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 FIRST QUARTER FISCAL 2013
Fremont, CA (October 10, 2012) - Aehr Test Systems (Nasdaq: AEHR), a
worldwide supplier of semiconductor test and burn-in equipment, today
announced financial results for the first quarter of fiscal 2013 ended
August 31, 2012.
Net sales were $4.8 million in the first quarter of fiscal 2013, up from
$4.7 million in the fourth quarter of fiscal 2012. Aehr Test reported
a net loss of $0.3 million, or $0.03 per diluted share, in the first quarter
of fiscal 2013, compared to a net loss of $0.8 million, or $0.09 per diluted
share, in the fourth quarter of fiscal 2012.
Commenting on the first quarter of fiscal 2013, Gayn Erickson, President
and CEO of Aehr Test Systems, said, "This quarter we again were able to
improve our top and bottom lines as we execute against our plan to address
new market segments and customers with our ABTSTM and FOXTM product lines.
With a net loss of under $300K, we came close to breaking even for the
quarter, and we also were about cash flow breakeven.
"We continue to focus on penetrating key production accounts with our
ABTS and FOX families of products while improving our product and service
margins," continued Erickson. "For example, we announced today a
significant order from a leading semiconductor manufacturer for
development of a next generation FOX-1 system. This new FOX system is
expected to provide increased test flexibility and capability at a lower
cost of test than alternative solutions while also expanding the market
addressed by Aehr Test's FOX full wafer test products.
Erickson concluded, "In the last couple of months, some major capital
equipment suppliers and semiconductor companies reported seeing a slowdown
in capital expenditures. In just the last month, we also began to see
a slowdown in capital spending by some of our customers. Customer interest
in our FOX and ABTS products continues to be solid and increasing, but
we want to take a conservative approach and maintain tight controls of
our expenses to preserve cash heading into an uncertain demand situation
in the next couple of quarters. We believe these actions position our
company to return to positive cash flow and profitability. We had discussed
our expectation that this will happen by the end of this calendar year,
and we are still driving for that result.
Aehr Test Systems Reports First Quarter Fiscal 2013 Results
October 10, 2012
Page 2 of 5
Management Conference Call
Management of Aehr Test will host a conference call and webcast today,
October 10, 2012 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the
Company's first quarter fiscal 2013 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 test systems for burning-in and testing logic 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, capacity needs and opportunities for Aehr Test products
in package and wafer level test. Aehr Test has developed and introduced
several innovative products, including the ABTS and FOX families of test
and burn-in systems and the DiePak(R) carrier. The ABTS system is used
in production and qualification testing of packaged parts 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 used for
burn-in and functional test of complex devices, such as leading-edge
memories, 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 First Quarter Fiscal 2013 Results
October 10, 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
----------------------------
Aug 31, May 31, Aug 31,
2012 2012 2011
-------- -------- --------
Net sales.................................. $ 4,832 $ 4,676 $ 4,130
Cost of sales.............................. 2,376 2,507 2,328
-------- -------- --------
Gross profit............................... 2,456 2,169 1,802
-------- -------- --------
Operating expenses:
Selling, general and administrative....... 1,789 1,872 1,601
Research and development.................. 930 1,134 1,082
-------- -------- --------
Total operating expenses................. 2,719 3,006 2,683
-------- -------- --------
Loss from operations..................... (263) (837) (881)
Interest expense........................... (12) (4) --
Gain on sale of long-term investment....... -- -- 990
Other (expense) income, net................ (19) 64 (12)
-------- -------- --------
(Loss) income before income tax
expense (benefit)........................ (294) (777) 97
Income tax expense (benefit)............... 2 2 (27)
-------- -------- --------
Net (loss) income........................ $ (296) $ (779) $ 124
Less: Net income attributable to the
Noncontrolling interest............ -- -- --
Net (loss) income attributable to Aehr Test -------- -------- --------
Systems common shareholders........ $ (296) $ (779) $ 124
======== ======== ========
Net (loss) income per share
Basic..................................... $ (0.03) $ (0.09) $ 0.01
Diluted................................... $ (0.03) $ (0.09) $ 0.01
Shares used in per share calculations:
Basic..................................... 9,166 9,095 8,932
Diluted................................... 9,166 9,095 9,100
-more-
Aehr Test Systems Reports First Quarter Fiscal 2013 Results
October 10, 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
--------------------------
Aug 31, May 31, Aug 31,
2012 2012 2011
-------- -------- ---------
GAAP net (loss)income............................. $ (296) $ (779) $ 124
Gain on sale of long-term investment1............. -- -- (990)
Stock based compensation expense.................. 169 190 166
-------- -------- --------
Non-GAAP net loss................................. $ (127) $ (589) $ (700)
======== ======== ========
GAAP net (loss) income per diluted share.......... $ (0.03) $ (0.09) $ 0.01
======== ======== ========
Non-GAAP net loss per diluted share............... $ (0.01) $ (0.06) $(0.08)
======== ======== ========
Shares used in diluted shares calculation......... 9,166 9,095 9,100
======== ======== ========
Shares used in non-GAAP diluted shares calculation 9,166 9,095 8,932
======== ======== ========
______________________________________________________________________
1 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 First Quarter Fiscal 2013 Results
October 10, 2012
Page 5 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
August 31, May 31,
2012 2012
-------- --------
ASSETS
Current assets:
Cash and cash equivalents ...................... $ 1,901 $ 2,073
Accounts receivable, net........................ 2,558 2,588
Inventories..................................... 6,710 6,070
Prepaid expenses and other ..................... 326 197
-------- --------
Total current assets ....................... 11,495 10,928
Property and equipment, net ...................... 439 510
Other assets...................................... 174 175
-------- --------
Total assets ............................... $12,108 $11,613
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Line of credit.................................. $ 1,452 $ 1,408
Accounts payable ............................... 2,001 1,507
Accrued expenses ............................... 1,580 1,385
Deferred revenue ............................... 393 555
-------- --------
Total current liabilities .................. 5,426 4,855
Income tax payable................................ 112 125
Deferred lease commitment, net of current portion. 161 179
-------- --------
Total liabilities ........................... 5,699 5,159
Aehr Test Systems Shareholders' equity ........... 6,431 6,476
Noncontrolling interest........................... (22) (22)
-------- --------
Total shareholders' equity ................. 6,409 6,454
-------- --------
Total liabilities and shareholders' equity.. $12,108 $11,613
======== ========
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