inTEST Corporation (NASDAQ:INTT) , an independent designer, manufacturer and marketer of semiconductor automatic test equipment (ATE) interface solutions and temperature management products, today announced results for the quarter ended June 30, 2008.
Net revenues for the quarter ended June 30, 2008 were $11.5 million, compared to $11.3 million in the first quarter of 2008. Our net loss for the second quarter of 2008 was $(1.4) million or $(0.15) per diluted share, compared to a net loss of $(1.3) million or $(0.14) per diluted share for the first quarter of 2008.
Robert E. Matthiessen, President and Chief Executive Officer of inTEST commented, "The weakening of the macroeconomic environment in the second quarter posed significant challenges to our overall profitability and growth. Bookings decreased in the second quarter of 2008 to $10.0 million, compared to $12.5 million in the first quarter of 2008. Our negative results for the second quarter were driven by the Manipulator and Docking Hardware product segment. At the end of the second quarter we implemented a restructuring of this product segment and reduced headcount by 18% and shortened the workweek for certain employees. We will continue to concentrate on this segment's cost structure, new product releases and sales efforts during the third quarter of 2008."
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