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 Second Quarter Fiscal 2016 Financial Results
Net Sales for the First Six Months of $11.3 Million up 82% Year Over Year
Fremont, CA (January 12, 2016) - Aehr Test Systems (NASDAQ: AEHR), a
worldwide supplier of semiconductor test and burn-in equipment, today
announced financial results for its second quarter of fiscal 2016 ended
November 30, 2015.
Fiscal Second Quarter Financial Results:
- Net sales were $4.6 million, up 77% from $2.6 million in the second
quarter of fiscal 2015.
- Non-GAAP net loss was $794,000, or $0.06 per diluted share, compared
to non-GAAP net loss of $1.8 million, or $0.16 per diluted share,
in the same quarter a year ago.
- GAAP net loss was $1.0 million, or $0.08 per diluted share, compared
to GAAP net loss of $2.1 million, or $0.18 per diluted share, in the
same quarter a year ago.
Fiscal First Six Months Financial Results:
- Net sales were $11.3 million, up 82% from $6.2 million in the first
six months of fiscal 2015.
- Non-GAAP net loss was $181,000, or $0.01 per diluted share, compared
to a non-GAAP net loss of $2.5 million, or $0.22 per diluted share,
in the same period a year ago.
- GAAP net loss was $754,000, or $0.06 per diluted share, compared
to a GAAP net loss of $3.0 million, or $0.26 per diluted share, in the
same period a year ago.
Recent Business Highlights:
- Received first order for new FOX-XPTM Wafer Level Test and Burn-in
System.
- Expect final customer milestone and shipment of FOX-1P next generation
Single Wafer Test System this quarter.
Gayn Erickson, President and CEO of Aehr Test Systems, commented:
"We made significant progress during the quarter on the rollout of our
next generation FOX-P platform of wafer level test and burn-in products.
We expect to complete the final customer payment milestone with our lead
customer for our new FOX-1P single wafer test and burn-in system and ship
this initial system to their facility this quarter for final acceptance
and production release. Both the initial FOX-1P system and multiple
additional FOX-1P systems already in backlog are undergoing final
manufacturing and
Aehr Test Systems Reports Second Quarter Fiscal 2016 Financial Results
January 12, 2016
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systems level tests and diagnostics at the factory.
"During the quarter, we announced receiving the first order for our new
FOX-XP Wafer Level Test and Burn-in System. The order includes multiple
FOX-XP WaferPakTM Contactors and application development services. The
system will be used for reliability and qualification test of devices
intended for a very high volume application. We completed and received
customer approval for multiple FOX-XP WaferPak Contactor designs that
are now being manufactured and we expect to be processing wafers with
these WaferPak Contactors on the FOX-XP system for the customer within
the next two months. We are very excited about this application and believe
this evaluation will lead to production FOX-XP system orders for shipments
by the end of calendar year 2016 and volume shipments in calendar 2017.
"In addition, we expect an initial order within the next couple of months
from our second lead customer for our FOX-XP Multi-Wafer Test and Burn-in
System for a production burn-in application. This initial order is expected
to be for two systems, along with our new FOX WaferPak Aligner and a
complement of FOX-XP WaferPak contactors. We believe the FOX-XP system
is an ideal fit for this application. The customer is forecasting device
capacity growth that will drive the need for additional production burn-in
capacity for multiple years into the future.
"Although our short-fall of burn-in system orders coupled with the delay
in FOX-1P system shipments are negatively impacting our short-term
financials, we are pleased with the investments and the progress on the
development of our new FOX-P test system family. FOX-P family members
include our FOX-1P single-wafer and new FOX-XP multi-wafer test and burn-in
systems as well as our new FOX WaferPak Aligner and FOX WaferPak Handler
designed to be used with our new FOX-XP system. We believe that shipments
of the FOX-1P systems over the next several months, as well as the
engagements with the first two lead customers for the FOX-XP system, will
strongly position Aehr Test in the second half of this calendar year and
into calendar 2017."
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 second quarter fiscal 2016
operating results. To access the call dial 888-437-9445 (+1 719-325-2495
outside the United States) and give the participant pass code 6806024.
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 6806024, beginning approximately two hours
after conclusion of the call through 8:00 p.m. ET on January 19, 2016.
