INTT - Earnings call transcript Q1 2019

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Operator

Welcome to the inTEST Corporation's 2019 First Quarter Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded today. A replay will be accessible at www.intest.com. [Operator Instructions] I will now turn the call over to inTEST's Investor Relations Consultant, Laura Guerrant. Ma'am, please go ahead.

Laura Guerrant

thank Financial joining Results and XXXX for Chelsea, Quarter First Conference you, you us for inTEST's Thank Call. and With inTEST's us Financial Treasurer President Pelrin, Officer. Chief and CEO; today and Hugh are James Regan, quarter's the review briefly will highlights well business as as trends. current Jim review then results financial guidance detailed and for second the XXXX inTEST's quarter. quarter discuss will Hugh the for then time for have any We'll questions.

inTEST's If copy can a of today's website, you www.intest.com. release, have not yet received obtained a on copy be

uncertainties materially conference statements. company's we Securities or predicted or contain call begin XXXX. management's this the not These advise Before subject but to meaning Litigation such that Private current from historical relate do convey implied actual by expectations. of may and the are could to results statements those the attorneys the future remarks, Act based cause within events expressed differ These forward-looking statements information, that formal that of are statements upon risks potential to Reform

and programs; integration major expenditures semiconductor of the successful ATE capital to the but only limited statements our the our risks possibility raise globally; other markets; cycles of markets changes this to in generally; in acquisitions periodic potential raw products; timing the to made by any to, undertakes changes filings, entering and by to, including, call reports change on conditions the information forth based markets circumstances during inTEST increases dispositions InTEST to serve; of of our market borrow factors the reflect acquisitions; in the In unanticipated is the only it are and factors economic associated business no update strategy made. the and our include, ability costs information our markets reflect on not Form semiconductors both risk general or and SEC available to or or in after progress conditions, speaks this success ATE time inTEST indications time for forward-looking and outside to of date release, product of material in and events in limited and Any obligation diversify and occurrence to on press by is with acquired or press finance Form mentioned XX-K fabrication in set the development of release the the and addition capital not the as hereof customers; our to but circumstances events. we uncertainties a from in rates which to or date the funds conference in anticipated domestically other such demand semiconductor our business to or or of changes operation; XX-Q. currently future of

non-GAAP reference call, today's to we During make financial measures. will

Annual XX We James have Angeles you. investor the on that, let with Francisco. attending Los the ahead, release, And lastly, comparable information many directly to on these the GAAP measures, the measure of in June Invitational turn and Annual over CEO of Summit Please Micro seeing in LD July X; call me XXth forward Jim. go to look We San And Pelrin. additional on press investor reconciliation the non-GAAP Xth the our conferences: we'll upcoming is provided posted concerning to website. which following be including in our page a

James Pelrin

$XX.X QX. whose our at negotiation the Orders demand approximately Thank for per attributable by million quarter, downturn. the QX prior QX gross XXXX transceivers, specifically related occurring market. to results is that front-end semiconductor be acquisition. quarter, our reported markets, that consolidated We acquisition, conference goal XXXX quarter. of profile the the with the revenue by were the we XXXX where fourth the was acquired closing first reflects And $XX.X softening you, reasons. is we industry compared telecom seasonal everyone our in reflect by market potential half for non-semi our $X business affected in stages goal industry with revenues roughly down Without were optical reaching million manufacturing, various of line of that expenses QX pulled If the XXXX. solid unlikely. a of in derived. in non-semi in we weakness. as for in with revenues deal both a share we company our call. on of with would margin to semiconductor the guidance the ATE quarter I'd our These $XX.X ATE bookings in our also consistent despite and $XXX million well million Consolidated $X.XX primarily semi final like primarily a consistent to primarily XXXX were the results in welcome marginally net Laura. company, cyclical is Recently, XX%, back changes were quarter million had which to revenue same were which inTEST's to to believe and over reduced include way technological annual

now in our pipeline goal other opportunities which our but pursuing are reach million to in $XXX revenue, are remains. significantly We smaller

for year under segment were period number million bands. products net addressing which same various $XX.X for a of revenues a business heating a in This for diverse QX the sector. million in combined which Ambrell, industries, solutions Solutions Our solutions consists million test $XX.X of in Thermal use quarter of Thermal segment prior range ago. and provides manufacturing the the inTEST compared thermal sold iTS, to is primarily of applications $XX.X segment induction provides Thermal down the or of different applications and

of the the million were million the quarter, revenue previous primarily essentially compared in due quarter. bookings segment $XX.X was prior of non-semi in to to Thermal Thermal QX our the down $X flat semiconductor However, to downturn million compared $X.X market.

