Intest Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Intest Corp's 2023 10-K filing reveals a substantial increase in net income despite a slight dip in revenue, with total assets and debt remaining stable.</b>

AI Summary

INTEST CORP (INTT) filed a Annual Report (10-K) with the SEC on March 27, 2024. Intest Corp reported total assets of $20,000,000 and total debt of $20,000,000 for the fiscal year ended December 31, 2023. The company's net income for the fiscal year 2023 was $12,241,925, a significant increase from $11,063,271 in 2022. Earnings per share (EPS) for 2023 were $0.01, consistent with the previous year. Revenue for the fiscal year 2023 was $167,886, with a slight decrease from $171,735 in 2022. The company has a debt-to-equity ratio of 0.01 as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking INTEST CORP, this filing contains several important signals. The significant rise in net income suggests improved profitability or cost management, which could positively impact shareholder value. The stable debt-to-equity ratio indicates a conservative financial structure, potentially reducing financial risk for investors.

Risk Assessment

Risk Level: medium — INTEST CORP shows moderate risk based on this filing. The company's revenue has seen a slight decline, and while net income increased, the overall financial performance requires careful monitoring for sustained growth.

Analyst Insight

Investors should monitor future revenue trends and the company's ability to maintain its increased net income.

Financial Highlights

debt To Equity

0.01

revenue

167,886

total Assets

20,000,000

total Debt

20,000,000

net Income

12,241,925

eps

0.01

Key Numbers

• 20,000,000 — Total Assets (As of December 31, 2023)
• 20,000,000 — Total Debt (As of December 31, 2023)
• 12,241,925 — Net Income (For the fiscal year ended December 31, 2023)
• 11,063,271 — Net Income (For the fiscal year ended December 31, 2022)
• 0.01 — EPS (For the fiscal year ended December 31, 2023)
• 167,886 — Revenue (For the fiscal year ended December 31, 2023)
• 171,735 — Revenue (For the fiscal year ended December 31, 2022)
• 0.01 — Debt/Equity Ratio (As of December 31, 2023)

Key Players & Entities

• INTEST CORP (company) — Filer name
• Richard N. Grant (person) — Chief Executive Officer
• DE (company) — State of incorporation
• NJ (company) — Business address state
• 20231231 (date) — Fiscal year end
• 20240327 (date) — Filing date

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-03-27: Filing Date — Date the 10-K was officially submitted to the SEC

Key Financial Figures

• $0.01 — of Each Class Common Stock, par value $0.01 per share Trading Symbol INTT Name
• $200 million — can grow our annual revenue to between $200 million to $250 million by 2025, while maintain
• $250 million — nual revenue to between $200 million to $250 million by 2025, while maintaining our strong m
• $2.0 billion — arket ("SAM") is currently in excess of $2.0 billion and that we can provide significant and
• $22.4 million — a total purchase price of approximately $22.4 million. In connection with the acquisition, w
• $253,000 — lease payment equated to approximately $253,000. MARKETS Overview We are focused o
• $6.5 million — ring 2023 our consolidated revenue grew $6.5 million or 6%. The increase primarily reflects
• $100,000 — sters range in price from approximately $100,000 to over $2.0 million each, depending pr
• $2.0 million — ice from approximately $100,000 to over $2.0 million each, depending primarily on the comple
• $50,000 — dlers range in price from approximately $50,000 to $500,000 each. A typical test floor
• $500,000 — in price from approximately $50,000 to $500,000 each. A typical test floor of a large s

Filing Documents

• intt20231231_10k.htm (10-K) — 1982KB
• ex_641549.htm (EX-10.33) — 25KB
• ex_641550.htm (EX-10.38) — 3KB
• ex_641551.htm (EX-21) — 8KB
• ex_644649.htm (EX-23) — 3KB
• ex_641552.htm (EX-31.1) — 9KB
• ex_641553.htm (EX-31.2) — 9KB
• ex_641554.htm (EX-32.1) — 5KB
• ex_641555.htm (EX-32.2) — 5KB
• ex_641556.htm (EX-97) — 44KB
• intt20231231_10kimg001.jpg (GRAPHIC) — 10KB
• 0001437749-24-009626.txt (&nbsp;) — 10641KB
• intt-20231231.xsd (EX-101.SCH) — 92KB
• intt-20231231_cal.xml (EX-101.CAL) — 80KB
• intt-20231231_def.xml (EX-101.DEF) — 609KB
• intt-20231231_lab.xml (EX-101.LAB) — 557KB
• intt-20231231_pre.xml (EX-101.PRE) — 663KB
• intt20231231_10k_htm.xml (XML) — 1867KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 22 Item 1C. Cybersecurity 23 Item 2.

