Aehr Test Systems Reports Second Quarter Fiscal 2019 Financial Results

Headquartered in Fremont, California, Aehr Test Systems is a worldwide provider of test systems for burning-in and testing logic, optical and memory integrated circuits and has over 2,500 systems installed worldwide. Increased quality and reliability needs of the Automotive and Mobility integrated circuit markets are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr Test products in package, wafer level, and singulated die/module level test. Aehr Test has developed and introduced several innovative products, including the ABTSTM and FOX-PTM families of test and burn-in systems and FOX WaferPakTM Aligner, FOX-XP WaferPak Contactor, FOX DiePak® Carrier and FOX DiePak Loader. The ABTS system is used in production and qualification testing of packaged parts for both lower power and higher power logic devices as well as all common types of memory devices. The FOX-XP system is a full wafer contact and singulated die/module 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, systems-on-a-chip, and integrated optical devices. 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 Systems’ 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 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,
   2018   2018   2017   2018   2017 
                     
Net sales$5,911  $4,740  $7,923  $10,651  $14,893 
Cost of sales 3,513   3,187   4,792   6,700   8,844 
Gross profit 2,398   1,553   3,131    3,951       6,049  
                                         
Operating expenses:                                      
Selling, general and administrative   1,977       1,879       1,854       3,856       3,645  
Research and development   986       1,116       1,090       2,102       2,045  
Total operating expenses   2,963       2,995       2,944       5,958       5,690  
                                         
(Loss) income from operations   (565 )     (1,442 )     187       (2,007 )     359  
                                         
Interest expense, net   (74 )     (78 )     (105 )     (152 )     (212 )
Other income (expense), net   29       9       (7 )     38       (67 )
                                         
(Loss) income before income tax expense   (610 )     (1,511 )     75       (2,121 )     80  
                                         
Income tax expense   (19 )     (4 )     (15 )     (23 )     (10 )
                                         
Net (loss) income   (629 )     (1,515 )     60       (2,144 )     70  
                                         
Less:  Net income attributable to the                                      
  noncontrolling interest   -       -       -       -       -  
                                         
Net (loss) income attributable to Aehr Test                                      
  Systems common shareholders $ (629 )   $ (1,515 )   $ 60     $ (2,144 )   $ 70  
                                         
Net (loss) income per share                                      
Basic $ (0.03 )   $ (0.07 )   $ 0.00     $ (0.10 )   $ 0.00  
Diluted $ (0.03 )   $ (0.07 )   $ 0.00     $ (0.10 )   $ 0.00  
                                         
Shares used in per share calculations:                                      
Basic   22,294       22,190       21,645       22,242       21,531  
Diluted   22,294       22,190       22,883       22,242       22,937  
                                         

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