Attached files
| file | filename |
|---|---|
| 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.
|
|
(510) 623-9400 x309
|
(323) 468-2300
|
|
|
aehr@mkr-group.com
|
Aehr Test Systems Reports 56% Revenue Growth for Fiscal Year
2018
and Provides Financial Guidance for Fiscal 2019
Fremont, CA (July 19, 2018) – Aehr Test Systems (NASDAQ:
AEHR), a worldwide supplier of semiconductor test and
burn-in equipment, today announced
financial results for its 2018 fourth quarter and fiscal year ended
May 31, 2018.
Fiscal Fourth Quarter Financial Results:
●
Net
sales were $7.3 million, up 9% from $6.7 million in the fourth
quarter of fiscal 2017.
●
GAAP
net income was $191,000, or $0.01 per diluted share, compared to a
GAAP net loss of $795,000, or $0.04 per diluted share, in the
fourth quarter of fiscal 2017.
●
Non-GAAP
net income, which excludes the impact of stock-based compensation
expense, was $365,000, or $0.02 per diluted share, compared to a
non-GAAP net loss of $587,000, or $0.03 per diluted share, in the
fourth quarter of fiscal 2017.
Fiscal Year Financial Results:
●
Net
sales were $29.6 million, up 56% from $18.9 million in fiscal
2017.
●
GAAP
net income was $528,000, or $0.02 per diluted share, compared to a
GAAP net loss of $5.7 million, or $0.35 per diluted share, in
fiscal 2017.
●
Non-GAAP
net income was $1.5 million, or $0.07 per diluted share, compared
to a non-GAAP net loss of $4.7 million, or $0.29 per diluted share,
in fiscal 2017.
●
Backlog as of May
31, 2018 was $8.4 million, compared to $12.7 million as of May 31,
2017.
●
Total cash and cash
equivalents at fiscal year-end was $16.8 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.
Aehr
Test Systems Reports Fiscal 2018 Fourth Quarter and Full Year
Financial Results
July 19, 2018
Page
2 of 6
Fourth Quarter and Recent Business Highlights:
●
Completed customer
acceptance, manufacturing release and first production shipment to
lead customer of new high-voltage channel module-based
FOX-XP™ test and burn-in system for wafer-level burn-in of
silicon photonics wafers in a single touchdown.
●
Shipped 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.
●
Received initial
order for new DiePak carrier design from Aehr’s FOX-XP lead
customer for a next-generation device to be used on their installed
base of FOX-XP test and burn-in systems.
●
Received follow-on
orders of $2.5 million for
WaferPakTM full-wafer
contactors and services for Aehr’s installed base of FOX
wafer-level test and burn-in systems.
●
Successfully
completed shipments of the initial production order for ABTS™
thermal chambers to Aehr’s OEM customer for a very
high-volume test and burn-in application.
Gayn Erickson, President and CEO of Aehr Test Systems,
commented:
“Fiscal 2018 was a key year for Aehr Test, as
we continued shipments and installations of our new
FOX-XP multi-wafer and singulated die production test and burn-in
system to our three lead customers. These systems are for
production test applications that include 2D and 3D mobile sensors
as well as silicon photonics wafer level and singulated die
devices. We continue to have a very good business relationship
with these lead customers, and are encouraged that each of them has
communicated their commitment to use our products in production of
their initial devices as well as follow-on devices on their
roadmaps including this year. We are engaged not only in new device
test opportunities with these lead customers, but also with several
new potential customers for similar applications, as well as
several new devices in the mobile and automotive space where
safety, security and 100% certainty of reliability testing are
critical.
“During
this fiscal year, we will be making significant investments in our
sales and marketing as well as improvements in our manufacturing
infrastructure to meet the anticipated growth in our target markets
and to be able to provide the increased capacity for our FOX wafer
and singulated die level test and burn-in products.
“For the full fiscal 2018 year, we finished with total annual
revenue of $29.6 million, a 56% increase over the prior year, and
were profitable on both a GAAP and non-GAAP basis, exceeding
analyst expectations each quarter and for the full year.
As we head into fiscal 2019, we are
expecting continued growth in revenue and profits during the year
as we expect to see increased customer deployment of our
FOX Wafer Level and Singulated Die / Module Test and Burn-in
systems and our proprietary WaferPak and DiePak
contactors.”
Fiscal 2019 Financial Guidance:
For the
fiscal year ending May 31, 2019, the company expects full year
total revenue of at least $35 million and significant growth in
profit for the year.
