Aehr Test Systems Reports 30% Revenue Growth for Fiscal Year 2017 and Provides Financial Guidance for Fiscal 2018
July 19 2017 - 4:01PM
Aehr Test Systems (NASDAQ:AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today
announced financial results for its 2017 fourth quarter and fiscal
year ended May 31, 2017.
Fiscal Fourth Quarter Financial Results:
- Net sales were $6.7 million, compared to $1.6 million in the
fourth quarter of fiscal 2016.
- GAAP net loss was $795,000, or $0.04 per diluted share,
compared to a GAAP net loss of $3.1 million, or $0.23 per diluted
share, in the fourth quarter of fiscal 2016.
- Non-GAAP net loss was $587,000, or $0.03 per diluted share,
compared to a non-GAAP net loss of $2.8 million, or $0.21 per
diluted share, in the fourth quarter of fiscal 2016.
Fiscal Year Financial Results:
- Net sales were $18.9 million, up 30% from $14.5 million in
fiscal 2016.
- GAAP net loss was $5.7 million, or $0.35 per diluted share,
compared to a GAAP net loss of $6.8 million, or $0.52 per diluted
share, in fiscal 2016.
- Non-GAAP net loss was $4.7 million, or $0.29 per diluted share,
compared to a non-GAAP net loss of $5.8 million, or $0.44 per
diluted share, in fiscal 2016.
- Backlog as of May 31, 2017 was $12.7 million, compared to
backlog of $5.3 million as of May 31, 2016.
- Total cash and cash equivalents at fiscal year-end was $17.8
million.
An explanation of the use of non-GAAP financial information and
a reconciliation of the non-GAAP financial measures to the most
directly comparable GAAP financial measures can be found in the
accompanying tables.
Fourth Quarter Highlights:
- Shipped and successfully installed FOX™-XP systems to our two
lead customers and have since received final system acceptance at
the customers’ sites.
- Received a $3.7 million follow-on production order for a FOX-XP
test and burn-in system configured with Aehr Test’s new highly
parallel singulated die/module test interface technology and a set
of proprietary DiePak® carriers. The order was from a subcontractor
to Aehr Test’s lead customer for the FOX-XP Test and Burn-in
System.
- Announced a follow-on order exceeding $1.9 million for multiple
Advanced Burn-in and Test (ABTS™) systems from a leading
multi-national semiconductor supplier of automotive devices.
- Received an initial production order of $850,000 from an OEM
customer for multiple proprietary ABTS thermal chambers following
completion and acceptance of an initial ABTS chamber order
delivered to this customer earlier in the fiscal year.
- Completed successful public offering of approximately 4.4
million shares of common stock at a price to the public of $3.90
per share, including the underwriter’s exercise of its option to
purchase approximately 577,000 additional shares to cover
over-allotments.
Gayn Erickson, President and CEO of Aehr Test
Systems, commented:
“We exceeded our revenue guidance of $6 million for the fourth
quarter, with total quarterly revenue of $6.7 million, and finished
our fiscal 2017 with total revenue of $18.9 million, up 30% from
the prior year. We are encouraged by the demand for our new
FOX wafer-level and singulated die/module test and burn-in systems
as well as our ABTS packaged part test and burn-in systems. We
announced several sizable orders during the quarter which brought
our total orders for the fiscal year to $26.4 million.
“During the quarter, we shipped our new FOX-XP Multi-Wafer and
Singulated Die/Module Test and Burn-in Systems to our two lead
customers. Each of these systems was shipped and installed during
the quarter and has since been accepted at the customers’ sites. We
believe our solutions are the most robust and accurate wafer level
and module level test and burn-in systems on the market, delivering
substantially more test functionality and parallelism than any
other competitive product available.
“With our reported backlog of $12.7 million as of May 31, 2017,
along with the recently reported bookings of over $3.8 million for
our ABTS systems, we effectively head into fiscal 2018 with over
$16.5 million in booked orders. With the market opportunities we
see for our FOX-XP products, and a strong backlog of orders, we are
very optimistic about our growth potential for fiscal 2018.”
Fiscal 2018 Financial Guidance:
For the fiscal year ending May 31, 2018, we expect full year
total revenue growth to exceed 50% over fiscal 2017 and to be
profitable for the year.
