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inTEST Reports Record Revenue of $30.8 Million and 16% Year-over-Year Growth in Net Income for Third Quarter 2022

  • Second consecutive quarter of record revenue, up 46% year-over-year
  • Organic revenue (non-GAAP)(1) increased 23% year-over-year
  • Orders grew 55% year-over-year to $32.7 million driven by acquisitions and strength in analog/mixed signal test and silicon carbide (SiC) production markets
  • Achieved second consecutive quarter of record backlog at $47.9 million
  • Reported net income growth of 16% to $2.5 million and diluted EPS up 15% to $0.23 year-over-year
  • Expects 2022 revenue at higher end of original range of $110 million to $115 million despite continued headwinds from supply chain constraints and a strong U.S. dollar

MT. LAUREL, N.J.–(BUSINESS WIRE)–inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process solutions for use in manufacturing and testing in key target markets which include automotive, defense/aerospace, industrial, life sciences, security, and semiconductor (“semi”), today announced financial results for the quarter ended September 30, 2022. Results include the impact of the following acquisitions: North Sciences, formerly Z-Sciences (October 2021), Videology (October 2021) and Acculogic (December 2021).

Nick Grant, President and CEO, commented, “We delivered another strong quarter that demonstrates our ability to execute, maintain focus on our target markets, deliver quality engineered solutions and leverage our expanding sales presence. Our team continues to address supply chain challenges which have caused disruption of production processes and higher costs. We are continuing to identify new supply sources and flex production to address the challenges while communicating regularly with customers regarding shipment timing. Despite these headwinds, we converted record revenue to net income growth of 16%.”

Mr. Grant continued, “Our 5-Point Strategy keeps us focused on driving value. We are gaining new customers, finding new applications for our solutions and continually innovating to drive growth. We have been especially encouraged with the strength in demand for our induction heating solution for silicon carbide (SiC) crystal growth as that technology rapidly expands from the benefits provided with its higher energy conversion efficiencies. We also continue to have strong demand for our test equipment for analog and mixed signal semiconductor production as well as our highly controlled thermal test solutions for lab applications. Importantly, our acquisitions and organic businesses are driving continued growth in our target markets with strong demand for our highly engineered solutions in defense, security, electric vehicles (“EV”) and life sciences.”

Third Quarter 2022 Review (see revenue by market and by segments in accompanying tables)

 

Three Months Ended

($ in 000s)

     

Change

   

Change

 

9/30/2022

 

6/30/2022

 

$

 

%

 

9/30/2021

 

$

 

%

Revenue

 

$30,771

 

$29,571

 

$1,200

 

4.1%

 

$21,144

 

$9,627

 

45.5%

Organic revenue (Non-GAAP) (1)

 

$26,017

 

$24,350

 

$1,667

 

6.8%

 

$21,144

 

$4,873

 

23.0%

Gross profit

 

$13,898

 

$13,548

 

$350

 

2.6%

 

$10,395

 

$3,503

 

33.7%

Gross margin

 

45.2%

 

45.8%

     

49.2%

   

Operating expenses (incl. intangible amort.)

 

$10,739

 

$10,820

 

$(81)

 

-0.7%

 

$7,846

 

$2,893

 

36.9%

Operating income

 

$3,159

 

$2,728

 

$431

 

15.8%

 

$2,549

 

$610

 

23.9%

Operating margin

 

10.3%

 

9.2%

     

12.2%

   

Net earnings (GAAP)

 

$2,524

 

$2,116

 

$408

 

19.3%

 

$2,175

 

$349

 

16.0%

Earnings per diluted share (“EPS”) (GAAP)

 

$0.23

 

$0.20

 

$0.03

 

15.0%

 

$0.20

 

$0.03

 

15.0%

Adjusted net earnings (Non-GAAP) (1)

 

$3,016

 

$2,719

 

$297

 

10.9%

 

$2,480

 

$536

 

