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Net sales were $1.2 million in the fourth quarter of fiscal 2009, compared with $10.9 million in the fourth quarter of fiscal 2008. Aehr Test reported a net loss of $4.0 million, or $0.48 per share, in the fourth quarter of fiscal 2009, compared with net income of $6.5 million, or $0.74 per diluted share, in the fourth quarter of fiscal 2008. The net loss in the fourth quarter of fiscal 2009 included non-cash charges of $1.3 million related to restructuring and asset impairments and $338,000 related to stock compensation expense. Collectively, the non-cash charges accounted for $0.19 per share in the fourth quarter of fiscal 2009.
"Sales opportunities for our family of Advanced Burn-in and Test Systems (ABTS(TM)) are gaining momentum, as we recently booked three orders, including two from new customers and one follow-on system order from Integrated Service Technology in Taiwan," said Rhea Posedel, chairman and chief executive officer of Aehr Test Systems. "We are selling aggressively to expand our customer base for the ABTS systems in the coming quarters, which should help drive top-line growth. Our strategy during this downturn is to conserve our cash and book additional production accounts with our new ABTS and FOX products to grow market share. We are optimistic we can achieve this goal, as we have the strongest product portfolio in our company's history, with our FOX wafer level test and burn-in systems, full wafer contactors and our new ABTS products for packaged part burn-in and test."
Net sales were $21.4 million in fiscal 2009, compared with $39.0 million in fiscal 2008. Net loss for the year ended May 31, 2009 was $30.0 million, or $3.55 per share, compared with net income of $10.6 million, or $1.24 per diluted share, in the prior fiscal year.
At May 31, 2009, cash and cash equivalents were $4.4 million. Aehr Test closed the fourth quarter of fiscal 2009 with no outstanding debt and shareholders' equity of $10.0 million, or $1.17 per share outstanding at May 31, 2009. As of May 31, 2009, the Company's backlog was $2.0 million, compared with $18.6 million at May 31, 2008.
Management Conference Call
Management of Aehr Test will host a conference call and webcast today, July 28, 2009 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's fourth quarter fiscal 2009 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 leading worldwide provider of systems for burning-in and testing DRAMs, flash, and other memory and logic integrated circuits and has an installed base of more than 2,500 systems worldwide. Aehr Test has developed and introduced several innovative products, including the ABTS, FOX(TM), MTX and MAX systems and the DiePak((R)) carrier. The ABTS is Aehr Test's newest system for packaged part test during burn-in 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. The MTX system is a massively parallel test system designed to reduce the cost of memory testing by performing both test and burn-in on thousands of devices simultaneously. The MAX system can effectively burn-in and functionally test complex devices, such as 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 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 timing of the recovery 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 and the ability of new products to meet customer needs or perform as described, and the Company's development and manufacture of a commercially successful wafer-level test and burn-in system. See Aehr Test's recent 10-K and 10-Q reports 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 AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
May 31, May 31,
------- -------
2009 2008 2009 2008
---- ---- ---- ----
Net sales $1,240 $10,914 $21,407 $39,041
Cost of sales 2,752 5,540 20,223 19,072
----- ----- ------ ------
Gross (loss) profit (1,512) 5,374 1,184 19,969
------ ----- ----- ------
Operating expenses:
Selling, general and
administrative 1,380 1,993 20,623 7,657
Research and
development 1,111 1,582 5,762 6,501
Impairment of
goodwill 274
---
Total operating
expenses 2,491 3,575 26,659 14,158
----- ----- ------ ------
(Loss) income from
operations (4,003) 1,799 (25,475) 5,811
Interest income 6 18 142 231
Other (expense)
income, net (107) (1) 277 (71)
---- -- --- ---
(Loss) income before
income tax
expense (benefit) (4,104) 1,816 (25,056) 5,971
Income tax expense
(benefit) (76) (4,686) 4,915 (4,602)
--- ------ ----- ------
Net (loss) income $(4,028) $6,502 $(29,971) $10,573
======= ====== ======== =======
Net (loss) income per
share
Basic $(0.48) $0.79 $(3.55) $1.32
Diluted $(0.48) $0.74 $(3.55) $1.24
Shares used in per
share calculations:
Basic 8,473 8,234 8,436 8,013
Diluted 8,473 8,774 8,436 8,508
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, May 31,
------- -------
2009 2008 2009 2008
---- ---- ---- ----
GAAP net (loss) income $(4,028) $6,502 $(29,971) $10,573
Provision for bad debts (1) 13,708
Restructuring and asset
impairments (2) 1,467 8,137
Reinstatement of deferred
tax asset
valuation allowance 4,943
Stock compensation
expense 338 225 1,285 836
Income tax effect on
non-GAAP adjustments (3) (5) (17)
--- ---
Non-GAAP net (loss)
income $(2,223) $6,722 $(1,898) $11,392
======= ====== ======= =======
GAAP net (loss) income
per diluted share $(0.48) $0.74 $(3.55) $1.24
====== ===== ====== =====
Non-GAAP net (loss)
income per diluted
share $(0.26) $0.77 $(0.22) $1.34
====== ===== ====== =====
Shares used in diluted
shares calculation 8,473 8,774 8,436 8,508
===== ===== ===== =====
(1) Related to accounts receivable of Spansion Inc., which filed for
bankruptcy in Japan in February 2009 and in the U.S. in March 2009.
(2) The three months ended May 31, 2009 includes a provision for
excess/obsolete inventory of $1.5 million, $0.2 million severance
costs, and a credit of $0.3 million for settlement of cancellation
charges accrued in the prior fiscal quarter. The year ended May 31, 2009
includes a provision for excess/obsolete inventory of $7.2 million,
cancellation charges of $0.3 million, $0.3 million impairment of goodwill,
and $0.4 million severance.
(3) Excludes $4.9 million tax provision related to reinstatement of the
valuation allowance.
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).
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
May 31, May 31,
2009 2008
---- ----
ASSETS
Current assets:
Cash and cash equivalents $4,360 $15,648
Accounts receivable, net 931 10,927
Inventories 4,472 10,209
Deferred income taxes -- 3,043
Prepaid expenses and other 879 396
--- ---
Total current assets 10,642 40,223
Property and equipment, net 2,741 2,278
Goodwill -- 274
Deferred income taxes -- 1,900
Other assets 528 524
--- ---
Total assets $13,911 $45,199
------- -------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $995 $2,981
Accrued expenses 2,107 3,694
Deferred revenue 241 186
--- ---
Total current liabilities 3,343 6,861
Income tax payable 299 297
Deferred lease commitment 306 269
--- ---
Total liabilities 3,948 7,427
----- -----
Shareholders' equity 9,963 37,772
----- ------
Total liabilities and shareholders'
Equity $13,911 $45,199
------- -------
Contact:
Gary Larson
Chief Financial Officer
(510)-623-9400 x321
SOURCE Aehr Test Systems
http://www.aehr.com
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