   9/30/2018   12/31/2018   12/31/2017
          
Net revenues$18,435  $19,381  $20,160  $78,563  $66,801
Gross margin 9,004   9,745   10,092   39,401   34,690
Operating expenses:         
Selling expense 2,306   2,247   2,291   9,611   8,108
Engineering and product development expense 1,175   1,245   1,207   4,908   4,301
General and administrative expense 3,158   3,271   3,318   12,801   11,694
Adjustment to contingent consideration liability 2,828   7,525       3,057       6,901       6,976
Operating income (loss)   (463)       (4,543)       219       5,180       3,611
Other income (expense)   (34)       32       (57)       (137)       227
Earnings (loss) before income tax expense   (497)       (4,511)       162       5,043       3,838
Income tax expense    295       55       728       2,006       2,863
Net earnings (loss)    (792)       (4,566)       (566)       3,037       975
                   
Net earnings (loss) per share – basic $ (0.08)     $ (0.44)     $ (0.05)     $ 0.29     $ 0.09
Weighted average shares outstanding – basic   10,367       10,308       10,356       10,348       10,285
                   
Net earnings (loss) per share – diluted $ (0.08)     $ (0.44)     $ (0.05)     $ 0.29     $ 0.09
Weighted average shares outstanding – diluted   10,367       10,308       10,356       10,382       10,339

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