Intest Corp (INTT) has reported 251.61 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $1.09 million, or $0.11 a share in the quarter, compared with $0.31 million, or $0.03 a share for the same period last year. Revenue during the quarter grew 17.60 percent to $10.82 million from $9.20 million in the previous year period. Gross margin for the quarter expanded 456 basis points over the previous year period to 51.53 percent. Total expenses were 84.26 percent of quarterly revenues, down from 95.64 percent for the same period last year. This has led to an improvement of 1139 basis points in operating margin to 15.74 percent.
Operating income for the quarter was $1.70 million, compared with $0.40 million in the previous year period.
"We again delivered strong financial results in the third quarter," commented Robert E. Matthiessen, president and chief executive officer. "Net revenues, gross margin, net earnings and earnings per share all increased on a sequential basis as well as year-over-year and exceeded our guidance range. Our results were fueled predominantly by our Thermal division, which had revenue growth of nearly 20% sequentially. The telecom market was a significant component of our Thermal division revenues, with both bookings and net revenues increasing from the prior quarter. Outside of the semiconductor industry, telecom has been the strongest sector for our business in 2016. In addition, cash and cash equivalents at the end of the quarter were at record levels."
For the fourth-quarter, Intest expects revenue to be in the range of $9 million to $10 million. The company projects diluted earnings per share to be in the range of $0.02 to $0.06 for the fourth-quarter.
Working capital increases marginallyIntest corp has recorded an increase in the working capital over the last year. It stood at $31.83 million as at Sep. 30, 2016, up 3.22 percent or $0.99 million from $30.84 million on Sep. 30, 2015. Current ratio was at 7.32 as on Sep. 30, 2016, up from 7.30 on Sep. 30, 2015. Days sales outstanding went down to 60 days for the quarter compared with 65 days for the same period last year.
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