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inTEST expands electronic test capabilities with acquisition of Alfamation S.p.A.

  • In line with the Company’s 5-Point Strategy, Alfamation augments inTEST’s automated test solutions and extends its geographic market reach
  • Alfamation brings strong test equipment engineering and production capabilities for developing innovative test systems and solutions for electronics, micro-optics and optoelectronics manufacturing
  • Designs and manufactures test solutions used for automotive infotainment, telematics and central control systems, as well as biometric monitoring equipment, mobile communications and wafer-level optical components
  • Alfamation’s annual revenue of approximately $25 million increases inTEST’s scale while providing deeper penetration into key target markets
  • Conference call to discuss acquisition scheduled for Wednesday, March 13at 8:30 a.m. ET

 

MT. LAUREL, N.J. — (BUSINESS WIRE) — inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets which include automotive/EV, defense/aerospace, industrial, life sciences, security, and semiconductor (“semi”), announced on Tuesday that it has acquired Alfamation S.p.A. (“Alfamation”), a leading global provider of state-of-the-art test and measurement solutions for the automotive, life sciences and specialty consumer electronics markets. Terms of the acquisition are being filed separately with the Securities and Exchange Commission. Alfamation will become a part of the Electronic Test division within inTEST.

 

Nick Grant, President and CEO, commented, “We identified the opportunity with Alfamation through our disciplined pursuit for acquisitions that will enhance our innovative test and process technology solutions and further strengthen our position in key target markets. We believe this acquisition is an excellent fit for our Electronic Test division and advances all dimensions of our 5-Point Strategy. Alfamation will deepen our presence in automotive/EV and life science markets, expand our exposure in consumer electronics, extend our geographic reach with a sizable footprint in Europe, and widen our portfolio of products and solutions. Additionally, Alfamation brings exceptional engineering talent and a strong management team that culturally aligns with inTEST’s mission to provide innovative, engineered solutions that address high-value challenges of our customers.”

 

Alfamation was established in 1991. Headquartered in Milan, Italy, the business also has a small sales and service subsidiary based in Suzhou City, China. Alfamation designs, builds, and supports a wide range of products, from individual functional test modules to fully automated systems for production quality control and product development. Offerings include Alfamation’s Hyperion™, a functional test platform that addresses a broad range of test requirements from wireless communication telematics through automotive infotainment and computer control units. Alfamation’s range of automated test solutions also includes wafer-level optical component testers (WALOT™) and fully automated display and instrument cluster testers with integrated robotics for haptic and touch test functionality (Pixelshooter™).

 

Alfamation is well known in the automotive test and measurement industry for Flexmedia XM®, its family of specialty test tools. This is a modular, robust and cost-effective solution for building flexible, scalable, functional testers for applications that include audio and video generators and analyzers, automotive ethernet and communication interfaces, and analog measurements.

 

At current exchange rates, Alfamation’s annual revenue in 2023 was approximately $25 million and had backlog at December 31, 2023 of approximately $15 million. The Company expects the acquisition to be accretive in 2025. Alfamation has generated healthy, double-digit, annual revenue growth over the last few years.

 

Updating Full Year 2024 Guidance

As a result of the acquisition, revenue for full year 2024 is expected to be in the range of $145 million to $155 million. The acquisition is expected to be dilutive to earnings per diluted share in 2024, but accretive to non-GAAP adjusted earnings per diluted share(1) due to the anticipated impacts associated with the amortization of intangible assets.

 

Given the timing of the acquisition, the impact to first quarter 2024 results from operations are expected to be nominal.

 

Conference Call and Webcast

The Company will host a conference call and webcast tomorrow, March 13, 2024, at 8:30 a.m. ET to discuss the acquisition. A question-and-answer session will follow. To listen to the live call, dial (201) 689-8263. In addition, the webcast and slide presentation may be found at www.intest.com/investor-relations.

 

A telephonic replay will be available from 11:30 a.m. ET on the day of the call through Wednesday, March 20, 2024. To listen to the archived call, dial (412) 317-6671 and enter replay pin number 13745130. The webcast replay can be accessed via the investor relations section of www.intest.com, where a transcript will also be posted once available.

 

About inTEST Corporation

inTEST Corporation is a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets including automotive/EV, defense/aerospace, industrial, life sciences, and security, as well as both 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 difficult thermal, mechanical, and electronic challenges for customers worldwide 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.

 

Forward-Looking Non-GAAP Financial Measures

This release includes certain forward-looking non-GAAP financial measures, including adjusted earnings per diluted share. Forward-looking adjusted earnings per diluted share is derived by dividing estimated adjusted net earnings by estimated diluted weighted average shares outstanding. We have provided these forward-looking non-GAAP financial measures because management uses such measures to make operational decisions, to forecast future operational results, and for comparison with our business plan, historical operating results and the operating results of our peers. Forward-looking non-GAAP financial measures have limitations as analytical tools and should not be viewed in isolation or as a substitute for GAAP measures of earnings. The Company has not quantified forward-looking adjusted earnings per diluted share or provided a reconciliation to comparable GAAP measures because the Company cannot do so without unreasonable efforts.

