MT. LAUREL, NJ – Shareholders of inTEST Corporation, a company specializing in instruments for measuring and testing of electricity and electronic signals, have cast their votes on key corporate matters at the Annual Meeting held on June 20, 2024. According to a recent SEC filing, all five director nominees were elected to serve until the next annual meeting, and RSM US LLP was ratified as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024.
The election results showed a clear majority for each director, with Jeffrey A. Beck receiving the highest number of votes in favor at 7,791,508, and Steven J. Abrams, Esq. receiving the most votes withheld at 3,724,358. In addition to the board elections, shareholders approved, on an advisory basis, the compensation of the company’s named executive officers, with 7,192,074 votes in favor.
The meeting had a strong turnout with over 10 million shares represented, surpassing the necessary quorum. The ratification of RSM US LLP as the company’s auditors passed with an overwhelming majority of 10,028,345 votes for and only 308,674 votes against or abstained.
inTEST Corporation, incorporated in Delaware and based in Mt. Laurel, New Jersey, is listed on the NYSE American under the ticker symbol INTT. The company's business address and contact information remain unchanged as per the latest filing.
The SEC filing confirms the decisions made during the Annual Meeting, ensuring that inTEST Corporation adheres to its governance requirements and maintains transparency with its stakeholders. This filing provides investors and the public with verifiable facts about the company's corporate governance and shareholder voting outcomes.
In other recent news, inTEST Corporation reported stronger-than-expected Q1 revenue of nearly $30 million, despite a lower gross margin due to the timing of the Alfamation acquisition. The company anticipates Q2 revenue to be between $34 million and $36 million, with gross margins improving to approximately 44% to 45%. Lake Street Capital Markets has adjusted its outlook on inTEST, reducing the company's price target to $16 from $19, while maintaining a Buy rating.
This adjustment follows a revision of inTEST's full-year forecast, but Lake Street remains optimistic about inTEST's future, particularly highlighting the company's expectation of a rebound in semiconductor orders in the second half of 2024. The firm also expressed a positive view on the recent acquisition of Alfamation, a test and measurement solutions provider, which is seen as a strategic move for inTEST. These are the latest developments in the company's ongoing efforts to navigate the shifting demands within the semiconductor industry and integrate its recent acquisition into its growth strategy.
InvestingPro Insights
As inTEST Corporation (NYSE American: INTT) continues to navigate the competitive landscape of electronic testing and measurement instruments, recent data from InvestingPro provides a snapshot of the company's financial health and market performance. With a gross profit margin of 45.38% over the last twelve months as of Q1 2024, inTEST exhibits a strong ability to control costs and maintain profitability in its operations. Additionally, the company has managed to sustain a moderate level of debt, which aligns with one of the InvestingPro Tips highlighting its liquid assets exceeding short-term obligations. This suggests a stable financial footing that could reassure investors about the company's ability to meet its immediate financial commitments.
The stock has experienced notable volatility, with a 60.08% decline in the 1-year price total return as of mid-2024. Yet, analysts predict a profitable year for inTEST, and the company has been profitable over the last twelve months, a testament to its operational efficacy despite market challenges. With this context, the recent shareholder meeting outcomes underscore confidence in the company's leadership to steer through turbulent times.
For those looking to delve deeper into inTEST's financials and stock performance, InvestingPro offers additional insights and metrics. Subscribers can find further analysis and tips to guide investment decisions, including a total of 7 InvestingPro Tips for inTEST. To access these insights and more, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at https://www.investing.com/pro/INTT.
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