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
|
Investor Relations Contact:
|
|
Ken Spink
|
Todd
Kehrli or Jim Byers
|
|
Chief Financial Officer
|
MKR
Group, Inc.
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|
(510) 623-9400 x309
|
(323)
468-2300
|
|
|
aehr@mkr-group.com
|
Aehr Test Systems Reports 176% Revenue Growth Year over
Year
in Third Quarter of Fiscal 2018
Fremont, CA (April 3, 2018) – 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 2018 ended
February 28, 2018.
Fiscal Third Quarter Financial Results:
●
Net
sales were $7.4 million, up 176% from $2.7 million in the third
quarter of fiscal 2017.
●
GAAP
net income was $267,000, or $0.01 per diluted share, compared to a
GAAP net loss of $2.7 million, or $0.16 per diluted share, in the
third quarter of fiscal 2017.
●
Non-GAAP
net income, which excludes the impact of stock-based compensation
expense, was $509,000, or $0.02 per diluted share, compared to a
non-GAAP net loss of $2.4 million, or $0.14 per diluted share, in
the third quarter of fiscal 2017.
●
Backlog as of
February 28, 2018 was $12.6 million, compared to $11.8 million in
the third quarter of fiscal 2017.
Fiscal First Nine Months Financial Results:
●
Net
sales were $22.3 million, up 82% from $12.2 million in the first
nine months of fiscal 2017.
●
GAAP
net income was $337,000, or $0.01 per diluted share, compared to a
GAAP net loss of $4.9 million, or $0.32 per diluted share, in the
first nine months of fiscal 2017.
●
Non-GAAP
net income was $1.2 million, or $0.05 per diluted share, compared
to a non-GAAP net loss of $4.1 million, or $0.26 per diluted share,
in the first nine months of fiscal 2017.
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.
Third Quarter and Recent Business Highlights:
●
Announced
during the quarter the initial order totaling over $2 million from
a new customer for its FOX-XP™ Test and Burn-in System to be
used for singulated die test and burn-in of silicon photonics
devices.
●
Announced during the quarter a follow-on order
from one of its lead customers for its FOX-XP Test and Burn-in
System to provide additional wafer test capacity to meet the
customer’s increasing silicon photonics device production
requirements.
Aehr Test Systems Reports Third Quarter Fiscal 2018 Financial
Results
April 3, 2018
Page 2 of
6
●
Announced
during the quarter orders exceeding $2.5 million for burn-in and
test products and services for automotive semiconductor devices
from a leading multinational manufacturer of advanced logic ICs for
automotive applications.
●
Announced
during the quarter a new customer order for an ABTS™ system
from a prominent United States government military and aerospace
contractor for production burn-in and test of a wide variety of
integrated circuits (ICs) designed and built by the
contractor.
●
Announced today a follow-on order for
multiple ABTS systems totaling $1.5
million from a leading mobile wireless communications
chipset company for production test and burn-in of devices used in
an automotive application.
Gayn Erickson, President and CEO of Aehr Test Systems,
commented:
“There
is a rising tide of concern in the automotive, mobile, and
photonics markets, particularly focused on human safety and
extended reliability testing and burning-in of devices, which Aehr
Test is very well positioned to address. This is a key driver
behind the strength and interest we continue to see from the
semiconductor market for our new wafer level, singulated die, and
packaged part test and burn-in solutions.
“We are encouraged that the market potential for our new
FOX-P family of products continues to gain traction both with new
customers and for new applications. During the quarter, we
announced orders for our FOX-XP wafer level and singulated die
based system for test and burn-in of silicon photonics devices.
These orders included a follow-on order from one of our lead
customers for the FOX-XP system and also from an additional new
customer for Aehr Test. We continue to see silicon photonics and
optical communication as a great market opportunity for our
solutions, where we provide customers with a highly valuable and
unique alternative to test and burn-in their devices at the wafer
or singulated die form rather than at a packaged or system level,
where the cost of failures is substantially higher.
“Aehr Test’s ABTS packaged part test and burn-in
systems business continues at a healthy run rate with both system
and upgrade orders from new customers and from our installed base.
We added yet another new customer for our ABTS system during the
quarter and also announced today a multi-system order from a
current customer. This new order is for systems to ship to multiple
new contract manufacturers to be used for production test and
burn-in of automotive devices used in navigation systems. In
addition, we shipped over 20 of our ABTS high performance thermal
chambers during the quarter to our OEM customer for their high
volume custom application.
“We are beginning to see a strong consumables business emerge
with our increasing installed base of FOX systems. Our proprietary
WaferPak full wafer contactors and DiePak singulated die and module
carriers are purchased for use with our previous generation of
FOX-1 and FOX-15 systems as well as our new FOX-XP test and burn-in
system. Customers purchase these contactors and carriers for each
new device design in addition to incremental capacity needs of
existing devices.
Aehr Test Systems Reports Third Quarter Fiscal 2018 Financial
Results
April 3, 2018
Page 3 of 6
“With more than $22 million in revenue for the first nine
months and a quarter-end backlog of $12.6 million, we are confident
with our previously provided revenue guidance for the fiscal year
ending May 31, 2018 of full year total revenue growth of at least
50% over fiscal 2017 and we continue to expect to be profitable for
the year. Also, with the strength and opportunities we are seeing
with our wafer level, singulated die, and packaged part businesses,
we are well positioned for continued growth heading into our fiscal
year 2019 that starts in June.”
