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 31% Revenue Growth Year over Year in
First Quarter of Fiscal 2018 and Reiterates Full Year Guidance
Fremont, CA (September 28, 2017) - Aehr Test Systems (NASDAQ: AEHR),
a worldwide supplier of semiconductor test and burn-in equipment, today
announced financial results for its first quarter of fiscal 2018 ended
August 31, 2017.
Fiscal First Quarter Financial Results:
- Net sales were $7.0 million, up 31% from $5.3 million in the first
quarter of fiscal 2017.
- GAAP net income was $10,000, or $0.00 per diluted share, compared
to a GAAP net loss of $755,000, or $0.06 per diluted share, in the
first quarter of fiscal 2017.
- Non-GAAP net income was $226,000, or $0.01 per diluted share,
compared to a non-GAAP net loss of $436,000, or $0.03 per diluted
share, in the first quarter of fiscal 2017.
- Backlog as of August 31, 2017 was $15.2 million.
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 the accompanying
tables.
First Quarter and Recent Business Highlights:
- Announced today that it received follow-on orders totaling $2.7 million
from a subcontractor of its initial lead FOX-XPTM Test and Burn-in
System customer. The orders include a partially populated FOX-XP system,
multiple DiePak(R) carriers for their next generation devices, and
multiple DiePak loader/unloaders to increase their current production
capacity.
- Announced earlier this month a $900,000 order received in the first
quarter from its second lead FOX-XP customer to provide additional
testing capability and power handling capacity to test and burn-in
new silicon photonics that will go into production next year.
- Announced in late August its first volume production order exceeding
$3.0 million for multiple Advanced Burn-in and Test System (ABTSTM)
thermal chambers from an OEM customer for a high-volume application.
Aehr Test Systems Reports First Quarter Fiscal 2018 Financial Results
September 28, 2017
Page 2 of 6
- Announced during the quarter a follow-on order exceeding $1.3 million
for multiple WaferPakTM contactors for its FOX-1 wafer level test
systems for flash memory testing.
- Announced during the quarter a follow-on order exceeding $3.8 million
for multiple ABTS test and burn-in systems from a leading
multi-national manufacturer of advanced logic integrated circuits
(ICs) for automotive devices.
Gayn Erickson, President and CEO of Aehr Test Systems, commented:
"We are off to a great start for fiscal 2018. We finished the first
quarter with revenue of $7.0 million, GAAP net income of a little over
break-even, non-GAAP net income of $226,000, which excludes non-cash
related stock-based compensation expense, and a backlog of $15.2 million.
With today's order announcement for $2.7 million for our FOX-XP Test
and Burn-in Solution products,this adds up to approximately $18 million
in backlog early in our second quarter. We are very pleased with the
installations of our new FOX-XP Multi-Wafer and Singulated Die/Module
Test and Burn-in systems at our two lead customers, and both have
purchased follow-on capacity and capability.
"Earlier this month, we received an order from one of these lead customers
to provide additional testing capability and power handling capacity
to their previously delivered FOX-XP system in order to test and burn-in
new silicon photonics devices that will go into production next year.
And today we announced that we received follow-on orders from a
subcontractor of our initial lead FOX-XP Test and Burn-in System customer.
The orders include a partially populated FOX-XP system, multiple DiePak
carriers for their next generation devices, and multiple DiePak
loader/unloaders to increase their current production capacity. These
newest orders continue to expand our production presence with this
customer for multiple generations of devices. In addition, we have
ongoing discussions with several additional companies about our new
FOX-XP platform and we are optimistic about the prospects with these
prospective new customers.
"We continue to maintain our confidence in our growth forecast for the
fiscal year ahead. We reiterate our previously provided financial
guidance for the fiscal year ending May 31, 2018 of full year total
revenue growth of at least 50% over fiscal 2017 and to be profitable
for the year.
"We believe Aehr Test is very well positioned to capitalize on the market
opportunities for our new products that address the needs of our
customers to ensure reliability of their semiconductors, integrated
modules, and systems where safety, security, and assurance of user
confidence are absolutely critical."
