Exhibit 99.1
[LOGO]AEHR TEST SYSTEMS
Contact:
Gary Larson
Chief Financial Officer
(510) 623-9400 x321
AEHR TEST SYSTEMS REPORTS FINANCIAL RESULTS
FOR FIRST QUARTER FISCAL 2010
Fremont, CA (September 30, 2009) - Aehr Test Systems (Nasdaq: AEHR), a
technology leader in the semiconductor test and burn-in equipment industry,
today announced financial results for the first quarter of fiscal 2010 ended
August 31, 2009.
Net sales were $1.3 million in the first quarter of fiscal 2010, compared
with $9.7 million in the first quarter of fiscal 2009. Aehr Test reported
net income of $1.0 million, or $0.11 per diluted share, in the first quarter
of fiscal 2010, compared with net income of $0.9 million, or $0.10 per diluted
share, in the first quarter of fiscal 2009. Net income in the first quarter
of fiscal 2010 included a pre-tax gain of approximately $3.3 million from the
sale of a portion of the Company's bankruptcy claim against its customer,
Spansion Inc.
"Our business in the first quarter continued to be impacted by the
challenging global macroeconomic climate, coupled with weak capital
spending trends in the semiconductor industry," said Rhea Posedel, chairman
and chief executive officer of Aehr Test Systems. "That said, net sales
of $1.3 million were up slightly on a sequential quarter basis and we are
encouraged by important new orders that we booked in recent months. These
included a follow-on order of more than $1 million for our FOX-15 wafer-level
burn-in and test system along with orders from two customers for our new
Advanced Burn-in and Test System (ABTSTM). The new ABTS family significantly
expands our product portfolio and provides us with an excellent opportunity
to grow our business going forward.
"Despite the near-term hurdles resulting from the current macroeconomic
cycle, recent reductions in our cost structure and improvements in our
product offerings have made me more confident in Aehr Test's ability to
increase market share and return to a growth path as industry conditions
improve to more typical levels," said Mr. Posedel.
At August 31, 2009, cash and cash equivalents were $2.7 million. The proceeds
of approximately $3.3 million from the sale of a portion of the bankruptcy
claim were received in September 2009. Aehr Test completed the first quarter
of fiscal 2010 with no outstanding debt and shareholders' equity of
$11.2 million, or $1.32 per share outstanding at August 31, 2009.
Management Conference Call
Management of Aehr Test will host a conference call and webcast today,
September 30, 2009 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the
Company's first quarter fiscal 2010 operating results. The conference call
will be accessible live via the internet at www.aehr.com. Please go to the
website at least
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Aehr Test Systems Reports First Quarter Fiscal 2010 Results
September 30, 2009
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15 minutes before start time to register, download and install any necessary
audio software. A replay of the webcast will be available at www.aehr.com
for 90 days.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a leading
worldwide provider of systems for burning-in and testing DRAMs, flash, and
other memory and logic integrated circuits and has an installed base of more
than 2,500 systems worldwide. Aehr Test has developed and introduced several
innovative products, including the ABTS, FOXTM, MTX and MAX systems and the
DiePak(R) carrier. The ABTS is Aehr Test's newest system for packaged part
test during burn-in for both low-power and high-power logic as well as all
common types of memory devices. The FOX system is a full wafer contact test
and burn-in system. The MTX system is a massively parallel test system
designed to reduce the cost of memory testing by performing both test and
burn-in on thousands of devices simultaneously. The MAX system can
effectively burn-in and functionally test complex devices, such as digital
signal processors, microprocessors, microcontrollers and
systems-on-a-chip. The DiePak carrier is a reusable, temporary package that
enables IC manufacturers to perform cost-effective final test and burn-in
of bare die. For more information, please visit the Company's website at
www.aehr.com.
