EX-99.1
2
q415-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 Financial Results for the Fourth Quarter and
                  Fiscal Year Ended May 31, 2015

    Fiscal Year-End Backlog of $12 million up 100% Year Over Year

Fremont, CA (July 14, 2015) - Aehr Test Systems (NASDAQ: AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today announced
financial results for its fourth quarter and fiscal year ended May 31,
2015.

Fiscal Fourth Quarter Results:

- Net sales in the fourth quarter of fiscal 2015 were $1.8 million, compared
to $2.0 million in the third quarter of fiscal 2015.

- GAAP net loss of $1.9 million, or $0.15 per diluted share, compared
to a GAAP net loss of $1.7 million, or $0.14 per diluted share, in the
third quarter of fiscal 2015.

- Non-GAAP net loss of $1.6 million, or $0.13 per diluted share, in the
fourth quarter of fiscal 2015, compared to a non-GAAP net loss of $1.5
million, or $0.12 per diluted share, in the third quarter of fiscal 2015.
Stock-based compensation expense makes up the difference between the
reported non-GAAP and GAAP amounts.

Fiscal Year Financial Results:

- Net sales for fiscal year 2015 were $10.0 million, compared to net sales
of $19.7 million in fiscal 2014.

- GAAP net loss was $6.6 million, or $0.55 per diluted share, in fiscal
2015, compared to GAAP net income of $422,000, or $0.04 per share, in
fiscal 2014.

- Non-GAAP net loss was $5.7 million, or $0.47 per diluted share, in fiscal
2015, compared to non-GAAP net income of $1.3 million, or $0.11 per diluted
share, in fiscal 2014.

- Backlog as of May 31, 2015 was $12.0 million, compared to backlog of
$6.0 million as of May 31, 2014.

Gayn Erickson, President and CEO of Aehr Test Systems, commented:

"While fiscal 2015 was a very difficult year for Aehr Test, we begin fiscal
2016 with higher expectations and greater optimism given our strong backlog
of $12 million as of May 31st, which is more than double from a year ago,
plus we have already received an additional $2 million in new orders since
year end. Our backlog and subsequent orders are all shippable within our
first fiscal half, which will lead us to a healthier top line and position
us for a much stronger fiscal year.



Aehr Test Systems Reports Financial Results for the Fourth Quarter and
Fiscal Year Ended May 31, 2015
July 14, 2015
Page 2 of 6

"A key reason for our optimism is not just the $6 million initial order
from a major new customer we announced this quarter, but also the potential
opportunities for follow on business this customer and this new application
represent for Aehr Test. This order is for our current FOX-15TM Multiple
Wafer Test and Burn-in system, including a FOX-15 system, multiple
WaferPakTM contactors, and our new FOX WaferPak aligner. The system will
be used in production burn-in of a very high volume device used in a consumer
application.

"As we have noted before, our soft revenue this past fiscal year reflects
a combination of factors including customer order and shipment push outs
of our packaged part systems, customers absorbing capacity taken in earlier
quarters for both our packaged part and wafer level systems and consumables,
and our lead customer awaiting the release of our new FOX-1P system. We
believe we have alignment with our FOX-P platform lead customers to meet
their production ramps for both our FOX-1P single wafer and our new FOX-XP
multi-wafer system under development, which has been our primary goal.
Our lead customers have provided us feedback that has helped us to enhance
these products to meet both the original target applications, as well
as to address new and higher volume applications. We are pleased with
these additional new capabilities and believe our products are positioned
much better both in the short and long term.

"We continue to see the total available market for the FOX-1P, including
the emerging automotive microcontroller wafer level test and burn-in
market, to be greater than $50 million annually, and the total available
market for the FOX-XP Multi-Wafer Test and Burn-in System and WaferPak
consumables to exceed $200 million annually. We are ensuring that we build
our FOX-P platform to address both of these opportunities, which together
will increase our expected total available market for both packaged part
and wafer level test and burn-in to more than $400 million annually.

"As we enter the new fiscal year, we believe we are in a very good position
with our substantial year-end backlog, which exceeds total revenue from
last year, and our strengthened cash position to enable meeting customer
demand that is building.  We are excited about the new customer activity
we are seeing with our current ABTSTM Advanced Burn-in and Test System for
packaged parts and our FOX wafer level test and burn-in systems, as well
as the significant new market opportunities for our next generation
systems."

Gary Larson's Notice of Intent to Retire:

Aehr Test also announced today that Gary Larson, VP of Finance and Chief
Financial Officer, plans to retire effective September 8, 2015, after
24 years with the company. Aehr Test intends to name Ken Spink, its
Corporate Controller, to serve as interim CFO. Mr. Spink will assume these
responsibilities upon the effectiveness of Mr. Larson's retirement and
will work with Mr. Larson in transitioning these responsibilities. Mr.
Spink has served at Aehr Test for seven years and has more than 30 years
of accounting and finance experience in the high tech, public accounting,
leasing, service, and construction industries. He was previously Corporate
Accounting Manager at Applied Materials, and began his career with
accounting firm Deloitte.

