Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - AEHR TEST SYSTEMS | aehr_8k.htm |
Exhibit
99.1
FOR IMMEDIATE RELEASE
Contacts:
|
Aehr
Test Systems
|
MKR
Investor Relations Inc.
|
|
Ken
Spink
|
Todd Kehrli or Jim
Byers
|
|
Chief Financial
Officer
|
Analyst/Investor
Contact
|
|
(510) 623-9400
x309
|
(323)
468-2300
|
|
|
aehr@mkr-group.com
|
Aehr Test Systems Reports Third Quarter Fiscal 2021 Financial
Results;
$8.0 Million Bookings Quarter Begins COVID-19 Recovery
Fremont, CA (April 8, 2021) – Aehr Test Systems (NASDAQ: AEHR),
a worldwide supplier of semiconductor
test and reliability qualification equipment, today announced financial results for its third
quarter of fiscal 2021 ended February 28, 2021.
Fiscal Third Quarter Financial Results:
●
Net
sales were $5.3 million, compared to $6.1 million in the third
quarter of fiscal 2020.
●
GAAP net loss was $735,000, or $0.03 per diluted
share, and includes a $299,000 charge related to a voluntary
replacement of a component to improve long term reliability of its
systems. This compared to GAAP net
income of $245,000, or $0.01 per diluted share, in the third
quarter of fiscal 2020.
●
Non-GAAP net loss was $464,000, or $0.02 per
diluted share, and includes the voluntary component
replacement charge and excludes
the impact of stock-based
compensation, compared to non-GAAP net income of $452,000, or $0.02
per diluted share, in the third quarter of fiscal
2020.
●
Bookings were $8.0
million for the quarter, compared to $3.1 million in the third quarter of
fiscal 2020.
●
Backlog as of
February 28, 2021 was $3.7 million. Effective backlog, which
includes backlog at the end of fiscal third quarter plus orders
since the end of the third quarter, is $5.3 million.
Fiscal First Nine Months Financial Results:
●
Net sales were $9.0
million, compared to $18.5 million in the first nine months of
fiscal 2020.
●
GAAP net loss was
$2.6 million, or $0.11 per diluted share, compared to GAAP net
income of $83,000, or $0.00 per diluted share, in the first nine
months of fiscal 2020.
●
Non-GAAP net loss
was $4.2 million, or $0.18 per diluted share, which excludes the impact of stock-based
compensation and a non-cash net gain of $2.2 million and tax
benefit of $215,000 related to the closure of Aehr’s
Japan subsidiary during the first quarter. This compared to
non-GAAP net income of $694,000, or $0.03 per diluted share, in the
first nine months of fiscal 2020.
An explanation of the use of non-GAAP financial measures and a
reconciliation of Aehr’s non-GAAP financial measures to the
most directly comparable GAAP financial measures can be found in
the accompanying tables.
Aehr Test Systems Reports Third Quarter Fiscal 2021 Financial
Results
April 8, 2021
Page 2 of 6
Gayn Erickson, President and CEO of Aehr Test Systems,
commented on the improving customer and market
conditions:
“Our bookings of $8.0 million during the third quarter is our
highest bookings quarter in over a year and includes two customer
orders for our FOX-XPTM
test cells. One of these orders is
from an existing customer for a partially populated FOX-XP
multi-wafer test and burn-in system and multiple
WaferPakTM
Contactors to begin volume production
of their high-performance silicon photonics devices. This customer
is a major supplier of fiber optic transceivers in the Data Center
Interconnect (DCI) market and is transitioning from Aehr’s
FOX-NP™ system for initial production burn-in and
stabilization to using Aehr’s production FOX-XP system to
meet their high-volume production forecast. The other FOX-XP test
cell order from a new customer totaled $4.3 million and included a
single FOX-XP test system, a set of FOX DiePak Carriers®, and
a fully automated DiePak loader/unloader. This order was for an
initial test cell for test and burn-in of sensors to a major mobile
device manufacturer.
“During our fiscal third quarter we began to see signs of
recovery from several customer production ramp delays and push
outs of forecasted orders that we experienced related to
COVID-19. Our improved bookings and revenue in the quarter reflect
significant increased activity with both current and new customer
engagements as business conditions began to improve. This increased
business activity includes reengagement with existing customers as
they focus on increasing their production capacity, particularly as
the data center and 5G infrastructure-related silicon photonics
optical transceiver market is starting to recover. Multiple
customers have completed facility upgrades for expected FOX system
deliveries in the near future. In addition, we are seeing
new customer investigations and
evaluations for wafer level burn-in with multiple silicon carbide
companies and over a dozen silicon photonics and transceiver laser
stabilization applications, and also evaluations for both wafer
level burn-in and package part burn-in for automotive
devices.
“We are also
seeing increased orders for our proprietary WaferPak consumables from existing
customers in the silicon carbide and silicon photonics segments for
their installed base of FOX multi-wafer test systems. Towards the
end of our fiscal third quarter and into our fourth quarter so far,
we have received multiple orders for new designs and added capacity
for volume production test of silicon carbide power
semiconductors for electric vehicles and electric vehicle chargers,
as well as silicon photonics devices for data center and 5G
infrastructure fiber optic transceivers. We are forecasting additional orders for our
WaferPak and DiePak consumables during the remainder of the current
fiscal year from our installed base of
customers.
