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 SECOND QUARTER FISCAL 2013
Fremont, CA (January 9, 2013) - Aehr Test Systems (Nasdaq: AEHR), a
worldwide supplier of semiconductor test and burn-in equipment, today
announced financial results for the second quarter of fiscal 2013 ended
November 30, 2012.
Net sales were $5.1 million in the second quarter of fiscal 2013, compared
with $4.8 million in the first quarter of fiscal 2013. The Company reported
a net loss of $0.8 million, or $0.09 per diluted share, in the second
quarter of fiscal 2013. This compares to a net loss of $0.3 million, or
$0.03 per diluted share, in the first quarter of fiscal 2013.
Commenting on the results of the second quarter of fiscal 2013, Gayn
Erickson, President and CEO of Aehr Test Systems, said, "We once again
improved our net sales results, reflecting the progress we are continuing
to make in addressing new market segments and customers with our ABTSTM
and FOXTM product lines. However, our gross margin and bottom line were
negatively impacted by a change in product mix during the quarter."
Erickson continued, "During the quarter we were pleased to have received
acceptances on the first shipments of our new ABTS-P Advanced Burn-in and
Test System to three different customers. The new ABTS-P delivers to
the test and burn-in market a true per-pin architecture for timing, formats,
voltages and all I/O pins more commonly seen in the ATE functional test
space. These systems can test devices exceeding 70 watts and can control
the test temperature of every device in the chamber individually. This
combination is excellent for and is being used for testing and burning-in
high performance mobile processors used in smartphones, tablets and other
high performance logic devices.
"We announced this quarter that we received over $2 million in follow-on
production orders for our burn-in and test systems from multiple leading
manufacturers of advanced logic integrated circuits for automotive
applications," added Erickson. "The automotive space, which continues to
be growing, and the advanced logic space represent attractive markets for
Aehr Test over the next several years. We also announced a partnership
with AllianceATE Consulting Group to add AllianceATE's VelocityCAE software
as an option to Aehr Test's burn-in and test systems. This partnership
combines the design-to-test capabilities of VelocityCAE with Aehr Test's
test
Aehr Test Systems Reports Second Quarter Fiscal 2013 Results
January 9, 2013
Page 2 of 6
technology to help meet the growing needs of the semiconductor industry
for design for test needs in both package and wafer level form."
Net sales were $9.9 million in the first six months of fiscal 2013 compared
with $8.0 million in the first six months of fiscal 2012. Net loss for
the six months ended November 30, 2012 was $1.1 million, or $0.12 per
diluted share, compared with a net loss of $1.2 million, or $0.14 per
diluted share, in the same period of the prior fiscal year. The Company's
net income for the first six months of fiscal 2012 included a gain of
$990,000 from the sale of its investment in ESA Electronics PTE Ltd.
Erickson concluded, "As mentioned last quarter, we began to see a slowdown
in spending by some of our customers. While some customers have pushed
out forecasts, others are pushing us to expedite development of new systems
and new applications. We are therefore focusing our resources to take
advantage of those opportunities, while continuing to maintain tight
control on expenses. To that end, we have taken additional steps to lower
overhead with a reduction in personnel in certain areas of our business
where we are seeing lower demand. We have included one-time charges
related to these restructuring costs in this quarter's financials and
we expect to see lower costs related to these moves in our financials
moving forward. We continue to be optimistic about Aehr Test's future
and feel we are in a great position to benefit from the long term industry
trends in test, burn-in, and Design For Test."
Management Conference Call
Management of Aehr Test will host a conference call and webcast today,
January 9, 2013 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the
Company's second quarter fiscal 2013 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 families 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.