 

Key Performance Indicators

Management uses backlog as a key performance metric to analyze and measure the Company’s financial performance and results of operations. Management uses backlog as a measure of current and future business and financial performance, and it may not be comparable with measures provided by other companies. Backlog is calculated on the basis of firm purchase orders we receive for which revenue has not yet been recognized. Management believes tracking backlog is useful as it often times is a leading indicator of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.

 

Given that backlog is an operational measure and that the Company’s methodology for calculating backlog does not meet the definition of a non-GAAP measure, as that term is defined by the U.S. Securities and Exchange Commission, a quantitative reconciliation for backlog is not required or provided.

 

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events and financial results, such as statements of the Company’s plans, strategies and intentions, or our future performance or goals, that are based upon management’s current expectations. These forward-looking statements can often be identified by the use of forward-looking terminology such as “believe,” “expects,” “further,” “expand,” “extend,” “widen,” “will,” “plan,” “potential,” “anticipates,” “target,” or similar terminology. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well as the Company’s ability to execute on its 5-Point Strategy, realize the potential benefits of acquisitions and successfully integrate any acquired operations, including the operations of Alfamation, grow the Company’s presence in its key target and international markets, manage supply chain challenges, convert backlog to sales and to ship product in a timely manner; the success of the Company’s strategy to diversify its markets; the impact of inflation on the Company’s business and financial condition; indications of a change in the market cycles in the semi market or other markets served; changes in business conditions and general economic conditions both domestically and globally including rising interest rates and fluctuation in foreign currency exchange rates; changes in the demand for semiconductors; access to capital and the ability to borrow funds or raise capital to finance potential acquisitions or for working capital; changes in the rates and timing of capital expenditures by the Company’s customers; and other risk factors set forth from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2022. Any forward-looking statement made by the Company in this press release is based only on information currently available to management and speaks to circumstances only as of the date on which it is made. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

 

1 Estimated adjusted earnings per diluted share is a forward-looking non-GAAP financial measure. Further information can be found under “Forward-Looking Non-GAAP Financial Measures.”

Contacts

inTEST Corporation
Duncan Gilmour

Chief Financial Officer and Treasurer

Tel: (856) 505-8999

Investors:
Deborah K. Pawlowski

Kei Advisors LLC

dpawlowski@keiadvisors.com
Tel: (716) 843-3908

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Transcend Capital Advisors announces NIL partnership with top-ranked junior golfer Miles Russell

15-Year-Old Phenom was Youngest-Ever Winner of AJGA Player of the Year Award in 2023

 

MADISON, N.J. — (BUSINESS WIRE) — Transcend Capital Advisors has signed a multi-year Name, Image, and Likeness (NIL) partnership with 15-year-old amateur golfer Miles Russell, currently the #1-ranked golfer in the American Junior Golf Association (AJGA) Boys rankings.

 

Russell, who resides in Jacksonville Beach, Florida, was the youngest-ever winner of the AJGA’s Rolex Junior Player of the Year Award in 2023, surpassing the record previously held by Tiger Woods for 32 years.

 

Following an exemplary run on the Florida Junior Tour circuit, amassing 14 wins and 34 top-five finishes in 42 starts, Russell burst onto the national scene last year, quickly winning two AJGA Junior All-Star events, the TaylorMade TP5 Junior All-Star and Moon Golf Junior All-Star, by a combined 15 strokes. He was a member of Team USA at the 2023 Junior Ryder Cup in Rome, Italy, teaming up with fellow Team Transcend member Yana Wilson in foursome and fourball matches.

 

Russell built off this early success and emerged as one of the game’s most exciting young talents. At the beginning of August, he claimed victory at the 2023 Junior PGA Championship, shooting 18-under par over four rounds, seven shots clear of his nearest competitor. A few weeks later, he followed up with a win at the Junior PLAYERS Championship to become the youngest-ever champion in event history.

 

“Transcend is committed to supporting the stars of tomorrow and helping them capitalize on their unique talents and ultimately achieving their dreams of playing professional golf. Miles is an exceptional young man and his humility, character, and commitment to excellence make him a perfect fit for Team Transcend. We are thrilled to have him on our team and are excited to watch all that he will accomplish in the future,” said Brian Gorczynski, Managing Partner of Transcend.