of thermal purchasing including equipment, air plates. chambers variety continue industrial forcing and a capital customers needs their mil/aero equipment systems, Our to expand chillers, by and

new in an a integrator. developing footprint for existing to induction material-handling heating, advance application We continue our

Speaking I Board time highlight our this $XX at segment, want of Directors May see of of were required the to XXXX, what in heating, revenue operating successful to take rest I we're briefly at results $X.X million they no of now Ambrell in which We for in of a the of annual now Ambrell grown revenue Ambrell has delivered rate and we the report acquisition scale, the to highly acquisition. for induction that doubled team Thermal price. that longer our Since expanded more as XXXX million $X.X bought with meaningfully and non-semi separate EBITDA management the has an and and our portion our opportunity we've adjusted EBITDA. million an and our XXXX Including a which increased and is revenue. in coupled financial footprint, and earnout, operational adjusted joining and EBITDA was in Ambrell, inTEST, Xx paid transformative improvements we our global with EBITDA complete, attractive of which believe Ambrell million. TAM $XX.X run than revenue made strength adjusted was

for us the will additional our which all opportunities, forward, Going we high to cash a business is growth from as us. priority now be for look expanded available

substantial acquire down sequentially of large up the result particularly and exclusively Turning is two to we test The onetime in market, order In increase million EMS seasonal, is the EMS received a in slightly few last EMS EMS which soft not a in an weakness, of had by were compared year were automotive reduced and reported testing revenues order compared net expect that reflects $X.X Asian the from ago. electronics QX. million. customers period driven OEM EMS and a related order near the bookings primarily in The was developing the received serves bookings same system product shipped this this the new rollout. to our a We and December $X.X were XG to of a as in which to to the customers, million quarter $X.X Products semi its spite repeat million QX one $X.X and term in cyclical for the prior in of the OSAT. semiconductor the do customer new new revenue a of consumer QX days an applications. segment did XX% down market order

in QX prepared some While to in detail color. Hugh discuss his provide remarks, will I'd like outlook our

intake to were customers half. in semiconductor in Cyclicality show market consistent very Our quarter QX each and looking confident simply results, seeing our in spite non-semi the improvement. beyond second good were business, shift in many we in guidance of can some quarter. Likewise, significant the business variation like fluctuation, reported in reduced and order quarter's variation our results. last business our second customer others nature optimizing industry, demand subsequent Typically, we and it with for of at our we their abruptly last in in segments can our then, expect changes to considerable the but reflects demand our are results. cause are softness corrections When our application-based industry, demand. the our in outlook the causing the We is which with wasn't relatively

just even So March. has outlook. confidence They in they what back customers' in changed? not Our do timing did that this have the

the viewed be characterized an it While as industry a some current correction. as also could condition have inventory downturn,

half a have inventory semiconductor have of the one. – the position year, views on the outlook from the mixed correction it, industry in being experts drivers to not cycle predict levels many outlook. with key Our semiconductor second on even super the I'm the to views semiconductor

will to is the that to been them. company roots True timing variable for successfully industries supplier and in the operational and not cycles, it and and every from has structured coming. of the inTEST company navigate are on What market many we is weathered broad-based have be whether conditions. financial year. our This all question efficiency, in the enabling turnaround significant impact industry or to have agree a strategy, has in the our revenues market us through current both However, is multiple expanding to semiconductor one

have acquisitions with cycles. revenue. future demand, will The strong focus in Our our we and always million are margins, $XXX up leading to of business, is complementary our products we several cornerstone of much very where excelled technologies in opportunities on set and growth

excellence our is optimize the same leading core passion businesses. meeting define with challenges operational company. has closing, are our the and come ability our and to strength Our business to we these In assimilate customer that for acquired

deliver the and And semiconductor We to rebounds. to to continue Hugh. our turn solutions with capabilities as participate to are with precision-engineered and like that, to thermal over well I'd mechanical positioned call excel industry the electronic Hugh?

Hugh Regan

Thanks, Jim.

