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 Third Quarter Fiscal 2017 Financial Results
Company Reports Significant Bookings and Provides Guidance for
Strong Fiscal Q4 Revenue
Fremont, CA (March 30, 2017) - Aehr Test Systems (NASDAQ: AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today announced
financial results for its third quarter of fiscal 2017 ended February
28, 2017.
Fiscal Third Quarter Financial Results:
- Net sales were $2.7 million, compared to $1.7 million in the third
quarter of fiscal 2016.
- GAAP net loss was $2.7 million, or $0.16 per diluted share,
compared to a GAAP net loss of $3.0 million, or $0.23 per diluted
share, in the third quarter of fiscal 2016.
- Non-GAAP net loss was $2.4 million, or $0.14 per diluted share,
compared to a non-GAAP net loss of $2.8 million, or $0.21 per diluted
share, in the third quarter of fiscal 2016.
- Backlog was $11.8 million at the end of the third quarter of fiscal
2017 compared to $4.8 million at the end of the third quarter of fiscal
2016.
Fiscal First Nine Months Financial Results:
- Net sales were $12.2 million, compared to $12.9 million in the first
nine months of fiscal 2016.
- GAAP net loss was $4.9 million, or $0.32 per diluted share,
compared to a GAAP net loss of $3.7 million, or $0.29 per diluted
share, in the first nine months of fiscal 2016.
- Non-GAAP net loss was $4.1 million, or $0.26 per diluted share,
compared to a non-GAAP net loss of $2.9 million, or $0.23 per diluted
share, in the first nine months of fiscal 2016.
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.
Recent Business Highlights:
- Completed development of new 18-Blade configuration FOXTM-XP Wafer
Level Test and Burn-in
Aehr Test Systems Reports Third Quarter Fiscal 2017 Financial Results
March 30, 2017
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system and successfully tested customer wafers.
- Received production orders in excess of $4.5 million from a
subcontractor to Aehr's lead customer for the FOX-XP Test and Burn-in
System. This order was for the initial full production FOX-XP test
cell with singulated die / module test configuration and proprietary
DiePak carriers, and represents the Company's second major customer
for the FOX-XP System for a high volume manufacturing application.
- Announced follow-on orders exceeding $2.5 million from a leading
multi-national IC manufacturer for an ABTSTM burn-in and test system
and a package of support services, spares and upgrades.
- Since the end of the quarter, completed shipment of initial FOX-XP
test system configuration with new DiePak carriers and singulated
Die / module test configuration and received customer acceptance of
this system.
Gayn Erickson, President and CEO of Aehr Test Systems, commented:
"Although our third quarter revenue was lower than we would have liked,
it was mainly a timing issue. This is consistent with our discussions
last quarter, as a significant amount of revenue for our new FOX-XP Test
Systems shipments was on the edge between our fiscal Q3 ending February
28 and fiscal Q4 ending in May.
"With our strong bookings in the third quarter of $7.8 million, we ended
the quarter with a backlog of $11.8 million. We are reiterating our
forecast for strong fiscal year-over-year growth in our revenue, bookings,
and bottom line. We expect revenue for the fourth quarter of at least
$6.0 million with a significant portion of this in our new FOX-XP Systems,
WaferPak contactors, and DiePak carriers. With this, Aehr Test expects
to finish the year with a fiscal year-over-year revenue growth of greater
than 25%.
"With the major R&D on the new FOX-P product line winding down and our
focus shifting to meeting customer demand for current and new applications,
we are excited about our prospects for closing out our fiscal year that
ends May 31st on a strong note. We expect to head into our new fiscal
year with a strong backlog and new pallet of products that we are confident
can address a number of new applications and that we can ship in volume
with the quality and lead times requested by our customers."
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 third quarter fiscal 2017
operating results. To access the call dial 888-656-7430 (+1 913-312-0423
outside the United States) and give the participant pass code 4371442.
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 April 6, 2017. To access the replay dial-in
information, please click here.