 

Russell closed out his sensational year with a second-place finish at the South Beach International Amateur, including a course record-tying 10-under par round of 60 in his second round, finishing two shots behind fellow Team Transcend member, Ben James. The only amateur to advance to the final Monday qualifier for last week’s Puerto Rico Open, Russell fired a 5-under par 67 and advanced to a playoff for the last qualifying spot but fell just short in his effort to become one of the youngest players to qualify for a PGA TOUR event.

 

“I am so excited to be a part of Team Transcend,” said Russell. “Joining this team of exceptional amateur players is humbling and makes me want to work hard and get better every day. Thanks to Transcend’s support, I am able to pursue my golf dreams to the fullest and I couldn’t be more grateful for their belief in me.”

 

Transcend also has NIL partnerships with 20-year-old amateur golfer James, a sophomore at the University of Virginia who is currently ranked #5 in the Men’s World Amateur Golf rankings, 17-year-old Yana Wilson, currently the #1-ranked junior girl in the Rolex AJGA Rankings; and 16-year-old Blades Brown, #5 in the Rolex AJGA Boys Ranking and the 2023 Tennessee Men’s and Junior Player of the Year. The firm previously had a multi-year NIL partnership with accomplished amateur Caleb Surratt who turned professional earlier this year.

 

About Transcend Capital Advisors

Founded in 2019 and headquartered in Madison, New Jersey, Transcend is an independent registered investment advisor (RIA) offering wealth management services, public and private investments, strategic advisory services, and access to banking, lending, and family office solutions. Transcend is an employee-owned firm and manages approximately $3.0 billion of assets, serving families, business owners, executives, retirees, and entrepreneurs across the United States. Leveraging the unique network of its experienced management team, Transcend provides clients with access to investment opportunities not typically available to individual investors. Transcend was recently ranked #42 in the United States in Forbes’ second annual “America’s Top RIA Firms” list and was also recently named in the 2023 SmartAsset “100 Fastest Growing RIAs” list. For more information on Transcend, please visit transcendcapital.com.

 

The Forbes “America’s Top RIA Firms” list was compiled by SHOOK Research, which uses quantitative and qualitative data, including interviews, to rank firms. Firms elect to participate but do not pay to be included in the ranking. To learn more about the methodology, click here.

 

SmartAsset compiled its ranking of U.S.-based investment advisors registered with the U.S. Securities & Exchange Commission (SEC) by examining filing data and ranking firms based on one-year and three-year growth of client accounts and assets under management. No compensation was paid for inclusion in this ranking. To learn more about the methodology, click here.

Contacts

Karen Moraghan

Hunter Public Relations

kmoraghan@hunter-pr.com
908/963-6013

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inTEST to restate 3rd quarter and first 9 months 2023 financial statements

MT. LAUREL, N.J. — (BUSINESS WIRE) — inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets which include automotive/EV, defense/aerospace, industrial, life sciences, security, and semiconductor (“semi”), announced today that it plans to restate its previously issued consolidated financial statements for the third quarter and nine months ended Sept. 30, 2023.

 

The restatement pertains to deferral of revenue related to purchases on behalf of certain customers associated with “last time buys” of discontinued material/components for potential future orders.

Preliminary indications are that the third quarter 2023 restatement is expected to result in a decrease in revenue of approximately $1.7 million and an increase in deferred revenue on the balance sheet by the same amount. After also deferring associated costs and the tax effect, net income is expected to be approximately $700,000 lower for the third quarter 2023. After giving effect to this change, earnings per diluted share for the third quarter 2023 as previously reported is expected to be reduced from $0.24 to $0.19.

 

The deferral of revenue is also expected to have a small impact on previously announced preliminary fourth quarter results. Fourth quarter 2023 revenue is now expected to be approximately $27.9 million with net earnings of $1.5 million, or $0.12 per diluted share.

 

The Company intends to amend and file its third quarter 2023 10-Q/A as soon as practical. Investors should no longer rely upon the Company’s previously released financial statements for the third quarter and nine months ended September 30, 2023. Similarly, prior related press releases, earnings releases, and investor communications describing the Company’s financial statements for those periods and preliminary results reported for the fourth quarter ended December 31, 2023, should no longer be relied upon. The Company also intends to file its 2023 10-K as soon as practical and expects to host a conference call following the filing and release of fourth quarter 2023 financial results. Based on the matters underlying the restatement, the Company expects to report a material weakness in its internal control over financial reporting.

 

About inTEST Corporation

inTEST Corporation is a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets including automotive/EV, defense/aerospace, industrial, life sciences, and security, as well as both 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 difficult thermal, mechanical, and electronic challenges for customers worldwide 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 intest.com.

 

Preliminary, Unaudited Financial Disclosures

The data presented above is preliminary and unaudited, based upon our estimates, and subject to further internal review by management and compilation of actual results. Our closing procedures for the year and quarter ended December 31, 2023, are not yet complete. Our management’s estimates are based upon preliminary information currently available from our business segments and extrapolation from that information. While we expect that our results will be consistent with these preliminary and unaudited estimates, our actual results may differ materially from these preliminary estimates.

