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 30% Revenue Growth for Fiscal Year 2017
and Provides Financial Guidance for Fiscal 2018
Fremont, CA (July 19, 2017) - Aehr Test Systems (NASDAQ: AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today announced
financial results for its 2017 fourth quarter and fiscal year ended May
31, 2017.
Fiscal Fourth Quarter Financial Results:
- Net sales were $6.7 million, compared to $1.6 million in the fourth
quarter of fiscal 2016.
- GAAP net loss was $795,000, or $0.04 per diluted share, compared to
a GAAP net loss of $3.1 million, or $0.23 per diluted share, in the
fourth quarter of fiscal 2016.
- Non-GAAP net loss was $587,000, or $0.03 per diluted share, compared
to a non-GAAP net loss of $2.8 million, or $0.21 per diluted share,
in the fourth quarter of fiscal 2016.
Fiscal Year Financial Results:
- Net sales were $18.9 million, up 30% from $14.5 million in fiscal
2016.
- GAAP net loss was $5.7 million, or $0.35 per diluted share, compared
to a GAAP net loss of $6.8 million, or $0.52 per diluted share, in
fiscal 2016.
- Non-GAAP net loss was $4.7 million, or $0.29 per diluted share, compared
to a non-GAAP net loss of $5.8 million, or $0.44 per diluted share,
in fiscal 2016.
- Backlog as of May 31, 2017 was $12.7 million, compared to backlog
of $5.3 million as of May 31, 2016.
- Total cash and cash equivalents at fiscal year-end was $17.8 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.
Fourth Quarter Highlights:
- Shipped and successfully installed FOXTM-XP systems to our two lead
customers and have since
Aehr Test Systems Reports Financial Results for the Fourth Quarter and
Fiscal Year Ended May 31, 2017
July 19, 2017
Page 2 of 6
received final system acceptance at the customers' sites.
- Received a $3.7 million follow-on production order for a FOX-XP test
and burn-in system configured with Aehr Test's new highly parallel
singulated die/module test interface technology and a set of
proprietary DiePak(R) carriers. The order was from a subcontractor
to Aehr Test's lead customer for the FOX-XP Test and Burn-in System.
- Announced a follow-on order exceeding $1.9 million for multiple
Advanced Burn-in and Test (ABTSTM) systems from a leading
multi-national semiconductor supplier of automotive devices.
- Received an initial production order of $850,000 from an OEM customer
for multiple proprietary ABTS thermal chambers following completion
and acceptance of an initial ABTS chamber order delivered to this
customer earlier in the fiscal year.
- Completed successful public offering of approximately 4.4 million
shares of common stock at a price to the public of $3.90 per share,
including the underwriter's exercise of its option to purchase
approximately 577,000 additional shares to cover over-allotments.
Gayn Erickson, President and CEO of Aehr Test Systems, commented:
"We exceeded our revenue guidance of $6 million for the fourth quarter,
with total quarterly revenue of $6.7 million, and finished our fiscal
2017 with total revenue of $18.9 million, up 30% from the prior year.
We are encouraged by the demand for our new FOX wafer-level and singulated
die/module test and burn-in systems as well as our ABTS packaged part
test and burn-in systems. We announced several sizable orders during the
quarter which brought our total orders for the fiscal year to $26.4 million.
"During the quarter, we shipped our new FOX-XP Multi-Wafer and Singulated
Die/Module Test and Burn-in Systems to our two lead customers. Each of
these systems was shipped and installed during the quarter and has since
been accepted at the customers' sites. We believe our solutions are the
most robust and accurate wafer level and module level test and burn-in
systems on the market, delivering substantially more test functionality
and parallelism than any other competitive product available.
"With our reported backlog of $12.7 million as of May 31, 2017, along
with the recently reported bookings of over $3.8 million for our ABTS
systems, we effectively head into fiscal 2018 with over $16.5 million
in booked orders. With the market opportunities we see for our FOX-XP
products, and a strong backlog of orders, we are very optimistic about
our growth potential for fiscal 2018."
Fiscal 2018 Financial Guidance:
For the fiscal year ending May 31, 2018, we expect full year total
revenue growth to exceed 50% over fiscal 2017 and to be profitable for
the year.
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 fiscal 2017 fourth quarter
and full year operating results. To access the call dial 888-401-4668
(+1 719-325-2281 outside the United States) and give the participant pass
code 3874563. 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 July 20, 2017. To access the replay dial-in
information, please click here.