Aehr Test Systems Reports Second Quarter Fiscal 2013 Results
January 9, 2013
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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 Second Quarter Fiscal 2013 Results
January 9, 2013
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
----------------------------- ------------------
Nov 30, Aug 31, Nov 30, Nov 30, Nov 30,
2012 2012 2011 2012 2011
-------- ------- -------- -------- --------
Net sales............................. $ 5,054 $ 4,832 $ 3,860 $ 9,886 $ 7,990
Cost of sales......................... 2,791 2,376 2,732 5,167 5,060
-------- -------- -------- -------- --------
Gross profit.......................... 2,263 2,456 1,128 4,719 2,930
-------- -------- -------- -------- --------
Operating expenses:
Selling, general and administrative. 2,068 1,789 1,528 3,857 3,129
Research and development............ 962 930 1,039 1,892 2,121
-------- -------- -------- -------- --------
Total operating expenses.......... 3,030 2,719 2,567 5,749 5,250
-------- -------- -------- -------- --------
Loss from operations.............. (767) (263) (1,439) (1,030) (2,320)
Interest expense...................... (13) (12) -- (25) --
Gain on sale of long-term investment.. -- -- -- -- 990
Other (expense) income, net........... (15) (19) 58 (34) 46
-------- -------- -------- -------- --------
Loss before income tax
expense (benefit)................. (795) (294) (1,381) (1,089) (1,284)
Income tax expense (benefit).......... 16 2 (8) 18 (35)
-------- -------- -------- -------- --------
Net loss.......................... $ (811) $ (296) $(1,373) $ (1,107) $ (1,249)
Less: Net income attributable to the
noncontrolling interest....... -- -- -- -- --
-------- -------- -------- -------- --------
Net loss attributable to Aehr Test
Systems common shareholders... $ (811) $ (296) $(1,373) $ (1,107) $ (1,249)
======== ======== ======== ======== ========
Net loss per share
Basic............................. $ (0.09) $ (0.03) $ (0.15) $ (0.12) $ (0.14)
Diluted........................... $ (0.09) $ (0.03) $ (0.15) $ (0.12) $ (0.14)
Shares used in per share calculations:
Basic............................. 9,300 9,166 8,980 9,233 8,956
Diluted........................... 9,300 9,166 8,980 9,233 8,956
-more-
Aehr Test Systems Reports Second Quarter Fiscal 2013 Results
January 9, 2013
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Results
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
-------------------------- -----------------
Nov 30, Aug 31, Nov 30, Nov 30, Nov 30,
2012 2012 2011 2012 2011
-------- -------- --------- -------- --------
GAAP net loss............................$ (811) $ (296) $(1,373) $(1,107) $(1,249)
Gain on sale of long-term investment1.... -- -- -- -- (990)
Stock based compensation expense......... 99 127 172 226 337
-------- -------- -------- -------- --------
Non-GAAP net loss........................$ (712) $ (169) $(1,201) $ (881) $(1,902)
======== ======== ======== ======== ========
GAAP net loss per diluted share..........$ (0.09) $ (0.03) $ (0.15) $ (0.12) $ (0.14)
======== ======== ======== ======== ========
Non-GAAP net loss per diluted share......$ (0.08) $ (0.02) $ (0.13) $ (0.10) $ (0.21)
======== ======== ======== ======== ========
Shares used in diluted shares calculation 9,300 9,166 8,980 9,233 8,956
======== ======== ======== ======== ========
______________________________________________________________________
1 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 Second Quarter Fiscal 2013 Results
January 9, 2013
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
Nov 30, Aug 31, May 31,
2012 2012 2012
-------- -------- --------
ASSETS
Current assets:
Cash and cash equivalents ...................... $ 1,192 $ 1,901 $ 2,073
Accounts receivable, net........................ 2,899 2,558 2,588
Inventories..................................... 6,444 6,710 6,070
Prepaid expenses and other ..................... 390 326 197
-------- -------- --------
Total current assets ....................... 10,925 11,495 10,928
Property and equipment, net ...................... 358 439 510
Other assets...................................... 169 174 175
-------- -------- --------
Total assets ............................... $11,452 $12,108 $11,613
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Line of credit.................................. $ 1,685 $ 1,452 $ 1,408
Accounts payable ............................... 1,461 2,001 1,507
Accrued expenses ............................... 1,611 1,580 1,385
Deferred revenue ............................... 594 393 555
-------- -------- --------
Total current liabilities .................. 5,351 5,426 4,855
Income tax payable................................ 114 112 125
Deferred lease commitment, net of current portion. 142 161 179
-------- -------- --------
Total liabilities ........................... 5,607 5,699 5,159
Aehr Test Systems Shareholders' equity ........... 5,867 6,431 6,476
Noncontrolling interest........................... (22) (22) (22)
-------- -------- --------
Total shareholders' equity ................. 5,845 6,409 6,454
-------- -------- --------
Total liabilities and shareholders' equity.. $11,452 $12,108 $11,613
======== ======== ========
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