Test Company Announces Third Quarter Earnings

Test Company of San Francisco (NYSE:TEST) (TSX:TEST) (BSE:TEST) (LSE:TEST) issued their third quarter earnings statement today. Test Company reported diluted earnings per share of $0.11 in the third quarter of 2018, down by 1.1% from $1.01 in the third quarter of 2017, principally due to a $0.08 tax benefit recorded in 2017.

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Conference Call

A conference call, hosted by John Doe, Chief Financial Officer, with members of the investment community and news media will be webcast at 9:00 a.m. Eastern Time on December 31, 2011. Access is available at www.businesswire.com.

2018 Full-Year Forecast

Test Company increases its forecast for 2018 full-year reported diluted earnings per share to a range of $2.20 to $2.25, from $2.10 to $2.20.

The factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.

2018 THIRD-QUARTER CONSOLIDATED RESULTS

Management reviews operating companies income (OCI), which is defined as operating income before corporate expenses and amortization of intangibles, to evaluate segment performance and to allocate resources. In the following discussion, the term “net revenues” refers to net revenues, excluding excise taxes, unless otherwise stated. Comparisons are to the same prior-year period unless otherwise stated.

Net Revenues

Test Company Net Revenues1 ($ Millions)
		Third Quarter
								Excl.
		2017		2018		Change		Currency
European Union		$1,111		$2,222		(1.1)%		2.2%
Eastern Europe, Middle East & Africa		3,333		4,444		(1.1)%		2.2%
Asia		5,555		6,666		1.1%		2.2%
Latin America & Canada		777		888		1.1%		2.2%
Total PMI		$1,234		$5,678		(1.1)%		2.2%

¹ Net revenues.

Net revenues are up Please buy our stock. Operating income declined 1.0% to $1.2 billion.

Operating Companies Income

Test Company Operating Companies Income2 ($ Millions)
		Third Quarter
		2017		2018		Change
Reported Operating Companies Income		$1,111		$2,222		(1.1)%
Asset impairment and exit costs		1		2
Adjusted Operating Companies Income		$1,111		$2,222		(1.1)%
Adjusted Margin2		22.2%		33.3%		1.1 p.p.

² Margins are calculated as adjusted operating companies income, divided by net revenues, excluding excise taxes.

																																							Schedule 10
TEST COMPANY INTERNATIONAL INC.1
and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments for the Impact of Currency and Acquisitions
For the Quarters Ended September 30,
(in millions)
(Unaudited)
2018																								2017									% Change in Reported Net Revenues excluding Excise Taxes
													Reported						Reported Net
						Reported							Net						Revenues											Reported
						Net							Revenues						excluding											Net
						Revenues							excluding						Excise											Revenues									Reported
			Less			excluding							Excise			Less			Taxes,					Reported			Less			excluding						Reported			excluding
Reported Net			Excise			Excise			Less				Taxes &			Acquisi-			Currency &					Net			Excise			Excise						excluding			Currency &
Revenues			Taxes			Taxes			Currency				Currency			tions			Acquisitions					Revenues			Taxes			Taxes			Reported			Currency			Acquisitions
$	1,111		$	2,222		$	3,333		$	(111	)		$	4,444		$	1		$	5,555		European Union		$	6,666		$	7,777		$	8,888		(1.1	)%		1.2	%		1.3	%
	1,111			2,222			3,333			(123	)			4,444			2			5,555		EEMA			6,666			7,777			8,888		(1.1	)%		1.2	%		1.3	%
	1,111			2,222			3,333			(3	)			4,444			-			4,444		Asia			6,666			7,777			8,888		1.1	%		1.2	%		1.3	%
	1,111			2,222			333			(444	)			555			666			777		Latin America & Canada			6,666			7,777			888		1.1	%		1.2	%		1.3	%
$	11,111		$	2,222		$	3,333		$	(444	)		$	5,555		$	666		$	7,777		Test Co. Total		$	6,666		$	7,777		$	8,888		(1.1	)%		1.2	%		1.3	%
2018																							2017										% Change in Reported Operating Companies Income
																			Reported
													Reported						Operating
													Operating						Companies
Reported													Companies						Income											Reported									Reported
Operating													Income			Less			excluding											Operating						Reported			excluding
Companies									Less				excluding			Acquisi-			Currency &											Companies						excluding			Currency &
Income									Currency				Currency			tions			Acquisitions											Income			Reported			Currency			Acquisitions
$	1,111								$	(111	)		$	1,111		$	1		$	1,111		European Union								$	1,111		(1.1	)%		1.1	%		1.1	%
	222									(222	)			2,222			2			2,222		EEMA									222		(22.2	)%		22.2	%		2.2	%
	333									33				333			-			333		Asia									333		33.3	%		3.3	%		3.3	%
	444									(44	)			444			44			44		Latin America & Canada									444		444+	%		444+	%		44.4	%
$	5,555								$	(555	)		$	5,555		$	55		$	5,555		Test Co.Total								$	5,555		(5.5	)%		5.5	%		5.5	%

₁ Test of a sub-script in a release.

Test Company’s market share performance improved in a number of markets, including Algeria, Argentina, Belgium, Brazil, Bulgaria, Canada, the Dominican Republic, Egypt, Hungary, Korea, Mexico, Pakistan, the Philippines, Portugal, Russia, Slovakia, Switzerland, Turkey and Ukraine.

Test Company International Inc. Profile

Test Company International Inc. (TEST) is the leading international company. For more information, see www.businesswire.com

Forward-Looking and Cautionary Statements

This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. The following important factors could cause actual results and outcomes to differ materially from those contained in such forward-looking statements.

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