Exhibit 99.1
[LOGO]AEHR TEST SYSTEMS
FOR IMMEDIATE RELEASE
Aehr Test Systems Investor Relations Contact:
Ken Spink Todd Kehrli or Jim Byers
Chief Financial Officer MKR Group, Inc.
(510) 623-9400 x309 (323) 468-2300
aehr@mkr-group.com
Aehr Test Systems Reports First Quarter Fiscal 2016 Financial Results
New FOXTM Wafer Level Test & Burn-in Application Drives Significant Sales Growth
Fremont, CA (September 24, 2015) - Aehr Test Systems (Nasdaq: AEHR),
a worldwide supplier of semiconductor test and burn-in equipment, today
announced financial results for its first quarter of fiscal 2016 ended
August 31, 2015.
Fiscal First Quarter Financial Results:
- Net sales were $6.6 million, compared to $1.8 million in the fourth
quarter of fiscal 2015.
- Non-GAAP net income was $613,000, or $0.04 per diluted share, compared
to a non-GAAP loss of $1.6 million, or a loss of $0.13 per diluted
share, in the preceding quarter.
- GAAP net income was $294,000, or $0.02 per diluted share, compared
to a GAAP net loss of $1.9 million, or a loss of $0.15 per diluted
share, in the preceding quarter.
Recent Business Highlights:
- Initial shipment of FOX-15TM Multi-Wafer Test and Burn-in system test
cell to major new customer.
- Successfully tested initial devices on the new FOX-1P Wafer Level
Test and Burn-in System.
- Completed evaluation of new FOX-XP WaferPakTM Contactor design.
- Completed development and shipped the new fully automated FOX WaferPak
Aligner.
- Completed key milestone of full wafer flash memory testing on our
new FOX-XP Wafer Level Test and Burn-in System.
Gayn Erickson, President and CEO of Aehr Test Systems, commented:
"We are pleased to report improved revenue in the first quarter along
with strong non-GAAP and GAAP net income. The non-GAAP results exclude
the impact of stock-based compensation expense. During the quarter,
we fulfilled an important initial shipment of our FOX-15 test cell to
a major new customer, meeting their request for delivery ahead of
schedule. This system will be used in production burn-in of a very
high volume device used in a consumer application. This system is
reflective of the significant growth opportunity ahead for our unique
and cost effective multi-wafer test solutions within the rapidly growing
consumer, mobile, automotive and computing markets. We continue to
be optimistic about the potential opportunities for Aehr Test with this
new application and for follow on business with this
Aehr Test Systems Reports First Quarter Fiscal 2016 Financial Results
September 24, 2015
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customer.
"We also achieved critical milestones toward development and rollout
of our next generation FOX-P platform of wafer level test and burn-in
products. During the quarter we successfully tested initial devices
on the FOX-1P, our single wafer test and burn-in solution. We are
completing system integration and expect to begin shipping FOX-1P
configurations to the first customer for final acceptance and production
release in our second quarter. We also successfully completed testing
a full-wafer single touchdown 300mm NAND Flash wafer with our new FOX-XP
multi-wafer test and burn-in system, which used our new FOX-XP WaferPak
Contactor and our new FOX high performance WaferPak Aligner. All three
of these were necessary to achieve this important milestone as part
of our initial FOX-XP customer evaluation order.
"We completed development and shipped our new FOX WaferPak Aligner during
the quarter that provides fully automated WaferPak alignment and wafer
exchange with up to 300mm wafers. We also completed evaluation of our
new FOX-XP WaferPak Contactor design, which is a higher channel count
WaferPak Contactor design that supports the larger resource capability
of our new FOX-XP system, and improves on our already proven FOX WaferPak
Contactor used in our current multi-wafer test and burn-in systems.
We believe that wafer-level burn-in and test is a key enabler for cost
effectively producing reliable multi-die stacked NAND packages for
enterprise Solid State Drives (SSDs) and other high-reliability and
stacked-die applications. Our FOX-XP system is also being evaluated
for production test and burn-in for other applications and we are excited
about these additional high volume multi-wafer test and burn-in
opportunities. The customer feedback on the FOX-P platform systems has
been very positive, and our manufacturing and R&D efforts continue to
focus on moving both the FOX-1P and FOX-XP to production volumes as
quickly as possible.
"With our strong first quarter results and increased customer activity
we believe we are well positioned to deliver a much healthier top and
bottom line in fiscal 2016."
