InTEST Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Earnings Guidance for the Third Quarter of 2017 and Provides Tax Rate Guidance for the Balance of the Year 2017
August 03, 2017 at 08:07 pm EDT
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inTEST Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported net revenues of $15,888,000 against $10,485,000 a year ago. Operating income was $2,282,000 against $731,000 a year ago. Earnings before income tax expense were $2,336,000 against $749,000 a year ago. Net earnings were $1,445,000 against $486,000 a year ago. Basic and diluted net earnings per share were $0.14 against $0.05 a year ago. On a non-GAAP basis, adjusted net earnings were $1.7 million or $0.16 per diluted share, compared with first quarter adjusted net earnings of $2.1 million or $0.21 per diluted share and second quarter 2016 adjusted net earnings of $523,000 or $0.05 per diluted share. EBITDA was $2.7 million for the second quarter, down $614,000 or 18% from the $3.3 million in EBITDA reported for the first quarter.
For the six months, the company reported net revenues of $30,068,000 against $19,132,000 a year ago. Operating income was $5,413,000 against $827,000 a year ago. Earnings before income tax expense were $5,508,000 against $873,000 a year ago. Net earnings were $3,523,000 against $567,000 a year ago. Basic and diluted net earnings per share were $0.34 against $0.05 a year ago.
The company expects that net revenues for the third quarter of 2017 will be in the range of $17.5 million to $18.5 million and that on a GAAP basis, earnings per diluted share will range from $0.12 to $0.16. This outlook is based on the company's current views with respect to operating and market conditions and customers' forecasts, which are subject to change.
The company expected tax rate for the balance of 2017 to be in the range of 35% to 37%.
inTEST Corporation is a supplier of test and process technology solutions for use in manufacturing and testing. The Companyâs segments include Electronic Test, Environmental Technologies and Process Technologies. Electronic Test consists of inTEST EMS, which has operations in New Jersey and California, and Acculogic, which has operations in Canada, California and Germany. Environmental Technologies consists of inTEST Thermal Solutions (iTS), which manufactures and sells products under the Temptronic, Sigma, Thermonics and North Sciences brand names and has operations in Massachusetts, Germany and Singapore. Process Technologies consists of Ambrell, which has operations in New York, the Netherlands and the United Kingdom, and Videology, which has operations in Massachusetts and the Netherlands. Its key markets include automotive, defense/aerospace, industrial, life sciences, and security, as well as both the front-end and back-end of the semiconductor manufacturing industry.
InTEST Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Earnings Guidance for the Third Quarter of 2017 and Provides Tax Rate Guidance for the Balance of the Year 2017