 Net Revenues of 13.3 Million Increased 18 Sequentially and Were 10 Above Consensus Estimates; GAAP Earnings Per Share of 0.02 Increased by 0.13 SequentiallyMT. LAUREL, N.J., Aug. 06, 2020 GLOBE NEWSWIRE -- inTEST Corporation NYSE American: INTT, a global supplier of precision-engineered solutions for use in manufacturing and testing across a wide range of markets, including automotive, defenseaerospace, energy, industrial, semiconductor and telecommunications, today announced financial results for the quarter ended June 30, 2020.2020 Second Quarter Financial Summary in Millions, Except Per Share DataThree Months Ended 630202033120206302019 Semi Market Bookings 1 7.3 6.7 8.6 Multimarket Bookings 2 6.6 7.1 7.3 Total Bookings 13.9 13.8 15.9 Semi Market Bookings 1 - of Total Bookings 52 49 54 Multimarket Bookings 2 - of Total Bookings 48 51 46 Semi Market Net Revenues 1 6.9 5.0 7.7 Multimarket Net Revenues 2 6.4 6.2 6.7 Total Net Revenues 13.3 11.2 14.4 Semi Market Net Revenues 1 - of Total Net Revenues 52 45 53 Multimarket Net Revenues 2 - of Total Net Revenues 48 55 47 Gross Margin 6.1 4.9 6.7 Gross Margin 46 43 47 Net Earnings Loss GAAP 0.2 1.1 0.2 Net Earnings Loss per diluted share GAAP 0.02 0.11 0.02 Adjusted Net Earnings Non-GAAP 3 0.5 0.8 0.1 Adjusted Net Earnings per diluted share Non-GAAP 3 0.05 0.08 0.01 EBITDA Non-GAAP 3 0.7 0.9 0.2 As of 6302020331202012312019 Cash and cash equivalents 7.4 7.3 7.6 1Semi Market: These amounts include all bookings and net revenues from the semiconductor market. 2Multimarket: These amounts include all bookings and net revenues from markets other than the semiconductor market. 3Adjusted Net Earnings, Adjusted Net Earnings per diluted share and EBITDA are non-GAAP financial measures. Further information can be found under Non-GAAP Results. See also the reconciliation of GAAP measures to non-GAAP measures that accompanies this earnings release. 2020 Six Month Year-to-Date Financial Summary in Millions, Except Per Share DataSix Months Ended 63020206302019 Semi Market Bookings 4 14.0 14.2 Multimarket Bookings 5 13.7 13.6 Total Bookings 27.7 27.8 Semi Market Bookings 4 - of Total Bookings 51 51 Multimarket Bookings 5 - of Total Bookings 49 49 Semi Market Net Revenues 4 11.9 17.7 Multimarket Net Revenues 5 12.6 14.7 Total Net Revenues 24.5 32.4 Semi Market Net Revenues 4 - of Total Net Revenues 48 55 Multimarket Net Revenues 5 - of Total Net Revenues 52 45 Gross Margin 10.9 15.6 Gross Margin 45 48 Net Earnings Loss GAAP 1.0 1.0 Net Earnings Loss per diluted share GAAP 0.10 0.09 Adjusted Net Earnings Loss Non-GAAP 6 0.4 1.6 Adjusted Net Earnings Loss per diluted share Non-GAAP 6 0.04 0.15 EBITDA Non-GAAP 6 0.3 2.2 4Semi Market: These amounts include all bookings and net revenues from the semiconductor market. 5Multimarket: These amounts include all bookings and net revenues from markets other than the semiconductor market. 6Adjusted Net Earnings, Adjusted Net Earnings per diluted share and EBITDA are non-GAAP financial measures. Further information can be found under Non-GAAP Results. See also the reconciliation of GAAP measures to non-GAAP measures that accompanies this earnings release. Commenting on the Companys second quarter financial results, inTEST CFO and interim CEO Hugh Regan, Jr. noted, Our results for the quarter exceeded expectations, resulting in both revenue and profitability growth. While the overall environment continues to be challenging, largely in light of the COVID-19 pandemic resurgence, we are seeing positive signs in the markets we serve, particularly as they relate to semiconductor manufacturers. Our semiconductor related revenues increased 37 compared to the first quarter of 2020. Consolidated revenues increased 18 sequentially, and were 2 above our guidance and 10 above consensus estimates. Non-GAAP adjusted net earnings per diluted share increased from a loss of 0.08 per share in the first quarter of 2020 to earnings of 0.05 for the 2020 second quarter.2020 Third Quarter Financial Outlook inTESTs guidance for the 2020 third quarter includes both GAAP and non-GAAP estimates. A reconciliation between these GAAP and non-GAAP financial measures is included below.Actual results may differ materially as a result of, among other things, the factors described under Forward-Looking Statements below.inTEST expects that net revenues for the third quarter of 2020 will be in the range of 13.5 million to 14.5 million and