Attached files
Exhibit 99.1
[LOGO]AEHR TEST SYSTEMS
FOR IMMEDIATE RELEASE
Aehr Test Systems Investor Relations Contact:
Ken Spink Todd Kehrli or Jim Byers
Chief Financial Officer MKR Group Inc.
(510) 623-9400 x309 (323) 468-2300
aehr@mkr-group.com
Aehr Test Systems Reports Second Quarter Fiscal 2017 Financial Results
Fremont, CA (January 5, 2017) - Aehr Test Systems (NASDAQ: AEHR), a
worldwide supplier of semiconductor test and burn-in equipment, today
announced financial results for its second quarter of fiscal 2017 ended
November 30, 2016.
Fiscal Second Quarter Financial Results:
- Net sales were $4.2 million, compared to $4.6 million in the second
quarter of fiscal 2016.
- GAAP net loss was $1.5 million, or $0.09 per diluted share,
compared to a GAAP net loss of $1.0 million, or $0.08 per diluted
share, in the same quarter a year ago.
- Non-GAAP net loss was $1.2 million, or $0.08 per diluted share,
compared to a non-GAAP net loss of $794,000, or $0.06 per diluted
share, in the same quarter a year ago.
Fiscal First Six Months Financial Results:
- Net sales were $9.5 million, compared to $11.3 million in the first
six months of fiscal 2016.
- GAAP net loss was $2.2 million, or $0.15 per diluted share, compared
to a GAAP net loss of $754,000, or $0.06 per diluted share, in the
same period a year ago.
- Non-GAAP net loss was $1.7 million, or $0.11 per diluted share, compared
to a non-GAAP net loss of $181,000, or $0.01 per diluted share,
in the same period a year ago.
An explanation of the use of non-GAAP financial information and a
reconciliation of the non-GAAP financial measures to the most directly
comparable GAAP financial measures can be found in this release.
Recent Business Highlights:
- Completed shipment of the initial production order for the company's
new FOXTM-1P single wafer test system to the lead customer.
- Completing FOX-P platform development with first FOX-XP production
configuration shipment planned for the third quarter for previously
announced order from one of the world's top semiconductor
manufacturers.
- Shipped multiple ABTSTM packaged part burn-in and test systems to
a leading multi-national
Aehr Test Systems Reports Second Quarter Fiscal 2017 Financial Results
January 5, 2017
Page 2 of 6
manufacturer of advanced logic integrated circuits (ICs) for
automotive, embedded processing, digital signal processing and
analog applications.
- Successfully completed previously announced private placement of
approximately $5.9 million in shares of the company's common stock.
Gayn Erickson, President and CEO of Aehr Test Systems, commented:
"While our year to date revenue is down from last year, we continue to
hold to our forecast for strong year over year growth in our revenue,
bookings, and bottom line.
"We continue to make significant progress completing the development of
our new FOX-P platform of both single and multi-wafer test and burn-in
systems.
"During the second quarter we shipped multiple FOX-1P Single Wafer Level
Test and Burn-in Systems to our lead customer for this product. The FOX-1P
cost effectively addresses full wafer parallel testing of devices with
long test times, including flash memories, microcontrollers, and
automotive ICs. This system has applications that include burn-in and/or
test of wafers that have a need for significant test resources and can
deliver over 16,000 individual device power supplies or digital test
channels with our unique FOX-P system architecture of Universal Channels.
This provides our customers with a never before offered test capability
for devices while still in wafer form.
"We are also pleased with our progress on the FOX-XP Multi-Wafer Test
and Burn-in System, and we expect to ship our initial FOX-XP test cell
in the third quarter to our previously announced second lead customer
for this system. This system is configured for testing 18 wafers in parallel
and provides unprecedented capability for high power wafers, with 18
individual thermal chucks supporting temperatures of 125 degrees Celsius
or more. This application is for production burn-in of optical devices
to be used in high performance server and data centers. This is a very
exciting new market that Aehr Test's new FOX-XP system is uniquely
positioned to address due to its ability to test and burn-in these devices
while still in wafer form, which allows for an extremely low cost and
high quality alternative to burning in these devices further downstream
in module format. We are very optimistic about the prospects for this
market for Aehr Test.
"We also continue to engage with our initial lead customer that
purchased and accepted the first FOX-XP system in an engineering
configuration earlier in 2016. We are successfully demonstrating burn-in
of their devices on the FOX-XP system in our factory today and continue
to believe they will need systems to support their production burn-in
requirements. We remain optimistic about the opportunity to address this
customer's needs that span across multiple programs and applications,
and look forward to a very exciting calendar year 2017."
Management Conference Call and Webcast
Aehr Test Systems will host a conference call and webcast today at 5:00
p.m. Eastern (2:00 p.m. PT) to discuss its second quarter fiscal 2017
operating results. To access the call dial 888-239-5343 (+1 913-312-
1448 outside the United States) and give the participant pass code 7947996.
In addition, a live and archived webcast of the conference call will be
available over the Internet at www.aehr.com in the Investor Relations
section. A replay of the conference call will also be available via
telephone beginning approximately two hours after conclusion of the call
through 8:00 p.m. ET on January 12, 2017. To access the replay dial-in
information, please click here.
Aehr Test Systems Reports Second Quarter Fiscal 2017 Financial Results
January 5, 2017
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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 WaferPak contactors. The ABTS systems are
used in production and qualification testing of packaged parts for both
low-power and high-power logic as well as memory devices. The FOX family
of systems includes single and multi-wafer full wafer contact test and
burn-in systems 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 WaferPak
contactor contains a unique full wafer probe card capable of testing
wafers up to 300mm that enables IC manufacturers to perform test and
burn-in of full wafers on Aehr Test FOX systems. For more information,
please visit Aehr Test's website at www.aehr.com.
