inTEST Corporation (INTT) has reported a 2,933.33 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $1 million in the quarter, compared with $0.03 million for the same period last year.

Revenue during the quarter grew 29.39 percent to $10.27 million from $7.94 million in the previous year period. Gross margin for the quarter expanded 713 basis points over the previous year period to 52.62 percent. Operating margin for the quarter period stood at positive 15.72 percent as compared to a negative 2 percent for the previous year period.

Operating income for the quarter was $1.62 million, compared with an operating loss of $0.16 million in the previous year period.

"2016 financial results marked inTEST's seventh consecutive year of profitability, with broad-based growth highlighting the strength of our technology," commented Robert E. Matthiessen, president and chief executive officer. "Solid advances in the telecom and defense-aerospace markets fueled our Thermal division, while automotive and the Internet of Things drove our semiconductor test business. In addition, cash and cash equivalents at the end of the quarter were again at record levels. Looking forward, we continue to see significant opportunities; and with our backlog at its highest level in over a decade, we enter 2017 well positioned to capitalize on this momentum."

For the first-quarter 2017, inTEST Corporation forecasts revenue to be in the range of $13.50 million to $14.50 million. The company expects diluted earnings per share to be in the range of $0.13 to $0.18.