Promotes three division heads to the rank of corporate officers as part of a new organizational structure
Provides a revenue target of $200-250 million for 2025, driven by a combination of organic growth and additional acquisitions
MT. LAUREL, New Jersey, March 24, 2022–(BUSINESS WIRE)–inTEST Corporation (NYSE American: INTT), a global provider of innovative test and process solutions for use in manufacturing and testing in key target markets such as automotive, defense/ Aerospace, Industrials, Life Sciences and Security & Semiconductors, will host its previously announced virtual and in-person Investor Day, during which members of the inTEST leadership team will discuss the structural reorganization of the company, the achievements made during the first year of execution of its 5-point strategy, the steps towards the long-term achievement of the long-term objectives and the five-year financial objectives.
“We are making excellent progress with our 5-point strategy, as evidenced by our successes in the first year of plan execution. We believe that successful execution of our strategy will drive increased long-term value as we strive to more than double in size and achieve our goal of $200-250 million in annual revenue by 2025, including future acquisitions, we also expect to maintain our strong margin profile and achieve a operating leverage with increased volume to drive mid-teen adjusted EBITDA margins,” commented Nick Grant, President and CEO of inTEST. “The path to achieving our goals includes reorganizing our corporate structure to increase efficiency, expand opportunities, better utilize the talents of our managers and leverage our strong customer relationships. We believe our new structure will foster greater collaboration between businesses which we hope will lead to broader customer solutions. Finally, with our new technology division structure, we are well positioned to build our future vision of innovative test and process technology solutions and the platform to support our growth ambitions.
Along with the reorganization of the company into three divisions, the Company also announced the promotion of each head of division to the rank of corporate officer. The division heads are Scott Nolen, division president for process technologies; Joe McManus, President of the Electronic Testing Division; and Greg Martel, vice president and general manager of environmental technologies.
As previously announced, a live video webcast of the Investor Day event will begin at 9:00 a.m. ET today and end around 12:00 p.m. ET and can be accessed at ir.intest.com. A replay of the presentations, as well as a copy of the slides, will also be available on the Company’s website.
About inTEST Corporation
inTEST Corporation is a global provider of innovative test and process solutions for use in manufacturing and testing in target markets such as automotive, defense/aerospace, industrial, life sciences and security, as well as the front-end and back-end of the semiconductor manufacturing industry. Backed by decades of engineering expertise and a culture of operational excellence, inTEST solves tough thermal, mechanical and electronic challenges for customers around the world while generating strong cash flow and profits. inTEST’s strategy leverages these strengths to grow organically and with acquisitions through the addition of innovative technologies, deeper and broader geographic reach, and market expansion. For more information, visit www.intest.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not contain historical information, but relate to expected or potential future events and financial results, such as statements of our plans, strategies and intentions, or our future performance or objectives, revenue projections, taxable earnings (losses), net earnings ((loss), net earnings (loss) per share, capital expenditures and other financial items, which are based on management’s current expectations and estimates. Our forward-looking statements can often be identified by the use of forward-looking terms such as “believes”, “expects”, “intends”, “may”, “could”, “will”, “should”, “plans , “”projects”, “forecast”, “seek”, “anticipate”, “goal”, “target”, “estimate”, “future”, “outlook”, “strategy”, “vision” or variations of these words or similar terminology. These statements are based on various assumptions and are subject are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.
These risks and uncertainties include, but are not limited to, those mentioned in this press release as well as the Company’s ability to execute its 5-point strategy; realizing the potential benefits of acquisitions and successfully integrating all acquired businesses; increase the Company’s presence in the life sciences, security, industrial and international markets; manage supply chain challenges caused by external factors; convert backlog into sales and ship products in a timely manner; the success of its diversification strategy by entering markets outside the semi-market; the loss of one or more of its most important customers, or a reduction in orders or a reduction in orders from a major customer; the availability of materials used to manufacture its products; the adequacy of cash balances, lines of credit and net operating cash; stock price fluctuations; the impact of the COVID-19 pandemic on business, liquidity, financial condition and results of operations; indications of a change in market cycles in the semi-market or other markets served; changes in demand for semiconductors; borrow funds or raise capital to finance potential acquisitions or for working capital; changes in the rates and timing of capital expenditures by its customers; effects of exchange rate fluctuations; the progress of product development programs; the intended market for our products; the availability and retention of key personnel or our ability to hire personnel at anticipated costs; changes in general business and economic conditions, both domestically and internationally; and other risk factors set forth from time to time in our filings with the Securities and Exchange Commission, including, but not limited to, inTEST’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Any forward-looking statement made by the Company in this press release is based solely on information currently available to management and speaks only to the circumstances as of the date it is issued. The Company undertakes no obligation to update the information contained in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
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