Aehr Test Systems Reports 88% Revenue Growth in Second Quarter of Fiscal 2018 and Reiterates Full Year Guidance
January 04 2018 - 4:06PM
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 2018
ended November 30, 2017.
Fiscal Second Quarter Financial Results:
- Net sales were $7.9 million, up 88% from $4.2 million in the
second quarter of fiscal 2017.
- GAAP net income was $60,000, or $0.00 per diluted share,
compared to a GAAP net loss of $1.5 million, or $0.09 per diluted
share, in the second quarter of fiscal 2017.
- Non-GAAP net income was $424,000, or $0.02 per diluted share,
compared to a non-GAAP net loss of $1.2 million, or $0.08 per
diluted share, in the second quarter of fiscal 2017.
- Backlog as of November 30, 2017 was $12.2 million.
Fiscal First Six Months Financial Results:
- Net sales were $14.9 million, up 56% from $9.5 million in the
first six months of fiscal 2017.
- GAAP net income was $70,000, or $0.00 per diluted share,
compared to a GAAP net loss of $2.2 million, or $0.15 per diluted
share, in the first six months of fiscal 2017.
- Non-GAAP net income was $650,000, or $0.03 per diluted share,
compared to a non-GAAP net loss of $1.7 million, or $0.11 per
diluted share, in the first six months of fiscal 2017.
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.
Second Quarter and Recent Business
Highlights:
- Announced today an initial order of over $2 million from a new
customer for the FOX-XP™ test and burn-in system for singulated
bare die testing and burn-in of silicon photonics devices for data
communications applications. This order is from a leader in the
photonics market, representing Aehr Test’s fourth customer for its
FOX-XP system and an additional application for its FOX-XP
singulated die / module test configuration.
- Announced last month a follow-on order from one of its lead
FOX-XP Test and Burn-in System customers for an additional
multi-wafer test and burn-in system to provide additional test
capacity to meet the customer’s increasing silicon photonics device
production requirements.
- Announced during the quarter a follow-on order from the
subcontractor of one of its lead customers for a partially
populated FOX-XP system, multiple DiePak® Carriers for their next
generation devices, and multiple FOX DiePak Loader / Unloaders to
increase their current production capacity.
- Announced during the quarter an order for an Advanced Burn-in
and Test System (ABTS™) from a new customer in China, representing
Aehr Test’s 10th ABTS customer in China and continued expansion and
success in the growing China market.
- Finished the quarter with a strong pick up in shipments and
revenue for ABTS products including initial shipments to the
company’s ABTS Chamber OEM customer.
Gayn Erickson, President and CEO of Aehr Test
Systems, commented:
“We continue to see good momentum in the first year of
availability of our new FOX-P platform, and are generating
increased interest and new opportunities both within our initial
lead customers as well as with multiple potential new
customers.
“Today we are excited to announce a new customer for the FOX-XP
test and burn-in system. This initial production order is from an
industry leader in the photonics market space, and not only further
expands our FOX-XP customer base, but also represents an additional
application for our FOX-XP test cell with a singulated bare die
test configuration. This first application at this customer is for
integrated silicon photonics devices where the customer will now be
able to do both production burn-in and final test of their bare die
with our DiePak carriers, thereby reducing costs and improving
quality. This expanded applicability of our DiePak carriers could
significantly expand our market for highly parallel bare die test
and burn-in of devices where safety, security, or consumer
confidence is critical.
“So far this fiscal year, we have received additional orders
from our two lead customers for FOX-XP systems for additional
capacity and capability to address new devices. We continue to be
very happy with our relationship and partnership with both of these
customers and their subcontractors / suppliers. We are also
actively engaged with several additional opportunities related to
our FOX-XP and FOX-1P wafer level and singulated die / module test
and burn in systems, and we are seeing good traction with these
potential new customers. This added visibility adds to our
confidence that we can continue to add new customers and
applications to our FOX-P family of products going forward.
“We continue to maintain our confidence in our revenue growth
forecast for this fiscal year, and reiterate our previously
provided financial guidance for the fiscal year ending May 31, 2018
of full year total revenue growth of at least 50% over fiscal 2017
and to be profitable for the year. With nearly $15 million in
revenue on the books for the first half of the fiscal year, a
healthy backlog of $12.2 million at the end our fiscal first half,
and the additional orders announced since the start of our second
half, we believe we are well positioned to achieve this
expectation.”
