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Aehr Test Systems
Aehr Test Systems
10/10/2012 | Press release
Aehr Test Systems Reports Financial Results For First Quarter Fiscal 2013
distributed by noodls on 10/11/2012 03:36
FOR IMMEDIATE RELEASE
Contact:
Gary Larson
Chief Financial Officer
(510) 623-9400 x321
AEHR TEST SYSTEMS REPORTS FINANCIAL RESULTS FOR FIRST QUARTER FISCAL 2013
Fremont, CA (October 10, 2012) - Aehr Test Systems (Nasdaq: AEHR), a worldwide supplier of semiconductor test and burn-in equipment, today announced financial results for the first quarter of fiscal 2013 ended August 31, 2012.
Net sales were $4.8 million in the first quarter of fiscal
2013, up from $4.7 million in the fourth quarter of fiscal
2012. Aehr Test reported a net loss of $0.3 million, or $0.03
per diluted share, in the first quarter of fiscal 2013,
compared to a net loss of $0.8 million, or $0.09 per diluted
share, in the fourth quarter of fiscal 2012.
Commenting on the first quarter of fiscal 2013, Gayn
Erickson, President and CEO of Aehr Test Systems, said, "This
quarter we again were able to improve our top and bottom
lines as we execute against our plan to address new market
segments and customers with our ABTS TM and FOX
TM product lines. With a net loss of under
$300K, we came close to breaking even for the quarter, and we
also were about cash flow breakeven.
"We continue to focus on penetrating key production accounts
with our ABTS and FOX families of products while improving
our product and service margins," continued Erickson. "For
example, we announced today a significant order from a
leading semiconductor manufacturer for development of a next
generation FOX-1 system. This new FOX system is expected to
provide increased test flexibility and capability at a lower
cost of test than alternative solutions while also expanding
the market addressed by Aehr Test's FOX full wafer test
products.
Erickson concluded, "In the last couple of months, some major
capital equipment suppliers and semiconductor companies
reported seeing a slowdown in capital expenditures. In just
the last month, we also began to see a slowdown in capital
spending by some of our customers. Customer interest in our
FOX and ABTS products continues to be solid and increasing,
but we want to take a conservative approach and maintain
tight controls of our expenses to preserve cash heading into
an uncertain demand situation in the next couple of quarters.
We believe these
actions position our company to return to positive cash flow
and profitability. We had discussed our expectation that this
will happen by the end of this calendar year, and we are
still driving for that result.
Aehr Test Systems Reports First Quarter Fiscal 2013 Results
October 10, 2012
Page 2 of 5
Management Conference Call
Management of Aehr Test will host a conference call and
webcast today, October 10, 2012 at
5:00 p.m. Eastern (2:00 p.m.
Pacific) to discuss the Company's first quarter fiscal 2013
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® 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 release contains forward-looking statements that involve risks and uncertainties relating to projections regarding revenues, net sales and customer demand and acceptance of Aehr Test's products. Actual results may vary from projected results. These risks and uncertainties include without limitation, world economic conditions, the state of the semiconductor equipment market, the Company's ability to maintain sufficient cash to support operations, acceptance by customers of Aehr Test's 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 the Company's 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 First Quarter Fiscal 2013 Results
October 10, 2012
Page 3 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consol i dated Statements of Operati ons (in thousands, except per share data)
(unaudited)
Three Months Ended
Aug 31, May 31, Aug 31,
2012 2012 2011
Net sales
$ 4,832
$ 4,676
$ 4,130
Cost of sales 2,376 2,507 2,328
Gross profit 2,456 2,169 1,802
Operating expenses:
Selling, general and administrative 1,789 1,872 1,601
Research and development 930 1,134 1,082
Total operating expenses 2,719 3,006 2,683
Loss from operations (263) (837) (881) Interest expense (12) (4) -
Gain on sale of long-term investment - - 990
Other (expense) income, net (19) 64 (12)
(Loss) income before income tax
expense (benefit) (294) (777) 97
Income tax expense (benefit) 2 2 (27) Net (loss) income (296) (779) 124
Less: Net income attributable to the
noncontrolling interest - - -
Net (loss) income attributable to Aehr Test
Systems common shareholders
$ (296) $
(779) $
124
Net (loss) income per share
|
Basic |
$ (0.03) |
$ (0.09) |
$ 0.01 |
|
Diluted |
$ (0.03) |
$ (0.09) |
$ 0.01 |
Shares used in per share calculations:
|
Basic |
9,166 |
9,095 |
8,932 |
|
Diluted |
9,166 |
9,095 |
9,100 |
-more-
Aehr Test Systems Reports First Quarter Fiscal 2013 Results
October 10, 2012
Page 4 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Results (in thousands, except per share data)
(unaudited)
Three Months Ended
Aug 31, May 31, Aug 31,
2012 2012 2011
|
GAAP net (loss ) income |
$ (296) |
$ (779) |
$ 124 |
||
|
Gain on sale of long-term investment 1 |
- |
- |
(990) |
||
|
Stock based compensation expense |
169 |
190 |
166 |
||
|
Non-GAAP net loss |
$ (127) |
$ (589) |
$ (700) |
||
|
GAAP net (loss) income per diluted share |
$ (0.03) |
$ (0.09) |
$ 0.01 |
||
|
Non-GAAP net loss per diluted share |
$ (0.01) |
$ (0.06) |
$ (0.08) |
||
|
Shares used in diluted shares calculation |
9,166 |
9,095 |
9,100 |
||
|
Shares used in non-GAAP diluted shares calculation |
9,166 |
9,095 |
8,932 |
1 During the firs t quarter of fis cal 2012, the Company s old its long-term inves tment in ESA Electronics PTE Ltd., res ulting in a gain of
$990,000.
Non-GAAP net income is a non-GAAP meas ure and s hould not be cons idered a replacement for GAAP res ults . Non-GAAP net income is a financial meas ure the Company us es to evaluate the underlying res ults and operating performance of the bus ines s . The limitation of this meas ure is that it excludes items that impact the Company's current period net income. This limitation is bes t addres s ed by us ing
this meas ure in combination with net income (the mos t comparable GAAP meas ure).
-more-
Aehr Test Systems Reports First Quarter Fiscal 2013 Results
October 10, 2012
Page 5 of 5
AEHR TEST SYSTEM S AND SUBSIDIARIES Conde ns e d Cons olidated Balance Shee ts
(in thousands, except per share data)
(unaudited)
ASSETS
Current assets:
August 31, May 31,
2012 2012
Cash and cash equivalents
$ 1,901 $
2,073
Accounts receivable, net 2,558 2,588
Inventories 6,710 6,070
Prepaid expenses and other 326 197
Total current assets 11,495 10,928
Property and equipment, net 439 510
Other assets 174 175
Total assets
$ 12,108
$ 11,613
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
|
Line of credit |
$ 1,452 |
$ 1,408 |
|
|
Accounts payable |
2,001 |
1,507 |
|
|
Accrued expenses |
1,580 |
1,385 |
|
|
Deferred revenue |
393 |
555 |
|
|
Total current liabilities |
5,426 |
4,855 |
|
Income tax payable |
112 |
125 |
|
|
Deferred lease commitment, net of current portion |
161 |
179 |
|
|
Total liabilities |
5,699 |
5,159 |
|
Aehr Test Systems shareholders' equity |
6,431 |
6,476 |
|
|
Noncontrolling interest |
(22) |
(22) |
|
|
Total shareholders' equity |
6,409 |
6,454 |
|
|
Total liabilities and shareholders' equity |
$ 12,108 |
$ 11,613 |
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