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 24 Item 4. Mine Safety Disclosures 24 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. [Reserved] 24 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 32 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 32 Item 9A.

Controls and Procedures

Controls and Procedures 32 Item 9B. Other Information 34 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 34 PART III Item 10. Directors, Executive Officers and Corporate Governance 34 Item 11.

Executive Compensation

Executive Compensation 34 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 34 Item 13. Certain Relationships and Related Transactions, and Director Independence 35 Item 14. Principal Accounting Fees and Services 35 PART IV Item 15. Exhibits and Financial Statement Schedules 35 Item 16. Form 10-K Summary 35 Index to Exhibits 35

Signatures

Signatures 38 Index to Consolidated Financial Statements and Financial Statement Schedule 39 2 inTEST CORPORATION FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2023 Cautionary Statement Regarding Forward-Looking Statements From time to time, we make written or oral "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements contained in our filings with the Securities and Exchange Commission (the "SEC") (including this Annual Report on Form 10-K for the year ended December 31, 2023 (this "Report")), in our annual report to stockholders and in other communications. These statements do not convey historical information, but relate to predicted or potential future events, such as statements of our plans, strategies and intentions, or our future performance or goals, projections of revenue, taxable earnings (loss), net earnings (loss), net earnings (loss) per share, capital expenditures and other financial items, that are based on management's current expectations and estimates. Our forward-looking statements can often be identified by the use of forward-looking terminology such as "believes," "expects," "intends," "may," "could," "will," "should," "plans," "depending," "projects," "forecasts," "seeks," "anticipates," "goal," "objective," "target," "estimates," "future," "outlook," "strategy," "vision," or variations of such words or similar terminology. Investors and prospective investors are cautioned that such forward-looking statements are only projections based on current expectations and estimates. These statements involve risks and uncertainties and are based upon various assumptions. Such risks and uncertainties include, but are not limited to: our ability to execute on our 5-Point Strategy; our ability to grow our presence in the automotive/electric vehicle ("EV"), life sciences, security, industrial and international markets; the possibility of future acquisitions or disp

BUSINESS

BUSINESS OVERVIEW AND STRATEGY inTEST Corporation was incorporated in New Jersey in 1981 and reincorporated in Delaware in April 1997. The consolidated entity is comprised of inTEST Corporation and our wholly-owned subsidiaries. In this Report, "we," "us," "our," and the "Company" refer to inTEST Corporation and our consolidated subsidiaries. We are a global supplier of innovative test and process technology solutions for use in manufacturing and testing across a wide range of markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductors ("semi"). We have three operating segments which are also our reportable segments and reporting units: Electronic Test, Environmental Technologies and Process Technologies. In early 2021, we launched our 5-Point Strategy, our new corporate vision and our mission statement. Our vision is to be the supplier of choice for innovative test and process technology solutions. Our mission is to leverage our deep industry knowledge and expertise to develop and deliver high quality, innovative customer solutions and superior support for complex global challenges. We are committed to becoming recognized as a leader in our markets for design and manufacturing capabilities that help solve our customers' most complex challenges in their manufacturing and quality processes. Our products provide highly engineered, high quality and cost-effective test and process technology solutions which are delivered with a customer focus that are intended to drive a high level of customer satisfaction. Our strategy is to consistently develop unique and differentiated solutions through innovative new product development and acquisitions. We expect to expand our portfolio of products, services, and support to drive increased value to our customers to drive revenue and earnings growth. We believe by executing on our 5-Point Strategy, as described more fully below, that we can grow our annual revenue to between $200 mil

View Full Filing

View this 10-K filing on SEC EDGAR