Safe Harbor Statement
This press release contains certain forward-looking statements based
on current expectations, forecasts and assumptions that involve risks
and uncertainties. These statements are based on information available
to Aehr Test as of the date hereof and actual results could differ
materially from those stated or implied due to risks and uncertainties.
Forward-looking statements include statements regarding Aehr Test's
expectations, beliefs, intentions or strategies regarding the future
including statements regarding future market opportunities and
conditions, expected product shipment dates, customer orders or
commitments and future operating results. The risks and uncertainties
that could cause Aehr Test's results to differ materially from those
expressed or implied by such forward-looking statements include, without
limitation, general market conditions, customer demand and acceptance
of Aehr Test's products and Aehr Test's ability to execute on its business
strategy. See Aehr Test's recent 10-K, 10-Q and other reports from time
to time filed with the Securities and Exchange Commission for a more
detailed description of the risks facing Aehr Test's business. Aehr
Test 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 2017 Financial Results
January 5, 2017
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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,
2016 2016 2015 2016 2015
-------- --------- -------- --------- ---------
Net sales $ 4,216 $ 5,318 $ 4,620 $ 9,534 $ 11,253
Cost of sales 2,753 3,112 2,929 5,865 6,179
-------- -------- -------- -------- --------
Gross profit 1,463 2,206 1,691 3,669 5,074
-------- -------- -------- -------- --------
Operating expenses:
Selling, general and administrative 1,707 1,716 1,713 3,423 3,558
Research and development 1,040 1,060 923 2,100 1,985
-------- -------- -------- -------- --------
Total operating expenses 2,747 2,776 2,636 5,523 5,543
-------- -------- -------- -------- --------
Loss from operations (1,284) (570) (945) (1,854) (469)
Interest expense (181) (178) (137) (359) (272)
Other income (expense), net 43 (3) 55 40 31
-------- -------- -------- -------- --------
Loss before income tax expense (1,422) (751) (1,027) (2,173) (710)
Income tax expense (30) (4) (21) (34) (44)
-------- -------- -------- -------- --------
Net loss (1,452) (755) (1,048) (2,207) (754)
Less: Net income attributable to the
noncontrolling interest -- -- -- -- --
-------- -------- -------- -------- --------
Net loss attributable to Aehr Test
Systems common shareholders $(1,452) $ (755) $(1,048) $ (2,207) $ (754)
======== ======== ======= ======== ========
Net loss per share
Basic $ (0.09) $ (0.06) $(0.08) $ (0.15) $ (0.06)
Diluted $ (0.09) $ (0.06) $(0.08) $ (0.15) $ (0.06)
Shares used in per share calculations:
Basic 16,029 13,317 13,048 14,673 13,005
Diluted 16,029 13,317 13,048 14,673 13,005
-more-
Aehr Test Systems Reports Second Quarter Fiscal 2017 Financial Results
January 5, 2017
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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,
2016 2016 2015 2016 2015
-------- -------- --------- -------- --------
GAAP net loss $(1,452) $ (755) $(1,048) $(2,207) $ (754)
Stock-based compensation expense 215 319 254 534 573
-------- -------- -------- -------- --------
Non-GAAP net loss $(1,237) $ (436) $ (794) $(1,673) $ (181)
======== ======== ======== ======== ========
GAAP net loss per diluted share $ (0.09) $ (0.06) $ (0.08) $ (0.15) $ (0.06)
======== ======== ======== ======== ========
Non-GAAP net loss per diluted share $ (0.08) $ (0.03) $ (0.06) $ (0.11) $ (0.01)
======== ======== ======== ======== ========
Shares used in diluted shares calculation 16,029 13,317 13,048 14,673 13,005
======== ======== ======== ======== ========
Shares used in non-GAAP diluted shares
calculation 16,029 13,317 13,048 14,673 13,005
======== ======== ======== ======== ========
______________________________________________________________________
Non-GAAP net loss is a non-GAAP measure and should not be considered
a replacement for GAAP results. Non-GAAP net loss 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 loss. This
limitation is best addressed by using this measure in combination with net
loss (the most directly comparable GAAP financial measure). These measures
are not in accordance with GAAP and may differ from non-GAAP methods of
accounting and reporting used by other companies.
We believe these measures enhance investors' ability to review the company's
business from the same perspective as the company's management and facilitate
comparisons of this period's results with prior periods.
-more-
Aehr Test Systems Reports Second Quarter Fiscal 2017 Financial Results
January 5, 2017
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
November 30, August 31, May 31,
2016 2016 2016
----------- ----------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 5,154 $ 2,342 $ 939
Accounts receivable, net 1,429 1,774 522
Inventories 6,069 6,031 7,033
Prepaid expenses and other 390 305 254
-------- -------- --------
Total current assets 13,042 10,452 8,748
Property and equipment, net 793 789 1,204
Other assets 95 95 94
-------- -------- --------
Total assets $13,930 $11,336 $10,046
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 1,770 $ 1,906 $ 1,413
Accrued expenses 1,366 1,372 1,553
Customer deposits and deferred revenue, short-term 1,055 2,724 1,714
-------- -------- --------
Total current liabilities 4,191 6,002 4,680
Long-term debt 6,051 6,006 5,962
Deferred revenue, long-term 47 63 127
-------- -------- --------
Total liabilities 10,289 12,071 10,769
Aehr Test Systems Shareholders' equity (deficit) 3,660 (714) (703)
Noncontrolling interest (19) (21) (20)
-------- -------- --------
Total shareholders' equity (deficit) 3,641 (735) (723)
-------- -------- --------
Total liabilities and shareholders' equity (deficit) $13,930 $11,336 $10,046
======== ======== ========
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