 

This preliminary financial information is not a comprehensive statement of our financial results for this period, and our actual results may differ materially from these estimates due to the completion of our financial closing procedures, final adjustments, and other developments that may arise between now and the time the closing procedures for the fiscal year and quarter are completed.

 

All the data presented above has been prepared by and is the responsibility of our management. Our independent registered public accounting firm has not completed its audit procedures with respect to our accompanying preliminary financial data. Accordingly, our independent registered public accounting firm does not express an opinion or any other form of assurance with respect to this data.

 

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events and financial results, such as statements of the Company’s plans, strategies and intentions, or our future performance or goals, that are based upon management’s current expectations. These forward-looking statements can often be identified by the use of forward-looking terminology such as “expects,” “intends,” “may,” “plan,” “potential,” “preliminary,” “estimate,” “extrapolate,” or similar terminology. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well as the Company’s ability to execute on its 5-Point Strategy, achieve high single-digit growth in 2023, realize the potential benefits of acquisitions and successfully integrate any acquired operations, grow the Company’s presence in its key target and international markets, manage supply chain challenges, convert backlog to sales and to ship product in a timely manner; the success of the Company’s strategy to diversify its markets; the impact of inflation on the Company’s business and financial condition; indications of a change in the market cycles in the semi market or other markets served; changes in business conditions and general economic conditions both domestically and globally including rising interest rates and fluctuation in foreign currency exchange rates; changes in the demand for semiconductors; access to capital and the ability to borrow funds or raise capital to finance potential acquisitions or for working capital; changes in the rates and timing of capital expenditures by the Company’s customers; and other risk factors set forth from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2022. Any forward-looking statement made by the Company in this press release is based only on information currently available to management and speaks to circumstances only as of the date on which it is made. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

Contacts

inTEST Corporation
Duncan Gilmour

Chief Financial Officer and Treasurer

Tel: (856) 505-8999

Investors:
Deborah K. Pawlowski

Kei Advisors LLC

dpawlowski@keiadvisors.com
Tel: (716) 843-3908

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Art & Life Business Digital - AI & Apps Education Lifestyle

Barnes & Noble Education announces fiscal year 2024 3rd quarter earnings release date and conference call webcast

BASKING RIDGE, N.J. — (BUSINESS WIRE) — Barnes & Noble Education, Inc. (NYSE: BNED), a leading solutions provider for the education industry, on Friday announced that the Company expects to report fiscal year 2024 third quarter earnings results on Thursday, March 7, 2024, after market close.

 

The Company will host an investor conference call at 4:30 p.m. ET on Thursday, March 7, 2024, to review the Company’s financial results and operations.

 

This call is being webcast and can be accessed at Barnes & Noble Education’s corporate website at www.bned.com. The webcast of this call will be archived and available for three months on Barnes & Noble Education’s corporate website.

 

About Barnes & Noble Education, Inc.

Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. Through its family of brands, BNED offers campus retail services and academic solutions, a digital direct-to-student learning ecosystem, unparalleled best-in-class assortment of school apparel through a strategic alliance with Fanatics and Lids, wholesale capabilities and more. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better, more inclusive and smarter world. For more information, visit www.bned.com.

 