Aehr
Test Systems Reports Fiscal 2018 Fourth Quarter and Full Year
Financial Results
July 19, 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 fiscal 2018 fourth
quarter and full year operating results. To access the call dial
877-260-1479 (+1
334-323-0522 outside the United States) and give the
participant pass code 6422870. 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 26,
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 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 Financial Results for the Fourth Quarter
and Fiscal Year Ended May 31, 2018
July 19, 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
|
Year Ended
|
|||
|
|
May 31,
|
Feb 28,
|
May 31,
|
May 31,
|
May 31,
|
|
|
2018
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
|
|
|
Net
sales
|
$7,269
|
$7,393
|
$6,683
|
$29,555
|
$18,898
|
|
Cost of
sales
|
4,108
|
4,217
|
4,075
|
17,169
|
12,118
|
|
Gross
profit
|
3,161
|
3,176
|
2,608
|
12,386
|
6,780
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Selling,
general and administrative
|
1,816
|
1,829
|
1,905
|
7,290
|
7,052
|
|
Research
and development
|
1,096
|
1,040
|
1,309
|
4,181
|
4,657
|
|
Total
operating expenses
|
2,912
|
2,869
|
3,214
|
11,471
|
11,709
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
249
|
307
|
(606)
|
915
|
(4,929)
|
|
|
|
|
|
|
|
|
Interest
expense
|
(89)
|
(98)
|
(141)
|
(399)
|
(678)
|
|
Other income
(expense), net
|
39
|
(33)
|
(59)
|
(61)
|
(21)
|
|
|
|
|
|
|
|
|
Income
(loss) before income tax (expense)
benefit
|
199
|
176
|
(806)
|
455
|
(5,628)
|
|
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
(8)
|
91
|
11
|
73
|
(25)
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
191
|
267
|
(795)
|
528
|
(5,653)
|
|
|
|
|
|
|
|
|
Less: Net income
attributable to the noncontrolling
interest
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Aehr Test
Systems common
shareholders |
$191
|
$267
|
$(795)
|
$528
|
$(5,653)
|
|
|
|
|
|
|
|
|
Net income (loss) per
share
|
|
|
|
|
|
|
Basic
|
$0.01
|
$0.01
|
$(0.04)
|
$0.02
|
$(0.35)
|
|
Diluted
|
$0.01
|
$0.01
|
$(0.04)
|
$0.02
|
$(0.35)
|
|
|
|
|
|
|
|
|
Shares used in per
share calculations:
|
|
|
|
|
|
|
Basic
|
22,033
|
21,832
|
19,050
|
21,732
|
16,267
|
|
Diluted
|
22,614
|
22,641
|
19,050
|
22,782
|
16,267
|
-more-
Aehr Test Systems Reports Financial Results for the Fourth Quarter
and Fiscal Year Ended May 31, 2018
July 19, 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
|
Year Ended
|
|||
|
|
May 31,
|
Feb 28,
|
May 31,
|
May 31,
|
May 31,
|
|
|
2018
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income (loss)
|
$191
|
$267
|
$(795)
|
$528
|
$(5,653)
|
|
Stock-based
compensation expense
|
174
|
242
|
208
|
996
|
999
|
|
Non-GAAP net
income (loss)
|
$365
|
$509
|
$(587)
|
$1,524
|
$(4,654)
|
|
|
|
|
|
|
|
|
GAAP net
income (loss) per diluted share
|
$0.01
|
$0.01
|
$(0.04)
|
$0.02
|
$(0.35)
|
|
Non-GAAP net
income (loss) per diluted share
|
$0.02
|
$0.02
|
$(0.03)
|
$0.07
|
$(0.29)
|
|
Shares used
in diluted shares calculation
|
22,614
|
22,641
|
19,050
|
22,782
|
16,267
|
|
Shares used
in non-GAAP diluted shares calculation
|
22,614
|
22,641
|
19,050
|
22,782
|
16,267
|
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 (loss). 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 Financial Results for the Fourth Quarter
and Fiscal Year Ended May 31, 2018
July 19, 2018
Page 6 of 6
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)|
|
May 31,
|
February 28,
|
May 31,
|
|
|
2018
|
2018
|
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash
and cash equivalents
|
$16,848
|
$9,077
|
$17,803
|
|
Short-term
investments
|
-
|
5,986
|
-
|
|
Accounts
receivable, net
|
2,856
|
4,673
|
4,010
|
|
Inventories
|
9,049
|
9,368
|
6,604
|
|
Prepaid
expenses and other
|
703
|
1,339
|
961
|
|
Total
current assets
|
29,456
|
30,443
|
29,378
|
|
|
|
|
|
|
Property
and equipment, net
|
1,203
|
1,205
|
1,419
|
|
Other
assets
|
296
|
324
|
95
|
|
Total
assets
|
$30,955
|
$31,972
|
$30,892
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current
portion of long-term debt
|
$6,110
|
$-
|
$-
|
|
Accounts
payable
|
1,762
|
2,638
|
2,808
|
|
Accrued
expenses
|
1,646
|
1,643
|
1,609
|
|
Customer
deposits and deferred revenue, short-term
|
1,630
|
2,310
|
3,467
|
|
Total
current liabilities
|
11,148
|
6,591
|
7,884
|
|
|
|
|
|
|
Long-term
debt
|
-
|
6,110
|
6,110
|
|
Deferred
rent
|
63
|
-
|
-
|
|
Deferred
revenue, long-term
|
459
|
497
|
104
|
|
Total
liabilities
|
11,670
|
13,198
|
14,098
|
|
|
|
|
|
|
Aehr
Test Systems shareholders' equity
|
19,305
|
18,794
|
16,813
|
|
Noncontrolling
interest
|
(20)
|
(20)
|
(19)
|
|
Total
shareholders' equity
|
19,285
|
18,774
|
16,794
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$30,955
|
$31,972
|
$30,892
|
# #
#