21.6%

Adjusted EPS (Non-GAAP) (1)

 

$0.28

 

$0.25

 

$0.03

 

12.0%

 

$0.23

 

$0.05

 

21.7%

Adjusted EBITDA (Non-GAAP) (1)

 

$4,453

 

$4,193

 

$260

 

6.2%

 

$3,388

 

$1,065

 

31.4%

Adjusted EBITDA margin (Non-GAAP) (1)

 

14.5%

 

14.2%

     

16.0%

   
(1)Organic revenue, adjusted net earnings, adjusted EPS, adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. Further information can be found under “Non-GAAP Financial Measures.” See also the reconciliations of GAAP financial measures to non-GAAP financial measures that accompany this press release.

Compared with the prior-year period, revenue grew $9.6 million which included $4.8 million from acquisitions. Organic revenue growth of 23% reflected strong demand across technology offerings and end markets. Demand for induction heating technology solutions for silicon carbide (SiC) crystal growth applications as well as test solutions for analog and mixed signal applications drove sales to the semi market up 40% to $19.2 million. Sales to the life sciences and defense markets more than doubled to $1.7 million and $1.9 million, respectively. The automotive market was also strong, up 21%, driven by demand from the EV industry.

Compared with the second quarter of 2022, sales to the semi market grew 17% with back-end strength serving the analog and mixed signal test market and continued front-end growth serving the SiC market. Sales increased 47% to the life sciences market and 35% to the defense market. The timing of projects resulted in a sequential decline in sales to the automotive/EV market when compared with an exceptionally strong second quarter.

The Company’s top five customers for the nine-month period represented approximately 30% of revenue, down from 35% in the prior-year period demonstrating the effect of the Company’s 5-Point Strategy to grow through diversification of customers, markets and geographies. Year to date, no single customer accounted for 10% or more of revenue.

Gross margin contracted slightly on a sequential basis primarily due to supply chain challenges, as well as product and channel mix.

Operating expenses were up $2.9 million compared with the third quarter of 2021. This increase primarily reflects the impact of the incremental expenses from acquired business as well as investments in marketing and engineering. Sequentially, operating expenses were relatively unchanged, but improved 170 basis points as a percent of revenue to 34.9%, demonstrating operating leverage as the organization scales.

Balance Sheet and Cash Flow Review

Cash and cash equivalents (including restricted cash) and short-term investments at the end of the third quarter of 2022 were $13.5 million, down $0.5 million from the second quarter of 2022. This includes the negative impact of exchange rate fluctuations of approximately $0.5 million. During the quarter, the Company generated $1.4 million in cash flow from operations. At quarter end, after paying down $1.0 million in debt, total debt was $17.2 million, compared with $18.2 million at the end of the second quarter of 2022.

Capital expenditures were $335,000 in the third quarter of 2022 compared with $114,000 in the prior-year period. For the first nine months, capital expenditures were $1.0 million compared with $577,000 in the prior-year period. Capital expenditures for the year are expected to be approximately $1.5 million.

During the third quarter of 2022, the Company amended its loan agreement to expand the existing non-revolving delayed draw term loan facility by $25.5 million to $50.5 million. The available funding under the term loan facility is currently $30 million. The maturity date for the amended term loan facility, as well as its existing $10 million revolving credit facility, was extended to September 2027. There were no borrowings at the end of the quarter under the revolving credit facility.

Third Quarter 2022 Orders and Backlog (see orders by market in accompanying tables)

($ in 000s)

 

Three Months Ended

     

Change

   

Change

 

9/30/2022

 

6/30/2022

 

$

 

%

 

9/30/2021

 

$

 

%

Orders

 

32,680

 

40,518

 

(7,838)

 

-19.3%

 

21,148

 

11,532

 

54.5%

Backlog (at quarter end)

 

47,890

 

45,981

 

1,909

 

4.2%

 

20,428

 

27,642

 

134.4%

Order growth of 54.5% over the prior-year period reflected increases across nearly all end markets especially in semi, defense and security. Orders for the semi market were up 44% to $19.2 million compared with the prior-year period, driven by demand for induction heating technology solutions for silicon carbide (SiC) crystal growth applications as well as test solutions for analog and mixed signal applications. Order growth over the prior-year period for the semi market was about evenly split between front-end and back-end applications. Third quarter orders were 19% lower when compared with record orders received in the second quarter. Sequentially, demand in the defense and automotive/EV markets helped to offset timing of orders in the semi and life sciences markets.