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us and our business that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. When used in this communication, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “will,” “forecasts,” “projections,” and similar expressions, as they relate to us or our management, identify forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, among others: the amount of our indebtedness and ability to comply with covenants applicable to current and /or any future debt financing; our ability to satisfy future capital and liquidity requirements; our ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms; our ability to maintain adequate liquidity levels to support ongoing inventory purchases and related vendor payments in a timely manner; our ability to attract and retain employees; the pace of equitable access adoption in the marketplace is slower than anticipated and our ability to successfully convert the majority of our institutions to our BNC First Day® equitable and inclusive access course material models or successfully compete with third parties that provide similar equitable and inclusive access solutions; the United States Department of Education has recently proposed regulatory changes that, if adopted as proposed, could impact equitable and inclusive access models across the higher education industry; the strategic objectives, successful integration, anticipated synergies, and/or other expected potential benefits of various strategic and restructuring initiatives, may not be fully realized or may take longer than expected; dependency on strategic partnerships, such as with VitalSource Technologies, Inc. and the Fanatics Retail Group Fulfillment, LLC, Inc. (“Fanatics”) and Fanatics Lids College, Inc. D/B/A “Lids” (“Lids”) (collectively referred to herein as the “F/L Relationship”), and the potential for adverse operational and financial changes to these partnerships, may adversely impact our business; non-renewal of managed bookstore, physical and/or online store contracts and higher-than-anticipated store closings; decisions by colleges and universities to outsource their physical and/or online bookstore operations or change the operation of their bookstores; general competitive conditions, including actions our competitors and content providers may take to grow their businesses; the risk of changes in price or in formats of course materials by publishers, which could negatively impact revenues and margin; changes to purchase or rental terms, payment terms, return policies, the discount or margin on products or other terms with our suppliers; product shortages, including decreases in the used textbook inventory supply associated with the implementation of publishers’ digital offerings and direct to student textbook consignment rental programs; work stoppages or increases in labor costs; possible increases in shipping rates or interruptions in shipping services; a decline in college enrollment or decreased funding available for students; decreased consumer demand for our products, low growth or declining sales; the general economic environment and consumer spending patterns; trends and challenges to our business and in the locations in which we have stores; risks associated with operation or performance of MBS Textbook Exchange, LLC’s point-of-sales systems that are sold to college bookstore customers; technological changes, including the adoption of artificial intelligence technologies for educational content; risks associated with counterfeit and piracy of digital and print materials; risks associated with data privacy, information security and intellectual property; disruptions to our information technology systems, infrastructure, data, supplier systems, and customer ordering and payment systems due to computer malware, viruses, hacking and phishing attacks, resulting in harm to our business and results of operations; disruption of or interference with third party web service providers and our own proprietary technology; risks associated with the impact that public health crises, epidemics, and pandemics, such as the COVID-19 pandemic, have on the overall demand for BNED products and services, our operations, the operations of our suppliers and other business partners, and the effectiveness of our response to these risks; lingering impacts that public health crises may have on the ability of our suppliers to manufacture or source products, particularly from outside of the United States; changes in domestic and international laws or regulations, including U.S. tax reform, changes in tax rates, laws and regulations, as well as related guidance; enactment of laws or changes in enforcement practices which may restrict or prohibit our use of texts, emails, interest based online advertising, or similar marketing and sales activities; adverse results from litigation, governmental investigations, tax-related proceedings, or audits; changes in accounting standards; and the other risks and uncertainties detailed in the section titled “Risk Factors” in Part I – Item 1A in our Form 10-K for the year-ended April 29, 2023. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described as anticipated, believed, estimated, expected, intended or planned. Subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release.

Contacts

Investor Contact:
Hunter Blankenbaker

Vice President

Corporate Communications and Investor Relations

Barnes & Noble Education, Inc.

(908) 991-2776

hblankenbaker@bned.com

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inTEST delays fourth quarter and full year 2023 earnings release and investor conference call; provides preliminary fourth quarter results and 2024 guidance

MT. LAUREL, N.J. — (BUSINESS WIRE) — inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets which include automotive/EV, defense/aerospace, industrial, life sciences, security, and semiconductor (“semi”), announced on Friday that it will reschedule its fourth quarter and full year 2023 earnings release and investor conference call, which was previously scheduled for March 1, 2024.

 

The Company requires additional time to complete the year-end audit and review process. The Company expects to report its results coincident with, or prior to, the filing of its Annual Report on Form 10-K for the year ended Dec. 31, 2023.

 

Preliminary, Unaudited Fourth Quarter 2023 Results

Fourth quarter 2023 revenue was approximately $28.4 million with net earnings of approximately $1.7 million, or $0.14 per diluted share. Cash generated from operations in the fourth quarter was $4.7 million. Orders in the fourth quarter were $27.5 million.

 

First Quarter and Full Year 2024 Guidance

Revenue for the first quarter of 2024 is expected to be in the range of $28 million to $30 million with gross margin of approximately 46%. First quarter 2024 earnings per diluted share is expected to be in the range of $0.08 to $0.13.

 

Revenue for full year 2024 is expected to be in the range of $125 million to $130 million.

 

The foregoing guidance is based on management’s current views with respect to operating and market conditions and customers’ forecasts. It also assumes macroeconomic conditions remain unchanged through the end of the year and does not consider any extraordinary non-operating expenses that may occur from time to time. Actual results may differ materially from what is provided here today because of, among other things, the factors described under “Forward-Looking Statements” below.

 

About inTEST Corporation

inTEST Corporation is a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets including automotive/EV, defense/aerospace, industrial, life sciences, and security, as well as both 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 difficult thermal, mechanical, and electronic challenges for customers worldwide 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 intest.com.

 

Key Performance Indicators

Management uses orders as a key performance metric to analyze and measure the Company’s financial performance and results of operations. Management uses orders as a measure of current and future business and financial performance, and these may not be comparable with measures provided by other companies. Orders represent written communications received from customers requesting the Company to provide products and/or services. Management believes tracking orders is useful as it often is a leading indicator of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.

 

Given that orders is an operational measure and that the Company’s methodology for calculating orders does not meet the definition of a non-GAAP measure, as that term is defined by the U.S. Securities and Exchange Commission, a quantitative reconciliation for it is not required or provided.