Safe Harbor Statement
This release contains forward-looking statements that involve risks and
uncertainties relating to projections regarding revenues and customer
demand and acceptance of Aehr Test's products. Actual results may vary from
projected results. These risks and uncertainties include without
limitation, world economic conditions, the timing of the recovery of the
semiconductor equipment market, the Company's ability to maintain
sufficient cash to support operations, acceptance by customers of Aehr
Test's technologies, acceptance by customers of the systems shipped upon
receipt of a purchase order and the ability of new products to meet customer
needs or perform as described, and the Company's development and manufacture
of a commercially successful wafer-level test and burn-in system. See Aehr
Test's recent 10-K and other reports from time to time filed with the U.S.
Securities and Exchange Commission for a more detailed description of the
risks facing our business. The Company 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]
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Aehr Test Systems Reports First Quarter Fiscal 2010 Results
September 30, 2009
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
Three Months Ended
August 31,
---------- ----------
2009 2008
---------- ----------
Net sales...................................... $1,268 $9,690
Cost of sales.................................. 1,325 4,772
---------- ----------
Gross (loss) profit............................ (57) 4,918
---------- ----------
Operating expenses:
Selling, general and administrative.......... 1,313 2,085
Research and development..................... 942 1,478
Gain on sale of bankruptcy claim ............ (3,289) --
---------- ----------
Total operating expenses................... (1,034) 3,563
---------- ----------
Income from operations..................... 977 1,355
Interest income................................ 1 63
Other expense, net ............................ 14 7
---------- ----------
Income before income tax expense........... 964 1,411
Income tax expense............................. 3 546
---------- ----------
Net income................................. $ 961 $ 865
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Net income per share
Basic...................................... $ 0.11 $ 0.10
Diluted.................................... $ 0.11 $ 0.10
Shares used in per share calculations:
Basic...................................... 8,496 8,395
Diluted.................................... 8,512 8,753
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Aehr Test Systems Reports First Quarter Fiscal 2010 Results
September 30, 2009
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Results
(in thousands, except per share data)
(unaudited)
Three Months Ended
August 31,
------------------------------
2009 2008
------------- -------------
GAAP net income ............................ $ 961 $ 865
Gain on sale of bankruptcy claim1........... (3,289) --
Stock compensation expense.................. 305 286
Income tax effect on non-GAAP adjustments... -- (123)
------------- ------------
Non-GAAP net (loss) income.................. $(2,023) $1,028
============= ============
GAAP net income per diluted share........... $ 0.11 $0.10
============= ============
Non-GAAP net (loss) income per diluted share $(0.24) $0.12
============= ============
Shares used in GAAP diluted shares
calculation............................... 8,512 8,753
============= ============
Shares used in non-GAAP diluted shares
calculation............................... 8,496 8,753
============= ============
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1 The Company largest customer, Spansion Inc. ("Spansion") filed for bankruptcy
in February and March 2009. The Company has filed a claim in the Spansion
U.S. bankruptcy action. In the first quarter of fiscal 2010, the Company
sold a portion of its bankruptcy claim to a third party for net proceeds of
approximately $3.3 million and recorded the amount in income from operations.
Non-GAAP net income is a non-GAAP measure and should not be considered a
replacement for GAAP results. Non-GAAP net 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
income (the most comparable GAAP measure).
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Aehr Test Systems Reports First Quarter Fiscal 2010 Results
September 30, 2009
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
August 31, May 31,
2009 2009
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents .......................... $ 2,745 $ 4,360
Accounts receivable, net............................ 718 931
Inventories ........................................ 4,118 4,472
Prepaid expenses and other ......................... 3,752 879
----------- -----------
Total current assets ........................... 11,333 10,642
Property and equipment, net .......................... 2,563 2,741
Other assets.......................................... 531 528
----------- -----------
Total assets ................................... $14,427 $13,911
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable ................................... $ 588 $ 995
Accrued expenses ................................... 1,831 2,107
Deferred revenue ................................... 161 241
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Total current liabilities ...................... 2,580 3,343
Income tax payable.................................... 299 299
Deferred lease commitment ............................ 301 306
----------- -----------
Total liabilities .............................. 3,180 3,948
Shareholders' equity ................................. 11,247 9,963
----------- -----------
Total liabilities and shareholders' equity ..... $14,427 $13,911
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