EX-99.1
2
q414-ex99.txt
EXHIBIT 99.1


                                                          Exhibit 99.1

[LOGO]AEHR TEST SYSTEMS

FOR IMMEDIATE RELEASE


Aehr Test Systems                       Investor Relations Contact:
Gary Larson                             Todd Kehrli or Jim Byers
Chief Financial Officer                 MKR Group, Inc.
(510) 623-9400 x321                     (323) 468-2300
                                        aehr@mkr-group.com


Aehr Test Systems Reports Fourth Quarter Fiscal 2014 Financial Results
     Net Sales Up 19% Year-Over-Year; Profitable For Fiscal 2014


Fremont, CA (July 17, 2014) - Aehr Test Systems (Nasdaq: AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today announced
financial results for the fiscal 2014 fourth quarter and full year ended
May 31, 2014.

Net sales for fiscal year 2014 were $19.7 million, an increase of 19%
compared to net sales of $16.5 million in fiscal 2013. Non-GAAP net income
was $1.3 million, or $0.11 per diluted share, and GAAP net income was
$422,000, or $0.04 per diluted share, for fiscal 2014. This compares to
a non-GAAP net loss of $2.8 million, or a loss of $0.30 per share, and
a GAAP net loss of $3.4 million, or a loss of $0.36 per share, in fiscal
2013. Stock-based compensation expense makes up the difference between
the reported non-GAAP and GAAP amounts.

Net sales in the fourth quarter of fiscal 2014 were $5.4 million, compared
to $5.6 million in the third quarter of fiscal 2014. Aehr Test reported
non-GAAP net income of $443,000, or $0.04 per diluted share, and GAAP
net income of $239,000, or $0.02 per diluted share, in the fourth quarter
of fiscal 2014. This compares to non-GAAP net income of $447,000, or $0.04
per diluted share, and GAAP net income of $212,000, or $0.02 per diluted
share, in the third quarter of fiscal 2014. As of May 31, 2014, the Company's
backlog was $6.0 million, compared with $9.1 million at May 31, 2013.

Gayn Erickson, President and CEO of Aehr Test Systems, commented, "We
are pleased to finish our fiscal year having generated annual net sales
growth of 19 percent and achieving our goal of profitability for the full
year. We had a good fourth quarter, which included solid shipments of
our ABTSTM packaged part burn-in systems and particularly strong shipments
of FOXTM WaferPak contactors.

"We continue to gain momentum in our discussions with several potential
customers for two key products under development: the FOX-1P, our next
generation single wafer test system, and the FOX-XP, our next generation
multiple wafer test and burn-in solution," continued Erickson. "As noted
before, we have taken orders for our new FOX-1P system for both engineering
and production applications and expect first shipments for the FOX-1P
later this calendar year. This system features a massively parallel test
interface, which we believe will provide more test resources than any
other automated test equipment (ATE) system on the market. The hardware
and software for our FOX-1P are directly leveraged into our new FOX-XP
multiple wafer test system.

"As we move into the new fiscal year, we are excited about the three
significant emerging market opportunities we have validated for our next
generation FOX products and our existing ABTS package part test and burn-in
system. These substantial new IC test markets include the SSD Flash testing




Aehr Test Systems Reports Fourth Quarter Fiscal 2014 Financial Results
July 17, 2014
Page 2 of 5

market, the emerging automotive IC testing market, and the wafer level
reliability testing market, all of which we believe will expand our served
available market in calendar year 2015 and beyond from $100 million to
between $400-$500 million. With our new ABTS-P and FOX-P products, we
believe Aehr Test is uniquely positioned to capitalize on these new
emerging markets," Erickson concluded.

Management Conference Call
Aehr Test Systems will host a conference call and webcast today, Thursday,
July 17, 2014 at 5:00 p.m. Eastern (2:00 p.m. PT) to discuss the Company's
fourth quarter fiscal 2014 operating results. To access the call dial
888-427-9419 (+1 719-325-2458 outside the United States) and when prompted
provide the pass code "Aehr Test Systems" to the operator. 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 by dialing
888-203-1112 (+1 719-457-0820 outside the United States) and entering
access code 8112057#, beginning 8:00 p.m. ET on July 17, 2014 through
8:00 p.m. ET on July 24, 2014.

