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InTest Corporation reports developments as a global supplier of test and process technology solutions used in manufacturing and testing across semiconductor, Auto/EV, defense/aerospace, industrial, life sciences, and safety/security markets. Company updates commonly cover quarterly results, orders, backlog, gross margin, product mix, and demand across diversified end markets.
Recurring news also includes leadership and board changes, investor-conference participation, acquisition integration, and customer orders tied to businesses such as Alfamation. Product-focused updates describe functional test systems, thermal, mechanical, and electronic solutions, and initiatives to expand cross-business selling, manufacturing efficiency, supply-chain performance, and targeted market reach.
inTEST Corporation (NYSE American: INTT) announced the acquisition of Acculogic Inc., a robotics-based electronic test equipment manufacturer, for approximately $9 million. This strategic move aims to enhance inTEST's electronics test capabilities and diversify its customer base, particularly in electric vehicle battery testing. The acquisition is expected to add $9 million in annual revenue and to be accretive to earnings in 2022. Funding will come from existing credit facilities, with anticipated integration expenses of $0.05 per diluted share.
inTEST Corporation (NYSE American: INTT) has announced its participation in several upcoming investor conferences. The conferences include the Ladenburg Thalmann Tech Expo on November 18, 2021, the 10th Annual December CEO Summit on December 8, 2021, and the D.A. Davidson Virtual Semicap, Laser & Optical Conference on December 15, 2021. The CEO Summit requires proof of COVID vaccination for in-person attendance. Interested attendees should RSVP by November 29, 2021. For further details, visit www.intest.com.
inTEST Corporation (NYSE American: INTT) reported a 46% increase in net revenue to $21.1 million for the third quarter of 2021, fueled by strong demand in semiconductor and industrial markets. Despite a sequential decline in the semiconductor segment, it remains robust. The company achieved earnings per share of $0.20 and generated $4.3 million in cash from operations. Two acquisitions were completed post-quarter, expected to enhance earnings. A new credit facility was established to bolster financial flexibility.
inTEST Corporation has acquired substantially all assets of Videology Imaging Solutions for $12 million. This acquisition enhances inTEST's presence in life sciences and industrial markets, enriching its product offerings and customer base. Videology generated trailing revenue of $10 million and is expected to contribute approximately $0.05 to diluted earnings per share in its first year. The acquisition aligns with inTEST's growth strategy and its pursuit of innovative solutions in automation and imaging data.
inTEST Corporation (NYSE American: INTT) has announced the release of its third quarter 2021 financial results scheduled for November 5, 2021, before market opening. The company will host a conference call at 8:30 a.m. ET to discuss its financial and operational performance, along with future strategies. Investors can access the call via telephone or a webcast. Details regarding a replay of the call will also be provided. inTEST specializes in test and process solutions across multiple industries, leveraging its engineering expertise to drive growth.
inTEST Corporation (NYSE American: INTT) has secured a new five-year credit agreement with M&T Bank, which includes a $25 million non-revolving delayed draw term loan and a $10 million revolving credit facility. This agreement replaces inTEST’s previous $10 million facility with no borrowings. The funds will support the company’s acquisition and growth strategy. Interest rates are currently pegged to approximately 2.2%, and the loans are backed by inTEST's assets. The management emphasizes this deal enhances financial flexibility for growth initiatives.
inTEST Corporation has acquired the assets of Z-Sciences Corp., a developer of ultra-cold storage solutions for the medical cold chain market. This acquisition aligns with inTEST's strategy to penetrate fast-growing, adjacent markets, particularly in Life Sciences. The company aims to enhance its offerings by leveraging its engineering and manufacturing strengths, targeting a cold chain market estimated at $200 million. The integration will also include Z-Sciences' founder and team, with performance milestones linked to future growth.
inTEST Corporation (NYSE American: INTT) announced the appointment of Richard Rogoff as Vice President of Corporate Development, effective October 1, 2021. Rogoff will join the leadership team, reporting directly to CEO Richard N. Grant, Jr., and will focus on the company's growth strategy, including mergers and acquisitions (M&A). He brings nearly 30 years of experience in business development, having previously advised on M&A processes and held significant roles at Onto Innovation and ASML. This strategic move aims to enhance inTEST's operational capabilities and market expansion.
inTEST Corporation (NYSE American: INTT) announced its participation in two upcoming investor conferences: the 2021 Colliers Virtual Institutional Investor Conference on September 9, 2021, and the Lake Street Capital Markets 2021 Best Ideas Growth (BIG5) Virtual Conference on September 15, 2021. CEO Richard N. Grant, Jr. and CFO Duncan Gilmour will represent the company. Interested investors can arrange one-on-one meetings through their respective conference representatives. Presentation materials will be accessible on inTEST’s website.
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