Attached files
Exhibit 99.1
[LOGO]AEHR TEST SYSTEMS
FOR IMMEDIATE RELEASE
Contact:
Gary Larson
Chief Financial Officer
(510) 623-9400 x321
AEHR TEST SYSTEMS REPORTS FINANCIAL RESULTS
FOR FOURTH QUARTER FISCAL 2012
Fremont, CA (July 19, 2012) - Aehr Test Systems (Nasdaq: AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today announced
financial results for the fourth quarter and fiscal year ended May 31,
2012.
Net sales were $4.7 million in the fourth quarter of fiscal 2012, up 64%
from $2.9 million in the preceding quarter. Aehr Test reported a net
loss of $0.8 million, or $0.09 per diluted share, in the fourth quarter
of fiscal 2012, an improvement of $0.6 million when compared with a net
loss of $1.4 million, or $0.15 per diluted share, in the third quarter
of fiscal 2012.
Net sales for fiscal year 2012 were $15.5 million, an increase of 13%
compared with net sales of $13.7 million in fiscal 2011. Net loss for
fiscal 2012 was $3.4 million, or $0.38 per diluted share, flat with a
net loss of $3.4 million, or $0.38 per diluted share, in fiscal 2011.
As of May 31, 2012, the company's backlog was $7.3 million, compared with
$5.8 million at May 31, 2011.
Commenting on the fourth quarter of fiscal 2012, Gayn Erickson, President
and CEO of Aehr Test Systems, said, "We are very pleased with the progress
that we are making in growing our business. The quarter represented our
highest quarterly product sales in over three years. The headway that
we are making points to the growing competitiveness and value provided
by our ABTSTM and FOXTM families of products. During the quarter we
received key follow-on orders, including a FOX-1 system to a leading
flash memory manufacturer and an advanced ABTS high-power burn-in
system to a leading logic, analog and mixed signal semiconductor
manufacturer. Additionally, in the past two weeks we announced an order
for a FOX-15 wafer-level burn-in system from a leading communication
equipment manufacturer, as well as a follow-on ABTS order from a leading
test house in Taiwan.
"We enter fiscal 2013 on a good footing with our highest backlog in over
three years," continued Erickson. "We expect to achieve a profit and
become cash flow positive by the end of the 2012 calendar year. We
continue to focus on growing our company, while managing our cost
structure to ensure future profitability."
Aehr Test Systems Reports Fourth Quarter Fiscal 2012 Results
July 19, 2012
Page 2 of 5
Management Conference Call
Management of Aehr Test will host a conference call and webcast today,
July 19, 2012 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the
Company's fourth quarter fiscal 2012 operating results. The conference
call will be accessible live via the internet at www.aehr.com. Please
go to the website at least 15 minutes before start time to register,
download and install any necessary audio software. A replay of the webcast
will be available at www.aehr.com for 90 days.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a worldwide
provider of test systems for burning-in and testing logic and memory
integrated circuits and has an installed base of more than 2,500 systems
worldwide. Increased quality and reliability needs of the Automotive and
Mobility integrated circuit markets are driving additional test
requirements, capacity needs and opportunities for Aehr Test products
in package and wafer level test. Aehr Test has developed and introduced
several innovative products, including the ABTS and FOX family of test
and burn-in systems and the DiePak(R)carrier. The ABTS system is used
in production and qualification testing of packaged parts for both
low-power and high-power logic as well as all common types of memory devices.
The FOX system is a full wafer contact test and burn-in system used for
burn-in and functional test of complex devices, such as leading-edge
memories, digital signal processors, microprocessors, microcontrollers
and systems-on-a-chip. The DiePak carrier is a reusable, temporary package
that enables IC manufacturers to perform cost-effective final test and
burn-in of bare die. For more information, please visit the Company's
website at www.aehr.com.
Safe Harbor Statement
This release contains forward-looking statements that involve risks and
uncertainties relating to projections regarding revenues, net sales and
customer demand and acceptance of Aehr Test's products. Actual results
may vary from projected results. These risks and uncertainties include
without limitation, world economic conditions, the state of the
semiconductor equipment market, the Company's ability to maintain
sufficient cash to support operations, acceptance by customers of Aehr
Test's technologies, acceptance by customers of the systems shipped upon
receipt of a purchase order, the ability of new products to meet customer
needs or perform as described and the Company's ability to successfully
market a wafer-level test and burn-in system. See Aehr Test's recent
10-K, 10-Q and other reports from time to time filed with the U.S.
Securities and Exchange Commission for a more detailed description of
the risks facing our business. The Company disclaims any obligation to
update information contained in any forward-looking statement to reflect
events or circumstances occurring after the date of this press release.