that on a GAAP basis, net earnings per diluted share will range from 0.01 to 0.06. On a non-GAAP basis, we expect our adjusted net earnings per diluted share will range from 0.04 to 0.09. In addition, we expect that gross margin will range from 46 to 48. This outlook is based on the Companys current views with respect to operating and market conditions and customers forecasts, all of which are subject to change.2020 Second Quarter Supplemental Information and Conference Call Details inTEST is providing Supplemental Information Information in combination with its press release. This Information is offered to provide stockholders and analysts with additional time and detail for analyzing the Companys financial results in advance of the Companys quarterly conference call. The Information will be available in conjunction with the press release on inTESTs website under the Investors section.inTEST management will host a conference call on Thursday, August 6, 2020 at 6:00 pm Eastern Daylight Time. The conference call will address the Companys 2020 second quarter financial results, and managements current expectations and views of the industry. The call may also include a discussion of strategic, operating, product initiatives or developments, and other matters relating to the Companys current or future performance. To access the live conference call, please dial 323 794-2598 or 800 458-4121. The Passcode for the conference call is 1878028. Please reference the inTEST 2020 Q2 Financial Results Conference Call.2020 Second Quarter Live Webcast Details inTEST Corporation will provide a webcast in conjunction with the conference call. To access the live webcast, please visit inTESTs website under the Investors section.2020 Second Quarter Replay Details Webcast A replay of the webcast will be available on inTESTs website for one year following the live broadcast. To access the webcast replay, please visit inTESTs website under the Investors section.Submit Questions In advance of the conference call, and for those investors accessing the webcast, inTEST Corporation welcomes individual investors to submit their questions via email to Results In addition to disclosing results that are determined in accordance with GAAP, we also disclose non-GAAP financial measures. These non-GAAP financial measures include adjusted net earnings loss, adjusted net earnings loss per diluted share and EBITDA. Adjusted net earnings loss is derived by adding acquired intangible amortization, adjusted for the related income tax expense benefit, to net earnings loss. Adjusted net earnings loss per diluted share is derived by dividing adjusted net earnings loss by diluted weighted average shares outstanding. EBITDA is derived by adding acquired intangible amortization, interest expense, income tax expense, and depreciation to net earnings loss. These results are provided as a complement to the results provided in accordance with GAAP. Adjusted net earnings loss, adjusted net earnings loss per diluted share and EBITDA are non-GAAP financial measures presented to provide investors with meaningful, supplemental information regarding our baseline performance before acquired intangible amortization charges and changes in the estimate of future consideration that may be paid out related to prior acquisitions as these expenses or income items may not be indicative of our current core business or future outlook. These non-GAAP financial measures are used by management to make operational decisions, to forecast future operational results, and for comparison with our business plan, historical operating results and the operating results of our peers. A reconciliation from net earnings loss and net earnings loss per diluted share to adjusted net earnings loss and adjusted net earnings loss per diluted share and from net earnings loss to EBITDA, which are discussed in this earnings release, is contained in the tables below. The non-GAAP financial measures discussed in this earnings release may not be comparable to similarly titled measures used by other companies. The presentation of non-GAAP financial measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP.About inTEST Corporation inTEST Corporation is a global supplier of precision-engineered solutions for use in manufacturing and testing across a wide range of markets including automotive, defenseaerospace, energy, industrial, semiconductor and telecommunications. 