Management Conference Call and
Webcast
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 fiscal 2017
fourth quarter and full year operating results. To access the call
dial 888-401-4668 (+1
719-325-2281 outside the United States) and give
the participant pass code 3874563. 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 beginning approximately two hours after conclusion of the
call through 8:00 p.m. ET on July 20, 2017. To access the replay
dial-in information, please click here.
About Aehr Test SystemsHeadquartered 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, WaferPak
contactors, and DiePak carriers. 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, 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. The DiePak carrier is a reusable, temporary
package that enables IC manufacturers to perform cost-effective
final test and burn-in of both bare die and modules. For more
information, please visit Aehr Test’s website at www.aehr.com.
Safe Harbor StatementThis 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 AND
SUBSIDIARIES |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
May 31, |
|
Feb 28, |
|
May 31, |
|
May 31, |
|
May 31, |
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
$ |
6,683 |
|
|
$ |
2,681 |
|
|
$ |
1,571 |
|
|
$ |
18,898 |
|
|
$ |
14,501 |
|
Cost of
sales |
|
4,075 |
|
|
|
2,178 |
|
|
|
1,669 |
|
|
|
12,118 |
|
|
|
9,356 |
|
Gross
profit (loss) |
|
2,608 |
|
|
|
503 |
|
|
|
(98 |
) |
|
|
6,780 |
|
|
|
5,145 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
1,905 |
|
|
|
1,724 |
|
|
|
1,722 |
|
|
|
7,052 |
|
|
|
6,975 |
|
Research and development |
|
1,309 |
|
|
|
1,248 |
|
|
|
1,046 |
|
|
|
4,657 |
|
|
|
4,324 |
|
Total operating expenses |
|
3,214 |
|
|
|
2,972 |
|
|
|
2,768 |
|
|
|
11,709 |
|
|
|
11,299 |
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(606 |
) |
|
|
(2,469 |
) |
|
|
(2,866 |
) |
|
|
(4,929 |
) |
|
|
(6,154 |
) |
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
(141 |
) |
|
|
(178 |
) |
|
|
(168 |
) |
|
|
(678 |
) |
|
|
(605 |
) |
Other expense, net |
|
(59 |
) |
|
|
(2 |
) |
|
|
(23 |
) |
|
|
(21 |
) |
|
|
(16 |
) |
|
|
|
|
|
|
|
|
|
|
Loss before income tax |
|
|
|
|
|
|
|
|
|
benefit (expense) |
|
(806 |
) |
|
|
(2,649 |
) |
|
|
(3,057 |
) |
|
|
(5,628 |
) |
|
|
(6,775 |
) |
|
|
|
|
|
|
|
|
|
|
Income tax
benefit (expense) |
|
11 |
|
|
|
(2 |
) |
|
|
1 |
|
|
|
(25 |
) |
|
|
(10 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(795 |
) |
|
|
(2,651 |
) |
|
|
(3,056 |
) |
|
|
(5,653 |
) |
|
|
(6,785 |
) |
|
|
|
|
|
|
|
|
|
|
Less: |
Net income attributable
to the |
|
|
|
|
|
|
noncontrolling interest |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Aehr Test |
|
|
|
|
|
|
Systems
common shareholders |
$ |
(795 |
) |
|
$ |
(2,651 |
) |
|
$ |
(3,056 |
) |
|
$ |
(5,653 |
) |
|
$ |
(6,785 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss
per share |
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.04 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.52 |
) |
Diluted |
$ |
(0.04 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.52 |
) |
|
|
|
|
|
|
|
|
|
|
Shares used
in per share calculations: |
|
|
|
|
|
|
|
|
|
Basic |
|
19,050 |
|
|
|
16,672 |
|
|
|
13,190 |
|
|
|
16,267 |
|
|
|
13,091 |
|
Diluted |
|
19,050 |
|
|
|
16,672 |
|
|
|
13,190 |
|
|
|
16,267 |
|
|
|
13,091 |
|
|
|
|
|
|
|
|
|
|
|
AEHR TEST SYSTEMS AND
SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP
Results |
(in thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
May 31, |
|
