Attached files
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|---|---|
| 8-K - CURRENT REPORT - AEHR TEST SYSTEMS | aehr_8k.htm |
Exhibit
99.1
FOR IMMEDIATE RELEASE
|
Aehr Test Systems
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Investor Relations Contact:
|
|
Ken Spink
|
Todd
Kehrli or Jim Byers
|
|
Chief Financial Officer
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MKR
Group, Inc.
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(510) 623-9400 x309
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(323)
468-2300
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|
|
aehr@mkr-group.com
|
Aehr Test Systems Reports First Quarter Fiscal 2019 Financial
Results
Fremont, CA (September 27, 2018) – 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 2019 ended August
31, 2018.
Fiscal First Quarter Financial Results:
●
Net
sales were $4.7 million, compared to $7.0 million in the first
quarter of fiscal 2018.
●
GAAP
net loss was $1.5 million, or $0.07 per diluted share, compared to
GAAP net income of $10,000, or $0.00 per diluted share, in the
first quarter of fiscal 2018.
●
Non-GAAP
net loss, which excludes the impact of stock-based compensation
expense, was $1.3 million, or $0.06 per diluted share, compared to
non-GAAP net income of $226,000, or $0.01 per diluted share, in the
first quarter of fiscal 2018.
●
Backlog as of
August 31, 2018 was $6.1 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:
●
Successfully
installed initial production FOX-XP™ system to new customer for test and
burn-in of integrated silicon photonics devices for data
communications applications using Aehr’s proprietary
DiePak® carriers, which
allow single socketing for both functional test and burn-in of
their singulated bare die.
●
Completed shipment
and acceptance on initial order for new DiePak carrier design from
Aehr’s FOX-XP lead customer for a next-generation sensor
device expected to ramp later this fiscal year using their
installed base of FOX-XP test and burn-in systems.
●
Booked $1.8
million during the quarter for
WaferPakTM
and DiePak full-wafer and
singulated die / module contactors for use on Aehr’s
installed base of FOX test and burn-in systems.
●
Delivered
ABTSTM
Test and Burn-in System to a new customer for use in military and
aerospace packaged part qualification and production
burn-in.
●
Delivered follow-on
ABTS Test and Burn-in System to a wireless communications chipset
company for use in production burn-in of automotive
devices.
●
Announced
today a $2.7 million follow-on order from one of the
company’s lead FOX-XP Test and Burn-in System customers for a
FOX- XP Multi-Wafer Test and Burn-in System and WaferPak Aligner to
provide additional test capacity for the customer’s
increasing silicon photonics device production
requirements.
Aehr Test Systems Reports First Quarter 2019 Financial
Results
September 27, 2018
Page 2 of 6
Gayn Erickson, President and CEO of Aehr Test Systems,
commented:
“Our revenue in the first quarter was lower on a
year-over-year basis with many of our customers’ capacity
ramps expected later in our fiscal year. Our first quarter revenue
and bottom line reflect the impact of two key shipments anticipated
near quarter end that pushed into the second quarter. The revenue
from these two shipments will now show up in our second quarter,
which ends November 30. We continue to see our customers
forecasting the need for additional volume capacity by the end of
our current fiscal year that ends in May 2019, with a heavy
concentration of shipments in the second half of our fiscal
year.
“Today we are pleased to announce another production order
from our lead customer for our FOX-XP system for production wafer
level burn-in of silicon photonics devices. This customer
continues to increase their capacity and is also forecasting
orders for delivery of a significant
number of WaferPak Contactors by the end of this fiscal year to
meet this capacity. They are also forecasting additional capacity
for FOX-XP systems and WaferPak Contactors throughout calendar year
2019 and beyond. We now have two lead customers ramping their
production capacity for Silicon Photonics devices using our FOX-XP
system, and we see this market as a significant and growing
opportunity for our solutions over at least the next several
years.
“Our program with our lead customer using the FOX-XP system
for testing singulated die/modules for mobile device sensors with
our DiePak Carriers continues to move forward. We completed the
initial qualification and acceptance of the new DiePak and
production test program for a new device and we are expecting them
to add capacity for our DiePak Carriers during this fiscal year as
this new product ramps into production. We continue to work with
this customer on other applications and believe we are well
positioned to win additional applications for wafer level and
singulated die/module test and burn-in of sensors they
produce.
“While we are pleased with the strong forecast for increased
capacity that we are seeing from multiple customers and programs in
calendar year 2019, one of the new programs at our lead FOX-XP
customer that we anticipated to begin volume shipments in our
fiscal second half has pushed out a few months. The impact of this
shift is that we now expect our fiscal 2019 revenue to be in the
range of $30 million to $35 million. Our GAAP profit range is
expected to be between break-even and $2.5 million, including the
investments we are making in manufacturing operations, sales, and
marketing. Even with the push out of this customer program, we
expect to have a significant increase in bookings and backlog year
over year in fiscal 2019.
“We remain very optimistic about our market opportunities and
our unique capabilities to serve our customers’ test
needs.”