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
2018 operating results. To access the call dial 800-239-9838 (+1 323-794-2551 outside the United States) and
give the participant pass code 2301798. 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 10, 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 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, 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 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 Third Quarter Fiscal 2018 Financial
Results
April 3, 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
|
Nine
Months Ended
|
|||
|
|
Feb
28,
|
Nov
30,
|
Feb
28,
|
Feb
28,
|
Feb
28,
|
|
|
2018
|
2017
|
2017
|
2018
|
2017
|
|
Net
sales
|
$7,393
|
$7,923
|
$2,681
|
$22,286
|
$12,215
|
|
Cost of
sales
|
4,217
|
4,792
|
2,178
|
13,061
|
8,043
|
|
Gross
profit
|
3,176
|
3,131
|
503
|
9,225
|
4,172
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Selling,
general and administrative
|
1,829
|
1,854
|
1,724
|
5,474
|
5,147
|
|
Research
and development
|
1,040
|
1,090
|
1,248
|
3,085
|
3,348
|
|
Total
operating expenses
|
2,869
|
2,944
|
2,972
|
8,559
|
8,495
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
307
|
187
|
(2,469)
|
666
|
(4,323)
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
(98)
|
(105)
|
(178)
|
(310)
|
(537)
|
|
Other (expense)
income, net
|
(33)
|
(7)
|
(2)
|
(100)
|
38
|
|
|
|
|
|
|
|
|
Income
(loss) before income tax benefit (expense)
|
176
|
75
|
(2,649)
|
256
|
(4,822)
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
91
|
(15)
|
(2)
|
81
|
(36)
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
267
|
60
|
(2,651)
|
337
|
(4,858)
|
|
|
|
|
|
|
|
|
Less: Net income
attributable to the
|
|
|
|
|
|
|
noncontrolling
interest
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to Aehr Test
|
|
|
|
|
|
|
Systems
common shareholders
|
$267
|
$60
|
$(2,651)
|
$337
|
$(4,858)
|
|
|
|
|
|
|
|
|
Net income (loss)
per share
|
|
|
|
|
|
|
Basic
|
$0.01
|
$0.00
|
$(0.16)
|
$0.02
|
$(0.32)
|
|
Diluted
|
$0.01
|
$0.00
|
$(0.16)
|
$0.01
|
$(0.32)
|
|
|
|
|
|
|
|
|
Shares used in per
share calculations:
|
|
|
|
|
|
|
Basic
|
21,832
|
21,645
|
16,672
|
21,631
|
15,411
|
|
Diluted
|
22,641
|
22,883
|
16,672
|
22,838
|
15,411
|
|
-more-
|
Aehr Test Systems Reports Third Quarter Fiscal 2018 Financial
Results
April 3, 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
|
Nine
Months Ended
|
|||
|
|
Feb
28,
|
Nov
30,
|
Feb
28,
|
Feb
28,
|
Feb
28,
|
|
|
2018
|
2017
|
2017
|
2018
|
2017
|
|
GAAP net income
(loss)
|
$267
|
$60
|
$(2,651)
|
$337
|
$(4,858)
|
|
Stock-based
compensation expense
|
242
|
364
|
257
|
822
|
791
|
|
Non-GAAP net income
(loss)
|
$509
|
$424
|
$(2,394)
|
$1,159
|
$(4,067)
|
|
|
|
|
|
|
|
|
GAAP net income
(loss) per diluted share
|
$0.01
|
$0.00
|
$(0.16)
|
$0.01
|
$(0.32)
|
|
Non-GAAP net income
(loss) per diluted share
|
$0.02
|
$0.02
|
$(0.14)
|
$0.05
|
$(0.26)
|
|
Shares used in GAAP
diluted shares calculation
|
22,641
|
22,883
|
16,672
|
22,838
|
15,411
|
|
Shares used in
non-GAAP diluted shares calculation
|
22,641
|
22,883
|
16,672
|
22,838
|
15,411
|
|
Non-GAAP
net income (loss) is a non-GAAP measure and should not be
considered a replacement for GAAP results. Non-GAAP net income
(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 income. This limitation is best
addressed by using this measure in combination with net income
(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 2018 Financial
Results
April 3, 2018
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,
|
|
|
2018
|
2017
|
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash
and cash equivalents
|
$9,077
|
$9,959
|
$17,803
|
|
Short-term
investments
|
5,986
|
5,969
|
-
|
|
Accounts
receivable, net
|
4,673
|
3,490
|
4,010
|
|
Inventories
|
9,368
|
8,225
|
6,604
|
|
Prepaid
expenses and other
|
1,339
|
2,098
|
961
|
|
Total
current assets
|
30,443
|
29,741
|
29,378
|
|
|
|
|
|
|
Property and
equipment, net
|
1,205
|
1,166
|
1,419
|
|
Other
assets
|
324
|
94
|
95
|
|
Total
assets
|
$31,972
|
$31,001
|
$30,892
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$2,638
|
$1,789
|
$2,808
|
|
Accrued
expenses
|
1,643
|
1,607
|
1,609
|
|
Customer
deposits and deferred revenue, short-term
|
2,310
|
3,142
|
3,467
|
|
Total
current liabilities
|
6,591
|
6,538
|
7,884
|
|
|
|
|
|
|
Long-term
debt
|
6,110
|
6,110
|
6,110
|
|
Deferred revenue,
long-term
|
497
|
251
|
104
|
|
Total
liabilities
|
13,198
|
12,899
|
14,098
|
|
|
|
|
|
|
Aehr Test Systems
shareholders' equity
|
18,794
|
18,121
|
16,813
|
|
Noncontrolling
interest
|
(20)
|
(19)
|
(19)
|
|
Total
shareholders' equity
|
18,774
|
18,102
|
16,794
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$31,972
|
$31,001
|
$30,892
|
|
# #
#
|