inTEST Reports 2021 Second Quarter Financial Results

Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well as the impact of the COVID-19 pandemic on our business, liquidity, financial condition and results of operations; 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; the success of our strategy to diversify our business by entering markets outside the Semi Market; our ability to successfully consolidate our EMS operations without any impact on customer shipments, quality or the level of our warranty claims and to realize the benefits of the consolidation; the possibility of future acquisitions or dispositions and the successful integration of any acquired operations; our ability to borrow funds or raise capital to finance potential acquisitions; changes in the rates and timing of capital expenditures by our customers; and other risk factors set forth from time to time in our Securities and Exchange Commission filings, including, but not limited to, our annual report on Form 10-K for the year ended December 31, 2020. 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.


SELECTED FINANCIAL DATA
(Unaudited)
(In thousands, except per share data)

Condensed Consolidated Statements of Operations Data:

  Three Months Ended   Six Months Ended
  6/30/2021   6/30/2020   3/31/2021   6/30/2021   6/30/2020
                   
Net revenues         $ 21,820   $ 13,275     $ 19,556     $ 41,376   $ 24,505  
Gross margin           10,962     6,067       9,521       20,483     10,934  
Operating expenses:                  
Selling expense           2,605     1,761       2,403       5,008     3,813  
Engineering and product development expense           1,356     1,217       1,322       2,678     2,509  
General and administrative expense           3,769     2,850       3,161       6,930     5,726  
Restructuring and other charges           197     38       55       252     46  
Operating income (loss)           3,035     201       2,580       5,615     (1,160 )
Other income (loss)           21     (18 )     (2 )     19     (50 )
Earnings (loss) before income tax expense (benefit)           3,056     183       2,578       5,634     (1,210 )
Income tax expense (benefit)           447     13       366       813     (237 )
Net earnings (loss)           2,609     170       2,212       4,821     (973 )
                   
Net earnings (loss) per share – basic         $ 0.25   $ 0.02     $ 0.21     $ 0.46   $ (0.10 )
Weighted average shares outstanding – basic           10,443     10,252       10,329       10,386     10,237  
                   
Net earnings (loss) per share – diluted         $ 0.24   $ 0.02     $ 0.21     $ 0.45   $ (0.10 )
Weighted average shares outstanding – diluted           10,765     10,259       10,526       10,645     10,237  

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