inTEST To Restate Q3 And First Nine Months 2023 Financial Statements; Expects To Report Material Weakness In Its Internal Control Over Financial Reporting

Author: Benzinga Newsdesk | March 12, 2024 04:26pm

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. 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.

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