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-
Aehr Test Systems Reports Second Quarter Fiscal 2016 Financial Results
January 12, 2016
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wafer full wafer contact test and burn-in systems 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 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 Second Quarter Fiscal 2016 Financial Results
January 12, 2016
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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,
2015 2015 2014 2015 2014
-------- --------- -------- -------- ---------
Net sales $ 4,620 $ 6,633 $ 2,615 $ 11,253 $ 6,173
Cost of sales 2,929 3,250 1,921 6,179 3,869
-------- -------- -------- -------- --------
Gross profit 1,691 3,383 694 5,074 2,304
-------- -------- -------- -------- --------
Operating expenses:
Selling, general and administrative 1,713 1,845 1,736 3,558 3,360
Research and development 923 1,062 1,105 1,985 2,064
-------- -------- -------- -------- --------
Total operating expenses 2,636 2,907 2,841 5,543 5,424
-------- -------- -------- -------- --------
(Loss) income from operations (945) 476 (2,147) (469) (3,120)
Interest expense (137) (135) (8) (272) (22)
Other income (expense), net 55 (24) 60 31 91
-------- -------- -------- -------- --------
(Loss) income before income tax
(expense) benefit (1,027) 317 (2,095) (710) (3,051)
Income tax (expense) benefit (21) (23) (19) (44) 30
-------- -------- -------- -------- --------
Net (loss) income (1,048) 294 (2,114) (754) (3,021)
Less: Net income attributable to the
noncontrolling interest -- -- -- -- --
-------- -------- -------- -------- --------
Net (loss) income attributable to
Aehr Test Systems common
shareholders $(1,048) $ 294 $(2,114) $ (754) $ (3,021)
======== ======== ======= ======== ========
Net (loss) income per share
Basic $ (0.08) $ 0.02 $(0.18) $ (0.06) $ (0.26)
Diluted $ (0.08) $ 0.02 $(0.18) $ (0.06) $ (0.26)
Shares used in per share calculations:
Basic 13,048 12,963 11,724 13,005 11,557
Diluted 13,048 13,814 11,724 13,005 11,557
-more-
Aehr Test Systems Reports Second Quarter Fiscal 2016 Financial Results
January 12, 2016
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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 Six Months Ended
-------------------------- -----------------
Nov 30, Aug 31, Nov 30, Nov 30, Nov 30,
2015 2015 2014 2015 2014
-------- -------- --------- -------- --------
GAAP net (loss) income $(1,048) $ 294 $(2,114) $ (754) $(3,021)
Stock-based compensation expense 254 319 277 573 474
-------- -------- -------- -------- --------
Non-GAAP net (loss) income $ (794) $ 613 $(1,837) $ (181) $(2,547)
======== ======== ======== ======== ========
GAAP net (loss) income per diluted share $ (0.08) $ 0.02 $ (0.18) $ (0.06) $ (0.26)
======== ======== ======== ======== ========
Non-GAAP net (loss) income per diluted share$ (0.06) $ 0.04 $ (0.16) $ (0.01) $ (0.22)
======== ======== ======== ======== ========
Shares used in diluted shares calculation 13,048 13,814 11,724 13,005 11,557
======== ======== ======== ======== ========
Shares used in non-GAAP diluted shares
calculation 13,048 13,814 11,724 13,005 11,557
======== ======== ======== ======== ========
______________________________________________________________________
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 2016 Financial Results
January 12, 2016
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AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
November 30, August 31, May 31,
2015 2015 2015
----------- --------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 1,955 $ 3,653 $ 5,527
Accounts receivable, net 2,503 2,628 1,383
Inventories 7,419 7,258 7,123
Prepaid expenses and other 402 465 262
-------- -------- --------
Total current assets 12,279 14,004 14,295
Property and equipment, net 576 465 478
Other assets 93 94 95
-------- -------- --------
Total assets $12,948 $14,563 $14,868
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,390 $ 1,848 $ 724
Accrued expenses 1,496 1,557 1,045
Customer deposits and deferred revenue, short-term 1,295 1,819 4,750
-------- -------- --------
Total current liabilities 4,181 5,224 6,519
Long-term debt 3,873 3,828 3,791
Income taxes payable -- -- 8
Deferred revenue, long-term 127 127 --
-------- -------- --------
Total liabilities 8,181 9,179 10,318
Aehr Test Systems Shareholders' equity 4,785 5,402 4,568
Noncontrolling interest (18) (18) (18)
-------- -------- --------
Total shareholders' equity 4,767 5,384 4,550
-------- -------- --------
Total liabilities and shareholders' equity $12,948 $14,563 $14,868
======== ======== ========
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