– FINANCIAL TABLES FOLLOW –
inTEST CORPORATION |
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Consolidated Statements of Operations |
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(In thousands, except share and per share data) |
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(Unaudited) |
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|
|
Years Ended
|
|
|||||
|
|
2021 |
|
|
2020 |
|
||
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
84,878 |
|
|
$ |
53,823 |
|
Cost of revenue |
|
|
43,654 |
|
|
|
29,719 |
|
Gross margin |
|
|
41,224 |
|
|
|
24,104 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling expense |
|
|
11,083 |
|
|
|
7,522 |
|
Engineering and product development expense |
|
|
5,531 |
|
|
|
5,070 |
|
General and administrative expense |
|
|
15,865 |
|
|
|
11,444 |
|
Restructuring and other charges |
|
|
286 |
|
|
|
1,285 |
|
| Total operating expenses |
|
|
32,765 |
|
|
|
25,321 |
|
|
|
|
|
|
|
|
|
|
|
| Operating income (loss) |
|
|
8,459 |
|
|
(1,217 |
) |
|
| Other expense |
|
|
(57 |
) |
|
|
(14 |
) |
|
|
|
|
|
|
|
|
|
|
| Earnings (loss) before income tax expense (benefit) |
|
|
8,402 |
|
|
(1,231 |
) |
|
| Income tax expense (benefit) |
|
|
1,119 |
|
|
(336 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Net earnings (loss) |
|
$ |
7,283 |
|
$ |
(895 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Net earnings (loss) per common share – basic |
|
$ |
0.70 |
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares outstanding – basic |
|
|
10,462,246 |
|
|
|
10,256,560 |
|
|
|
|
|
|
|
|
|
|
|
| Net earnings (loss) per common share – diluted |
|
$ |
0.68 |
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares and common share equivalents outstanding – diluted |
|
|
10,729,862 |
|
|
|
10,256,560 |
|
| inTEST CORPORATION |
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| Condensed Consolidated Balance Sheets |
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| (In thousands) |
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|
|
|
December 31, |
|
|||||
|
|
|
2021 |
|
|
2020 |
|
||
| ASSETS |
|
(Unaudited)(1) |
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
21,195 |
|
|
$ |
10,277 |
|
| Trade accounts receivable, net of allowance for doubtful accounts of $213 and $212, respectively |
|
|
16,536 |
|
|
|
8,435 |
|
| Inventories |
|
|
12,863 |
|
|
|
7,476 |
|
| Prepaid expenses and other current assets |
|
|
1,483 |
|
|
|
776 |
|
| Total current assets |
|
|
52,077 |
|
|
|
26,964 |
|
| Net property and equipment |
|
|
2,688 |
|
|
|
2,350 |
|
| Right-of-use assets, net |
|
|
5,919 |
|
|
|
6,387 |
|
| Goodwill and intangible assets, net |
|
|
42,152 |
|
|
|
26,159 |
|
| Other assets |
|
|
139 |
|
|
|
170 |
|
| Total assets |
|
$ |
102,975 |
|
|
$ |
62,030 |
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
4,281 |
|
|
$ |
2,424 |
|
| Accrued expenses and other current liabilities |
|
|
13,296 |
|
|
|
4,392 |
|
| Current portion of operating lease liabilities |
|
|
1,371 |
|
|
|
1,215 |
|
| Current portion of term loan |
|
|
4,100 |
|
|
|
- |
|
| Domestic and foreign income taxes payable |
|
|
2,024 |
|
|
|
825 |
|
| Total current liabilities |
|
|
25,072 |
|
|
|
8,856 |
|
| Operating lease liabilities, net of current portion |
|
|
5,248 |
|
|
|
6,050 |
|
| Term loan, net of current portion |
|
|
16,000 |
|
|
|
- |
|
| Deferred tax liabilities |
|
|
1,379 |
|
|
|
1,922 |
|
| Other liabilities |
|
|
453 |
|
|
|
450 |
|
| Total liabilities |
|
|
48,152 |
|
|
|
17,278 |
|
| Total stockholders' equity |
|
|
54,823 |
|
|
|
44,752 |
|
| Total liabilities and stockholders' equity |
|
$ |
102,975 |
|
|
$ |
62,030 |
|
| (1) |
The allocation of the purchase price for Acculogic is not yet complete. As a result, the values reflected above are preliminary and are subject to change. |
inTEST CORPORATION