Aehr Test Systems Reports Third Quarter Fiscal 2017 Financial Results
March 30, 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 Third Quarter Fiscal 2017 Financial Results
March 30, 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 Nine Months Ended
---------------------------- -------------------
Feb 28, Nov 30, Feb 29, Feb 28, Feb 29,
2017 2016 2016 2017 2016
-------- --------- -------- -------- ---------
Net sales $ 2,681 $ 4,216 $ 1,677 $ 12,215 $ 12,930
Cost of sales 2,178 2,753 1,508 8,043 7,687
-------- -------- -------- -------- --------
Gross profit 503 1,463 169 4,172 5,243
-------- -------- -------- -------- --------
Operating expenses:
Selling, general and administrative 1,724 1,707 1,695 5,147 5,253
Research and development 1,248 1,040 1,293 3,348 3,278
-------- -------- -------- -------- --------
Total operating expenses 2,972 2,747 2,988 8,495 8,531
-------- -------- -------- -------- --------
Loss from operations (2,469) (1,284) (2,819) (4,323) (3,288)
Interest expense (178) (181) (165) (537) (437)
Other (expense) income, net (2) 43 (24) 38 7
-------- -------- -------- -------- --------
Loss before income tax
(expense) benefit (2,649) (1,422) (3,008) (4,822) (3,718)
Income tax (expense) benefit (2) (30) 33 (36) (11)
-------- -------- -------- -------- --------
Net loss (2,651) (1,452) (2,975) (4,858) (3,729)
Less: Net income attributable to the
noncontrolling interest -- -- -- -- --
-------- -------- -------- -------- --------
Net loss attributable to Aehr Test
Systems common shareholders $(2,651) $(1,452) $(2,975) $ (4,858) $ (3,729)
======== ======== ======= ======== ========
Net loss per share
Basic $ (0.16) $ (0.09) $(0.23) $ (0.32) $ (0.29)
Diluted $ (0.16) $ (0.09) $(0.23) $ (0.32) $ (0.29)
Shares used in per share calculations:
Basic 16,672 16,029 13,164 15,411 13,058
Diluted 16,672 16,029 13,164 15,411 13,058
-more-
Aehr Test Systems Reports Third Quarter Fiscal 2017 Financial Results
March 30, 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 Nine Months Ended
-------------------------- -----------------
Feb 28, Nov 30, Feb 29, Feb 28, Feb 29,
2017 2016 2016 2017 2016
-------- -------- --------- -------- --------
GAAP net loss $(2,651) $(1,452) $(2,975) $(4,858) $(3,729)
Stock-based compensation expense 257 215 213 791 786
-------- -------- -------- -------- --------
Non-GAAP net loss $(2,394) $(1,237) $(2,762) $(4,067) $(2,943)
======== ======== ======== ======== ========
GAAP net loss per diluted share $ (0.16) $ (0.09) $ (0.23) $ (0.32) $ (0.29)
======== ======== ======== ======== ========
Non-GAAP net loss per diluted share $ (0.14) $ (0.08) $ (0.21) $ (0.26) $ (0.23)
======== ======== ======== ======== ========
Shares used in diluted shares calculation 16,672 16,029 13,164 15,411 13,058
======== ======== ======== ======== ========
Shares used in non-GAAP diluted shares
calculation 16,672 16,029 13,164 15,411 13,058
======== ======== ======== ======== ========
______________________________________________________________________
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 Third Quarter Fiscal 2017 Financial Results
March 30, 2017
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
February 28, November 30, May 31,
2017 2016 2016
----------- ----------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 2,039 $ 5,154 $ 939
Accounts receivable, net 1,596 1,429 522
Inventories 7,207 6,069 7,033
Prepaid expenses and other 354 390 254
-------- -------- --------
Total current assets 11,196 13,042 8,748
Property and equipment, net 861 793 1,204
Other assets 96 95 94
-------- -------- --------
Total assets $12,153 $13,930 $10,046
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable 1,821 1,770 1,413
Accrued expenses 1,897 1,366 1,553
Customer deposits and deferred revenue, short-term 1,012 1,055 1,714
-------- -------- --------
Total current liabilities 4,730 4,191 4,680
Long-term debt 6,095 6,051 5,962
Deferred revenue, long-term 32 47 127
-------- -------- --------
Total liabilities 10,857 10,289 10,769
Aehr Test Systems Shareholders' equity (deficit) 1,315 3,660 (703)
Noncontrolling interest (19) (19) (20)
-------- -------- --------
Total shareholders' equity (deficit) 1,296 3,641 (723)
-------- -------- --------
Total liabilities and shareholders' equity (deficit) $12,153 $13,930 $10,046
======== ======== ========
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