For the third consecutive quarter, backlog reached another record of $47.9 million, up from its previous record of $46.0 million at June 30, 2022. Notably, approximately 45% is expected to ship beyond the fourth quarter. Historically, only 20% to 25% of backlog would be available beyond the current quarter.

Fourth Quarter Outlook and Guidance

Fourth quarter 2022 financial results are expected to be comparable with third quarter results. Revenue is expected to be in the range of $30 million to $32 million with gross margin of approximately 45%. Fourth quarter guidance implies that the Company expects to deliver revenue at the high end of its original guidance provided for the year of $110 million to $115 million.

Fourth quarter operating expenses are expected to run at approximately $10.7 million to $10.9 million. This estimated level of quarterly expense includes intangible asset amortization, which is expected to be approximately $560,000 pre-tax, or approximately $465,000 after tax. Interest expense is expected to be approximately $190,000 for the quarter and the effective tax rate is expected to be approximately 16% to 17% for the year.

Fourth quarter 2022 EPS (GAAP) is expected to be in the range of $0.20 to $0.25 while adjusted EPS (Non-GAAP) is expected to be in the range of $0.25 to $0.30.

The foregoing guidance is based on management’s current views with respect to operating and market conditions and customers’ forecasts. It also assumes macroeconomic conditions remain unchanged through the end of the year. Actual results may differ materially from what is provided here today as a result of, among other things, the factors described under “Forward-Looking Statements” below. Further information about non-GAAP measures can be found under “Non-GAAP Financial Measures” and the reconciliations of GAAP financial measures to non-GAAP financial measures that accompany this press release.

Conference Call and Webcast

The Company will host a conference call and webcast today at 8:30 a.m. ET. During the conference call, management will review the financial and operating results and discuss inTEST’s corporate strategy and outlook. A question-and-answer session will follow. To listen to the live call, dial (412) 317-6026. In addition, the webcast and slide presentation may be found at https://ir.intest.com.

A telephonic replay will be available from 11:30 a.m. ET on the day of the call through Friday, November 11, 2022. To listen to the archived call, dial (412) 317-6671 and enter replay pin number 10171527 or access the webcast replay via the Company’s website. A transcript will also be posted to the website once available.

About inTEST Corporation

inTEST Corporation is a global supplier of innovative test and process solutions for use in manufacturing and testing in key target markets which include automotive, defense/aerospace, industrial, life sciences, and security, as well as both the front-end and back-end of the semiconductor manufacturing industry. Backed by decades of engineering expertise and a culture of operational excellence, inTEST solves difficult thermal, mechanical, and electronic challenges for customers worldwide while generating strong cash flow and profits. inTEST’s strategy leverages these strengths to grow organically and with acquisitions through the addition of innovative technologies, deeper and broader geographic reach, and market expansion. For more information, visit www.intest.com.