[Financial Tables to Follow]
Aehr Test Systems Reports Fourth Quarter Fiscal 2012 Results
July 19, 2012
Page 3 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
----------------------------- ------------------
May 31, February 29, May 31, May 31, May 31,
2012 2012 2011 2012 2011
-------- --------- -------- -------- --------
Net sales............................. $ 4,676 $ 2,855 $ 3,749 $ 15,521 $ 13,737
Cost of sales......................... 2,507 1,747 2,140 9,314 8,225
-------- -------- -------- -------- --------
Gross profit.......................... 2,169 1,108 1,609 6,207 5,512
-------- -------- -------- -------- --------
Operating expenses:
Selling, general and administrative. 1,872 1,525 1,465 6,526 5,964
Research and development............ 1,134 933 1,190 4,188 4,567
Gain on bankruptcy claim............ -- -- (677) -- (832)
-------- -------- -------- -------- --------
Total operating expenses.......... 3,006 2,458 1,978 10,714 9,699
-------- -------- -------- -------- --------
Loss from operations.............. (837) (1,350) (369) (4,507) (4,187)
Interest income....................... -- -- -- -- 3
Interest expense...................... 4 -- -- 4 --
Gain on sale of long-term investment.. -- -- -- 990 --
Other income, net..................... 64 7 169 117 762
-------- -------- -------- -------- --------
Loss before income tax
expense (benefit)................. (777) (1,343) (200) (3,404) (3,422)
Income tax expense (benefit).......... 2 18 (56) (15) (49)
-------- -------- -------- -------- --------
Net loss.......................... $ (779) $(1,361) $ (144) $ (3,389) $ (3,373)
======== ======== ======== ======== ========
Net loss per share
Basic............................. $ (0.09) $ (0.15) $ (0.02) $ (0.38) $ (0.38)
Diluted........................... $ (0.09) $ (0.15) $ (0.02) $ (0.38) $ (0.38)
Shares used in per share calculations:
Basic............................. 9,095 9,055 8,880 9,016 8,776
Diluted........................... 9,095 9,055 8,880 9,016 8,776
-more-
Aehr Test Systems Reports Fourth Quarter Fiscal 2012 Results
July 19, 2012
Page 4 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Results
(in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
-------------------------- -----------------
May 31, February 29, May 31, May 31, May 31,
2012 2012 2011 2012 2011
-------- -------- --------- -------- --------
GAAP net loss............................$ (779) $(1,361) $ (144) $(3,389) $(3,373)
Gain on bankruptcy claim1................ -- -- (677) -- (832)
Gain on sale of long-term investment2.... -- -- -- (990) --
Stock compensation expense............... 190 182 212 709 947
-------- -------- -------- -------- --------
Non-GAAP net loss........................$ (589) $(1,179) $ (609) $(3,670) $(3,258)
======== ======== ======== ======== ========
GAAP net loss per diluted share..........$ (0.09) $ (0.15) $ (0.02) $ (0.38) $ (0.38)
======== ======== ======== ======== ========
Non-GAAP net loss per diluted share......$ (0.06) $ (0.13) $ (0.07) $ (0.41) $ (0.37)
======== ======== ======== ======== ========
Shares used in diluted shares calculation 9,095 9,055 8,880 9,016 8,776
======== ======== ======== ======== ========
________________________________________________________________________________
1 The Company filed claims in the Spansion U.S. and Spansion Japan bankruptcy
actions. In the first quarter of fiscal 2011, the Company's Japanese subsidiary
received approximately $155,000 in proceeds from the Spansion Japan bankruptcy
claim and recorded the amount as a reduction of operating expenses. In the
fourth quarter of fiscal 2011, the Company's Japanese subsidiary received
approximately $677,000 in proceeds from the Spansion Japan bankruptcy claim
and recorded the amount as a reduction of operating expenses.
2 During the first quarter of fiscal 2012, the Company sold its long-term
investment in ESA Electronics PTE Ltd., resulting in a gain of $990,000.
Non-GAAP net income is a non-GAAP measure and should not be considered a
replacement for GAAP results. Non-GAAP net income is a financial measure
the Company uses to evaluate the underlying results and operating performance
of the business. The limitation of this measure is that it excludes items
that impact the Company's current period net income. This limitation is best
addressed by using this measure in combination with net income (the most
comparable GAAP measure).
-more-
Aehr Test Systems Reports Fourth Quarter Fiscal 2012 Results
July 19, 2012
Page 5 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
May 31, February 29, May 31,
2012 2012 2011
-------- ----------- --------
ASSETS
Current assets:
Cash and cash equivalents ...................... $ 2,073 $ 2,975 $ 4,020
Accounts receivable, net........................ 2,588 825 1,432
Inventories,net................................. 6,070 5,650 4,958
Prepaid expenses and other ..................... 197 247 161
-------- -------- --------
Total current assets ....................... 10,928 9,697 10,571
Property and equipment, net ...................... 510 587 954
Other assets...................................... 175 172 558
-------- -------- --------
Total assets ............................... $11,613 $10,456 $12,083
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Line of credit.................................. $ 1,408 $ 716 $ --
Accounts payable ............................... 1,507 960 885
Accrued expenses ............................... 1,385 1,221 1,434
Deferred revenue ............................... 555 185 221
-------- -------- --------
Total current liabilities .................. 4,855 3,082 2,540
Income tax payable................................ 125 129 204
Deferred lease commitment ........................ 179 195 238
-------- -------- --------
Total liabilities .......................... 5,159 3,406 2,982
Shareholders' equity ............................. 6,454 7,050 9,101
-------- -------- --------
Total liabilities and shareholders' equity.. $11,613 $10,456 $12,083
======== ======== ========
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