Exhibit 99.1
[LOGO]AEHR TEST SYSTEMS
FOR IMMEDIATE RELEASE
Contact:
Gary Larson
Chief Financial Officer
(510) 623-9400 x321
AEHR TEST SYSTEMS REPORTS FINANCIAL RESULTS
FOR FOURTH QUARTER FISCAL 2011
Fremont, CA (July 19, 2011) - Aehr Test Systems (Nasdaq: AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today announced
financial results for the fourth quarter and full-year ended May 31, 2011.
Net sales were $3.7 million in the fourth quarter of fiscal 2011, compared
with $3.6 million in the fourth quarter of fiscal 2010. Fiscal 2011 full-year
product sales were $13.7 million, compared to fiscal 2010 product sales
of $8.9 million. Fiscal 2011 full-year net sales were $13.7 million, compared
to net sales of $11.7 million in fiscal 2010 which included the positive
impact of $2.7 million resulting from cancellation charges related to the
Spansion bankruptcy claims.
Commenting on the fourth quarter and full-year results, Rhea Posedel,
chairman and chief executive officer of Aehr Test Systems, said, "We took
steps in the right direction during fiscal 2011 and demand for our products
continues to improve. On a year-over-year basis, fourth quarter product
sales increased slightly, while full-year product sales were 54% higher
than the previous year. During the fourth quarter, we benefitted from over
$2 million in follow-on orders for FOXTM-1 WaferPak contactors for wafer
sort testing. We believe that these orders are an indication of the cost
and through-put benefits that can be achieved utilizing our FOX-1 full-wafer
test products."
Aehr Test reported a net loss of $144,000, or $0.02 per diluted share, in
the fourth quarter of fiscal 2011. This compares to a net loss of $819,000,
or $0.09 per diluted share, in the fourth quarter of fiscal 2010. Net loss
in the fourth quarters of fiscal 2011 and fiscal 2010 included proceeds
related to the Spansion bankruptcy claims of approximately $677,000 and
$120,000, respectively. Net loss for the year ended May 31, 2011 was $3.4
million, or $0.38 per diluted share, compared with a net loss of $481,000,
or $0.06 per diluted share, in fiscal 2010. Net loss in fiscal 2011 and
fiscal 2010 included aggregate proceeds related to the Spansion bankruptcy
claims of approximately $832,000 and $6.7 million, respectively. As of
May 31, 2011, the company's backlog was $5.8 million, compared with $2.5
million at May 31, 2010.
Posedel concluded, "Looking ahead, we remain confident that our operating
momentum will continue into fiscal 2012. The potential sales opportunities
we see for ABTSTM systems and FOX products in fiscal 2012 are very
encouraging."
-more-
Aehr Test Systems Reports Fourth Quarter Fiscal 2011 Results
July 19, 2011
Page 2 of 5
Management Conference Call
Management of Aehr Test will host a conference call and webcast today, July
19, 2011 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's
fourth quarter and fiscal 2011 full year operating results. The conference
call will be accessible live via the internet at www.aehr.com. Please go
to the website at least 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 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, FOX and MAX systems and the DiePak carrier.
