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 SECOND QUARTER FISCAL 2014
Company Reports a Return to Profitability
Fremont, CA (January 9, 2014) - Aehr Test Systems (Nasdaq: AEHR), a
worldwide supplier of semiconductor test and burn-in equipment, today
announced financial results for the second quarter of fiscal 2014 ended
November 30, 2013.
Net sales rose 31.9 % to $5.0 million in the second quarter of fiscal
2014, compared with $3.8 million in the first quarter of fiscal 2014.
Aehr Test reported GAAP net income of $137,000, or $0.01 per diluted share,
and non-GAAP net income of $384,000, or $0.03 per diluted share, in the
second quarter of fiscal 2014. This compares to a GAAP net loss of $166,000,
or $0.02 per diluted share, and a non-GAAP net loss of $23,000, or $0.00
per diluted share, in the first quarter of fiscal 2014.
Commenting on the results of the second quarter of fiscal 2014, Gayn
Erickson, President and CEO of Aehr Test Systems, said, "We are pleased
to have once again reported a sequential growth in revenues and our bottom
line. Most importantly, we have returned the company to profitability
in the quarter.
"We continue to see the automotive market drive production burn-in
capacity," added Erickson. "We shipped the first of several systems on
order for our new ABTS-PTM production test and burn-in system, which has
approximately 70% more capacity than our previous generation systems used
in automotive integrated circuit production. In addition, we received
follow-on orders for our FOX-15TM wafer level test and burn-in system
and WaferPak contactors for production burn-in of automotive ICs in wafer
form. The automotive space continues to be strong for Aehr Test and we
see new opportunities in both packaged part and wafer level test moving
forward."
Erickson concluded, "We are happy to have achieved our return to
profitability, and we continue to expect to be profitable for fiscal year
2014. We remain optimistic about the prospects for both our ABTS packaged
part and FOX wafer level test systems, and we are excited about the planned
roll out of our new products over the next several quarters."
Aehr Test Systems Reports Second Quarter Fiscal 2014 Results
January 9, 2014
Page 2 of 6
Management Conference Call
Management of Aehr Test will host a conference call and webcast today,
January 9, 2014 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the
Company's second 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 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 the ABTS and FOX families of test and burn-in
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.
Aehr Test Systems Reports Second Quarter Fiscal 2014 Results
January 9, 2014
Page 3 of 6
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 Second Quarter Fiscal 2014 Results
January 9, 2014
Page 4 of 6
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
----------------------------- ------------------
Nov 30, Aug 31, Nov 30, Nov 30, Nov 30,
2013 2013 2012 2013 2012
-------- -------- -------- -------- --------
Net sales $ 4,950 $ 3,752 $ 5,054 $ 8,702 $ 9,886
Cost of sales 2,456 1,808 2,791 4,264 5,167
-------- -------- -------- -------- --------
Gross profit 2,494 1,944 2,263 4,438 4,719
-------- -------- -------- -------- --------
Operating expenses:
Selling, general and administrative 1,517 1,420 2,068 2,937 3,857
Research and development 798 681 962 1,479 1,892
-------- -------- -------- -------- --------
Total operating expenses 2,315 2,101 3,030 4,416 5,749
-------- -------- -------- -------- --------
Income (loss) from operations 179 (157) (767) 22 (1,030)
Interest expense (10) (4) (13) (14) (25)
Other expense, net (30) (34) (15) (64) (34)
-------- -------- -------- -------- --------
Income (loss) before income tax
(expense) benefit 139 (195) (795) (56) (1,089)
Income tax (expense) benefit (2) 29 (16) 27 (18)
-------- -------- -------- -------- --------
Net income (loss) 137 (166) (811) (29) (1,107)
Less: Net income attributable to the
noncontrolling interest -- -- -- -- --
-------- -------- -------- -------- --------
Net income (loss) attributable to
Aehr Test Systems common
shareholders $ 137 $ (166) $ (811) $ (29) $ (1,107)
======== ======== ======== ======== ========
Net income (loss) per share
Basic $ 0.01 $ (0.02) $ (0.09) $ (0.00) $ (0.12)
Diluted $ 0.01 $ (0.02) $ (0.09) $ (0.00) $ (0.12)
Shares used in per share calculations:
Basic 10,806 10,635 9,300 10,721 9,233
Diluted 11,839 10,635 9,300 10,721 9,233
-more-
Aehr Test Systems Reports Second Quarter Fiscal 2014 Results
January 9, 2014
Page 5 of 6
AEHR TEST SYSTEMS AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Results
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
-------------------------- -----------------
Nov 30, Aug 31, Nov 30, Nov 30, Nov 30,
2013 2013 2012 2013 2012
-------- -------- --------- -------- --------
GAAP net income (loss) $ 137 $ (166) $ (811) $ (29) $(1,107)
Stock based compensation expense 247 143 99 390 226
-------- -------- -------- -------- --------
Non-GAAP net income (loss) $ 384 $ (23) $ (712) $ 361 $ (881)
======== ======== ======== ======== ========
GAAP net income (loss) per diluted share $ 0.01 $ (0.02) $ (0.09) $ (0.00) $ (0.12)
======== ======== ======== ======== ========
Non-GAAP net income (loss) per diluted share $ 0.03 $ (0.00) $ (0.08) $ 0.03 $ (0.10)
======== ======== ======== ======== ========
Shares used in diluted shares calculation 11,839 10,635 9,300 10,721 9,233
======== ======== ======== ======== ========
Shares used in non-GAPP diluted shares
calculation 11,839 10,635 9,300 11,237 9,233
======== ======== ======== ======== ========
______________________________________________________________________
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 Second Quarter Fiscal 2014 Results
January 9, 2014
Page 6 of 6
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
November 30, August 31, May 31,
2013 2013 2013
----------- --------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 2,494 $ 2,435 $ 2,324
Accounts receivable, net 2,735 2,860 2,632
Inventories 5,650 5,369 5,369
Prepaid expenses and other 420 456 276
-------- -------- --------
Total current assets 11,299 11,120 10,601
Property and equipment, net 249 246 301
Other assets 78 78 73
-------- -------- --------
Total assets $11,626 $11,444 $10,975
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Line of credit $ 476 $ 947 $ 1,101
Accounts payable 1,892 1,403 1,188
Accrued expenses 1,245 1,437 1,440
Customer deposits and deferred revenue, short-term 2,038 2,413 1,972
-------- -------- --------
Total current liabilities 5,651 6,200 5,701
Income tax payable 76 76 109
Deferred lease commitment, net of current portion 56 80 103
Deferred revenue, long-term 20 36 68
-------- -------- --------
Total liabilities 5,803 6,392 5,981
Aehr Test Systems Shareholders' equity 5,844 5,073 5,014
Noncontrolling interest (21) (21) (20)
-------- -------- --------
Total shareholders' equity 5,823 5,052 4,994
-------- -------- --------
Total liabilities and shareholders' equity $11,626 $11,444 $10,975
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