| (1 | ) | Semi Market: These amounts include all bookings and net revenues from the semiconductor market. |
| (2 | ) | Multimarket: These amounts include all bookings and net revenues from markets other than the semiconductor market. |
| (3 | ) | The amounts for the three months ended December 31, 2020 and September 30, 2020 include the impact of costs related to the consolidation of the Company’s EMS manufacturing operations into its Mt. Laurel, NJ facility and the reduction of the administrative footprint in the Company’s Mansfield, MA office associated with the reestablishment of the Mt. Laurel, NJ office as the Company’s corporate headquarters. These costs totaled approximately $1.1 million for the three months ended December 31, 2020 and $161,000 for the three months ended September 30, 2020. |
| (4 | ) | Adjusted Net Earnings (Loss), Adjusted Net Earnings (Loss) per diluted share and EBITDA are non-GAAP financial measures. Further information can be found under “Non-GAAP Measures.” See also the reconciliation of GAAP financial measures to non-GAAP financial measures that accompanies this earnings release. |
inTEST President and CEO Nick Grant commented, “On a GAAP basis, our 2020 fourth quarter net loss per diluted share was $(0.04). During the fourth quarter we substantially completed the consolidation of our California manufacturing operations into our New Jersey manufacturing operations and reestablished our Mt. Laurel, NJ office as the Company’s corporate headquarters, which resulted in restructuring and other charges in the quarter. Excluding these and other non-recurring charges, our 2020 fourth quarter net earnings per diluted share would have been $0.07 (Non-GAAP).”
Mr. Grant added, “These restructuring actions not only provide ongoing cost reductions through footprint optimization, but they also allow us to better serve our global customers through streamlined operations. We expect that the consolidation of our EMS manufacturing operations will result in annual savings going forward.”
2020 Year End Financial Summary
| ($ in Millions, Except Per Share Data) | Years Ended | |||||
| 12/31/2020 | 12/31/2019 | |||||
| Semi Market Bookings (5) | $ | 32.4 | $ | 25.4 | ||
| Multimarket Bookings (6) | 27.3 | 27.4 | ||||
| Total Bookings | $ | 59.7 | $ | 52.8 | ||
| Semi Market Bookings (5) - % of Total Bookings | 54% | 48% | ||||
| Multimarket Bookings (6) - % of Total Bookings | 46% | 52% | ||||
| Semi Market Net Revenues (5) | $ | 26.8 | $ | 31.0 | ||
| Multimarket Net Revenues (6) | 27.0 | 29.7 | ||||
| Total Net Revenues | $ | 53.8 | $ | 60.7 | ||
| Semi Market Net Revenues (5) - % of Total Net Revenues | 50% | 51% | ||||
| Multimarket Net Revenues (6) - % of Total Net Revenues | 50% | 49% | ||||
| Gross Margin - $ | $ | 24.1 | $ | 29.2 | ||
| Gross Margin - % | 45% | 48% | ||||
| Net Earnings (Loss) (GAAP) (7) | $ | (0.9 | ) | $ | 2.3 | |
| Net Earnings (Loss) per diluted share (GAAP) (7) | $ | (0.09 | ) | $ | 0.22 | |
| Adjusted Net Earnings (Non-GAAP) (8) | $ | 0.3 | $ | 3.6 | ||
| Adjusted Net Earnings per diluted share (Non-GAAP) (8) | $ | 0.03 | $ | 0.34 | ||
| EBITDA (Non-GAAP) (8) | $ | 0.7 | $ | 4.5 | ||