The ABTS system 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 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, net sales 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 state of the semiconductor
equipment market, the Company's ability to maintain sufficient cash to
support operations, the impact of the Japanese earthquake and tsunami upon
the Company's operations, acceptance by customers of Aehr Test's
technologies, acceptance by customers of the systems shipped upon receipt
of a purchase order, 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, 10-Q 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]
-more-
Aehr Test Systems Reports Fourth Quarter Fiscal 2011 Results
July 19, 2011
Page 3 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
May 31, May 31,
------------------ -----------------
2011 2010 2011 2010
-------- -------- -------- --------
Net sales:
Product sales....................... $ 3,749 $ 3,567 $13,737 $ 8,934
Cancellation charges................ -- -- -- 2,740
-------- -------- -------- --------
Total net sales................... 3,749 3,567 13,737 11,674
Cost of sales......................... 2,140 1,771 8,225 5,571
-------- -------- -------- --------
Gross profit.......................... 1,609 1,796 5,512 6,103
-------- -------- -------- --------
Operating expenses:
Selling, general and administrative. 1,465 1,494 5,964 6,094
Research and development............ 1,190 1,288 4,567 4,758
Gain on bankruptcy claim............ (677) (120) (832) (3,993)
-------- -------- -------- --------
Total operating expenses.......... 1,978 2,662 9,699 6,859
-------- -------- -------- --------
Loss from operations.............. (369) (866) (4,187) (756)
Interest income....................... -- 1 3 5
Other income, net..................... 169 64 762 131
-------- -------- -------- --------
Loss before income tax
expense (benefit)................. (200) (801) (3,422) (620)
Income tax expense (benefit).......... (56) 18 (49) (139)
-------- -------- -------- --------
Net loss.......................... $ (144) $ (819) $(3,373) $ (481)
======== ======== ======== ========
Net loss per share
Basic............................. $ (0.02) $ (0.09) $ (0.38) $ (0.06)
Diluted........................... $ (0.02) $ (0.09) $ (0.38) $ (0.06)
Shares used in per share calculations:
Basic............................. 8,880 8,631 8,776 8,563
Diluted........................... 8,880 8,631 8,776 8,563
-more-
Aehr Test Systems Reports Fourth Quarter Fiscal 2011 Results
July 19, 2011
Page 4 of 5
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, May 31,
------------------ -----------------
2011 2010 2011 2010
-------- -------- -------- --------
GAAP net loss ................................. $ (144) $ (819) $(3,373) $ (481)
Gain on bankruptcy claim1...................... (677) (120) (832) (3,993)
Cancellation charges1.......................... -- -- -- (2,740)
Stock compensation expense..................... 212 325 947 1,733
-------- -------- -------- --------
Non-GAAP net loss.............................. $ (609) $ (614) $(3,258) $(5,481)
======== ======== ======== ========
GAAP net loss per diluted share................ $ (0.02) $ (0.09) $ (0.38) $ (0.06)
======== ======== ======== ========
Non-GAAP net loss per diluted share............ $ (0.07) $ (0.07) $ (0.37) $ (0.64)
======== ======== ======== ========
Shares used in diluted shares calculation...... 8,880 8,631 8,776 8,563
======== ======== ======== ========
________________________________________________________________________
1 The Company filed claims in the Spansion U.S. and Spansion Japan bankruptcy
actions. In the first quarter of fiscal 2010, the Company sold a portion
of its Spansion U.S. bankruptcy claim to a third party for net proceeds
of approximately $3.3 million and recorded the amount as a reduction of
operating expenses. In the third quarter of fiscal 2010, the Company sold
the remaining balance of its Spansion U.S. bankruptcy claim for net proceeds
of approximately $4.6 million and recorded $2.7 million as revenue related
to cancellation charges, $1.3 million as deferred revenue, and $0.6 million
as a reduction of operating expenses. In the fourth quarter of fiscal 2010,
the Company received the remaining payment of $0.1 million due from its
Q1 bankruptcy claim and recognized the amount as a reduction of operating
expenses. In the first quarter of fiscal 2011, the Company's Japanese
subsidiary received approximately $155,000 in proceeds from the Spansion
Japan bankruptcy claim and recorded the amount as a reduction of operating
expenses. In the fourth quarter of fiscal 2011, the Company's Japanese
subsidiary received approximately $677,000 in proceeds from the Spansion
Japan bankruptcy claim and recorded the amount as a reduction of operating
expenses.
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).
-more-
Aehr Test Systems Reports Fourth Quarter Fiscal 2011 Results
July 19, 2011
Page 5 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
May 31, May 31,
2011 2010
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents .......................... $ 4,020 $ 7,766
Accounts receivable, net............................ 1,432 596
Inventories, net.................................... 4,958 3,635
Prepaid expenses and other ......................... 161 445
----------- -----------
Total current assets ........................... 10,571 12,442
Property and equipment, net .......................... 954 1,504
Other assets.......................................... 558 528
----------- -----------
Total assets ................................... $12,083 $14,474
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable ................................... $ 885 $ 703
Accrued expenses ................................... 1,434 1,626
Deferred revenue ................................... 221 286
----------- -----------
Total current liabilities ...................... 2,540 2,615
Income tax payable.................................... 204 298
Deferred lease commitment ............................ 238 280
----------- -----------
Total liabilities .............................. 2,982 3,193
Shareholders' equity ................................. 9,101 11,281
----------- -----------
Total liabilities and shareholders' equity ..... $12,083 $14,474
=========== ===========
# # #