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 2014
Fremont, CA (March 27, 2014) - 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 2014 ended February
28, 2014.
Net sales rose 13.4% to $5.6 million in the third quarter of fiscal 2014,
compared with $5.0 million in the second quarter of fiscal 2014. Aehr
Test reported non-GAAP net income of $447,000 or $0.04 per diluted share,
and GAAP net income of $212,000, or $0.02 per diluted share in the third
quarter of fiscal 2014. This compares to non-GAAP net income of $384,000,
or $0.03 per diluted share, and GAAP net income of $137,000, or $0.01
per diluted share in the second quarter of fiscal 2014.
Commenting on the results of the third quarter of fiscal 2014, Gayn Erickson,
President and CEO of Aehr Test Systems, said, "We are very pleased to
have achieved another quarter of increased revenues and improving
profitability.
"Contributing to the quarter's positive results was a good mix of product
shipments for both our ABTSTM packaged part and FOXTM wafer level test
products," added Erickson. "Following the initial shipment of our new
ABTS-P test system last quarter, this quarter we shipped additional systems
that are being used for production test and burn-in of automotive and
other high reliability application devices. We also shipped another FOX-1
full wafer test system, completing the multiple system order that we
announced last year. Additionally, we had a good quarter for our FOX
WaferPak Contactors. We have recently seen increasing utilization levels
of our customers' FOX-1 single wafer and FOX-15 multi-wafer test systems,
which has driven additional capacity purchases and has led to increasing
demand for WaferPak full wafer contactors."
Erickson continued, "It is good to see an increase in both orders and
revenues from our European customers during the quarter, as this region
has been soft for quite some time. This included shipment of multiple
ABTS systems to a new customer, as well as follow on orders for a FOX-15
system and WaferPak contactors from a current customer."
Aehr Test Systems Reports Third Quarter Fiscal 2014 Results
March 27, 2014
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Erickson concluded, "While we are pleased with what we have accomplished
thus far in fiscal 2014, we continue to work hard to further grow our
business. We are focusing on the markets and customers we serve while
at the same time we are making the R&D investments needed to take advantage
of new market opportunities. As we have stated in recent quarters, we
continue to expect to be profitable for fiscal year 2014. We believe
that Aehr Test is well positioned to capture additional revenue
opportunities with our new products which are in development and planned
to be introduced and released over the next several quarters."
Management Conference Call
Management of Aehr Test will host a conference call and webcast today,
March 27, 2014 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the
Company's third 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 expected profitability; projected future
customer orders; expected release and shipping dates for the ABTS and
FOX families of test and burn-in systems; increasing demand for WaferPak
contactors; and future market conditions. The risks and
Aehr Test Systems Reports Third Quarter Fiscal 2014 Results
March 27, 2014
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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 Third Quarter Fiscal 2014 Results
March 27, 2014
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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 28, Feb 28, Feb 28,
2014 2013 2013 2014 2013
-------- --------- -------- -------- --------
Net sales $ 5,612 $ 4,950 $ 3,340 $ 14,314 $ 13,226
Cost of sales 2,742 2,456 2,575 7,006 7,742
-------- -------- -------- -------- --------
Gross profit 2,870 2,494 765 7,308 5,484
-------- -------- -------- -------- --------
Operating expenses:
Selling, general and administrative 1,701 1,517 1,511 4,638 5,368
Research and development 907 798 685 2,386 2,577
-------- -------- -------- -------- --------
Total operating expenses 2,608 2,315 2,196 7,024 7,945
-------- -------- -------- -------- --------
Income (loss) from operations 262 179 (1,431) 284 (2,461)
Interest expense (7) (10) (18) (21) (43)
Other expense, net (21) (30) (9) (85) (43)
-------- -------- -------- -------- --------
Income (loss) before income tax
(expense) benefit 234 139 (1,458) 178 (2,547)
Income tax (expense) benefit (22) (2) -- 5 (18)
-------- -------- -------- -------- --------
Net income (loss) 212 137 (1,458) 183 (2,565)
Less: Net income attributable to the
noncontrolling interest -- -- -- -- --
-------- -------- -------- -------- --------
Net income (loss) attributable to
Aehr Test Systems common
shareholders $ 212 $ 137 $(1,458) $ 183 $ (2,565)
======== ======== ======== ======== ========
Net income (loss) per share
Basic $ 0.02 $ 0.01 $ (0.16) $ 0.02 $ (0.28)
Diluted $ 0.02 $ 0.01 $ (0.16) $ 0.02 $ (0.28)
Shares used in per share calculations:
Basic 10,982 10,806 9,363 10,807 9,276
Diluted 12,277 11,839 9,363 11,583 9,276
-more-
Aehr Test Systems Reports Third Quarter Fiscal 2014 Results
March 27, 2014
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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 28, Feb 28, Feb 28,
2014 2013 2013 2014 2013
-------- -------- -------- -------- --------
GAAP net income (loss) $ 212 $ 137 $(1,458) $ 183 $(2,565)
Stock based compensation expense 235 247 201 625 427
-------- -------- -------- -------- --------
Non-GAAP net income (loss) $ 447 $ 384 $(1,257) $ 808 $(2,138)
======== ======== ======== ======== ========
GAAP net income (loss) per diluted share $ 0.02 $ 0.01 $ (0.16) $ 0.02 $ (0.28)
======== ======== ======== ======== ========
Non-GAAP net income (loss) per diluted share $ 0.04 $ 0.03 $ (0.13) $ 0.07 $ (0.23)
======== ======== ======== ======== ========
Shares used in diluted shares calculation 12,277 11,839 9,363 11,583 9,276
======== ======== ======== ======== ========
Shares used in non-GAPP diluted shares
calculation 12,277 11,839 9,363 11,583 9,276
======== ======== ======== ======== ========
______________________________________________________________________
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 2014 Results
March 27, 2014
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
February 28, November 30, May 31,
2014 2013 2013
----------- --------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 1,846 $ 2,494 $ 2,324
Accounts receivable, net 3,378 2,735 2,632
Inventories 5,931 5,650 5,369
Prepaid expenses and other 399 420 276
-------- -------- --------
Total current assets 11,554 11,299 10,601
Property and equipment, net 311 249 301
Other assets 78 78 73
-------- -------- --------
Total assets $11,943 $11,626 $10,975
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Line of credit $ 406 $ 476 $ 1,101
Accounts payable 2,265 1,892 1,188
Accrued expenses 1,447 1,245 1,440
Customer deposits and deferred revenue, short-term 1,345 2,038 1,972
-------- -------- --------
Total current liabilities 5,463 5,651 5,701
Income tax payable 77 76 109
Deferred lease commitment, net of current portion 32 56 103
Deferred revenue, long-term 8 20 68
-------- -------- --------
Total liabilities 5,580 5,803 5,981
Aehr Test Systems Shareholders' equity 6,384 5,844 5,014
Noncontrolling interest (21) (21) (20)
-------- -------- --------
Total shareholders' equity 6,363 5,823 4,994
-------- -------- --------
Total liabilities and shareholders' equity $11,943 $11,626 $10,975
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