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 2014
Fremont, CA (September 26, 2013) - 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 2014 ended
August 31, 2013.
Total net sales were $3.8 million in the first quarter of fiscal 2014,
compared with $3.3 million in the fourth quarter of fiscal 2013. The
Company reported a net loss of $166,000, or $0.02 per diluted share,
in the first quarter of fiscal 2014, compared to a net loss of $854,000,
or $0.08 per diluted share for the fourth quarter of fiscal 2013.
Commenting on the results of the first quarter of fiscal 2014, Gayn
Erickson, President and CEO of Aehr Test Systems said, "We are pleased
to have exceeded our financial expectations for the quarter. Our revenue
was nearly $500,000 greater than in the prior quarter. More importantly,
we improved our bottom line by more than $650,000 to exceed cash break
even for the quarter. A key factor that contributed to these results
was the positive momentum we are achieving with our new Advanced Burn-in
and Test System (ABTSTM), particularly in the automotive market segment
where we see continued demand for more information and entertainment
in addition to mission critical applications in traditional, hybrid,
and electric automobiles."
Erickson continued, "The increasing demand that we are seeing for our
products is reflected in our strong book-to-bill ratio for the quarter
and our highest backlog in recent years. We continue to see strength
in the automotive test and burn-in space. During the last few months,
we announced orders for multiple ABTS systems as well as a follow-on
MAXTM test and burn-in system. These orders included production orders
from a leading manufacturer of advanced logic ICs for automotive,
embedded processing, digital signal processing and analog applications
for our new ABTS-P system. The ABTS-P system offers optional high voltage
power supplies required for power control devices for the rapidly growing
electric/hybrid automotive markets. We expect to begin shipments of
the new ABTS-P system during the next few months.
Aehr Test Systems Reports First Quarter Fiscal 2014 Results
September 26, 2013
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"Interest in our new FOX products remains strong and, as previously
announced, we have received multiple orders for the new FOX-1 Parallel
Test system we are developing. These orders include development
milestone events as well as delivery of multiple production test systems.
We continue to expect initial shipments of this product during the first
half of calendar 2014. At the same time we are working with potential
customers in the definition of a new product in our FOX product line
that extends the capabilities and capacity of our FOX multi-wafer test
system."
Erickson concluded, "With our strong backlog and continued momentum
that we are seeing in our ABTS and FOX markets, we are excited about
our prospects for the year. We now expect to be profitable for the
fiscal second quarter, as well as for fiscal 2014."
Management Conference Call
Management of Aehr Test will host a conference call and webcast today,
September 26, 2013 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss
the Company's first quarter fiscal 2014 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 press release contains certain forward-looking statements based on
current expectations, forecasts and assumptions that involve risks and
uncertainties. These statements are based on
Aehr Test Systems Reports First Quarter Fiscal 2014 Results
September 26, 2013
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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 profitability
in fiscal 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 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 2014 Results
September 26, 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
----------------------------
Aug 31, May 31, Aug 31,
2013 2013 2012
-------- -------- --------
Net sales $ 3,752 $ 3,262 $ 4,832
Cost of sales 1,808 1,970 2,376
-------- -------- --------
Gross profit 1,944 1,292 2,456
-------- -------- --------
Operating expenses:
Selling, general and administrative 1,420 1,504 1,789
Research and development 681 634 930
-------- -------- --------
Total operating expenses 2,101 2,138 2,719
-------- -------- --------
Loss from operations (157) (846) (263)
Interest expense (4) (6) (12)
Other (expense) income, net (34) 10 (19)
-------- -------- --------
Loss before income tax
(benefit) expense (195) (842) (294)
Income tax (benefit) expense (29) 12 2
-------- -------- --------
Net loss $ (166) $ (854) $ (296)
Less: Net income attributable to the
Noncontrolling interest -- -- --
Net loss attributable to Aehr Test -------- -------- --------
Systems common shareholders $ (166) $ (854) $ (296)
======== ======== ========
Net loss per share
Basic $ (0.02) $ (0.08) $ (0.03)
Diluted $ (0.02) $ (0.08) $ (0.03)
Shares used in per share calculations:
Basic 10,635 10,367 9,166
Diluted 10,635 10,367 9,166
-more-
Aehr Test Systems Reports First Quarter Fiscal 2014 Results
September 26, 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
--------------------------
Aug 31, May 31, Aug 31,
2013 2013 2012
-------- -------- ---------
GAAP net loss $ (166) $ (854) $ (296)
Stock based compensation expense 143 174 169
-------- -------- --------
Non-GAAP net loss $ (23) $ (680) $ (127)
======== ======== ========
GAAP net loss per diluted share $ (0.02) $ (0.08) $(0.03)
======== ======== ========
Non-GAAP net loss per diluted share $ (0.00) $ (0.07) $(0.01)
======== ======== ========
Shares used in diluted shares calculation 10,635 10,367 9,166
======== ======== ========
Shares used in non-GAAP diluted shares calculation 10,635 10,367 9,166
======== ======== ========
______________________________________________________________________
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 2014 Results
September 26, 2013
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
August 31, May 31,
2013 2013
-------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 2,435 $ 2,324
Accounts receivable, net 2,860 2,632
Inventories 5,369 5,369
Prepaid expenses and other 456 197
-------- --------
Total current assets 11,120 10,522
Property and equipment, net 246 301
Other assets 78 152
-------- --------
Total assets $11,444 $10,975
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Line of credit $ 947 $ 1,101
Accounts payable 1,403 1,188
Accrued expenses 1,437 1,440
Customer deposits and deferred revenue, short-term 2,413 1,972
-------- --------
Total current liabilities 6,200 5,701
Income tax payable 76 109
Deferred lease commitment, net of current portion 80 103
Deferred revenue, long-term 36 68
-------- --------
Total liabilities 6,392 5,981
Aehr Test Systems Shareholders' equity 5,073 5,014
Noncontrolling interest (21) (20)
-------- --------
Total shareholders' equity 5,052 4,994
-------- --------
Total liabilities and shareholders' equity $11,444 $10,975
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