Non-GAAP Financial Measures

In addition to disclosing results that are determined in accordance with GAAP, we also disclose non-GAAP financial measures. These non-GAAP financial measures consist of organic revenue, adjusted net earnings (loss), adjusted earnings (loss) per diluted share, adjusted EBITDA, and adjusted EBITDA margin. Organic revenue is derived by excluding revenue generated by acquired businesses in the first twelve months of ownership from total revenue. Adjusted net earnings (loss) is derived by adding acquired intangible amortization, adjusted for the related income tax expense (benefit), to net earnings (loss). Adjusted earnings (loss) per diluted share is derived by dividing adjusted net earnings (loss) by diluted weighted average shares outstanding. Adjusted EBITDA is derived by adding acquired intangible amortization, interest expense, income tax expense, depreciation, and stock-based compensation expense to net earnings (loss). Adjusted EBITDA margin is derived by dividing adjusted EBITDA by revenue. These results are provided as a complement to the results provided in accordance with GAAP. Organic revenue is a non-GAAP financial measure presented to provide investors the understanding of the performance of the core business excluding the contributions of acquisitions in the first twelve months of ownership. Adjusted net earnings (loss) and adjusted earnings (loss) per diluted share are non-GAAP financial measures presented to provide investors with meaningful, supplemental information regarding our baseline performance before acquired intangible amortization charges as this expense may not be indicative of our underlying operating performance. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures presented primarily as a measure of liquidity as they exclude non-cash charges for acquired intangible amortization, depreciation and stock-based compensation. In addition, adjusted EBITDA and adjusted EBITDA margin also exclude the impact of interest income or expense and income tax expense or benefit, as these expenses may not be indicative of our underlying operating performance. The non-GAAP financial measures presented in this press release are used by management to make operational decisions, to forecast future operational results, and for comparison with our business plan, historical operating results and the operating results of our peers. Reconciliations from revenue to organic revenue, net earnings (loss) and earnings (loss) per diluted share to adjusted net earnings (loss) and adjusted earnings (loss) per diluted share and from net earnings (loss) to adjusted EBITDA and adjusted EBITDA margin, are contained in the tables below. The non-GAAP financial measures discussed in this press release may not be comparable to similarly titled measures used by other companies. The presentation of non-GAAP financial measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events and financial results, such as statements of the Company’s plans, strategies and intentions, or our future performance or goals, that are based upon management’s current expectations. These forward-looking statements can often be identified by the use of forward-looking terminology such as “believes,” “expects,” “intends,” “may,” “will,” “should,” “plans,” “projects,” “forecasts,” “outlook,” “anticipates,” “targets,” “estimates,” or similar terminology. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well as the Company’s ability to execute on its 5-Point Strategy, realize the potential benefits of acquisitions and successfully integrate any acquired operations, grow the Company’s presence in its key target and international markets, manage supply chain challenges, convert backlog to sales and to ship product in a timely manner; the success of the Company’s strategy to diversify its markets; the impact of inflation on the Company’s business and financial condition; the impact of the COVID-19 pandemic on the Company’s business, liquidity, financial condition and results of operations; indications of a change in the market cycles in the semi market or other markets served; changes in business conditions and general economic conditions both domestically and globally including rising interest rates and fluctuation in foreign currency exchange rates; changes in the demand for semiconductors; access to capital and the ability to borrow funds or raise capital to finance potential acquisitions or for working capital; changes in the rates and timing of capital expenditures by the Company’s customers; and other risk factors set forth from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2021. Any forward-looking statement made by the Company in this press release is based only on information currently available to management and speaks to circumstances only as of the date on which it is made. The Company undertakes 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.

– FINANCIAL TABLES FOLLOW –

inTEST CORPORATION

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

30,771

 

 

$

21,144

 

 

$

84,423

 

 

$

62,520

Cost of revenue

 

 

16,873

 

 

 

10,749

 

 

 

45,964

 

 

 

31,642

Gross profit

 

 

13,898

 

 

 

10,395

 

 

 

38,459

 

 

 

30,878

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling expense

 

 

4,009

 

 

 

2,841

 

 

 

11,498

 

 

 

7,849

Engineering and product development expense

 

 

1,866

 

 

 

1,334

 

 

 

5,649

 

 

 

4,012

General and administrative expense

 

 

4,864

 

 

 

3,620

 

 

 

14,623

 

 

 

10,550

Restructuring and other charges

 

 

 

 

 

51

 