Aehr Test Systems Reports Financial Results for the Fourth Quarter and
Fiscal Year Ended May 31, 2017
July 19, 2017
Page 3 of 6
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, 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 Financial Results for the Fourth Quarter and
Fiscal Year Ended May 31, 2017
July 19, 2017
Page 4 of 6
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
---------------------------- -------------------
May 31, Feb 28, May 31, May 31, May 31,
2017 2017 2016 2017 2016
-------- --------- -------- -------- ---------
Net sales $ 6,683 $ 2,681 $ 1,571 $ 18,898 $ 14,501
Cost of sales 4,075 2,178 1,669 12,118 9,356
-------- -------- -------- -------- --------
Gross profit (loss) 2,608 503 (98) 6,780 5,145
-------- -------- -------- -------- --------
Operating expenses:
Selling, general and administrative 1,905 1,724 1,722 7,052 6,975
Research and development 1,309 1,248 1,046 4,657 4,324
-------- -------- -------- -------- --------
Total operating expenses 3,214 2,972 2,768 11,709 11,299
-------- -------- -------- -------- --------
Loss from operations (606) (2,469) (2,866) (4,929) (6,154)
Interest expense (141) (178) (168) (678) (605)
Other expense, net (59) (2) (23) (21) (16)
-------- -------- -------- -------- --------
Loss before income tax
benefit (expense) (806) (2,649) (3,057) (5,628) (6,775)
Income tax benefit (expense) 11 (2) 1 (25) (10)
-------- -------- -------- -------- --------
Net loss (795) (2,651) (3,056) (5,653) (6,785)
Less: Net income attributable to the
noncontrolling interest -- -- -- -- --
-------- -------- -------- -------- --------
Net loss attributable to Aehr Test
Systems common shareholders $ (795) $(2,651) $(3,056) $ (5,653) $ (6,785)
======== ======== ======= ======== ========
Net loss per share
Basic $ (0.04) $ (0.16) $(0.23) $ (0.35) $ (0.52)
Diluted $ (0.04) $ (0.16) $(0.23) $ (0.35) $ (0.52)
Shares used in per share calculations:
Basic 19,050 16,672 13,190 16,267 13,091
Diluted 19,050 16,672 13,190 16,267 13,091
-more-
Aehr Test Systems Reports Financial Results for the Fourth Quarter and
Fiscal Year Ended May 31, 2017
July 19, 2017
Page 5 of 6
AEHR TEST SYSTEMS AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Results
(in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
-------------------------- -----------------
May 31, Feb 28, May 31, May 31, May 31,
2017 2017 2016 2017 2016
-------- -------- -------- -------- --------
GAAP net loss $ (795) $(2,651) $(3,056) $(5,653) $(6,785)
Stock-based compensation expense 208 257 230 999 1,016
-------- -------- -------- -------- --------
Non-GAAP net loss $ (587) $(2,394) $(2,826) $(4,654) $(5,769)
======== ======== ======== ======== ========
GAAP net loss per diluted share $ (0.04) $ (0.16) $ (0.23) $ (0.35) $ (0.52)
======== ======== ======== ======== ========
Non-GAAP net loss per diluted share $ (0.03) $ (0.14) $ (0.21) $ (0.29) $ (0.44)
======== ======== ======== ======== ========
Shares used in diluted shares calculation 19,050 16,672 13,190 16,267 13,091
======== ======== ======== ======== ========
Shares used in non-GAAP diluted shares
calculation 19,050 16,672 13,190 16,267 13,091
======== ======== ======== ======== ========
______________________________________________________________________
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 Financial Results for the Fourth Quarter and
Fiscal Year Ended May 31, 2017
July 19, 2017
Page 6 of 6
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
May 31, February 28, May 31,
2017 2017 2016
----------- ----------- --------
ASSETS
Current assets:
Cash and cash equivalents $17,803 $ 2,039 $ 939
Accounts receivable, net 4,010 1,596 522
Inventories 6,604 7,207 7,033
Prepaid expenses and other 961 354 254
-------- -------- --------
Total current assets 29,378 11,196 8,748
Property and equipment, net 1,419 861 1,204
Other assets 95 96 94
-------- -------- --------
Total assets $30,892 $12,153 $10,046
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable 2,808 1,821 1,413
Accrued expenses 1,609 1,897 1,553
Customer deposits and deferred revenue, short-term 3,467 1,012 1,714
-------- -------- --------
Total current liabilities 7,884 4,730 4,680
Long-term debt 6,110 6,095 5,962
Deferred revenue, long-term 104 32 127
-------- -------- --------
Total liabilities 14,098 10,857 10,769
Aehr Test Systems Shareholders' equity (deficit) 16,813 1,315 (703)
Noncontrolling interest (19) (19) (20)
-------- -------- --------
Total shareholders' equity (deficit) 16,794 1,296 (723)
-------- -------- --------
Total liabilities and shareholders' equity (deficit) $30,892 $12,153 $10,046
======== ======== ========
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