inTEST Corporation (NYSE:INTT), a global supplier of precision-engineered solutions for use in manufacturing and testing across a wide range of markets, announced today that it is unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, within the prescribed deadline.
The delay is attributed to the need to amend and restate its financial statements for the quarter ended September 30, 2023.
The Board of Directors, following recommendations from the Audit Committee and consultations with management, determined that the financial statements previously reported in the Quarterly Report on Form 10-Q, filed on November 9, 2023, should not be relied upon.
This conclusion came after identifying certain errors that necessitate a restatement of the consolidated financial statements and the disclosure of material weaknesses for the restated period.
The process of preparing the restated financials and associated disclosures for the third quarter of 2023 has proven extensive. Consequently, inTEST requires additional time to prepare its financial statements for the entire fiscal year of 2023 and to complete other disclosures necessary for the Annual Report. Additionally, the company's auditor needs more time to finalize the audit of the financial statements to be included in the report.
inTEST is committed to resolving these issues and expects to file the amended Form 10-Q and the Annual Report within the fifteen calendar days following the original due date. The company has dedicated significant resources to ensure the completion of the 2023 Form 10-K.
This announcement follows a recent filing with the Securities and Exchange Commission on March 12, 2024, where the company initially disclosed the need for restatement and the potential delay in filing the annual report. The company's efforts are ongoing, and inTEST aims to provide accurate financial reporting as required by regulatory standards.
Investors and stakeholders are advised to exercise caution and await the forthcoming filings for a clear picture of the company's financial health for the specified periods. This notice is based on the statements made in the company's recent SEC filing.
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