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 THIRD QUARTER FISCAL 2012
Fremont, CA (March 29, 2012) - Aehr Test Systems (Nasdaq: AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today announced
financial results for the third quarter ended February 29, 2012.
Total net sales were $2.9 million in the third quarter of fiscal 2012,
compared with $4.2 million in the third quarter of fiscal 2011. Aehr Test
reported a net loss of $1.4 million, or $0.15 per diluted share, in the
third quarter of fiscal 2012. This compares to a net loss of $0.9 million,
or $0.11 per diluted share, in the third quarter of fiscal 2011.
Net sales were $10.8 million in the first nine months of fiscal 2012 compared
with $10.0 million in the first nine months of fiscal 2011. Net loss for
the nine months ended February 29, 2012 was $2.6 million, or $0.29 per diluted
share, compared with a net loss of $3.2 million, or $0.37 per diluted share,
in the same period of the prior fiscal year.
Commenting on the third quarter, Gayn Erickson, President and Chief Executive
Officer of Aehr Test Systems, said, "Having recently visited a significant
cross section of customers around the world, it is clear to us that the
industry mood and capital equipment spend forecast is improving. Aehr Test
is seeing a marked increase in activity and orders not seen in several years.
Supported by the new order announcements that we've made in the last three
months, we believe that the worst of the recent difficulties arising from
the slowdown in the semiconductor industry are behind us. We are happy
to announce that Aehr Test now has the largest backlog in the last three
years."
Erickson concluded, "I would like to reiterate my optimism for Aehr Test.
There is great talent and energy throughout our organization. We have some
of the best and largest customers in the world and we are expanding those
relationships even as we look to add new customers to our roster."
Aehr Test Systems Reports Third Quarter Fiscal 2012 Results
March 29, 2012
Page 2 of 5
Management Conference Call
Management of Aehr Test will host a conference call and webcast today, March
29, 2012 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's
third quarter fiscal 2012 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 ABTSTM, FOXTM and MAX systems and the
DiePak(R)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, 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 ability to successfully market a 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]
Aehr Test Systems Reports Third Quarter Fiscal 2012 Results
March 29, 2012
Page 3 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
February 29, February 28, February 29, February 28,
------------ ----------- ----------- -----------
2012 2011 2012 2011
-------- -------- -------- --------
Net sales........................... $ 2,855 $ 4,242 $10,845 $ 9,988
Cost of sales....................... 1,747 2,637 6,807 6,085
-------- -------- -------- --------
Gross profit........................ 1,108 1,605 4,038 3,903
-------- -------- -------- --------
Operating expenses:
Selling, general and administrative 1,525 1,486 4,654 4,499
Research and development........... 933 1,039 3,054 3,377
Gain on bankruptcy claim........... -- -- -- (155)
-------- -------- -------- --------
Total operating expenses......... 2,458 2,525 7,708 7,721
-------- -------- -------- --------
Loss from operations............. (1,350) (920) (3,670) (3,818)
Interest income..................... -- -- -- 3
Gain on sale of long-term investment -- -- 990 --
Other income (expense), net......... 7 (30) 53 593
-------- -------- -------- --------
Loss before income tax
expense (benefit)................ (1,343) (950) (2,627) (3,222)
Income tax expense (benefit)........ 18 (4) (17) 7
-------- -------- -------- --------
Net loss......................... $(1,361) $ (946) $(2,610) $(3,229)
======== ======== ======== ========
Net loss per share
Basic............................ $(0.15) $ (0.11) $ (0.29) $ (0.37)
Diluted.......................... $(0.15) $ (0.11) $ (0.29) $ (0.37)
Shares used in per share calculations:
Basic............................ 9,055 8,828 8,989 8,742
Diluted.......................... 9,055 8,828 8,989 8,742
-more-
Aehr Test Systems Reports Third Quarter Fiscal 2012 Results
March 29, 2012
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 Nine Months Ended
February 29, February 28, February 29, February 28,
------------ ------------ ----------- ------------
2012 2011 2012 2011
-------- -------- -------- --------
GAAP net loss........................$(1,361) $ (946) $(2,610) $(3,229)
Gain on bankruptcy claim1............ -- -- -- (155)
Gain on sale of long-term investment2 -- -- (990) --
Stock compensation expense........... 182 223 519 735
-------- -------- -------- --------
Non-GAAP net loss....................$(1,179) $ (723) $(3,081) $(2,649)
======== ======== ======== ========
GAAP net loss per diluted share...... $ (0.15) $(0.11) $ (0.29) $ (0.37)
======== ======== ======== ========
Non-GAAP net loss per diluted share. $ (0.13) $(0.08) $( 0.34) $ (0.30)
======== ======== ======== ========
Shares used in diluted shares
calculation.............. 9,055 8,828 8,989 8,742
======== ======== ======== ========
________________________________________________________________________________
1 The Company filed claims in the Spansion U.S. and Spansion Japan bankruptcy
actions. 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.
2 During the first quarter of fiscal 2012, the Company sold its long-term
investment in ESA Electronics PTE Ltd., resulting in a gain of $990,000.
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 Third Quarter Fiscal 2012 Results
March 29, 2012
Page 5 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
February 29, May 31,
2012 2011
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents .......................... $ 2,975 $ 4,020
Accounts receivable, net............................ 825 1,432
Inventories,net..................................... 5,650 4,958
Prepaid expenses and other ......................... 247 161
----------- -----------
Total current assets ........................... 9,697 10,571
Property and equipment, net .......................... 587 954
Other assets.......................................... 172 558
----------- -----------
Total assets ................................... $10,456 $12,083
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Line of credit ..................................... $ 716 $ --
Accounts payable ................................... 960 885
Accrued expenses ................................... 1,221 1,434
Deferred revenue ................................... 185 221
----------- -----------
Total current liabilities ...................... 3,082 2,540
Income tax payable.................................... 129 204
Deferred lease commitment ............................ 195 238
----------- -----------
Total liabilities .............................. 3,406 2,982
Shareholders' equity ................................. 7,050 9,101
----------- -----------
Total liabilities and shareholders' equity ..... $10,456 $12,083
=========== ===========
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