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 2012
Fremont, CA (January 5, 2012) - Aehr Test Systems (Nasdaq: AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today announced
financial results for the second quarter ended November 30, 2011.
Net sales were $3.9 million in the second quarter of fiscal 2012, compared
with $3.6 million in the second quarter of fiscal 2011. The Company reported
a net loss of $1.4 million, or $0.15 per diluted share, in the second quarter
of fiscal 2012. This compares to a net loss of $0.8 million, or $0.09 per
diluted share, in the second quarter of fiscal 2011. Included in the results
for the second quarter of fiscal 2011 was the receipt of a dividend payment
of $0.6 million related to a long-term investment reported in other income.
"On Tuesday we announced Gayn Erickson as the new CEO of Aehr Test, replacing
me in that position," said Rhea Posedel, executive chairman of Aehr Test
Systems. "We are fortunate to have attracted Gayn, who brings 23 years
of semiconductor test and general management experience to our company.
We are confident that he will do an outstanding job and has the management
skill set needed to take Aehr Test to the next level.
Commenting on the results of the second quarter of fiscal 2012, Posedel
continued, "Net sales grew to $3.9 million year over year, which was an
8% increase over the second quarter of fiscal 2011. These results were
impacted to some extent by the recent slowdown in the semiconductor
industry."
Net sales were $8.0 million in the first six months of fiscal 2012 compared
with $5.7 million in the first six months of fiscal 2011. Net loss for
the six months ended November 30, 2011 was $1.2 million, or $0.14 per diluted
share, compared with a net loss of $2.3 million, or $0.26 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.
"We are pleased that we are continuing to make inroads with our ABTSTM
products, having recently landed a new major account. The high value that
these products offer is reflected in our having sold ABTS systems to two
out of five of the world's largest semiconductors
Aehr Test Systems Reports Second Quarter Fiscal 2012 Results
January 5, 2012
Page 2 of 5
manufacturers to date. Last month we announced the shipment of our 100th
full-wafer contactor for use in the FOXTM family of products for wafer sort
test and wafer level burn-in applications. We remain focused on penetrating
key production accounts with our families of ABTS and FOX products and are
confident that this strategy will result in increasing revenues longer term,"
concluded Posedel.
Management Conference Call
Management of Aehr Test will host a conference call and webcast today, January
5, 2012 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's
second 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 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, 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 2012 Results
January 5, 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 Six Months Ended
November 30, November 30,
------------------ -----------------
2011 2010 2011 2010
-------- -------- -------- --------
Net sales............................. $ 3,860 $ 3,577 $ 7,990 $ 5,746
Cost of sales......................... 2,732 2,223 5,060 3,448
-------- -------- -------- --------
Gross profit.......................... 1,128 1,354 2,930 2,298
-------- -------- -------- --------
Operating expenses:
Selling, general and administrative. 1,528 1,495 3,129 3,013
Research and development............ 1,039 1,196 2,121 2,338
Gain on bankruptcy claim............ -- -- -- (155)
-------- -------- -------- --------
Total operating expenses.......... 2,567 2,691 5,250 5,196
-------- -------- -------- --------
Loss from operations.............. (1,439) (1,337) (2,320) (2,898)
Interest income....................... -- 1 -- 3
Gain on sale of long-term investment.. -- -- 990 --
Other income, net..................... 58 579 46 623
-------- -------- -------- --------
Loss before income tax
(benefit) expense................. (1,381) (757) (1,284) (2,272)
Income tax (benefit) expense.......... (8) 10 (35) 11
-------- -------- -------- --------
Net loss.......................... $(1,373) $ (767) $(1,249) $(2,283)
======== ======== ======== ========
Net loss per share
Basic............................. $(0.15) $ (0.09) $ (0.14) $ (0.26)
Diluted........................... $(0.15) $ (0.09) $ (0.14) $ (0.26)
Shares used in per share calculations:
Basic............................. 8,980 8,731 8,956 8,699
Diluted........................... 8,980 8,731 8,956 8,699
-more-
Aehr Test Systems Reports Second Quarter Fiscal 2012 Results
January 5, 2012
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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
November 30, November 30,
------------------ -----------------
2011 2010 2011 2010
-------- -------- -------- --------
GAAP net loss............................. $(1,373) $ (767) $(1,249) $(2,283)
Gain on bankruptcy claim1................. -- -- -- (155)
Gain on sale of long-term investment2..... -- -- (990) --
Stock compensation expense................ 172 238 337 512
-------- -------- -------- --------
Non-GAAP net loss......................... $(1,201) $ (529) $(1,902) $(1,926)
======== ======== ======== ========
GAAP net loss per diluted share........... $ (0.15) $ (0.09) $ (0.14) $ (0.26)
======== ======== ======== ========
Non-GAAP net loss per diluted share....... $ (0.13) $ (0.06) $ (0.21) $ (0.22)
======== ======== ======== ========
Shares used in diluted shares calculation. 8,980 8,731 8,956 8,699
======== ======== ======== ========
________________________________________________________________________________
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 Second Quarter Fiscal 2012 Results
January 5, 2012
Page 5 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
November 30, May 31,
2011 2011
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents .......................... $ 3,126 $ 4,020
Accounts receivable, net............................ 2,101 1,432
Inventories,net..................................... 5,579 4,958
Prepaid expenses and other ......................... 218 161
----------- -----------
Total current assets ........................... 11,024 10,571
Property and equipment, net .......................... 707 954
Other assets.......................................... 177 558
----------- -----------
Total assets ................................... $11,908 $12,083
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable ................................... $ 1,494 $ 885
Accrued expenses ................................... 1,553 1,434
Deferred revenue ................................... 271 221
----------- -----------
Total current liabilities ...................... 3,318 2,540
Income tax payable.................................... 128 204
Deferred lease commitment ............................ 209 238
----------- -----------
Total liabilities .............................. 3,655 2,982
Shareholders' equity ................................. 8,253 9,101
----------- -----------
Total liabilities and shareholders' equity ..... $11,908 $12,083
=========== ===========
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