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 FIRST QUARTER FISCAL 2012
Fremont, CA (September 29, 2011) - Aehr Test Systems (Nasdaq: AEHR), a
worldwide supplier of semiconductor test and burn-in equipment, today
announced financial results for the first quarter of fiscal 2012 ended
August 31, 2011.
Net sales were $4.1 million in the first quarter of fiscal 2012, compared
with $2.2 million in the first quarter of fiscal 2011. Aehr Test reported
net income of $124,000, or $0.01 per diluted share, in the first quarter
of fiscal 2012, compared to a net loss of $1.5 million, or $0.17 per
diluted share, in the first quarter of fiscal 2011. The Company's net
income for first quarter fiscal 2012 included a gain of $990,000 from
the sale of its investment in ESA Electronics PTE Ltd.
Commenting on the results of the first quarter, Rhea Posedel, chairman
and chief executive officer of Aehr Test Systems, said, "We are pleased
to have started fiscal 2012 off with a profitable first quarter. Our
revenues for the quarter grew 90% year-over-year and were up 10%
sequentially. A major contributor to this growth was the shipment of
a number of FOXTM-1 WaferPak contactors for full wafer, one touchdown
sort testing of flash memory wafers. We also had an increase in ABTSTM
revenues in the quarter, reflecting the inroads we are making in adding
new customers. At the same time, we gained a new customer in China for
our ABTS product and booked follow-on ABTS system orders from existing
customers.
"Looking ahead, we are seeing a higher level of interest in our broad
base of products," continued Posedel. "We remain focused on penetrating
key production accounts with our ABTS and FOX products to grow our
business."
Management Conference Call
Management of Aehr Test will host a conference call and webcast today,
September 29, 2011 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss
the Company's first quarter of 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.
Aehr Test Systems Reports First Quarter Fiscal 2012 Results
September 29, 2011
Page 2 of 5
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a worldwide
provider of systems for burning-in and testing DRAMs, flash and other
memory and logic integrated circuits and has an installed base of more
than 2,500 systems worldwide. Aehr Test has developed and introduced
several innovative products, including the ABTS, FOX and MAX systems and
the DiePak (R)carrier. The ABTS system is Aehr Test's newest system for
packaged part test during burn-in 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. The MAX system can effectively
burn-in and functionally test complex devices, such as 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 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]
-more-
Aehr Test Systems Reports First Quarter Fiscal 2012 Results
September 29, 2011
Page 3 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
August 31,
---------- ----------
2011 2010
---------- ----------
Net sales...................................... $4,130 $2,169
Cost of sales.................................. 2,328 1,225
---------- ----------
Gross profit................................... 1,802 944
---------- ----------
Operating expenses:
Selling, general and administrative.......... 1,601 1,518
Research and development..................... 1,082 1,142
Gain on bankruptcy claim .................... -- (155)
---------- ----------
Total operating expenses................... 2,683 2,505
---------- ----------
Loss from operations....................... (881) (1,561)
Interest income................................ -- 2
Gain on sale of long-term investment........... 990 --
Other (expense) income, net ................... (12) 44
---------- ----------
Income (loss) before income tax
(benefit) expense.......................... 97 (1,515)
Income tax (benefit) expense................... (27) 1
---------- ----------
Net income (loss).......................... $ 124 $(1,516)
========== ==========
Net income (loss) per share
Basic...................................... $ 0.01 $(0.17)
Diluted.................................... $ 0.01 $(0.17)
Shares used in per share calculations:
Basic...................................... 8,932 8,667
Diluted.................................... 9,100 8,667
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Aehr Test Systems Reports First Quarter Fiscal 2012 Results
September 29, 2011
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
August 31,
-----------------------------
2011 2010
------------- -------------
GAAP net income (loss)...................... $ 124 $(1,516)
Gain on bankruptcy claim1................... -- (155)
Gain on sale of long-term investment2....... (990) --
Stock compensation expense.................. 166 274
------------- ------------
Non-GAAP net loss........................... $ (700) $(1,397)
============= ============
GAAP net income (loss) per diluted share.... $ 0.01 $(0.17)
============= ============
Non-GAAP net loss per diluted share......... $(0.08) $(0.16)
============= ============
Shares used in GAAP diluted shares
calculation............................... 9,100 8,667
============= ============
Shares used in non-GAAP diluted shares
calculation............................... 8,932 8,667
============= ============
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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.
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 First Quarter Fiscal 2012 Results
September 29, 2011
Page 5 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
August 31, May 31,
2011 2011
--------- --------
ASSETS
Current assets:
Cash and cash equivalents ....................... $ 3,892 $ 4,020
Accounts receivable, net......................... 2,633 1,432
Inventories, net................................. 5,169 4,958
Prepaid expenses and other ...................... 247 161
--------- --------
Total current assets ........................ 11,941 10,571
Property and equipment, net ....................... 827 954
Other assets....................................... 178 558
--------- --------
Total assets ................................ $12,946 $12,083
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable ................................ $ 1,473 $ 885
Accrued expenses ................................ 1,451 1,434
Deferred revenue ................................ 209 221
--------- --------
Total current liabilities ................... 3,133 2,540
Income tax payable................................. 165 204
Deferred lease commitment ......................... 224 238
--------- --------
Total liabilities ........................... 3,522 2,982
Shareholders' equity .............................. 9,424 9,101
--------- --------
Total liabilities and shareholders' equity .. $12,946 $12,083
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