Exhibit 99.1
[LOGO]AEHR TEST SYSTEMS
FOR IMMEDIATE RELEASE
Aehr Test Systems Investor Relations Contact:
Gary Larson Todd Kehrli or Jim Byers
Chief Financial Officer MKR Group, Inc.
(510) 623-9400 x321 (323) 468-2300
aehr@mkr-group.com
Aehr Test Systems Reports Third Quarter Fiscal 2015 Financial Results
Fremont, CA (March 26, 2015) - Aehr Test Systems (NASDAQ: AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today announced
financial results for its third quarter of fiscal 2015 ended February
28, 2015.
Net sales in the third quarter of fiscal 2015 were $2.0 million, compared
to $2.6 million in the second quarter of fiscal 2015. Aehr Test reported
a non-GAAP net loss of $1.5 million, or $0.12 per diluted share, and a
GAAP net loss of $1.7 million, or $0.14 per diluted share, in the third
quarter of fiscal 2015. This compares to a non-GAAP net loss of $1.8
million, or $0.16 per diluted share, and a GAAP net loss of $2.1 million,
or $0.18 per diluted share, in the second quarter of fiscal 2015.
Gayn Erickson, President and CEO of Aehr Test Systems, commented, "As
discussed in our last quarterly conference call, we experienced a soft
third quarter, which reflects a drop in our base ABTSTM packaged part
burn-in business and softness in our FOXTM wafer level business as
customers absorbed capacity that they put in place over the last year.
"During the quarter, we achieved our first milestone against the order
announced in late January for evaluation of our next generation FOX-XP
Multi-Wafer Test System that will enable the manufacturer to qualify Aehr
Test's FOX-XP multi-wafer system and FOX WaferPakTM contactor for
production test and burn-in of its devices. The FOX-XP system extends
the capabilities of our multi-wafer test and burn-in systems to address
complex devices such as flash memories and microcontrollers in addition
to sensors and communication devices. Like our FOX-15 system today, the
FOX-XP uses our unique and proprietary low cost WaferPak full wafer
contactors to contact an entire wafer of devices in a single touchdown,"
Erickson added.
"We continue to work collaboratively with the initial lead customer for
our recently introduced FOX-1P full wafer test system to complete the
system and release it to volume production. We are targeting shipment
of the first system in our fiscal fourth quarter, followed by initial
production shipments during the following quarter. We look forward to
the roll out of this new system, which we believe will provide more test
resources than any other automated test equipment system on the market
and will significantly expand our served available market for flash
memories, microcontrollers, and other devices requiring extensive test
and/or burn-in at the wafer level.
"In the last six months, we have seen increasing interest in our FOX
multi-wafer test and burn-in systems. We are seeing new potential
significant opportunities for both our current FOX-15 system and our
next-generation FOX-XP system as we expand our unique and highly
cost-effective wafer-level test and burn-in solutions into the rapidly
growing automotive, consumer, mobile and computing markets.
"As we head into fiscal 2016, we are encouraged by the activity with new
customers and new markets for our FOX single wafer and multi-wafer test
and burn-in products as well as our anticipated recovery of
Aehr Test Systems Reports Third Quarter Fiscal 2015 Financial Results
March 26, 2015
Page 2 of 5
Aehr Test's traditional ABTS packaged part and FOX wafer level burn-in
businesses," Erickson concluded.
Management Conference Call
Aehr Test Systems will host a conference call and webcast today at 5:00
p.m. Eastern (2:00 p.m. PT) to discuss the Company's third quarter fiscal
2015 operating results. To access the call dial 888-299-7209 (+1 719
-325-2315 outside the United States) and give the participant pass code
5073630. In addition, a live and archived webcast of the conference
call will be available over the Internet at www.aehr.com in the Investor
Relations section. A replay of the conference call will also be available
via telephone by dialing 888-203-1112 (+1 719-457-0820 outside the
United States) and entering pass code 5073630, beginning approximately
two hours after conclusion of the call through 8:00 p.m. ET on April
2, 2015.
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 Aehr Test'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 future market opportunities and
conditions, expected product shipment dates, customer orders or
commitments and future operating results. The risks and uncertainties
that could cause Aehr Test's results to differ materially from those
expressed or implied by such forward-looking statements include, without
limitation, general market conditions, customer demand and acceptance
of Aehr Test's products and Aehr Test's ability to execute on its business
strategy. See Aehr Test's recent 10-K, 10-Q and other reports from
time to time filed with the Securities and Exchange Commission for a
more detailed description of the risks facing Aehr Test's business.