 

Preliminary, Unaudited Financial Disclosures

The data presented above is preliminary and unaudited, based upon our estimates, and subject to further internal review by management and compilation of actual results. Our closing procedures for the year and quarter ended December 31, 2023 are not yet complete. Our management’s estimates are based upon preliminary information currently available from our business segments and extrapolation from that information. While we expect that our results will be consistent with these preliminary and unaudited estimates, our actual results may differ materially from these preliminary estimates.

 

This preliminary financial information is not a comprehensive statement of our financial results for this period, and our actual results may differ materially from these estimates due to the completion of our financial closing procedures, final adjustments, and other developments that may arise between now and the time the closing procedures for the fiscal year and quarter are completed.

 

All the data presented above has been prepared by and is the responsibility of our management. Our independent registered public accounting firm has not completed its audit procedures with respect to our accompanying preliminary financial data. Accordingly, our independent registered public accounting firm does not express an opinion or any other form of assurance with respect to this data.

 

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events and financial results, such as statements of the Company’s plans, strategies and intentions, or our future performance or goals, that are based upon management’s current expectations. These forward-looking statements can often be identified by the use of forward-looking terminology such as “assume,” “believe,” “estimate,’ “expects,” “may,” “will,” “plan,” “potential,” “forecasts,” or similar terminology. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well as the Company’s ability to execute on its 5-Point Strategy, achieve high single-digit growth in 2023, realize the potential benefits of acquisitions and successfully integrate any acquired operations, grow the Company’s presence in its key target and international markets, manage supply chain challenges, convert backlog to sales and to ship product in a timely manner; the success of the Company’s strategy to diversify its markets; the impact of inflation on the Company’s business and financial condition; indications of a change in the market cycles in the semi market or other markets served; changes in business conditions and general economic conditions both domestically and globally including rising interest rates and fluctuation in foreign currency exchange rates; changes in the demand for semiconductors; access to capital and the ability to borrow funds or raise capital to finance potential acquisitions or for working capital; changes in the rates and timing of capital expenditures by the Company’s customers; and other risk factors set forth from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2022. Any forward-looking statement made by the Company in this press release is based only on information currently available to management and speaks to circumstances only as of the date on which it is made. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

Contacts

inTEST Corporation
Duncan Gilmour

Chief Financial Officer and Treasurer

Tel: (856) 505-8999

Investors:
Deborah K. Pawlowski

Kei Advisors LLC

dpawlowski@keiadvisors.com
Tel: (716) 843-3908

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Phibro Animal Health Corporation to participate in Barclays Global Healthcare Conference

TEANECK, N.J. — (BUSINESS WIRE) — Phibro Animal Health Corporation (Nasdaq: PAHC) announced today it will participate in the Barclays Global Healthcare Conference.

Chief Financial Officer, Glenn David along with Chief Operating Officer, Larry Miller will address financial analysts and investors on Tuesday, March 12, 2024, at 4:35 p.m. ET at the Loews Miami Beach Hotel.

 

The live audio presentation will be available on the Phibro Animal Health Corporation Investor Relations Website at https://investors.pahc.com. A replay of the session will be available and archived on the company’s website.

 

About Phibro Animal Health Corporation

Phibro Animal Health Corporation is a leading global diversified animal health and mineral nutrition company. We strive to be a trusted partner with livestock producers, farmers, veterinarians, and consumers who raise or care for farm and companion animals by providing solutions to help them maintain and enhance the health of their animals. For further information, please visit www.pahc.com.

 

Our filings with the Securities and Exchange Commission are available online at www.sec.gov, www.pahc.com or on request from the company.

 

Contacts

Glenn David

Chief Financial Officer, Phibro Animal Health Corporation

+1-201-329-7300

investor.relations@pahc.com

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Best’s Review’s most popular stories: Top Audit and Actuarial Firms and more

OLDWICK, N.J. — (BUSINESS WIRE) — In the last 90 days, Best’s Review readers have been most interested in the following stories:

 

 

Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. Access to the complete content of Best’s Review is available here.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2024 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Patricia Vowinkel
Executive Editor, Best’s Review®
+1 908 882 1771
patricia.vowinkel@ambest.com

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Universal Display Corporation announces participation at upcoming conferences

EWING, N.J. — (BUSINESS WIRE) — $OLED #OLED — Universal Display Corporation (Nasdaq: OLED) (UDC), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, on Wednesday announced its participation in the following industry conferences.

