inTEST To Restate Q3 And First Nine Months 2023 Financial Statements; Expects To Report Material Weakness In Its Internal Control Over Financial Reporting
Portfolio Pulse from Benzinga Newsdesk
inTEST announced it will restate its Q3 and first nine months of 2023 financial statements due to revenue deferral issues related to 'last time buys' of discontinued materials. This adjustment is expected to decrease Q3 revenue by $1.7 million and reduce earnings per diluted share from $0.24 to $0.19. The revenue deferral will also slightly impact Q4 2023 results, with revised expectations of $27.9 million in revenue and net earnings of $1.5 million, or $0.12 per diluted share.
March 12, 2024 | 8:26 pm
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inTEST will restate its Q3 and first nine months of 2023 financials due to revenue deferral, decreasing Q3 revenue by $1.7M and reducing EPS from $0.24 to $0.19. Q4 2023 revenue and earnings are also revised down.
The restatement and reported material weakness in internal control over financial reporting are likely to negatively impact investor confidence and the stock price of inTEST in the short term. The decrease in revenue and earnings per share for Q3, along with the adjustments to Q4 forecasts, suggest a direct financial impact that could lead to a decrease in stock value.
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IMPORTANCE 90
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