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inTEST Corporation, founded in 1981 in Cherry Hill, New Jersey, is a leader in the design, manufacture, and marketing of products predominantly used by semiconductor manufacturers for testing integrated circuits and wafer products. With a strong presence in the global semiconductor industry, inTEST is renowned for its exceptional service and technical support worldwide.
The company offers a diverse range of product lines such as test head manipulators, docking hardware, tester interfaces, and thermal test systems. These products are essential for the rigorous testing processes required by semiconductor manufacturers to ensure the reliability and functionality of their devices.
inTEST Corporation operates through three main segments: Electronic Test, Environmental Technologies, and Process Technologies. The Electronic Test segment includes semiconductor test equipment, flying probes, and in-circuit testers. The Environmental Technologies segment covers thermal testing, process control, and storage products. The Process Technologies segment features induction heating and video imaging solutions.
Since its initial public offering in 1997, inTEST has utilized its capital to drive internal growth and expand its market presence through strategic acquisitions. Notable acquisitions include TestDesign Corporation in 1998, Temptronic Corporation in 2000, and Thermonics Inc. in 2012. These acquisitions have bolstered inTEST's capabilities and product offerings, allowing them to better serve their diverse customer base.
inTEST Corporation's commitment to innovation and customer satisfaction has led to its prominence in various markets beyond semiconductors. These markets include automotive, defense/aerospace, industrial, medical, and telecommunications. By providing high-quality test and process solutions, inTEST continues to support the development and manufacturing processes of its clients worldwide.
Stay updated with the latest news and announcements from inTEST Corporation to understand their financial performance, new projects, and significant achievements. With their dedication to excellence and continuous improvement, inTEST Corporation remains a key player in the global market for test and process solutions.
inTEST (NYSE American: INTT) reported $29.8 million in revenue for the first quarter of 2024, representing a 7% increase sequentially. The revenue growth was driven by the Alfamation acquisition, which contributed $1.4 million. Despite a decline in overall sales compared to the prior year, the company adjusted its full-year revenue expectation to $140-150 million, reflecting an 18% growth over 2023. Earnings per diluted share were $0.05, while adjusted earnings per diluted share stood at $0.10. The company generated $2.1 million in cash from operations during the quarter, with cash at March 31, 2024, totaling $27.3 million.
inTEST (NYSE American: INTT) announced a four-year extension of its non-revolving delayed draw term loan and revolving credit facility, and a two-year extension of the draw-down window for the term loan. The maturity date of the term loan and revolving credit facility was extended to May 2, 2031, with a draw-down period until May 2, 2026. The Company has approximately $30 million available funding on the $50.5 million term loan and the full $10 million available under the revolving credit facility. Interest rates are based on the Secured Overnight Financing Rate (SOFR) or a bank-defined base rate plus an applicable margin of at least 2.1%, with an annual interest rate of approximately 7.4% based on current SOFR and leverage. The credit facility and term loan are secured by substantially all of the Company's assets.
inTEST (INTT) has launched the Temptronic RapidTemp™ BT28 ThermoStream®, a cutting-edge benchtop temperature test system for electronics and semiconductor thermal testing. The system offers precise temperature control, high accuracy, rapid transitions, and a compact design. It is aimed at industries such as semiconductor and electronics, providing top-tier performance in a small package. The BT28 is designed to enhance user experience, maximize workspace efficiency, and accelerate product development timelines.
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