“With our increasing customer visibility, including facility
improvements that customers have made to install our tools on their
test floors, we continue to expect orders from the customers that
told us they would ramp in the first half of our fiscal year. We
expect to end our fiscal year with a strong year-over-year growth
in our bookings. Unfortunately, the timing of some orders was
delayed causing us to come in short of our revenue expectations for
this fiscal year. Most importantly, we expect this booking momentum
will continue, which will drive revenue growth in the next fiscal
year.
“Looking forward this quarter and into our fiscal 2022 that
begins June 1, we feel our outlook is very promising, with
forecasts from current customers to ramp in silicon carbide for
electric vehicles and electric vehicle chargers; silicon photonics
for data center and 5G infrastructure; 2D, 3D and other mobile
sensors; and flash memory devices. We also expect to announce new
customer bookings and shipments, particularly in silicon carbide
and other automotive devices, during this calendar
year.”
Fiscal Q4 2021 Financial Guidance:
For the
fiscal fourth quarter ending May 31, 2021, Aehr expects
revenue to be at least $7.0 million, a
33% sequential increase from the third quarter, and to be
profitable for the fiscal fourth quarter.
Aehr Test Systems Reports Third Quarter Fiscal 2021 Financial
Results
April 8, 2021
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 third quarter fiscal
2021 operating results. To access the call dial 800-367-2403 (+1 334-777-6978 outside the United States) and
give the participant pass code 1711315. 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
15, 2021. 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 installed over 2,500 systems 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 ABTSTM and
FOX-PTM
families of test and burn-in systems and FOX WaferPakTM 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 and FOX-NP systems are full wafer contact and
singulated die/module 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,
systems-on-a-chip, and integrated optical devices. The FOX-CP
system is a new low-cost single-wafer compact test and reliability
verification solution for logic, memory and photonic devices and
the newest addition to the FOX-P product family. 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 within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements generally relate to future events or Aehr’s future
financial or operating performance. In some cases, you can identify
forward-looking statements because they contain words such as
"may," "will," "should," "expects," "plans," "anticipates,”
“going to,” "could," "intends," "target," "projects,"
"contemplates," "believes," "estimates," "predicts," "potential,"
or "continue," or the negative of these words or other similar
terms or expressions that concern Aehr’s expectations,
strategy, priorities, plans, or intentions. Forward-looking
statements in this press release include, but are not limited to,
Aehr’s ability to generate bookings and revenue increases in
the future, including the fourth quarter of fiscal 2021; future
requirements and orders of Aehr’s new and existing customers;
bookings forecasted for proprietary WaferPakTM and DiePak consumables across multiple market
segments; the
temporary nature of customer pushouts; shipping timelines for
products and follow-on capacity orders; the growth of Aehr’s
systems and consumables, including as a percentage of total sales;
financial guidance for fiscal 2021, including related to revenue
and profitability, and expectations regarding fiscal 2022;
Aehr’s ability to expand its number of customers using its
FOX-PTM solutions; the ability to secure potential
customer engagements; expectations related to long-term demand for
Aehr’s productions and the attractiveness of key markets; the
belief that Aehr will be stronger after the current worldwide
COVID-19 pandemic, including expectations related to greater
production, more customers, more applications, and higher value
products. The forward-looking statements contained in this press
release are also subject to other
risks
and uncertainties, including those more fully described in
Aehr’s Form 10-K for fiscal 2020, Form 10-Q for the first,
second and third fiscal quarters of fiscal 2021 and other reports
filed from time to time with the Securities and Exchange
Commission. Aehr 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 2021 Financial
Results
April 8, 2021