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(R) 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 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. 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 Reports Fourth Quarter Fiscal 2014 Financial Results
July 17, 2014
Page 3 of 5


                          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, 2014 2014 2013 2014 2013 -------- ------- -------- -------- -------- Net sales $ 5,370 $ 5,612 $ 3,262 $ 19,684 $ 16,488 Cost of sales 2,456 2,742 1,970 9,462 9,712 -------- -------- -------- -------- -------- Gross profit 2,914 2,870 1,292 10,222 6,776 -------- -------- -------- -------- -------- Operating expenses: Selling, general and administrative 1,685 1,701 1,504 6,323 6,872 Research and development 1,016 907 634 3,402 3,211 -------- -------- -------- -------- -------- Total operating expenses 2,701 2,608 2,138 9,725 10,083 -------- -------- -------- -------- -------- Income (loss) from operations 213 262 (846) 497 (3,307) Interest expense (5) (7) (6) (26) (49) Other income (expense), net 21 (21) 10 (64) (33) -------- -------- -------- -------- -------- Income (loss) before income tax benefit (expense) 229 234 (842) 407 (3,389) Income tax benefit (expense) 10 (22) (12) 15 (30) -------- -------- -------- -------- -------- Net income (loss) 239 212 (854) 422 (3,419) Less: Net income attributable to the noncontrolling interest -- -- -- -- -- -------- -------- -------- -------- -------- Net income (loss) attributable to Aehr Test Systems common shareholders $ 239 $ 212 $ (854) $ 422 $ (3,419) ======== ======== ======== ======== ======== Net income (loss) per share Basic $ 0.02 $ 0.02 $ (0.08) $ 0.04 $ (0.36) Diluted $ 0.02 $ 0.02 $ (0.08) $ 0.04 $ (0.36) Shares used in per share calculations: Basic 11,088 10,982 10,367 10,877 9,549 Diluted 12,255 12,277 10,367 11,889 9,549
-more- Aehr Test Systems Reports Fourth Quarter Fiscal 2014 Financial Results July 17, 2014 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 Year Ended -------------------------- ----------------- May 31, Feb 28, May 31, May 31, May 31, 2014 2014 2013 2014 2013 -------- -------- --------- -------- -------- GAAP net income (loss) $ 239 $ 212 $ (854) $ 422 $(3,419) Stock-based compensation expense 204 235 174 829 601 -------- -------- -------- -------- -------- Non-GAAP net income (loss) $ 443 $ 447 $ (680) $ 1,251 $(2,818) ======== ======== ======== ======== ======== GAAP net income (loss) per diluted share $ 0.02 $ 0.02 $ (0.08) $ 0.04 $ (0.36) ======== ======== ======== ======== ======== Non-GAAP net income (loss) per diluted share $ 0.04 $ 0.04 $ (0.07) $ 0.11 $ (0.30) ======== ======== ======== ======== ======== Shares used in diluted shares calculation 12,255 12,277 10,367 11,889 9,549 ======== ======== ======== ======== ======== Shares used in non-GAAP diluted shares calculation 12,255 12,277 10,367 11,889 9,549 ======== ======== ======== ======== ========
______________________________________________________________________ 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). -more- Aehr Test Systems Reports Fourth Quarter Fiscal 2014 Financial Results July 17, 2014 Page 5 of 5 AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited)
May 31, Feb 28, May 31, 2014 2014 2013 ----------- --------- -------- ASSETS Current assets: Cash and cash equivalents $ 1,809 $ 1,846 $ 2,324 Accounts receivable, net 3,390 3,378 2,632 Inventories 6,148 5,931 5,369 Prepaid expenses and other 326 399 276 -------- -------- -------- Total current assets 11,673 11,554 10,601 Property and equipment, net 474 311 301 Other assets 78 78 73 -------- -------- -------- Total assets $12,225 $11,943 $10,975 ======== ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Line of credit $ 777 $ 406 $ 1,101 Accounts payable 1,892 2,265 1,188 Accrued expenses 1,390 1,447 1,440 Customer deposits and deferred revenue, short-term 1,058 1,345 1,972 -------- -------- -------- Total current liabilities 5,117 5,463 5,701 Income tax payable 71 77 109 Deferred lease commitment, net of current portion 8 32 103 Deferred revenue, long-term -- 8 68 -------- -------- -------- Total liabilities 5,196 5,580 5,981 Aehr Test Systems Shareholders' equity 7,050 6,384 5,014 Noncontrolling interest (21) (21) (20) -------- -------- -------- Total shareholders' equity 7,029 6,363 4,994 -------- -------- -------- Total liabilities and shareholders' equity $12,225 $11,943 $10,975 ======== ======== ========
# # #

The following information was filed by Aehr Test Systems (AEHR) on Thursday, July 17, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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