Intest Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Intest Corp reported a slight increase in Q1 2024 revenue and net income, with EPS remaining flat.</b>

AI Summary

INTEST CORP (INTT) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Revenue for the three months ended March 31, 2024, was $12,566,024, an increase from $12,241,925 in the same period of 2023. Net income for the three months ended March 31, 2024, was $78,515, a slight increase from $75,758 in the prior year's quarter. Earnings per share (EPS) for the three months ended March 31, 2024, was $0.01, unchanged from the prior year's quarter. Total assets as of March 31, 2024, were $171,735, a decrease from $228,364 as of December 31, 2023. Total debt as of March 31, 2024, was $389, a decrease from $372 as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking INTEST CORP, this filing contains several important signals. The company's revenue growth, though modest, indicates continued demand for its products and services in the first quarter of 2024. The decrease in total assets and debt suggests a potential shift in the company's balance sheet structure or asset management strategy.

Risk Assessment

Risk Level: low — INTEST CORP shows low risk based on this filing. The company has a history of modest revenue and net income, with no significant recent growth trends, indicating a stable but low-risk financial profile.

Analyst Insight

Monitor the company's asset and debt management strategies for potential impacts on future financial performance.

Key Numbers

• 12,566,024 — Revenue (Q1 2024) (Three months ended March 31, 2024)
• 12,241,925 — Revenue (Q1 2023) (Three months ended March 31, 2023)
• 78,515 — Net Income (Q1 2024) (Three months ended March 31, 2024)
• 75,758 — Net Income (Q1 2023) (Three months ended March 31, 2023)
• 0.01 — EPS (Q1 2024) (Three months ended March 31, 2024)
• 0.01 — EPS (Q1 2023) (Three months ended March 31, 2023)
• 171,735 — Total Assets (Mar 31, 2024) (As of March 31, 2024)
• 228,364 — Total Assets (Dec 31, 2023) (As of December 31, 2023)

Key Players & Entities

• INTEST CORP (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-09 (date) — FILED AS OF DATE
• MT. LAUREL, NJ (location) — BUSINESS ADDRESS
• 856-505-8800 (phone) — BUSINESS PHONE
• 3825 (sic_code) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (state) — STATE OF INCORPORATION
• 222370659 (ein) — IRS NUMBER

FAQ

Key Financial Figures

• $0.01 — of Each Class Common Stock, par value $0.01 per share Trading Symbol INTT Nam

Filing Documents

• intt20240331_10q.htm (10-Q) — 1467KB
• ex_668426.htm (EX-31.1) — 8KB
• ex_668427.htm (EX-31.2) — 8KB
• ex_668428.htm (EX-32.1) — 3KB
• ex_668429.htm (EX-32.2) — 3KB
• 0001437749-24-015682.txt (&nbsp;) — 8313KB
• intt-20240331.xsd (EX-101.SCH) — 74KB
• intt-20240331_cal.xml (EX-101.CAL) — 66KB
• intt-20240331_def.xml (EX-101.DEF) — 520KB
• intt-20240331_lab.xml (EX-101.LAB) — 480KB
• intt-20240331_pre.xml (EX-101.PRE) — 560KB
• intt20240331_10q_htm.xml (XML) — 1355KB

Financial Statements

Financial Statements 1 Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 Unaudited Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Unaudited Consolidated Statements of Comprehensive Earnings for the three months ended March 31, 2024 and 2023 3 Unaudited Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 Item 2.

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 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 32 PART II. OTHER INFORMATION 33 Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 34 Item 6. Exhibits 34

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS inTEST CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) March 31, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 27,331 $ 45,260 Trade accounts receivable, net of allowance for credit losses of $ 426 and $ 474 , respectively 22,859 18,175 Inventories 31,331 20,089 Prepaid expenses and other current assets 3,868 2,254 Total current assets 85,389 85,778 Property and equipment: Machinery and equipment 8,639 7,118 Leasehold improvements 3,932 3,601 Gross property and equipment 12,571 10,719 Less: accumulated depreciation ( 7,800 ) ( 7,529 ) Net property and equipment 4,771 3,190 Right-of-use assets, net 6,270 4,987 Goodwill 33,278 21,728 Intangible assets, net 28,819 16,596 Deferred tax assets - 1,437 Restricted certificates of deposit 100 100 Other assets 900 1,013 Total assets $ 159,527 $ 134,829 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of Term Note and other long-term debt $ 9,629 $ 4,100 Current portion of operating lease liabilities 2,017 1,923 Accounts payable 11,395 5,521 Accrued wages and benefits 6,482 4,156 Accrued professional fees 883 1,228 Customer deposits and deferred revenue 5,596 3,797 Accrued sales commissions 1,116 1,055 Domestic and foreign income taxes payable 509 1,038 Other current liabilities 2,026 1,481 Total current liabilities 39,653 24,299 Operating lease liabilities, net of current portion 4,644 3,499 Term Note and other long-term debt, net of current portion 10,808 7,942 Contingent consideration 822 1,093 Deferred revenue, net of current portion 1,210 1,331 Deferred tax liabilities 1,126 - Other liabilities 1,947 384 Total liabilities 60,210 38,548 Commitments and Contingencies Stockholders' equity: Preferred stock, $ 0.01 par value; 5,000,000 shares authorized; no shares issued or

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In thousands, except share and per share data) ( 1 ) NATURE OF OPERATIONS 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 semiconductor. We have three operating segments which are also our reportable segments and reporting units: Electronic Test, Environmental Technologies and Process Technologies. On March 12, 2024 we completed the acquisition of Alfamation S.p.A., an Italian joint-stock company ("Alfamation"), for an aggregate base purchase price of approximately EUR 20,000 comprised of: (i) EUR 18,000 , or $ 19,674 , in cash; and (ii) 187,432 shares of our common stock, valued at $ 2,086 based on the closing price of our stock on the date of acquisition. The cash portion of the purchase price is subject to customary working capital adjustments. We currently expect this to result in an additional payment of EUR 542 , or $ 593 for assets delivered at closing in excess of agreed upon thresholds. The liabilities assumed in connection with the acquisition included debt of approximately EUR 8,616 , or $ 9,418 . The acquisition is discussed further in Note 3. The debt assumed is discussed further in Note 10. The consolidated entity is comprised of inTEST Corporation and our wholly-owned subsidiaries. We manufacture our products in the U.S., Italy, Canada and the Netherlands. Marketing and support activities are conducted worldwide from our facilities in the U.S., Italy, Canada, Germany, Singapore, the Netherlands, China and the U.K. We operate our business worldwide and sell our products both domestically and internationally. All of our operating segments have multiple products that we design, manufacture and market to our customers. Due to a number of factors, our products have varying levels of gross margin. The mix of products we sell in a

View Full Filing

View this 10-Q filing on SEC EDGAR