Shares of inTest (INTT - Get Report) plunged 38% after the maker of semiconductor test equipment posted sequential declines in third-quarter earnings, revenue and bookings. The company posted earnings of $508,000, or 6 cents a share, on revenue of $16.6 million. During the previous quarter, the company earned $1.9 million, or 21 cents a share, on revenue of $18.9 million.
Bookings, meanwhile, slumped to $13 million, down from $20.4 million just a quarter ago. The third-quarter decline in bookings, the company said, signifies the beginning of the down portion of this business cycle. "Although it is too early to know the length or severity of the apparent slow down, we believe that we are well positioned to remain cash-flow positive due to the restructuring of our operations over the past few years," inTest said.
Looking ahead, inTest said that it would no longer provide any quarterly or annual earnings guidance. The decision to discontinue earnings guidance was made after a series of discussions between the board and management. Shares were trading down $2 to $3.25.
Tekelec (TKLC) rose 8% after the telecom-equipment company swung to a third-quarter profit and posted stronger-than-expected revenue. The company earned $89.3 million, or $1.33 a share, on revenue of $155.2 million. Excluding one-time gains and other items, the company posted a profit of $11.2 million, or 16 cents a share. Analysts expected a loss of 3 cents a share on revenue of $129.9 million. During the year-earlier period, the company posted a loss of $4.1 million, or 6 cents a share, on revenue of $108.4 million. Shares were trading up $1.13 to $15.64.