 

 

 

 

 

303

Total operating expenses

 

 

10,739

 

 

 

7,846

 

 

 

31,770

 

 

 

22,714

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

3,159

 

 

 

2,549

 

 

 

6,689

 

 

 

8,164

Other income (expense)

 

 

(120

)

 

 

(17

)

 

 

(425

)

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income tax expense

 

 

3,039

 

 

 

2,532

 

 

 

6,264

 

 

 

8,166

Income tax expense

 

 

515

 

 

 

357

 

 

 

1,047

 

 

 

1,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

2,524

 

 

$

2,175

 

 

$

5,217

 

 

$

6,996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share – basic

 

$

0.24

 

 

$

0.21

 

 

$

0.49

 

 

$

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – basic

 

 

10,695,867

 

 

 

10,496,188

 

 

 

10,655,469

 

 

 

10,422,851

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share – diluted

 

$

0.23

 

 

$

0.20

 

 

$

0.48

 

 

$

0.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares and common share equivalents outstanding – diluted

 

 

10,864,540

 

 

 

10,792,290

 

 

 

10,840,644

 

 

 

10,694,351

inTEST CORPORATION

Consolidated Balance Sheets

(In thousands)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

(Unaudited)

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,901

 

 

$

21,195

 

Restricted cash

 

 

1,137

 

 

 

 

Short term investments

 

 

3,494

 

 

 

 

Trade accounts receivable, net of allowance for doubtful accounts of $209 and $213, respectively

 

 

21,134

 

 

 

16,536

 

Inventories

 

 

21,092

 

 

 

12,863

 

Prepaid expenses and other current assets

 

 

1,871

 

 

 

1,483

 

Total current assets

 

 

57,629

 

 

 

52,077

 

Property and equipment:

 

 

 

 

 

 

 

 

Machinery and equipment

 

 

6,334

 

 

 

5,733

 

Leasehold improvements

 

 

3,217

 

 

 

3,001

 

Gross property and equipment

 

 

9,551

 

 

 

8,734

 

Less: accumulated depreciation

 

 

(6,482

)

 

 

(6,046

)

Net property and equipment

 

 

3,069

 

 

 

2,688

 

Right-of-use assets, net

 

 

5,017

 

 

 

5,919

 

Goodwill

 

 

21,394

 

 

 

21,448

 

Intangible assets, net

 

 

18,894

 

 

 

21,634

 

Restricted certificates of deposit

 

 

100

 

 

 

100

 

Other assets

 

 

598

 

 

 

39

 

Total assets

 

$

106,701

 

 

$

103,905

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of Term Note

 

$

4,100

 

 

$

4,100

 

Current portion of operating lease liabilities

 

 

1,430

 

 

 

1,371

 

Accounts payable

 

 

8,183

 

 

 

4,281

 

Accrued wages and benefits

 

 

3,537

 

 

 

4,080

 

Accrued professional fees

 

 

886

 

 

 

1,048

 

Customer deposits and deferred revenue

 

 

5,077

 

 

 

6,038

 

Accrued sales commissions

 

 

1,164

 

 

 

863

 

Domestic and foreign income taxes payable

 

 

1,335

 

 

 

2,024

 

Other current liabilities

 

 

1,386

 

 

 

1,267

 

Total current liabilities

 

 

27,098

 

 

 

25,072

 

Operating lease liabilities, net of current portion

 

 

4,196

 

 

 

5,248

 

Term Note, net of current portion

 

 

13,067

 

 

 

16,000

 

Deferred tax liabilities

 

 

217

 

 

 

1,379

 

Contingent consideration

 

 

1,238

 

 

 

930

 

Other liabilities

 

 

464

 

 

 

453

 

Total liabilities

 

 

46,280

 

 

 

49,082

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding

 

 

 

 

 

 

Common stock, $0.01 par value; 20,000,000 shares authorized; 11,057,858 and 10,910,460 shares issued, respectively