Industry Conferences:

LOPEC 2024

Date: March 5, 2024

Location: Munich, Germany

Presenter: Dr. Mike Hack, Vice President of Business Development

Presentation: UDC’s Groundbreaking Advances for the OLED Industry

2024 OLED Korea Conference

Date: March 28, 2024

Location: Seoul, Korea

Presenter: Dr. Mike Hack, Vice President of Business Development

Presentation: UDC’s Phosphorescent OLED Innovation Roadmap

International Conference on Display Technology (ICDT) 2024

Date: March 31-April 3, 2024

Location: Hefei, China

Plenary Presenter: Dr. Julie Brown, Executive Vice President and Chief Technical Officer

Plenary Presentation Title: Next Frontiers in OLED Technology

Presenter: Dr. Zhaoqun Zhou, Principal Technologist

Presentation Title: Surface Plasmonic Coupled PHOLED Device Performance: Improving Efficiency, Stability and Angle Dependence

 

About Universal Display Corporation

Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 6,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.

 

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other Company, brand or product names may be trademarks or registered trademarks.

 

All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

 

Follow Universal Display Corporation

Twitter
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(OLED-C)

Contacts

Universal Display:

Darice Liu

investor@oled.com
media@oled.com
+1 609-964-5123

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Mittul Mehta, head of Tevogen’s Artificial Intelligence Initiative, Tevogen.ai, emphasizes importance of proactive talent development for biopharmaceutical sector to allow rapid adoption of AI

WARREN, N.J. — (BUSINESS WIRE) — Tevogen Bio Holdings – Tevogen (Nasdaq: TVGN) Chief Information Officer and Head of company’s Artificial Intelligence Initiative, Tevogen.ai, Mittul Mehta, has taken strides to emphasize the importance of proactive talent development for biopharmaceutical sector to allow rapid adoption of artificial intelligence (AI).

 

In his recent seminar at the Yale School of Public Health, “Artificial Intelligence Opportunities in Healthcare,” he underscored the potential of AI in medical innovation and the criticality of talent development.

 

“AI represents a unique opportunity to help reduce healthcare costs through many possibilities, including speeding up drug development and aiding in clinical trial design,” said Mr. Mehta. “Experimentation in AI is no longer an option, but a requirement and it is vital that we reach out to academic institutions to develop a talent pipeline for this emerging field.”

 

Dr. Shuangge (Steven) Ma, Chair of Biostatistics at Yale School of Public Health, said, “Tevogen’s prioritization of developing current students demonstrates their commitment to providing significant pathways for graduates in their future employment endeavors. Companies that emphasize talent development clearly and strategically focus on their talent acquisition efforts.”

 

Tevogen recently announced the establishment of Tevogen.ai to bring together a dedicated team of research scientists, physicians, data scientists, and AI engineers committed to the ethical development and commercialization of AI-driven and AI-enhanced tools designed to streamline processes and improve health outcomes. On December 19th, 2023, Tevogen Bio announced the filing of two provisional patent applications with the U.S. Patent and Trademark Office, (1) AI algorithms designed to predict immunologically active HLA+ peptide complexes, and (2) AI algorithms aimed at predicting T cell receptor (TCR) engagement with specific HLA+ peptide complexes.

 

About Tevogen Bio

Tevogen Bio is a clinical-stage specialty immunotherapy company harnessing one of nature’s most powerful immunological weapons, CD8+ cytotoxic T lymphocytes, to develop off-the-shelf, genetically unmodified precision T cell therapies for the treatment of infectious diseases, cancers, and neurological disorders, aiming to address the significant unmet needs of large patient populations. Tevogen Leadership believes that sustainability and commercial success in the current era of healthcare rely on ensuring patient accessibility through advanced science and innovative business models. Tevogen has reported positive safety data from its proof-of-concept clinical trial, and its key intellectual property assets are wholly owned by the company, not subject to any third-party licensing agreements. These assets include three granted patents and twelve pending patents, two of which are related to artificial intelligence.

 

Tevogen Bio is driven by a team of highly experienced industry leaders and distinguished scientists with drug development and global product launch experience. Tevogen Bio’s leadership believes that accessible personalized therapeutics are the next frontier of medicine, and that disruptive business models are required to sustain medical innovation.

 

Forward-Looking Statements

This press release contains certain statements that are not historical facts and are forward-looking statements within the meaning of the federal securities laws, including statements with respect to the product candidates, products, markets, and expected future performance and market opportunities of Tevogen Bio. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “think,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “seeks,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.

