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 2013
Fremont, CA (July 18, 2013) - Aehr Test Systems (Nasdaq: AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today announced
financial results for the fourth quarter and fiscal year ended May 31,
2013.
Total net sales were $3.3 million in the fourth quarter of fiscal 2013,
flat with $3.3 million in the third quarter of fiscal 2013. Aehr Test
reported a net loss of $0.9 million, or $0.08 per diluted share, in the
fourth quarter of fiscal 2013. This compares to a net loss of $1.5 million,
or $0.16 per diluted share, in the third quarter of fiscal 2013.
Net sales for fiscal year 2013 were $16.5 million, an increase of 6.2%
compared with net sales of $15.5 million in fiscal 2012. Net loss for
fiscal 2013 was $3.4 million, or $0.36 per diluted share, compared to
a net loss of $3.4 million, or $0.38 per diluted share, in fiscal 2012.
As of May 31, 2013, the Company's backlog was $9.1 million, compared with
$7.3 million at May 31, 2012.
Commenting on the results of the fourth quarter of fiscal 2013, Gayn
Erickson, President and CEO of Aehr Test Systems, said, "Sequentially
our revenues were basically flat as we continued to experience the industry
wide softness that has affected Aehr Test, along with other companies
in the semiconductor test space, in the recent past. We were pleased
however to have improved our bottom line quarter-over-quarter as a result
of improved margins.
"We are continuing to make inroads in advancing our goal of growing our
business with both new and existing customers. We are pleased to have
announced in late May the first order for multiple production systems
of our next generation FOXTM Semiconductor Test System from a leading
manufacturer of flash memory devices," added Erickson. "This order is
the first of what we believe will be multiple follow-on system orders
as this customer ramps capacity worldwide. We currently expect to begin
shipping our new FOX systems in the first half of calendar 2014. We are
excited to see additional interest from several other customers who are
looking at our
Aehr Test Systems Reports Fourth Quarter Fiscal 2013 Results
July 18, 2013
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new FOX products for production functional test, wafer level burn-in and
process monitor applications. We believe our new FOX wafer level burn-in
and whole wafer functional test products will open up significantly greater
market opportunities for Aehr Test."
Erickson continued, "During the quarter we also received over $4 million
in follow-on orders for multiple FOX-1 Full Wafer Parallel Test Systems
and WaferPak contactors from a leading manufacturer of semiconductor
memory devices. These orders represent systems and WaferPak contactors
with shipments through our third quarter of fiscal 2014.
"We continue to see an increase in interest globally for our ABTSTM and
MAXTM burn-in and test systems which are designed to be a cost-effective
solution for production and reliability screening of a wide range of ICs,
especially for those who manufacture ICs for the automotive and mobility
markets," said Erickson. "During the quarter we announced orders for
these products from a top tier manufacturer of advanced logic ICs for
embedded processing, digital signal processing, automotive and analog
devices. In early June, we also announced that iST, a leading subcontract
manufacturer of reliability and test services in Taiwan and China, has
added to its capacity of systems from Aehr Test our new ABTS-Pi test system
for testing devices with up to 70-80 Amps per device. We are able to
provide a highly competitive test solution for end customers and
subcontract manufacturers serving the growth opportunities in the
automotive and mobility market segments."
Erickson concluded, "Overall, particularly given the headwinds we faced
during much of fiscal 2013, we are pleased with the progress we made in
advancing our business strategy to address new market segments and
customers with our ABTS and FOX product lines. We believe we are well
positioned to build further on this plan in fiscal 2014 as market conditions
improve, particularly in our second half as our new FOX products are
released and we begin shipments. Although our backlog exceeds $9 million,
much of our backlog is focused on shipments later in our fiscal year.
Therefore, revenue in our first quarter of fiscal 2014 is expected to
be similar to that of the fourth quarter of fiscal 2013, although we do
expect an improved bottom line. We are continuing to concentrate our
efforts and R&D spending on addressing new customer and market
opportunities, while at the same time we remain focused on managing costs
in order to return to profitability to benefit our company and our
shareholders."
Management Conference Call
Management of Aehr Test will host a conference call and webcast today,
July 18, 2013 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the
Company's fourth 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
Aehr Test Systems Reports Fourth Quarter Fiscal 2013 Results
July 18, 2013
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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 press release contains certain forward-looking statements based on
current expectations, forecasts and assumptions that involve risks and
uncertainties. These statements are based on information available to
Aehr Test as of the date hereof and actual results could differ materially
from those stated or implied due to risks and uncertainties.