Feb 28, |
|
May 31, |
|
May 31, |
|
May 31, |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss |
|
$ |
(795 |
) |
|
$ |
(2,651 |
) |
|
$ |
(3,056 |
) |
|
$ |
(5,653 |
) |
|
$ |
(6,785 |
) |
Stock-based
compensation expense |
|
|
208 |
|
|
|
257 |
|
|
|
230 |
|
|
|
999 |
|
|
|
1,016 |
|
Non-GAAP net loss |
|
$ |
(587 |
) |
|
$ |
(2,394 |
) |
|
$ |
(2,826 |
) |
|
$ |
(4,654 |
) |
|
$ |
(5,769 |
) |
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per
diluted share |
|
$ |
(0.04 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.52 |
) |
Non-GAAP net loss per
diluted share |
|
$ |
(0.03 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.44 |
) |
Shares used in diluted
shares calculation |
|
|
19,050 |
|
|
|
16,672 |
|
|
|
13,190 |
|
|
|
16,267 |
|
|
|
13,091 |
|
Shares used in non-GAAP
diluted shares calculation |
|
|
19,050 |
|
|
|
16,672 |
|
|
|
13,190 |
|
|
|
16,267 |
|
|
|
13,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss is a non-GAAP measure and should not be
considered a replacement for GAAP results. Non-GAAP net loss
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 loss. This limitation is
best addressed by using this measure in combination with net loss
(the most directly comparable GAAP financial measure). These
measures are not in accordance with GAAP and may differ from
non-GAAP methods of accounting and reporting used by other
companies. We believe these measures enhance investors’
ability to review the company’s business from the same perspective
as the company’s management and facilitate comparisons of this
period’s results with prior periods. |
|
AEHR TEST SYSTEMS AND
SUBSIDIARIES |
Condensed Consolidated Balance
Sheets |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
May 31, |
|
February 28, |
|
May 31, |
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and
cash equivalents |
$ |
17,803 |
|
|
$ |
2,039 |
|
|
$ |
939 |
|
Accounts
receivable, net |
|
4,010 |
|
|
|
1,596 |
|
|
|
522 |
|
Inventories |
|
6,604 |
|
|
|
7,207 |
|
|
|
7,033 |
|
Prepaid
expenses and other |
|
961 |
|
|
|
354 |
|
|
|
254 |
|
Total
current assets |
|
29,378 |
|
|
|
11,196 |
|
|
|
8,748 |
|
|
|
|
|
|
|
Property and equipment,
net |
|
1,419 |
|
|
|
861 |
|
|
|
1,204 |
|
Other assets |
|
95 |
|
|
|
96 |
|
|
|
94 |
|
Total
assets |
$ |
30,892 |
|
|
$ |
12,153 |
|
|
$ |
10,046 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
(DEFICIT) |
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
$ |
2,808 |
|
|
$ |
1,821 |
|
|
$ |
1,413 |
|
Accrued
expenses |
|
1,609 |
|
|
|
1,897 |
|
|
|
1,553 |
|
Customer
deposits and deferred revenue, short-term |
|
3,467 |
|
|
|
1,012 |
|
|
|
1,714 |
|
Total
current liabilities |
|
7,884 |
|
|
|
4,730 |
|
|
|
4,680 |
|
|
|
|
|
|
|
Long-term debt |
|
6,110 |
|
|
|
6,095 |
|
|
|
5,962 |
|
Deferred revenue,
long-term |
|
104 |
|
|
|
32 |
|
|
|
127 |
|
Total
liabilities |
|
14,098 |
|
|
|
10,857 |
|
|
|
10,769 |
|
|
|
|
|
|
|
Aehr Test Systems
shareholders' equity (deficit) |
|
16,813 |
|
|
|
1,315 |
|
|
|
(703 |
) |
Noncontrolling
interest |
|
(19 |
) |
|
|
(19 |
) |
|
|
(20 |
) |
Total
shareholders' equity (deficit) |
|
16,794 |
|
|
|
1,296 |
|
|
|
(723 |
) |
|
|
|
|
|
|
Total
liabilities and shareholders' equity (deficit) |
$ |
30,892 |
|
|
$ |
12,153 |
|
|
$ |
10,046 |
|
|
|
|
|
|
|
Aehr Test Systems
Ken Spink
Chief Financial Officer
(510) 623-9400 x309
Investor Relations Contact:
Todd Kehrli or Jim Byers
MKR Group, Inc.
(323) 468-2300
aehr@mkr-group.com
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