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