Management Conference Call and WebcastAehr 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 2018
operating results. To access the call dial 877-723-9521 (+1
719-325-4901 outside the United States) and give the
participant pass code 5514558. 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 January 11, 2018. 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 |
|
Six Months Ended |
|
|
Nov 30, |
|
Aug 31, |
|
Nov 30, |
|
Nov 30, |
|
Nov 30, |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
$ |
7,923 |
|
|
$ |
6,970 |
|
|
$ |
4,216 |
|
|
$ |
14,893 |
|
|
$ |
9,534 |
|
Cost of
sales |
|
4,792 |
|
|
|
4,052 |
|
|
|
2,753 |
|
|
|
8,844 |
|
|
|
5,865 |
|
Gross
profit |
|
3,131 |
|
|
|
2,918 |
|
|
|
1,463 |
|
|
|
6,049 |
|
|
|
3,669 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
1,854 |
|
|
|
1,791 |
|
|
|
1,707 |
|
|
|
3,645 |
|
|
|
3,423 |
|
Research and development |
|
1,090 |
|
|
|
955 |
|
|
|
1,040 |
|
|
|
2,045 |
|
|
|
2,100 |
|
Total operating expenses |
|
2,944 |
|
|
|
2,746 |
|
|
|
2,747 |
|
|
|
5,690 |
|
|
|
5,523 |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
187 |
|
|
|
172 |
|
|
|
(1,284 |
) |
|
|
359 |
|
|
|
(1,854 |
) |
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
(105 |
) |
|
|
(107 |
) |
|
|
(181 |
) |
|
|
(212 |
) |
|
|
(359 |
) |
Other (expense) income, net |
|
(7 |
) |
|
|
(60 |
) |
|
|
43 |
|
|
|
(67 |
) |
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax (expense) benefit |
|
75 |
|
|
|
5 |
|
|
|
(1,422 |
) |
|
|
80 |
|
|
|
(2,173 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income tax
(expense) benefit |
|
(15 |
) |
|
|
5 |
|
|
|
(30 |
) |
|
|
(10 |
) |
|
|
(34 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
60 |
|
|
|
10 |
|
|
|
(1,452 |
) |
|
|
70 |
|
|
|
(2,207 |
) |
|
|
|
|
|
|
|
|
|
|
|
Less:
Net income attributable to the |
|
|
|
|
|
|
noncontrolling
interest |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Aehr Test |
|
|
|
|
|
|
Systems common shareholders |
$ |
60 |
|
|
$ |
10 |
|
|
$ |
(1,452 |
) |
|
$ |
70 |
|
|
$ |
(2,207 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per share |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
(0.09 |
) |
|
$ |
0.00 |
|
|
$ |
(0.15 |
) |
Diluted |
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
(0.09 |
) |
|
$ |
0.00 |
|
|
$ |
(0.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
Shares used
in per share calculations: |
|
|
|
|
|
|
|
|
|
Basic |
|
21,645 |
|
|
|
21,417 |
|
|
|
16,029 |
|
|
|
21,531 |
|
|
|
14,673 |
|
Diluted |
|
22,883 |
|
|
|
22,991 |
|
|
|
16,029 |
|
|
|
22,937 |
|
|
|
14,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss
) |
|
$ |
60 |
|
$ |
10 |
|
$ |
(1,452 |
) |
|
$ |
70 |
|
$ |
(2,207 |
) |
|
Stock-based
compensation expense |
|
|
364 |
|
|
216 |
|
|
215 |
|
|
|
580 |
|
|
534 |
|
|
Non-GAAP net income
(loss) |
|
$ |
424 |
|
$ |
226 |
|
$ |
(1,237 |
) |
|
$ |
650 |
|
$ |
(1,673 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss)
per diluted share |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
(0.09 |
) |
|
$ |
0.00 |
|
$ |
(0.15 |
) |
|
Non-GAAP net income
(loss) per diluted share |
|
$ |
0.02 |
|
$ |
0.01 |
|
$ |
(0.08 |
) |
|
$ |
0.03 |
|
$ |
(0.11 |
) |
|
Shares used in GAAP
diluted shares calculation |
|
|
22,883 |
|
|
22,991 |
|
|
16,029 |
|
|
|
22,937 |
|
|
14,673 |
|
|
Shares used in non-GAAP
diluted shares calculation |
|
|
22,883 |
|
|
22,991 |
|
|
16,029 |
|
|
|
22,937 |
|
|
14,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) is a non-GAAP measure and should
not be considered a replacement for GAAP results. Non-GAAP
net income (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 income. This
limitation is best addressed by using this measure in combination
with net income (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, except per share data) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
November 30, |
|
August 31, |
|
May 31, |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
9,959 |
|
|
$ |
13,993 |
|
|
$ |
17,803 |
|
|
Short-term
investments |
|
5,969 |
|
|
|
- |
|
|
|
- |
|
|
Accounts
receivable, net |
|
3,490 |
|
|
|
5,301 |
|
|
|
4,010 |
|
|
Inventories |
|
8,225 |
|
|
|
9,020 |
|
|
|
6,604 |
|
|
Prepaid expenses
and other |
|
2,098 |
|
|
|
2,050 |
|
|
|
961 |
|
|
Total current assets |
|
29,741 |
|
|
|
30,364 |
|
|
|
29,378 |
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
1,166 |
|
|
|
1,140 |
|
|
|
1,419 |
|
|
Other assets |
|
94 |
|
|
|
95 |
|
|
|
95 |
|
|
Total assets |
$ |
31,001 |
|
|
$ |
31,599 |
|
|
$ |
30,892 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable |
$ |
1,789 |
|
|
$ |
3,473 |
|
|
$ |
2,808 |
|
|
Accrued
expenses |
|
1,607 |
|
|
|
1,572 |
|
|
|
1,609 |
|
|
Customer
deposits and deferred revenue, short-term |
|
3,142 |
|
|
|
3,034 |
|
|
|
3,467 |
|
|
Total current liabilities |
|
6,538 |
|
|
|
8,079 |
|
|
|
7,884 |
|
|
|
|
|
|
|
|
|
Long-term debt |
|
6,110 |
|
|
|
6,110 |
|
|
|
6,110 |
|
|
Deferred revenue,
long-term |
|
251 |
|
|
|
97 |
|
|
|
104 |
|
|
Total liabilities |
|
12,899 |
|
|
|
14,286 |
|
|
|
14,098 |
|
|
|
|
|
|
|
|
|
Aehr Test Systems
shareholders' equity |
|
18,121 |
|
|
|
17,332 |
|
|
|
16,813 |
|
|
Noncontrolling
interest |
|
(19 |
) |
|
|
(19 |
) |
|
|
(19 |
) |
|
Total shareholders' equity |
|
18,102 |
|
|
|
17,313 |
|
|
|
16,794 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
31,001 |
|
|
$ |
31,599 |
|
|
$ |
30,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (NASDAQ:AEHR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Aehr Test Systems (NASDAQ:AEHR)
Historical Stock Chart
From Apr 2023 to Apr 2024