inTEST Reports Revenue Up 36% Year-over-Year to Record $29.6 Million for Second Quarter 2022

NM: not meaningful

inTEST CORPORATION
Segment Data
(In thousands)
(Unaudited)

Beginning in the first quarter of 2022, the Company made a change to its reportable segments from two reportable segments to three reportable segments – Electronic Test, Environmental Technologies and Process Technologies. These segments, which operate as Divisions, align with how the Chief Executive Officer (CEO) who is also the Chief Operating Decision Maker (CODM) as defined under U.S. GAAP, allocates resources and assesses performance against the Company’s key growth strategies. Prior period reportable segment results and related disclosures have been restated to be consistent with the current year presentation.

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

Electronic Test

$

9,797

 

 

$

9,054

 

 

$

18,575

 

 

$

17,555

 

Environmental Technologies

 

7,507

 

 

 

6,647

 

 

 

14,500

 

 

 

12,845

 

Process Technologies

 

12,267

 

 

 

6,119

 

 

 

20,577

 

 

 

10,976

 

Total Revenue

$

29,571

 

 

$

21,820

 

 

$

53,652

 

 

$

41,376

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from divisional operations:

 

 

 

 

 

 

 

 

 

 

 

Electronic Test

$

2,193

 

 

$

3,237

 

 

$

4,080

 

 

$

6,224

 

Environmental Technologies

 

1,070

 

 

 

1,113

 

 

 

1,872

 

 

 

2,036

 

Process Technologies

 

2,569

 

 

 

1,161

 

 

 

3,299

 

 

 

1,617

 

Total income from divisional operations

 

5,832

 

 

 

5,511

 

 

 

9,251

 

 

 

9,877

 

Corporate expenses

 

(2,339

)

 

 

(2,171

)

 

 

(4,174

)

 

 

(3,653

)

Acquired intangible amortization

 

(765

)

 

 

(305

)

 

 

(1,547

)

 

 

(609

)

Other income (expense)

 

(158

)

 

 

21

 

 

 

(305

)

 

 

19

 

Earnings before income tax expense

$

2,570

 

 

$

3,056

 

 

$

3,225

 

 

$

5,634

 

 

 

 

 

 

 

 

 

 

 

 

 

inTEST CORPORATION
Reconciliation of Non-GAAP Financial Measures
(In thousands, except per share and percentage data)
(Unaudited)

 

Reconciliation of Net Earnings (GAAP) to Adjusted Net Earnings (Non-GAAP) and
Earnings Per Share – Diluted (GAAP) to Adjusted Earnings Per Share – Diluted (Non-GAAP):

 

Three Months Ended

6/30/2022

 

6/30/2021

 

3/31/2022

 

 

Net earnings (GAAP)

$

2,116

 

$

2,609

 

$

577

 

Acquired intangible amortization

 

765

 

 

305

 

 

782

 

Tax adjustments

 

(162

)

 

(4

)

 

(93

)

Adjusted net earnings (Non-GAAP)

$

2,719

 

$

2,910

 

$

1,266

 

 

Diluted weighted average shares outstanding

 

10,815

 

 

10,765

 

 

10,843

 

Net earnings per share – diluted:

Net earnings (GAAP)

$

0.20

 

$

0.24

 

$

0.05

 

Acquired intangible amortization

 

0.07

 

 

0.03

 

 

0.08

 

Tax adjustments

 

(0.02

)

 

-

 

 

(0.01

)

Adjusted net earnings per share – diluted (Non-GAAP)

$

0.25

 

$

0.27

 

$

0.12

 

 

Reconciliation of Net Earnings (GAAP) to Adjusted EBITDA (Non-GAAP) and
Adjusted EBITDA Margin (Non-GAAP):

 

Three Months Ended

6/30/2022

 

6/30/2021

 

3/31/2022

 

 

Net earnings (GAAP)

$

2,116

 

$

2,609

 

$

577

 

Acquired intangible amortization

 

765

 

 

305

 

 

782

 

Interest expense

 

133

 

 

2

 

 

137

 

Income tax expense

 

454

 

 

447

 

 

78

 

Depreciation

 

174

 

 

167

 

 

188

 

Non-cash stock-based compensation

 

551

 

 

454

 

 

372

 

Adjusted EBITDA (Non-GAAP)

$

4,193

 

$

3,984

 

$

2,134

 

Revenue

 

29,571

 

 

21,820

 

 

24,081

 

Adjusted EBITDA margin (Non-GAAP)

 

14.2

%

 

18.3

%

 

8.9

%

 

Reconciliation of Third Quarter 2022 Estimated Earnings Per Share – Diluted (GAAP) to
Estimated Adjusted Earnings Per Share – Diluted (Non-GAAP):

 

 

Low

 

High

 

 

 

 

Estimated earnings per share – diluted (GAAP)

$

0.20

 

 

$

0.25

 

Estimated acquired intangible amortization

 

0.06

 

 

 

0.06

 

Estimated tax adjustments

 

(0.01

)

 

 

(0.01

)

Estimated adjusted earnings per share – diluted (Non-GAAP)

$

0.25

 

 

$

0.30

 


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