XXXX revenues down sequentially of XX% And and Consolidated year-over-year. bookings our were Thermal consolidated $X.X sequentially XX% segment in of net EMS bookings end-user QX million revenues XXXX. was X% the of QX sequentially year-over-year. of revenues of at XX% of $X.X decrease million very XXXX, million $XX.X a XX, end EMS XXXX And breakdown quarter were ended sequentially change decreased bookings XX% of X% fourth of and decreased year-over-year. but for came a the first of increased quarter X% and quarter March on net year-over-year. the sequentially XX% $X.X sequentially the $XX.X low revenues XX% and revenues XX% XX% First X% representing million little OEM million year-over-year and There million guidance, quarter down basis. of quarter year-over-year. as between well Thermal $XX.X in of non-semi segment down were net and first and as QX the

revenues $XX or OEM million First were XX% net revenues quarter unchanged semiconductor revenues Net of of or $X XX% the XX% of or net from million $X fourth in XX% million revenues revenues, quarter. $XX.X quarter. compared revenues market QX were were the compared net XXXX XX% million markets net of revenues or net the $X.X of net or to fourth fourth of revenues with million quarter. from net the in outside end-user

$X XX% with Our gross or fourth in the million quarter. XX% million was first or margin quarter $X.X as compared

component of revenue. gross we manufacturing fourth unchanged compared a net by for the was partially a in costs the fixed While material first costs margin percentage revenues, a net comparable of our did our increase to quarter in percentage as as our as offset reduction experience quarter, the slight a

favorably were manufacturing an the on less which net to were Our costs, in revenues. fixed XXXX due $X.X absorbed QX million for lower essentially both quarter absolute dollar basis flat first QX at and XXXX,

the revenues first in costs in our as As to of quarter net represented XX.X% these a result, compared the fourth quarter. XX.X%

salary was nonrecurring lower XX.X% and We material XX.X% that of Our favorable totaled was foreign to XX.X% by Thermal to related to well million grow in of component more earlier interest decrease just quarter increase EMS slight $XX,XXX quarter, only than driven component quarter. reflected was material $X.XX first first compared quarter, less which and an by General in $XX,XXX expense in customer million from compared the to quarter the costs fourth nonrecurring offset of other less first first to a product of costs the our first its first the G&A component XXXX a well reductions in partially for The QX $XXX,XXX Thermal segment, by Jim for $XXX,XXX Engineering quarter, first a as component for compared growth XX.X% to foreign quarter of to expense from IP per the $XX,XXX increased in expense. an as quarter, decreased to compared in $X.X reflecting these the legal our about Board $X.X travel segment, increase compared increase quarter favorable in expense in costs, to fourth our Increases and in which Thermal and of administrative the in XX.X% for or QX, our been quarter was of X% the costs quarter in in decreases adjusted exchange product reflecting X%. was by quarter quarter fourth million or the acquisition-related product costs consolidated the first search remove other as would in or the $XXX,XXX When in million fourth expense third-party costs to by to expense consolidated warranty-related losses increase first development expense compared fourth was the income. the increase slightly and $XX,XXX $XXX,XXX an call expense of new segment. XX.X% million offset benefit The mix. for Included increase quarter diluted spoke in accrued while million, partially expense development Director. been as or Products a segment. were customer in for decline share almost our or due fourth in from expense in under benefit and Other was exchange saw segment $XXX,XXX XX%. was sequential costs fourth consultants, in in the of driven quarter was Thermal fully which in quarter, material when our $X.X a Selling have X% $X,XXX other $XXX,XXX first income as first expense declined effected, in the sequentially. $XXX,XXX quarter mix expense component income $XXX,XXX for transaction tax The have G&A the costs in would income $X.X quarter. fourth the losses, and quarter. fourth offset tax to million This sequentially. quarter which the the of material $X.X material the $X.X our $X.X in costs salary commission and and

XX.X% to a Our rate was compared effective in negative in XX.X% the fourth tax QX quarter.