Aehr Test Systems Reports First Quarter 2019 Financial
Results
September 27, 2018
Page 3 of 6
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
2019 operating results. To access the call dial 800-458-4121 (+1 323-794-2093 outside
the United States) and give the participant pass code 6249614. 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
4, 2018. 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, optical and memory integrated circuits and has over 2,500
systems installed worldwide. Increased quality and reliability
needs of the Automotive and Mobility integrated circuit markets are
driving additional test requirements, incremental capacity needs,
and new opportunities for Aehr Test products in package, wafer
level, and singulated die/module level test. Aehr Test has
developed and introduced several innovative products, including the
ABTS™ and FOX-P™ families of test and burn-in systems
and FOX WaferPak™ Aligner, FOX-XP WaferPak Contactor, FOX
DiePak® Carrier and FOX DiePak Loader. The ABTS system is
used in production and qualification testing of packaged parts for
both lower power and higher power logic devices as well as all
common types of memory devices. The FOX-XP system is a full wafer
contact and singulated die/module test and burn-in system used for
burn-in and functional test of complex devices, such as
leading-edge memories, digital signal processors, microprocessors,
microcontrollers, systems-on-a-chip, and integrated optical
devices. 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 Systems’ 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 2019 Financial
Results
September 27, 2018
Page 4 of 6
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,
|
|
|
2018
|
2018
|
2017
|
|
|
|
|
|
|
Net
sales
|
$4,740
|
$7,269
|
$6,970
|
|
Cost of
sales
|
3,187
|
4,108
|
4,052
|
|
Gross
profit
|
1,553
|
3,161
|
2,918
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Selling,
general and administrative
|
1,879
|
1,816
|
1,791
|
|
Research
and development
|
1,116
|
1,096
|
955
|
|
Total
operating expenses
|
2,995
|
2,912
|
2,746
|
|
|
|
|
|
|
(Loss)
income from operations
|
(1,442)
|
249
|
172
|
|
|
|
|
|
|
Interest expense,
net
|
(78)
|
(89)
|
(107)
|
|
Other income
(expense), net
|
9
|
39
|
(60)
|
|
|
|
|
|
|
(Loss) income
before income tax (expense) benefit
|
(1,511)
|
199
|
5
|
|
|
|
|
|
|
Income tax
(expense) benefit
|
(4)
|
(8)
|
5
|
|
|
|
|
|
|
Net
(loss) income
|
(1,515)
|
191
|
10
|
|
|
|
|
|
|
Less: Net income
attributable to the noncontrolling interest
|
-
|
-
|
-
|
|
|
|
|
|
|
Net (loss) income
attributable to Aehr Test Systems common
shareholders
|
$(1,515)
|
$191
|
$10
|
|
|
|
|
|
|
Net (loss) income
per share
|
|
|
|
|
Basic
|
$(0.07)
|
$0.01
|
$0.00
|
|
Diluted
|
$(0.07)
|
$0.01
|
$0.00
|
|
|
|
|
|
|
Shares used in per
share calculations:
|
|
|
|
|
Basic
|
22,190
|
22,033
|
21,417
|
|
Diluted
|
22,190
|
22,614
|
22,991
|
-more-
Aehr Test Systems Reports First Quarter 2019 Financial
Results
September 27, 2018
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
|
||
|
|
Aug 31,
|
May 31,
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Aug 31,
|
|
|
2018
|
2018
|
2017
|
|
|
|
|
|
|
GAAP
net (loss) income
|
$(1,515)
|
$191
|
$10
|
|
Stock-based
compensation expense
|
256
|
174
|
216
|
|
Non-GAAP
net (loss) income
|
$(1,259)
|
$365
|
$226
|
|
|
|
|
|
|
GAAP
net (loss) income per diluted share
|
$(0.07)
|
$0.01
|
$0.00
|
|
Non-GAAP
net (loss) income per diluted share
|
$(0.06)
|
$0.02
|
$0.01
|
|
Shares
used in GAAP diluted shares calculation
|
22,190
|
22,614
|
22,991
|
|
Shares
used in non-GAAP diluted shares calculation
|
22,190
|
22,614
|
22,991
|
|
Non-GAAP net (loss) income is a non-GAAP measure and should not be
considered a replacement for GAAP results. Non-GAAP net (loss)
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 (loss)
income (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 2019 Financial Results
September 27, 2018
Page 6 of 6
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
.
|
|
August 31,
|
May 31,
|
|
|
2018
|
2018
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
Cash
and cash equivalents
|
$15,864
|
$16,848
|
|
Accounts
receivable, net
|
2,272
|
2,856
|
|
Inventories
|
9,585
|
9,049
|
|
Prepaid
expenses and other
|
727
|
703
|
|
Total
current assets
|
28,448
|
29,456
|
|
|
|
|
|
Property
and equipment, net
|
1,174
|
1,203
|
|
Other
assets
|
266
|
296
|
|
Total
assets
|
$29,888
|
$30,955
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Current
portion of long-term debt
|
$6,110
|
$6,110
|
|
Accounts
payable
|
1,317
|
1,762
|
|
Accrued
expenses
|
1,498
|
1,646
|
|
Customer
deposits and deferred revenue, short-term
|
2,339
|
1,630
|
|
Total
current liabilities
|
11,264
|
11,148
|
|
|
|
|
|
Deferred
rent
|
145
|
63
|
|
Deferred
revenue, long-term
|
359
|
459
|
|
Total
liabilities
|
11,768
|
11,670
|
|
|
|
|
|
Aehr
Test Systems shareholders' equity
|
18,139
|
19,305
|
|
Noncontrolling
interest
|
(19)
|
(20)
|
|
Total
shareholders' equity
|
18,120
|
19,285
|
|
Total
liabilities and shareholders' equity
|
$29,888
|
$30,955
|
# #
#