 

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i) the effect of the recent business combination with Semper Paratus Acquisition Corporation (the “Business Combination”) on Tevogen’s business relationships, operating results, and business generally; (ii) the outcome of any legal proceedings that may be instituted against Tevogen related to the Business Combination; (iii) changes in the markets in which Tevogen competes, including with respect to its competitive landscape, technology evolution, or regulatory changes; (iv) changes in domestic and global general economic conditions; (v) the risk that Tevogen may not be able to execute its growth strategies or may experience difficulties in managing its growth and expanding operations; (vi) the risk that Tevogen may not be able to develop and maintain effective internal controls; (vii) costs related to the Business Combination and the failure to realize anticipated benefits of the Business Combination; (viii) the failure to recognize the anticipated benefits of the Business Combination and to achieve Tevogen’s commercialization and development plans, and identify and realize additional opportunities, which may be affected by, among other things, competition, the ability of Tevogen to grow and manage growth economically and hire and retain key employees; (ix) the risk that Tevogen may fail to keep pace with rapid technological developments to provide new and innovative products and services or make substantial investments in unsuccessful new products and services; (x) the ability to develop, license or acquire new therapeutics; (xi) that Tevogen will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (xii) the risk of product liability or regulatory lawsuits or proceedings relating to Tevogen’s business; (xiii) uncertainties inherent in the execution, cost, and completion of preclinical studies and clinical trials; risks related to regulatory review, and approval and commercial development; (xiv) risks associated with intellectual property protection; (xv) Tevogen’s limited operating history; and (xvi) those factors discussed in Tevogen’s filings with the SEC and that are contained in the Proxy Statement/Prospectus relating to the Business Combination.

 

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Proxy Statement/Prospectus and other documents to be filed by Tevogen Bio from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and while Tevogen Bio may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. These forward-looking statements should not be relied upon as representing Tevogen Bio’s assessments as of any date subsequent to the date of this press release.

 

Contacts

Tevogen Communications

T: 1 877 TEVOGEN, Ext 701

communications@Tevogen.com

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FGI launches the First Flush Guard™ Anti-Overflow Toilets at KBIS

The Flush Guard™ Patented Anti-Overflow Drain System Is the Cure for “Overflowbia”

 

EAST HANOVER, N.J. — (BUSINESS WIRE) — #AntiOverflow — FGI Industries, Ltd. (Nasdaq: FGI), a leading global supplier of kitchen and bath products, today announced the launch of Flush Guard™ at the Kitchen & Bath Industry Show (KBIS) in Las Vegas, NV. Leveraging an incredibly effective, patented anti-overflow drain system, Flush Guard™ Anti-Overflow Toilets effectively remove the fear of overflow, a feeling known as “Overflowbia.”

 

“Our research shows that ‘Overflowbia,’ or the fear of a toilet overflow, is very real – particularly among those who have experienced it firsthand,” explains Barry Jacobs, SVP of Product Development at FGI Industries. “Flush Guard’s™ anti-overflow drain system represents the next major innovation in toilets…one that brings with it a sense of emotional relief. With Flush Guard™, consumers can literally ‘go in peace.’”

 

Flush Guard™ Anti-Overflow Toilets feature one of the most powerful flushes on the market, making them difficult to clog in the first place. But in the unlikely event that the main drain becomes clogged, the three anti-overflow holes in the bowl allow water to escape through a secondary drain. And that anti-overflow drain is self-cleaning with every flush.

 

Continuing the theme of stress reduction, Flush Guard™ Toilets are stylish, high-quality, and easy to keep clean. Both the primary and secondary drains empty into a standard waste pipe and utilize standard fittings, so there’s no special installation or plumbing required, making them excellent as new construction and replacement toilets alike. When used as a replacement, a Flush Guard™ Toilet completely covers the area of the old toilet thanks to the industry’s largest footprint. Any marks or tile discolorations are thereby hidden, eliminating the need for costly surface repairs.

 

“As North America’s largest and most comprehensive tradeshow dedicated to the kitchen and bath industry, we couldn’t imagine launching such a momentous leap forward in toilet technology in any other venue,” says Glen Paporello, VP of Marketing. “Attendees who stop by our KBIS booth #N1212 can see Flush Guard™ Anti-Overflow Toilets in action – along with our new ‘Overflowbia’ launch campaign.”

 

Flush Guard™ technology will initially be available to consumers on Craft + Main® brand toilets online and in-store through authorized distributors as of April 2024. To learn more about this revolutionary new toilet technology – or to become a distributor so you can help your customers go in peace – visit FlushGuardToilets.com.

 

About FGI Industries, Ltd.

FGI Industries, Ltd. (Nasdaq: FGI) is a leading global supplier of kitchen and bath products. For over 37 years, we have built an industry-wide reputation for product innovation, quality, and excellent customer service. We are currently focused on the following product categories: sanitaryware (primarily toilets, sinks, pedestals and toilet seats), bath furniture (vanities, mirrors and cabinets), shower systems, customer kitchen cabinetry and other accessory items. These products are sold primarily for repair and remodel activity and, to a lesser extent, new home or commercial construction. We sell our products through numerous partners, including mass retail centers, wholesale and commercial distributors, online retailers and specialty stores.

Contacts

Glen Paporello

FGI Industries, Ltd.

Glen.Paporello@FGI-Industries.com

Stefanie Fernandez

The S3 Agency

sfernandez@theS3agency.com