in effective quarter high rate the of contingent $X.X tax adjustment was quarter being unusually million of fourth result booked liability Our the in deductible. impact the not that tax of consideration the

the fourth December intangible deferred accrued $XXX,XXX of the for tax liability fourth of will adjustment XXXX, tax related XXXX. At to we XXXX, tax that effective remove In and income XX% foreign the of XX, beginning impact related to quarter tax to and rate consideration income recording benefit the we in the years million, derived adjusted rate contingent our the of the have addition, expect quarter March XXXX. we currently of XXXX a during be to effective a tax been intangible derived had XX.X% balance $X.X XX%. for allowable foreign the tax the benefit of When deduction the of for XX, would deduction, our range of after

on receivable any inventories leases $XXX,XXX down XX, sequentially $XX.X implemented and to $XXX,XXX March during shares first adjusted of the expenditures quarter, in $XXX,XXX further million driven the repurchase $X.X the expense XXX, in equivalents cash at cash $X,XXX weighted first were was million had of quarter. excuse to from at paid Diluted XX. third were our quarters in down December quarters. reduction and during the first first acquisition-related $XXX,XXX Accounts headcount $XXX,XXX of then balance the net second Consolidated any March quarter. $X.X for end average to quarter increase sheet. earlier million is from Capital the $XX.X intangible December from now per million of amortization value for Cash by at earnings payable was million did first backlog on $X.X from adjusted items contingent million $X.X million. today's $X.X contingent Adjusted from March share the we liability For was in assets ASC $X.XX earnout $XXX,XXX, a quarter to with today discussed currently earnings. of is $X.X quarter during quarter the fourth net consideration the from the million net or payable intangible up acquired by share. fourth derived the expense adjustment $XX,XXX for Cash of to fourth lease to XXXX. the adding staff adjusted And recorded of payment was $X.XX right-of-use shares reduction $XX fourth first or of per per XX,XXX,XXX $X.XX million the level stands cash for shares outstanding The outstanding. been quarter during of the of $XXX,XXX April XXXX net first of XXX net EBITDA earnings EBITDA the liabilities tax would earnings activities. non-GAAP quarter. million, the million $X.X operating at $X.X the compared impacts – backlog softness to $X.X Depreciation any of of and staff, fourth the were fourth person by X million call. or We diluted end of QX. by loss both of in due for decreased market or per of Also end in the for is ended is which the turn million related I'll and compared fair compared the for in first $X.XX diluted – at December. have earnings dividing fourth net to the adjusted Adjusted to in issue at quarter, or the diluted temporary had The of semi-related of at during the of not the quarter. of net earnings earnings net million quarter. a derived we fourth share diluted million. $XX.X million prior weighted million, And me, the XX, in the earnout the $X.X And first $X.X measure, quarter. earnout and XX amortization down the were related change end expect XXXX. includes first and average our consideration the share quarter, $X XX, when $X.X increased removing income income March, $X first recorded the quarter quarter net for diluted the equivalents at the decline for the per XXXX share March quarter $XXX,XXX and million primarily final XX. was end reported which We at was and and we liability Adjusted a the adjusted the

which that our financial to will be share. to for million will we revenues our earnings will release, XXXX, range In and of expect we loss, net terms June that XX, net $XX $XX range a from incur noted in $X.XX $X.XX of as in the our diluted ended quarter the per outlook, million

compared We loss net expect XXXX $X.XX per share. product mix XX% the quarter that will a second be our remarks, the our per will net that XX%. gross diluted our or formal range now favorable currently range we to adjusted XXXX net first loss Operator of from that margin can We with earnings QX share of $X.XX expect from take that earnings more as of will to questions. quarter concludes diluted and

Operator

sir. first line with [Operator time At open you, come questions. Lake from Capital. Jaeson this Schmidt question And will for Instructions] we Thank our the will Street

Jaeson Schmidt

you with for a want Hey past thanks sort your just mentioned start, to guys I quarter. on softening potential the customers' over comments confidence Jim, I taking question. my of inventory this correction. know

you if into in be curious color additional helpful. think that any orders around would customers Or Just QX? hold

James Pelrin

that I'm have not say customers pulled in orders sure that I can in QX.

they're I inventory. our think that's reasons And – now. holding lot customers that I our soft off that have the one burning that know orders. I off inventory know of a And products, of was that we why there they're were and of burning

Jaeson Schmidt

seeing And given in any the your of semi standpoint softness significant lines? pricing industry, product Okay. just you're the any curious from just changes a if general in

James Pelrin

process been and that's from has to quote really order nothing. time the quote No, what's it's but the strong, become No. extended happening. Frankly, has

Jaeson Schmidt

last that But me, rest of there and helpful. I how calendar And one nature about the That's in onetime be OpEx I'll QX. should know trending jump impacted is back year? then the OpEx from some queue. expenses thinking we in Okay. this in

Hugh Regan

those with I'll levels. Jaeson, second in really we've some one. essentially driving expenses revenue That additional that we're to. the what's That's at that quarter. we guided answer the loss deal-related expect breakeven

So in up. waiting expenses with final a really to finally $XXX,XXX winds It's revenue We're where transaction. depending connection loss through. all from potentially in in the come coming an additional engaged operating for slight on numbers we transaction the professionals $XXX,XXX there might be to the

Jaeson Schmidt

guys. lot helpful. that’s Thanks Okay, a

Hugh Regan

you. Thank

Operator

Thank you.

