inTEST Corporation Announces Stock Repurchase Plan
28 November 2023 - 8:15AM
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”), today announced that its
Board of Directors has approved a stock repurchase plan allowing
the purchase of up to $10 million of the Company's common stock
through November 17, 2024.
Nick Grant, President and CEO, commented, “We believe this stock
repurchase plan demonstrates the confidence we have in executing
our 5-Point Strategy to grow the business and achieving our
longer-term goals. We remain focused on capturing market share
growth through geographic expansion, market diversification,
product development, and deeper customer reach. The stock
repurchase plan provides us the flexibility to take advantage of
market conditions when it’s favorable to do so and provides us with
another tool to allocate our capital effectively and allow our
shareholders to benefit from our robust balance sheet and strong
financial position.”
The stock repurchase plan is intended to provide the Company
with an effective mechanism for capital management. The timing and
amount of any shares repurchased under the plan will be determined
by the Company, based on its evaluation of market conditions and
other factors. The Company may repurchase shares from time to time
on the open market, in accordance with Rule 10b-18 under the
Securities Exchange Act of 1934, as amended, or in privately
negotiated transactions, as well as under a Rule 10b5-1 plan.
The Company is not obligated to purchase any common stock under
the repurchase plan. Further, the plan may be suspended or
discontinued at any time without prior notice. The Company expects
to fund the plan by using existing cash and cash equivalents and
future cash flows. inTEST Corporation had approximately 12.2
million shares of common stock outstanding as of October 31,
2023.
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 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,” “goal,”
“intend,” “may,” “will,” 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, changes in
business conditions and general economic conditions both
domestically and globally; 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231127270517/en/
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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