 

 

111

 

 

 

109

 

Additional paid-in capital

 

 

31,516

 

 

 

29,931

 

Retained earnings

 

 

29,610

 

 

 

24,393

 

Accumulated other comprehensive earnings (loss)

 

 

(602

)

 

 

594

 

Treasury stock, at cost; 34,308 and 33,077 shares, respectively

 

 

(214

)

 

 

(204

)

Total stockholders’ equity

 

 

60,421

 

 

 

54,823

 

Total liabilities and stockholders’ equity

 

$

106,701

 

 

$

103,905

inTEST CORPORATION

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Nine Months Ended

September 30,

 

 

2022

 

 

2021

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

Net earnings

 

$

5,217

 

 

$

6,996

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,674

 

 

 

2,166

Provision for excess and obsolete inventory

 

 

307

 

 

 

154

Foreign exchange loss

 

 

107

 

 

 

36

Amortization of deferred compensation related to stock-based awards

 

 

1,373

 

 

 

1,094

Discount on shares sold under Employee Stock Purchase Plan

 

 

28

 

 

 

Loss on disposal of property and equipment

 

 

45

 

 

 

20

Deferred income tax benefit

 

 

(1,162

)

 

 

(221)

Changes in assets and liabilities:

 

 

 

 

 

 

 

Trade accounts receivable

 

 

(4,900

)

 

 

(3,874)

Inventories

 

 

(8,549

)

 

 

(2,051)

Prepaid expenses and other current assets

 

 

(907

)

 

 

(26)

Restricted certificates of deposit

 

 

 

 

 

40

Other assets

 

 

(1

)

 

 

(10)

Operating lease liabilities

 

 

(1,064

)

 

 

(918)

Accounts payable

 

 

3,947

 

 

 

1,425

Accrued wages and benefits

 

 

(527

)

 

 

942

Accrued professional fees

 

 

(153

)

 

 

52

Customer deposits and deferred revenue

 

 

(827

)

 

 

1,697

Accrued sales commissions

 

 

310

 

 

 

366

Domestic and foreign income taxes payable

 

 

(672

)

 

 

302

Other current liabilities

 

 

35

 

 

 

(60)

Other liabilities

 

 

61

 

 

 

(7)

Net cash provided by (used in) operating activities

 

 

(3,658

)

 

 

8,123

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

Refund of final working capital adjustment related to Acculogic

 

 

371

 

 

 

Purchase of property and equipment

 

 

(1,043

)

 

 

(577)

Purchase of short-term investments

 

 

(3,494

)

 

 

Net cash used in investing activities

 

 

(4,166

)

 

 

(577)

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

Repayments of Term Note

 

 

(2,933

)

 

 

Proceeds from stock options exercised

 

 

38

 

 

 

1,019

Proceeds from shares sold under Employee Stock Purchase Plan

 

 

148

 

 

 

Shares redeemed into treasury stock

 

 

(10

)

 

 

Net cash provided by (used in) financing activities

 

 

(2,757

)

 

 

1,019

 

 

 

 

 

 

 

 

Effects of exchange rates on cash

 

 

(576

)

 

 

(99)

 

 

 

 

 

 

 

 

Net cash provided by (used in) all activities

 

 

(11,157

)

 

 

8,466

Cash, cash equivalents and restricted cash at beginning of period

 

 

21,195

 

 

 

10,277

Cash, cash equivalents and restricted cash at end of period

 

$

10,038

 

 

$

18,743

 

 

 

 

 

 

 

 

Cash payments for:

 

 

 

 

 

 

 

Domestic and foreign income taxes

 

$

2,926

 

 

$

1,053

Contacts

inTEST Corporation
Duncan Gilmour

Chief Financial Officer and Treasurer

Tel: (856) 505-8999

Investors:
Deborah K. Pawlowski

Kei Advisors LLC

dpawlowski@keiadvisors.com
Tel: (716) 843-3908

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