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 2013
Fremont, CA (March 28, 2013) - Aehr Test Systems (Nasdaq: AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today announced
financial results for the third quarter of fiscal 2013 ended February
28, 2013.
Total net sales were $3.3 million in the third quarter of fiscal 2013,
compared with $5.1 million in the second quarter of fiscal 2013 and with
$2.9 million in the third quarter of the prior fiscal year. Aehr Test
reported a net loss of $1.5 million, or $0.16 per diluted share, in the
third quarter of fiscal 2013. This compares to a net loss of $0.8 million,
or $0.09 per diluted share, in the second quarter of fiscal 2013 and to
a net loss of $1.4 million, or $0.15 per diluted share, in the third quarter
of the prior fiscal year.
Commenting on the results of the third quarter of fiscal 2013, Gayn Erickson,
President and CEO of Aehr Test Systems, said, "While we are not satisfied
with our sequentially lower revenues for the quarter, we were pleased
to have improved our net sales year-over-year for the fourth consecutive
quarter. This improvement points to the continued success we are having
in addressing new market segments and customers with our ABTSTM and FOXTM
product lines. We were not able to escape the industry wide softness
we observed during the quarter which had been discussed during our last
quarterly conference call. We took very aggressive action on our expenses,
inventory, and cash management, resulting in an increase in our cash level
during the quarter.
"We are very excited about the attention and interest that our next
generation FOX products are gathering in the marketplace and believe they
will be an important contributor to our growth," added Erickson. "These
products are aimed at Wafer Level Test and/or Burn-in of a number of growth
opportunities such as flash memories, smart card controllers, and
automotive semiconductors. Earlier this month, we completed an
approximately $1.16 million private placement transaction with certain
Directors and Officers of the Company and other accredited investors.
The additional funds will allow us more flexibility in managing our working
capital and spending on these development programs. The stock sale closed
this month and as such the
Aehr Test Systems Reports Third Quarter Fiscal 2013 Results
March 28, 2013
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cash proceeds, received in March 2013, are in addition to our fiscal third
quarter ending cash balance."
Erickson concluded, "During the quarter we saw overall caution from several
customers that delayed their equipment purchases, and this in turn impacted
our third quarter. However, we are recently seeing an increase in capacity
requirements and an overall increase in customer activity. This is
consistent with comments we have seen from other public companies in the
semiconductor test industry, which overall have been positive relative
to revenue forecasts for the balance of the year. We remain optimistic
about Aehr's future and believe we are well positioned to take advantage
of improving industry trends as they occur and in our ability to address
and take the leadership role in the developing Wafer Level Test & Burn-in
market."
Management Conference Call
Management of Aehr Test will host a conference call and webcast today,
March 28, 2013 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the
Company's third 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
Aehr Test Systems Reports Third Quarter Fiscal 2013 Results
March 28, 2013
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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 2013 Results
March 28, 2013
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
----------------------------- ------------------
Feb 28, Nov 30, Feb 29, Feb 28, Feb 29,
2013 2012 2012 2013 2012
-------- -------- -------- -------- --------
Net sales $ 3,340 $ 5,054 $ 2,855 $ 13,226 $ 10,845
Cost of sales 2,575 2,791 1,747 7,742 6,807
-------- -------- -------- -------- --------
Gross profit 765 2,263 1,108 5,484 4,038
-------- -------- -------- -------- --------
Operating expenses:
Selling, general and administrative 1,511 2,068 1,525 5,368 4,654
Research and development 685 962 933 2,577 3,054
-------- -------- -------- -------- --------
Total operating expenses 2,196 3,030 2,458 7,945 7,708
-------- -------- -------- -------- --------
Loss from operations (1,431) (767) (1,350) (2,461) (3,670)
Interest expense (18) (13) -- (43) --
Gain on sale of long-term investment -- -- -- -- 990
Other (expense) income, net (9) (15) 7 (43) 53
-------- -------- -------- -------- --------
Loss before income tax
expense (benefit) (1,458) (795) (1,343) (2,547) (2,627)
Income tax expense (benefit) -- 16 18 18 (17)
-------- -------- -------- -------- --------
Net loss $(1,458) $ (811) $(1,361) $ (2,565) $ (2,610)
Less: Net income attributable to the
noncontrolling interest -- -- -- -- 1
-------- -------- -------- -------- --------
Net loss attributable to Aehr Test
Systems common shareholders $(1,458) $ (811) $(1,361) $ (2,565) $ (2,611)
======== ======== ======== ======== ========
Net loss per share
Basic $ (0.16) $ (0.09) $ (0.15) $ (0.28) $ (0.29)
Diluted $ (0.16) $ (0.09) $ (0.15) $ (0.28) $ (0.29)
Shares used in per share calculations:
Basic 9,363 9,300 9,055 9,276 8,989
Diluted 9,363 9,300 9,055 9,276 8,989
-more-
Aehr Test Systems Reports Third Quarter Fiscal 2013 Results
March 28, 2013
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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 Nine Months Ended
-------------------------- -----------------
Feb 28, Nov 30, Feb 29, Feb 28, Feb 29,
2013 2012 2012 2013 2012
-------- -------- --------- -------- --------
GAAP net loss $(1,458) $ (811) $(1,361) $(2,565) $(2,611)
Gain on sale of long-term investment1 -- -- -- -- (990)
Stock based compensation expense 201 99 182 427 519
-------- -------- -------- -------- --------
Non-GAAP net loss $(1,257) $ (712) $(1,179) $(2,138) $(3,082)
======== ======== ======== ======== ========
GAAP net loss per diluted share $ (0.16) $ (0.09) $ (0.15) $ (0.28) $ (0.29)
======== ======== ======== ======== ========
Non-GAAP net loss per diluted share $ (0.13) $ (0.08) $ (0.13) $ (0.23) $ (0.34)
======== ======== ======== ======== ========
Shares used in diluted shares calculation 9,363 9,300 9,055 9,276 8,989
======== ======== ======== ======== ========
______________________________________________________________________
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 Third Quarter Fiscal 2013 Results
March 28, 2013
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
Feb 28, Nov 30, May 31,
2013 2012 2012
-------- -------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 1,381 $ 1,192 $ 2,073
Accounts receivable, net 1,570 2,899 2,588
Inventories 5,722 6,444 6,070
Prepaid expenses and other 205 390 197
-------- -------- --------
Total current assets 8,878 10,925 10,928
Property and equipment, net 378 358 510
Other assets 159 169 175
-------- -------- --------
Total assets $ 9,415 $11,452 $11,613
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Line of credit $ 1,215 $ 1,685 $ 1,408
Accounts payable 1,517 1,461 1,507
Accrued expenses 1,554 1,611 1,385
Deferred revenue, short-term 238 594 555
-------- -------- --------
Total current liabilities 4,524 5,351 4,855
Income tax payable 115 114 125
Deferred lease commitment, net of current portion 122 142 179
Deferred revenue, long-term 122 -- --
-------- -------- --------
Total liabilities 4,883 5,607 5,159
Aehr Test Systems Shareholders' equity 4,553 5,867 6,476
Noncontrolling interest (21) (22) (22)
-------- -------- --------
Total shareholders' equity 4,532 5,845 6,454
-------- -------- --------
Total liabilities and shareholders' equity $ 9,415 $11,452 $11,613
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