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 first quarter fiscal 2018
operating results. To access the call dial 877-852-6576 (+1 719-325-2315
outside the United States) and give the participant pass code 4262658.
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 October 5, 2017. To access the replay dial-in
information, please click here.
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
Aehr Test Systems Reports First Quarter Fiscal 2018 Financial Results
September 28, 2017
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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, WaferPak contactors, and DiePak
carriers. 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. The DiePak carrier is a reusable, temporary package
that enables IC manufacturers to perform cost-effective final test and
burn-in of both bare die and modules. 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 First Quarter Fiscal 2018 Financial Results
September 28, 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
----------------------------
Aug 31, May 31, Aug 31,
2017 2017 2016
-------- -------- --------
Net sales $ 6,970 $ 6,683 $ 5,318
Cost of sales 4,052 4,075 3,112
-------- -------- --------
Gross profit 2,918 2,608 2,206
-------- -------- --------
Operating expenses:
Selling, general and administrative 1,791 1,905 1,716
Research and development 955 1,309 1,060
-------- -------- --------
Total operating expenses 2,746 3,214 2,776
-------- -------- --------
Income (loss) from operations 172 (606) (570)
Interest expense, net (107) (141) (178)
Other expense, net (60) (59) (3)
-------- -------- --------
Income (loss) before income tax
benefit (expense) 5 (806) (751)
Income tax benefit (expense) 5 11 (4)
-------- -------- --------
Net income (loss) 10 (795) (755)
Less: Net income attributable to the
Noncontrolling interest -- -- --
Net income (loss) attributable to Aehr -------- -------- --------
Test Systems common shareholders $ 10 $ (795) $ (755)
======== ======== ========
Net income (loss) per share
Basic $ 0.00 $ (0.04) $(0.06)
Diluted $ 0.00 $ (0.04) $(0.06)
Shares used in per share calculations:
Basic 21,417 19,050 13,317
Diluted 22,991 19,050 13,317
-more-
Aehr Test Systems Reports First Quarter Fiscal 2018 Financial Results
September 28, 2017
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Results
(in thousands, except per share data)
(unaudited)
Three Months Ended
--------------------------
Aug 31, May 31, Aug 31,
2017 2017 2016
-------- -------- ---------
GAAP net income (loss) $ 10 $ (795) $ (755)
Stock-based compensation expense 216 208 319
-------- -------- --------
Non-GAAP net income (loss) $ 226 $ (587) $ (436)
======== ======== ========
GAAP net income (loss) per diluted share $ 0.00 $ (0.04) $(0.06)
======== ======== ========
Non-GAAP net income (loss) per diluted share $ 0.01 $ (0.03) $(0.03)
======== ======== ========
Shares used in GAAP diluted shares calculation 22,991 19,050 13,317
======== ======== ========
Shares used in non-GAAP diluted shares calculation 22,991 19,050 13,317
======== ======== ========
______________________________________________________________________
Non-GAAP net income (loss) is a non-GAAP measure and should not be considered
a replacement for GAAP results. Non-GAAP net income (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 income. This
limitation is best addressed by using this measure in combination with net
income (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 First Quarter Fiscal 2018 Financial Results
September 28, 2017
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
August 31, May 31,
2017 2017
-------- --------
ASSETS
Current assets:
Cash and cash equivalents $13,993 $17,803
Accounts receivable, net 6,049 4,010
Inventories 9,020 6,604
Prepaid expenses and other 2,050 961
-------- --------
Total current assets 31,112 29,378
Property and equipment, net 1,140 1,419
Other assets 95 95
-------- --------
Total assets $32,347 $30,892
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,473 $ 2,808
Accrued expenses 1,572 1,609
Customer deposits and deferred revenue, short-term 3,782 3,467
-------- --------
Total current liabilities 8,827 7,884
Long-term debt 6,110 6,110
Deferred revenue, long-term 97 104
-------- --------
Total liabilities 15,034 14,098
Aehr Test Systems Shareholders' equity 17,332 16,813
Noncontrolling interest (19) (19)
-------- --------
Total shareholders' equity 17,313 16,794
-------- --------
Total liabilities and shareholders' equity $32,347 $30,892
======== ========
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