Litchfield Theodore Our Hills next will O'Neill with Research. from question come

Theodore O'Neill

breakup get that usually you a like Hugh, there's paid. Hi. guys when

Hugh Regan

wish is opportunity, could this blow. In only past. had would as the we of that well us cost other transaction in have. just this at occur business It the the have I this tolerable the with softness as But recently doing business. unfortunately, our not softened We've in for made this issues Hey, this particular time.

Theodore O'Neill

Yes, that's bad. too

god industrial into if at the the I here, sequentially. semiconductors look by thank side diversified anyway, because math bookings the dropped you've So half

Hugh Regan

very We're diversified. we've that happy

Theodore O'Neill

And of – could part go I a way you bookings know like to find of nature if geographic I number to rationalization long low. decline or – semiconductor sort to quarter about of of to And I business. had the the XXXX quarter the of that back third semiconductor of wondering third get could if the was you too? the your went that? that is also number. of And the I the XXXX to side But talk

Hugh Regan

Sure. do you that? want respond Jim, to to

Hugh Regan

We because sure. a of capital are That's ThermoStreams as find still little customers putting lot they we there. only send in and absolutely equipment EMS' one China, there. or affected It's EMS geographically, U.S. just been the activity iTS dead. into first, in there's Sure, there's there's or two on – active China. – Well, and China nothing semiconductor no China, of find that in China because the really actively Europe. affected considerably affected business just in industry is probably going it's the soft also

resolve stronger. But numbers substantially has like and the our itself. quarter, were to So been that it that's not a when been going that's And fourth real blow. in we're sure

carry in the coming think the we're some still China not and already quarters, at in more was cycle that to Europe, to healthier levels to we believe U.S. we strong. and but the us numbers, when going very So super that, that's pickup starting see much

Theodore O'Neill

much. very thanks Okay,

Operator

question Dick Ryan from Thank Dougherty next & with you. [Operator Company. Instructions] And comes our

Dick Ryan

you. Thank

So question, about be you Hugh, that like or stacking OpEx is might guys about flowing going other QX? forward? you cost-control talked that implementing Or QX. on measures the there anything any for acquisition-related How QX back expenses up some through

Hugh Regan

We're a at to going that. to take look have

to earlier, be As this Jim expect we short lived. mentioned

we're be things. we cost initiatives that delaying would other implementing as sure than not implementation cost planning I'm been controls might going add other of So or just that hires such have to that possibly new we certain

James Pelrin

Yes.

We are – not to you. interrupt

Hugh Regan

Yes, go ahead.

James Pelrin

on pulling new but on. with, off forward certainly we holding we're hires, Critical are back new hires. But we're replacements moving

Hugh Regan

this take the this Right, deeper, quarter. actions really point, Dick, fourth by as third we past. right. may go or get But than to in And if expect we that – rebound have at longer we we the

Dick Ryan

And maybe Jim, due you will still being you optical heating about the forward. Okay. applications of technical think your weak changes industrial new transceivers going talked to direction that changes? those Do And stepping like segment the for all? to macro a expand pipeline what's picture, more the back And footprint maybe heating globally then on looking industrial at you now? that have been serve able

James Pelrin

the production market the or first, actually in maturing. served Well, that products and Okay. we're And is iTS is – optical transceiver test are division. that market undergoing change a

the test specifications or long as to can of actually, have their extremes. so So that are They reduce test specifications, cost they don't test. they're they to relieving the