Page 4 of 6
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,
|
|
|
2021
|
2020
|
2020
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Net sales
|
$5,267
|
$1,683
|
$6,111
|
$8,962
|
$18,518
|
|
Cost of sales
|
3,373
|
1,306
|
3,120
|
6,464
|
10,054
|
|
Gross profit
|
1,894
|
377
|
2,991
|
2,498
|
8,464
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Selling, general and
administrative
|
1,643
|
1,501
|
1,891
|
4,658
|
5,856
|
|
Research and
development
|
903
|
820
|
845
|
2,623
|
2,532
|
|
Total
operating expenses
|
2,546
|
2,321
|
2,736
|
7,281
|
8,388
|
|
|
|
|
|
|
|
|
(Loss)
income from operations
|
(652)
|
(1,944)
|
255
|
(4,783)
|
76
|
|
|
|
|
|
|
|
|
Interest (expense) income,
net
|
(10)
|
(12)
|
13
|
(35)
|
27
|
|
Net gain from dissolution of Aehr
Test Systems Japan
|
-
|
-
|
-
|
2,186
|
-
|
|
Other (expense) income,
net
|
(39)
|
(6)
|
(9)
|
(139)
|
6
|
|
|
|
|
|
|
|
|
(Loss)
income before income tax (expense) benefit
|
(701)
|
(1,962)
|
259
|
(2,771)
|
109
|
|
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
(34)
|
(4)
|
(14)
|
177
|
(26)
|
|
|
|
|
|
|
|
|
Net
(loss) income
|
(735)
|
(1,966)
|
245
|
(2,594)
|
83
|
|
|
|
|
|
|
|
|
Less: Net income attributable to
the noncontrolling
interest
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Net
(loss) income attributable to Aehr Test Systems common
shareholders
|
$(735)
|
$(1,966)
|
$245
|
$(2,594)
|
$83
|
|
|
|
|
|
|
|
|
Net (loss) income per
share
|
|
|
|
|
|
|
Basic
|
$(0.03)
|
$(0.08)
|
$0.01
|
$(0.11)
|
$0.00
|
|
Diluted
|
$(0.03)
|
$(0.08)
|
$0.01
|
$(0.11)
|
$0.00
|
|
|
|
|
|
|
|
|
Shares used in per share
calculations:
|
|
|
|
|
|
|
Basic
|
23,525
|
23,396
|
22,937
|
23,390
|
22,823
|
|
Diluted
|
23,525
|
23,396
|
23,130
|
23,390
|
22,940
|
-more-
Aehr Test Systems Reports Third Quarter Fiscal 2021 Financial
Results
April 8, 2021
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
|
Nine Months
Ended
|
|||
|
|
Feb
28,
|
Nov
30,
|
Feb
29,
|
Feb
28,
|
Feb
29,
|
|
|
2021
|
2020
|
2020
|
2021
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net (loss)
income
|
$(735)
|
$(1,966)
|
$245
|
$(2,594)
|
$83
|
|
Stock-based compensation
expense
|
271
|
257
|
207
|
798
|
611
|
|
Income from dissolution of Aehr Test
Systems Japan
|
-
|
-
|
-
|
(2,401)
|
-
|
|
Non-GAAP net (loss)
income
|
$(464)
|
$(1,709)
|
$452
|
$(4,197)
|
$694
|
|
|
|
|
|
|
|
|
GAAP net (loss) income per diluted
share
|
$(0.03)
|
$(0.08)
|
$0.01
|
$(0.11)
|
$0.00
|
|
Non-GAAP net (loss) income per
diluted share
|
$(0.02)
|
$(0.07)
|
$0.02
|
$(0.18)
|
$0.03
|
|
Shares used in GAAP diluted shares
calculation
|
23,525
|
23,396
|
23,130
|
23,390
|
22,940
|
|
Shares used in non-GAAP diluted
shares calculation
|
23,525
|
23,396
|
23,130
|
23,390
|
22,940
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
(loss) 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 Third Quarter Fiscal 2021 Financial
Results
April 8, 2021
Page 6 of 6
AEHR TEST
SYSTEMS AND SUBSIDIARIES
Condensed
Consolidated Balance Sheets
(in thousands, except per share
data)
(unaudited)
|
|
February
28,
|
November
30,
|
May
31,
|
|
|
2021
|
2020
|
2020
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash
equivalents
|
$4,738
|
$3,449
|
$5,433
|
|
Accounts receivable,
net
|
2,721
|
1,429
|
3,717
|
|
Inventories
|
8,339
|
9,057
|
7,989
|
|
Prepaid expenses and
other
|
571
|
433
|
512
|
|
Total
current assets
|
16,369
|
14,368
|
17,651
|
|
|
|
|
|
|
Property and equipment,
net
|
617
|
683
|
663
|
|
Operating lease right-of-use
assets
|
1,763
|
1,918
|
2,107
|
|
Other assets
|
142
|
142
|
153
|
|
Total
assets
|
$18,891
|
$17,111
|
$20,574
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$1,086
|
$1,155
|
$945
|
|
Accrued
expenses
|
1,624
|
1,344
|
1,439
|
|
Operating lease
liabilities, short-term
|
722
|
705
|
658
|
|
Customer deposits and
deferred revenue, short-term
|
587
|
66
|
170
|
|
Line of
credit
|
1,400
|
-
|
-
|
|
Current portion of
long-term debt
|
1,492
|
1,213
|
653
|
|
Total
current liabilities
|
6,911
|
4,483
|
3,865
|
|
|
|
|
|
|
Operating lease liabilities,
long-term
|
1,185
|
1,361
|
1,605
|
|
Long-term debt, net of current
portion
|
187
|
466
|
1,026
|
|
Deferred revenue,
long-term
|
80
|
9
|
22
|
|
Other
liabilities
|
43
|
-
|
-
|
|
Total
liabilities
|
8,406
|
6,319
|
6,518
|
|
|
|
|
|
|
Aehr Test Systems shareholders'
equity
|
10,485
|
10,792
|
14,077
|
|
Noncontrolling
interest
|
-
|
-
|
(21)
|
|
Total
shareholders' equity
|
10,485
|
10,792
|
14,056
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$18,891
|
$17,111
|
$20,574
|
# # #