inTEST Reports Fourth Quarter 2021 Revenue Grew 50% and Guides to Revenue of over $100 Million in 2022

– FINANCIAL TABLES FOLLOW –

 

inTEST CORPORATION

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

 

 

 

Years Ended
December 31,

 

 

 

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

Condensed Consolidated Balance Sheets

(In thousands)

 

 

 

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

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