Aehr Test 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 2015 Financial Results
March 26, 2015
Page 3 of 5
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,
2015 2014 2014 2015 2014
-------- --------- -------- -------- ---------
Net sales $ 2,027 $ 2,615 $ 5,612 $ 8,200 $ 14,314
Cost of sales 1,175 1,921 2,742 5,044 7,006
-------- -------- -------- -------- --------
Gross profit 852 694 2,870 3,156 7,308
-------- -------- -------- -------- --------
Operating expenses:
Selling, general and administrative 1,584 1,736 1,701 4,944 4,638
Research and development 1,031 1,105 907 3,095 2,386
-------- -------- -------- -------- --------
Total operating expenses 2,615 2,841 2,608 8,039 7,024
-------- -------- -------- -------- --------
(Loss) income from operations (1,763) (2,147) 262 (4,883) 284
Interest expense (7) (8) (7) (29) (21)
Other income (expense), net 110 60 (21) 201 (85)
-------- -------- -------- -------- --------
(Loss) income before income tax
(expense) benefit (1,660) (2,095) 234 (4,711) 178
Income tax (expense) benefit (66) (19) (22) (36) 5
-------- -------- -------- -------- --------
Net (loss) income (1,726) (2,114) 212 (4,747) 183
Less: Net income attributable to the
noncontrolling interest -- -- -- -- --
-------- -------- -------- -------- --------
Net (loss) income attributable to
Aehr Test Systems common
shareholders $(1,726) $ (2,114) $ 212 $(4,747) $ 183
======== ======== ======== ======== ========
Net (loss) income per share
Basic $ (0.14) $ (0.18) $ 0.02 $ (0.40) $ 0.02
Diluted $ (0.14) $ (0.18) $ 0.02 $ (0.40) $ 0.02
Shares used in per share calculations:
Basic 12,677 11,724 10,982 11,931 10,807
Diluted 12,677 11,724 12,277 11,931 11,583
-more-
Aehr Test Systems Reports Third Quarter Fiscal 2015 Financial Results
March 26, 2015
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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,
2015 2014 2014 2015 2014
-------- -------- -------- -------- --------
GAAP net (loss) income $(1,726) $(2,114) $ 212 $(4,747) $ 183
Stock-based compensation expense 220 277 235 694 625
------- ------- ------- ------- -------
Non-GAAP net (loss) income $(1,506) $(1,837) $ 447 $(4,053) $ 808
======= ======= ======= ======= =======
GAAP net (loss) income per diluted share $ (0.14) $ (0.18) $ 0.02 $ (0.40) $ 0.02
======= ======= ======= ======= =======
Non-GAAP net (loss) income per diluted share$ (0.12) $ (0.16) $ 0.04 $ (0.34) $ 0.07
======= ======= ======= ======= =======
Shares used in GAAP diluted shares
calculation 12,677 11,724 12,277 11,931 11,583
======= ======= ======= ======= =======
Shares used in non-GAAP diluted shares
calculation 12,677 11,724 12,277 11,931 11,583
======= ======= ======= ======= =======
______________________________________________________________________
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 2015 Financial Results
March 26, 2015
Page 5 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
February 28, November 30, May 31,
2015 2014 2014
----------- ---------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 2,274 $ 3,596 $ 1,809
Accounts receivable, net 597 1,352 3,390
Inventories 6,854 6,035 6,148
Prepaid expenses and other 428 359 326
-------- -------- --------
Total current assets 10,153 11,342 11,673
Property and equipment, net 502 538 474
Other assets 94 94 78
-------- -------- --------
Total assets $10,749 $11,974 $12,225
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Line of credit $ 115 $ 642 $ 777
Accounts payable 1,631 1,790 1,892
Accrued expenses 1,375 1,248 1,390
Customer deposits and deferred revenue 1,712 792 1,058
-------- -------- --------
Total current liabilities 4,833 4,472 5,117
Income taxes payable 8 8 71
Deferred rent, net of current portion -- -- 8
-------- -------- --------
Total liabilities 4,841 4,480 5,196
Aehr Test Systems Shareholders' equity 5,926 7,512 7,050
Noncontrolling interest (18) (18) (21)
-------- -------- --------
Total shareholders' equity 5,908 7,494 7,029
-------- -------- --------
Total liabilities and shareholders' equity $10,749 $11,974 $12,225
======== ======== ========
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