UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
April 22, 2010
Date of Report (Date of earliest event reported)
inTEST Corporation
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
0-22529 (Commission File Number) |
22-2370659 (I.R.S. Employer Identification No.) |
7 Esterbrook Lane, Cherry Hill, New Jersey 08003
(Address of Principal Executive Offices, including zip code)
(856) 424-6886
(Registrant's Telephone Number, including area code)
N/A
(Former name or former address, if changed since last report)
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Written Communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition
On April 22, 2010, inTEST Corporation (the "Company") issued a press release announcing preliminary, selected unaudited financial results for the first quarter ended March 31, 2010. The Company's press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
A list of the Exhibits which are required by Item 601 of Regulation S-K and filed with this Report is set forth in the Exhibit Index immediately following the signature page, which Exhibit Index is incorporated herein by reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
inTEST CORPORATION
By: /s/ Hugh T. Regan, Jr.
Hugh T. Regan, Jr.
Secretary, Treasurer and Chief Financial Officer
Date: April 22, 2010
Exhibit Index
99.1 Press Release, dated April 22, 2010
EXHIBIT 99.1
[inTEST News Release Letterhead]
inTEST ANNOUNCES PRELIMINARY RESULTS FOR FIRST QUARTER 2010;
COMPANY TO HOLD INVESTOR CONFERENCE CALL ON MAY 12, 2010
CHERRY HILL, NJ, April 22, 2010 - inTEST Corporation (Nasdaq: INTT), an independent designer, manufacturer and marketer of semiconductor automatic test equipment (ATE) interface solutions and temperature management products, today announced preliminary, selected unaudited results for the quarter ended March 31, 2010. The news release announcing final results for the quarter ended March 31, 2010 is expected to be disseminated on Wednesday, May 12, 2010, after the market close.
Net revenues for the quarter ended March 31, 2010 were approximately $9.5 million, compared to $8.4 million for the fourth quarter of 2009. Net income for the quarter ended March 31, 2010 was approximately $1.1 million or $0.11 per diluted share, compared to $142,000 or $0.01 per diluted share for the fourth quarter of 2009. The net income for the fourth quarter included restructuring charges of $307,000 or $0.03 per diluted share, which represented one-time termination benefits and facility closure costs related to the relocation of our Sigma Systems subsidiary.
Bookings for the quarter ended March 31, 2010 were approximately $14.0 million, an increase of 49% over the $9.4 million in bookings for the fourth quarter of 2009.
The preliminary results released today have not yet been reviewed by our independent registered public accounting firm and are subject to change.
Robert E. Matthiessen, President and Chief Executive Officer of inTEST commented, "We are benefitting from the considerable operating leverage we achieved in our business. During the downturn, we took costs out of our overhead, processes, and all other areas, wherever possible, including the restructuring and consolidation of our manufacturing operations. At this point, we are confident we can continue to satisfy increasing customer demand levels without a significant addition of overhead. We expect to continue to benefit from the demand rebound in semiconductor driven areas, including communications and computing, while also benefitting from opportunities later this year in non-semiconductor areas, including automobiles and medical."
May 12th Investor Conference Call / Webcast Details:
The news release announcing final results for the quarter ended March 31, 2010 is expected to be disseminated on Wednesday, May 12, 2010, after the market close, followed by the Company's quarterly conference call with investors and analysts at 5:00 pm EDT to discuss the Company's results and management's current expectations and views of the industry. The call may also include discussions of strategic, operating, product initiatives or developments, or other matters relating to the Company's current or future performance.
The dial-in number for the live audio call beginning at 5 p.m. EST on May 12, 2010 is 1-877-407-0784 (domestic) or +1-201-689-8560 (international). A live web cast of the conference call will be available on inTEST's website at www.intest.com. A replay of the call will be available 2 hours following the call through midnight on Wednesday, May 19, 2010 at www.intest.com and by telephone at 1-877-660-6853 (domestic) or +1-201-612-7415 (international). The account number to access the replay is 3055 and the conference ID number is 349733.
About inTEST Corporation
inTEST Corporation is an independent designer, manufacturer and marketer of ATE interface solutions and temperature management products, which are used by semiconductor manufacturers to perform final testing of integrated circuits (ICs) and wafers. The Company's high-performance products are designed to enable semiconductor manufacturers to improve the speed, reliability, efficiency and profitability of IC test processes. Specific products include positioner and docking hardware products, temperature management systems and customized interface solutions. The Company has established strong relationships with semiconductor manufacturers globally, which it supports through a network of local offices. For more information www.intest.com.
CONTACTS:
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Hugh T. Regan, Jr. |
David Pasquale |
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Treasurer and Chief Financial Officer |
Global IR Partners |
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inTEST Corporation |
intt@globalirpartners.com |
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Tel: 856-424-6886, ext 201 |
Tel: 914-337-8801 |