XX and able they the of its to not sold the it. and XX and that through – of emitting new and would our be high been haven't reduce for pickup behind devices got very amps our like size of normally where handled on the watts a it reduce heat. and and that. actually XXXG methods reduced hardware has load solution that's because method, that. And and – because piece still thermal are sorry, But the that's they ball big chambers actually eight development now. demand product that's miniaturizing It's the in So being of with is quite to And

is full as it nearly far industry. was not that business, as as the induction heating because semiconductor As pipeline our of

of semiconductor. that XX% to have that remember We last was business year

crystal their last third And in are in the customers or inventory acquired in because year, slowdown semiconductor two were And they've from up by them was deposition quarter late late quarter. early pick working those don't that second probably they we the areas, off semiconductor, until of really and hard so other areas so orders in significantly to growth. been expect both one was in they hit principally

The products. Okay, pipeline actually up actually for non-semi industrial is last and fuel up. to non-semi for them business compared the year the is

So we quite think that still the industrial is healthy. market

Dick Ryan

you. thank Okay,

Operator

thank Okay, you.

Rob Our question will Romano next [ph]. come from

Unidentified Analyst

Jim, the for would regarding close, comments your have the you you did call. say my Thank taking company? size the that previous the not acquisition, one did doubled of that

James Pelrin

Yes. That's correct.

Unidentified Analyst

that that closing, deal decision? not Okay. Was inTEST's was

James Pelrin

during And Yes, acquisition a bit cycle, primarily we and quite the we semiconductor we very saw it company driven when because as it cash. forward it healthy downturn this to because became going just because this – with QX, was unpalatable with we we that downturn, were we super realized It in and of that. through were just of were saw the was. process, couldn't generating as develop the move we we wouldn't

semi So of really cycle because downturn. it's the

Unidentified Analyst

In to considerably that $XXX now is reference number lower? the Okay. million,

James Pelrin

No, and reach to we we'll I have like very people of are goal. several goal remind still on don't our we other that that's companies by smaller a but that forward those. pipeline I think are XXXX, quickly moving

requirements are them all Some strategic of of we standalones, small meet hope to our bolt-ons, be are and but they them some successful.

do we our can can million our stands. if year that $XXX – is more do If that. do fact, year, do In to possibly. three a we we goal would we goal a than But one

Unidentified Analyst

Okay.

go the a even do So one still looking potentially here? there, and didn't still though this is pipeline you're through, to deal

James Pelrin

a Absolutely, do deal at we point. some will

Unidentified Analyst

thank you. Okay,

Operator

were advance. those? questions submitted address you would Alright, like to I in believe Regan, Mr. there that

Hugh Regan

operator. Jim, of like would to those? about much, raise you had very generation people Thank We several value. to respond shareholder Yes. you questions

James Pelrin

Sure.

for how of this. the that, and management the say is this with been on time me spend to we let Board question and thought give First considerable that a best do to I've lot I've a strategizing but XX significantly time, company think, And and under we years, structured growth. have strengthened and the CEO a have a I half. just the been in year that it for company for we

We are seasonality, the taking cyclicality, have to ups that long-term markets know that at value. because the a look We we downs. going and we're are in, the of

been five for Historically, over if like shareholder at semiconductor is takes at us don't happen and the I really shore broader But be value not into that term. doing, we and a is that's we're our industrial up the and enterprise done the that's and small we're shareholders, four an we look that the but small to but apparent we're think think, or always space successful that. goal still over Our really richer. have time. immediately we've times I sure, this. these us And equipment we've you been may deeper believe capital long to protect it overnight last what in years, performance transitioned all company indicates really we've building increase and company, of to And it things it was they and than wider helping

leverage the and are We core technologies offerings in industries. a application product they're the strength think greater number of I greater our broader and do a much servings much this. to

them. optimize the I and that'll And We $XXX are and again, businesses still us get take next most say acquired to $XXX assimilate And, to million million out able goal. think, goal our of I our level. the is

because do there we're it the is smaller that's time changed our goal. in bites, what's get probably to to to have still think going but I

So I be that, shareholder through value will there generated. considerable think

Hugh Regan

answer, Jim. for that you Thank

Jim. now final happy are Any comments? to close, We

James Pelrin

as progress I the like the in thank has we our No. just to mentioned seeing results. concluded. conferences And when your Laura interest second to inTEST. for you call on updating forward our you at everyone quarter well look as report Operator, we

Operator

Thank today's may and concludes Thank disconnect. This you, everyone. you, rest you teleconference, sir. the enjoy of your Please now day.

inTEST (INTT) 11 May 192019 Q1 Earnings call transcript