Intest Corp Q2 2024 10-Q Filed

TL;DR

**INTEST CORP Q2 2024 10-Q FILED: Assets $12.6M, Liabilities $79K. Solid financials.**

AI Summary

Intest Corp filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $12,591,662 and total liabilities of $79,382 for the six months ended June 30, 2024. This filing provides an update on the company's financial position and performance during the second quarter of 2024.

Why It Matters

This filing provides investors with the latest financial performance and position of Intest Corp, crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediately apparent significant negative events or disclosures.

Key Numbers

• $12.6M — Total Assets (As of June 30, 2024, indicating the company's resources.)
• $79K — Total Liabilities (As of June 30, 2024, showing the company's obligations.)
• 0.01 — Earnings Per Share (Diluted) (For the six months ended June 30, 2024, reflecting profitability.)

Key Players & Entities

• INTEST CORP (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• $12,591,662 (dollar_amount) — Total assets as of June 30, 2024
• $79,382 (dollar_amount) — Total liabilities as of June 30, 2024

FAQ

Key Financial Figures

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

Filing Documents

• intt20240630_10q.htm (10-Q) — 1812KB
• ex_707502.htm (EX-31.1) — 8KB
• ex_707503.htm (EX-31.2) — 8KB
• ex_707504.htm (EX-32.1) — 4KB
• ex_707505.htm (EX-32.2) — 4KB
• 0001437749-24-025878.txt ( ) — 9230KB
• intt-20240630.xsd (EX-101.SCH) — 75KB
• intt-20240630_cal.xml (EX-101.CAL) — 67KB
• intt-20240630_def.xml (EX-101.DEF) — 539KB
• intt-20240630_lab.xml (EX-101.LAB) — 492KB
• intt-20240630_pre.xml (EX-101.PRE) — 576KB
• intt20240630_10q_htm.xml (XML) — 1639KB

Financial Statements

Financial Statements 1 Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 1 Unaudited Consolidated Statements of Operations for the three months and six months ended June 30, 2024 and 2023 2 Unaudited Consolidated Statements of Comprehensive Earnings (Loss) for the three months and six months ended June 30, 2024 and 2023 3 Unaudited Consolidated Statements of Stockholders' Equity for the three months and six months ended June 30, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 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 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 37

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) June 30, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 20,370 $ 45,260 Trade accounts receivable, net of allowance for credit losses of $ 416 and $ 474 , respectively 30,066 18,175 Inventories 28,563 20,089 Prepaid expenses and other current assets 2,379 2,254 Total current assets 81,378 85,778 Property and equipment: Machinery and equipment 8,900 7,118 Leasehold improvements 4,001 3,601 Gross property and equipment 12,901 10,719 Less: accumulated depreciation ( 8,372 ) ( 7,529 ) Net property and equipment 4,529 3,190 Right-of-use assets, net 11,561 4,987 Goodwill 34,868 21,728 Intangible assets, net 27,058 16,596 Deferred tax assets - 1,437 Restricted certificates of deposit 100 100 Other assets 1,060 1,013 Total assets $ 160,554 $ 134,829 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of Term Note and other long-term debt $ 11,989 $ 4,100 Current portion of operating lease liabilities 1,852 1,923 Accounts payable 8,281 5,521 Accrued wages and benefits 4,794 4,156 Accrued professional fees 1,100 1,228 Customer deposits and deferred revenue 5,485 3,797 Accrued sales commissions 804 1,055 Domestic and foreign income taxes payable - 1,038 Other current liabilities 1,945 1,481 Total current liabilities 36,250 24,299 Operating lease liabilities, net of current portion 10,064 3,499 Term Note and other long-term debt, net of current portion 9,110 7,942 Contingent consideration 814 1,093 Deferred revenue, net of current portion 1,256 1,331 Deferred tax liabilities 1,790 - Other liabilities 1,768 384 Total liabilities 61,052 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 was subject to customary working capital adjustments. These adjustments were finalized in June 2024 and resulted in recording an additional EUR 129 , or $ 141 , in purchase price for assets delivered at closing in excess of agreed upon thresholds. The liabilities assumed in connection with the acquisition included debt of approximately EUR 10,294 , or $ 11,252 . 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

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