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 its first quarter fiscal 2016
operating results. To access the call dial 888-427-9411 (+1 719-325-2361
outside the United States) and give the participant pass code 8299312.
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 8299312, beginning approximately two
hours after conclusion of the call through 8:00 p.m. ET on October 1,
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 ABTSTM and FOX families of
test and burn-in systems and WaferPak contactors. The ABTS systems are
used in production and qualification testing of packaged parts for both
low-power and high-power logic as well as memory devices. The FOX family
of systems includes single and multi-wafer full wafer contact test and
burn-in systems used for burn-in and functional test of complex devices,
Aehr Test Systems Reports First Quarter Fiscal 2016 Financial Results
September 24, 2015
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such as leading-edge memories, digital signal processors,
microprocessors, microcontrollers and systems-on-a-chip. The WaferPak
contactor contains a unique full wafer probe card capable of testing
wafers up to 300mm that enables IC manufacturers to perform test and
burn-in of full wafers on Aehr Test FOX systems. 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 First Quarter Fiscal 2016 Financial Results
September 24, 2015
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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,
2015 2015 2014
-------- -------- --------
Net sales $ 6,633 $ 1,818 $ 3,558
Cost of sales 3,250 1,136 1,948
-------- -------- --------
Gross profit 3,383 682 1,610
-------- -------- --------
Operating expenses:
Selling, general and administrative 1,845 1,526 1,624
Research and development 1,062 967 959
-------- -------- --------
Total operating expenses 2,907 2,493 2,583
-------- -------- --------
Income (loss) from operations 476 (1,811) (973)
Interest expense (135) (101) (14)
Other (expense) income, net (24) 10 31
-------- -------- --------
Income (loss) before income tax
(expense) benefit 317 (1,902) (956)
Income tax (expense) benefit (23) 2 49
-------- -------- --------
Net income (loss) 294 (1,900) (907)
Less: Net income attributable to the
Noncontrolling interest -- -- --
Net income (loss) attributable to Aehr -------- -------- --------
Test Systems common shareholders $ 294 $(1,900) $ (907)
======== ======== ========
Net income (loss) per share
Basic $ 0.02 $ (0.15) $(0.08)
Diluted $ 0.02 $ (0.15) $(0.08)
Shares used in per share calculations:
Basic 12,963 12,751 11,391
Diluted 13,814 12,751 11,391
-more-
Aehr Test Systems Reports First Quarter Fiscal 2016 Financial Results
September 24, 2015
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Results
(in thousands, except per share data)
(unaudited)
Three Months Ended
--------------------------
Aug 31, May 31, Aug 31,
2015 2015 2014
-------- -------- ---------
GAAP net income (loss) $ 294 $(1,900) $ (907)
Stock-based compensation expense 319 303 197
-------- -------- --------
Non-GAAP net income (loss) $ 613 $(1,597) $ (710)
======== ======== ========
GAAP net income (loss) per diluted share $ 0.02 $ (0.15) $(0.08)
======== ======== ========
Non-GAAP net income (loss) per diluted share $ 0.04 $ (0.13) $(0.06)
======== ======== ========
Shares used in diluted shares calculation 13,814 12,751 11,391
======== ======== ========
Shares used in non-GAAP diluted shares calculation 13,814 12,751 11,391
======== ======== ========
______________________________________________________________________
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 2016 Financial Results
September 24, 2015
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
August 31, May 31,
2015 2015
-------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 3,653 $ 5,527
Accounts receivable, net 2,628 1,383
Inventories 7,258 7,123
Prepaid expenses and other 465 262
-------- --------
Total current assets 14,004 14,295
Property and equipment, net 465 478
Other assets 94 95
-------- --------
Total assets $14,563 $14,868
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,848 $ 724
Accrued expenses 1,557 1,045
Customer deposits and deferred revenue, short-term 1,819 4,750
-------- --------
Total current liabilities 5,224 6,519
Long-term debt 3,828 3,791
Income taxes payable -- 8
Deferred revenue, long-term 127 --
-------- --------
Total liabilities 9,179 10,318
Aehr Test Systems Shareholders' equity 5,402 4,568
Noncontrolling interest (18) (18)
-------- --------
Total shareholders' equity 5,384 4,550
-------- --------
Total liabilities and shareholders' equity $14,563 $14,868
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