Forward-looking statements include statements regarding Aehr Test's
expectations, beliefs, intentions or strategies regarding the future
including statements regarding projected future customer orders; expected
release and shipping dates for Aehr Test's new FOX systems; future market
conditions; and projected revenue for the first quarter of 2014. The
risks and uncertainties that could cause our results to differ materially
from those expressed or implied by such forward-looking statements include,
without limitation, general world economic conditions and events, the
state of the semiconductor equipment market, our ability to maintain
sufficient cash to support operations, acceptance by customers of our
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 our 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 Fourth Quarter Fiscal 2013 Results
July 18, 2013
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
----------------------------- ------------------
May 31, Feb 28, May 31, May 31, May 31,
2013 2013 2012 2013 2012
-------- --------- -------- -------- --------
Net sales $ 3,262 $ 3,340 $ 4,676 $ 16,488 $ 15,521
Cost of sales 1,970 2,575 2,507 9,712 9,314
-------- -------- -------- -------- --------
Gross profit 1,292 765 2,169 6,776 6,207
-------- -------- -------- -------- --------
Operating expenses:
Selling, general and administrative 1,504 1,511 1,872 6,872 6,526
Research and development 634 685 1,134 3,211 4,188
-------- -------- -------- -------- --------
Total operating expenses 2,138 2,196 3,006 10,083 10,714
-------- -------- -------- -------- --------
Loss from operations (846) (1,431) (837) (3,307) (4,507)
Interest expense (6) (18) (4) (49) (4)
Gain on sale of long-term investment -- -- -- -- 990
Other income (expense), net 10 (9) 64 (33) 117
-------- -------- -------- -------- --------
Loss before income tax
expense (benefit) (842) (1,458) (777) (3,389) (3,404)
Income tax expense (benefit) 12 -- 2 30 (15)
-------- -------- -------- -------- --------
Net loss $ (854) $(1,458) $ (779) $ (3,419) $ (3,389)
Less: Net income attributable to the
noncontrolling interest -- -- -- -- 1
-------- -------- -------- -------- --------
Net loss attributable to Aehr Test
Systems common shareholders $ (854) $(1,458) $ (779) $ (3,419) $ (3,390)
======== ======== ======== ======== ========
Net loss per share
Basic $ (0.08) $ (0.16) $ (0.09) $ (0.36) $ (0.38)
Diluted $ (0.08) $ (0.16) $ (0.09) $ (0.36) $ (0.38)
Shares used in per share calculations:
Basic 10,367 9,363 9,095 9,549 9,016
Diluted 10,367 9,363 9,095 9,549 9,016
-more-
Aehr Test Systems Reports Fourth Quarter Fiscal 2013 Results
July 18, 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 Year Ended
-------------------------- -----------------
May 31, Feb 28, May 31, May 31, May 31,
2013 2013 2012 2013 2012
-------- -------- --------- -------- --------
GAAP net loss $ (854) $(1,458) $ (779) $(3,419) $(3,390)
Gain on sale of long-term investment1 -- -- -- -- (990)
Stock based compensation expense 174 201 190 601 709
-------- -------- -------- -------- --------
Non-GAAP net loss $ (680) $(1,257) $ (589) $(2,818) $(3,671)
======== ======== ======== ======== ========
GAAP net loss per diluted share $ (0.08) $ (0.16) $ (0.09) $ (0.36) $ (0.38)
======== ======== ======== ======== ========
Non-GAAP net loss per diluted share $ (0.07) $ (0.13) $ (0.06) $ (0.30) $ (0.41)
======== ======== ======== ======== ========
Shares used in diluted shares calculation 10,367 9,363 9,095 9,549 9,016
======== ======== ======== ======== ========
______________________________________________________________________
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 (loss)is a non-GAAP measure and should not be considered
a replacement for GAAP results. Non-GAAP net income (loss) 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 (loss). This
limitation is best addressed by using this measure in combination with net
income (loss) (the most comparable GAAP measure).
-more-
Aehr Test Systems Reports Fourth Quarter Fiscal 2013 Results
July 18, 2013
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
May 31, Feb 28, May 31,
2013 2013 2012
-------- -------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 2,324 $ 1,381 $ 2,073
Accounts receivable, net 2,632 1,570 2,588
Inventories 5,369 5,722 6,070
Prepaid expenses and other 197 205 197
-------- -------- --------
Total current assets 10,522 8,878 10,928
Property and equipment, net 301 378 510
Other assets 152 159 175
-------- -------- --------
Total assets $10,975 $ 9,415 $11,613
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Line of credit $ 1,101 $ 1,215 $ 1,408
Accounts payable 1,188 1,517 1,507
Accrued expenses 1,440 1,554 1,385
Deferred revenue, short-term 1,972 238 508
-------- -------- --------
Total current liabilities 5,701 4,524 4,808
Income tax payable 109 115 125
Deferred lease commitment, net of current portion 103 122 179
Deferred revenue, long-term 68 122 47
-------- -------- --------
Total liabilities 5,981 4,883 5,159
Aehr Test Systems Shareholders' equity 5,014 4,553 6,476
Noncontrolling interest (20) (21) (22)
-------- -------- --------
Total shareholders' equity 4,994 4,532 6,454
-------- -------- --------
Total liabilities and shareholders' equity $10,975 $ 9,415 $11,613
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