Commenting on Mr. Larson's retirement, Mr. Erickson added:

"It has been a great pleasure to work with Gary and we want to thank him
for his many contributions to the success of the company.  Gary has been
a valued and important part of the Aehr Test management team and played
a key role in our successful IPO and in our recent equity and debt offerings.
We will all be sorry to see him leave when he retires, but I know that
Gary is looking forward to spending more time traveling with his wife.
We are fortunate to have someone of Ken's experience and expertise to
ensure a smooth transition, and I look forward to working with him as
we focus on the new potential significant opportunities we are seeing
for Aehr Test's current and next generation products."



Aehr Test Systems Reports Financial Results for the Fourth Quarter and
Fiscal Year Ended May 31, 2015
July 14, 2015
Page 3 of 6


Management Conference Call
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 fourth quarter fiscal 2015
operating results. To access the call dial 888-430-8705 (+1 719-457-2661
outside the United States) and give the participant pass code 3115287.
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 pass code 3115287, beginning approximately two hours
after conclusion of the call through 8:00 p.m. ET on July 21, 2015.

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 Aehr Test'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, 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 Reports Financial Results for the Fourth Quarter and
Fiscal Year Ended May 31, 2015
July 14, 2015
Page 4 of 6

                          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, 2015 2015 2014 2015 2014 -------- --------- -------- -------- --------- Net sales $ 1,818 $ 2,027 $ 5,370 $ 10,018 $ 19,684 Cost of sales 1,136 1,175 2,456 6,180 9,462 -------- -------- -------- -------- -------- Gross profit 682 852 2,914 3,838 10,222 -------- -------- -------- -------- -------- Operating expenses: Selling, general and administrative 1,526 1,584 1,685 6,470 6,323 Research and development 967 1,031 1,016 4,062 3,402 -------- -------- -------- -------- -------- Total operating expenses 2,493 2,615 2,701 10,532 9,725 -------- -------- -------- -------- -------- (Loss) income from operations (1,811) (1,763) 213 (6,694) 497 Interest expense (101) (7) (5) (130) (26) Other income (expense), net 10 110 21 211 (64) -------- -------- -------- -------- -------- (Loss) income before income tax benefit (expense) (1,902) (1,660) 229 (6,613) 407 Income tax benefit (expense) 2 (66) 10 (34) 15 -------- -------- -------- -------- -------- Net (loss) income (1,900) (1,726) 239 (6,647) 422 Less: Net income attributable to the noncontrolling interest -- -- -- -- -- -------- -------- -------- -------- -------- Net (loss) income attributable to Aehr Test Systems common shareholders $(1,900) $ (1,726) $ 239 $(6,647) $ 422 ======== ======== ======== ======== ======== Net (loss) income per share Basic $ (0.15) $ (0.14) $ 0.02 $ (0.55) $ 0.04 Diluted $ (0.15) $ (0.14) $ 0.02 $ (0.55) $ 0.04 Shares used in per share calculations: Basic 12,751 12,677 11,088 12,047 10,877 Diluted 12,751 12,677 12,255 12,047 11,889
-more- Aehr Test Systems Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2015 July 14, 2015 Page 5 of 6 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, 2015 2015 2014 2015 2014 -------- -------- -------- -------- -------- GAAP net (loss) income $(1,900) $(1,726) $ 239 $(6,647) $ 422 Stock-based compensation expense 303 220 204 997 829 ------- ------- ------- ------- ------- Non-GAAP net (loss) income $(1,597) $(1,506) $ 443 $(5,650) $ 1,251 ======= ======= ======= ======= ======= GAAP net (loss) income per diluted share $ (0.15) $ (0.14) $ 0.02 $ (0.55) $ 0.04 ======= ======= ======= ======= ======= Non-GAAP net (loss) income per diluted share$ (0.13) $ (0.12) $ 0.04 $ (0.47) $ 0.11 ======= ======= ======= ======= ======= Shares used in GAAP diluted shares calculation 12,751 12,677 12,255 12,047 11,889 ======= ======= ======= ======= ======= Shares used in non-GAAP diluted shares calculation 12,751 12,677 12,255 12,047 11,889 ======= ======= ======= ======= =======
______________________________________________________________________ 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 Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2015 July 14, 2015 Page 6 of 6 AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited)
May 31, February 28, May 31, 2015 2015 2014 ----------- ---------- -------- ASSETS Current assets: Cash and cash equivalents $ 5,527 $ 2,274 $ 1,809 Accounts receivable, net 1,383 597 3,390 Inventories 7,123 6,854 6,148 Prepaid expenses and other 262 428 326 -------- -------- -------- Total current assets 14,295 10,153 11,673 Property and equipment, net 478 502 474 Other assets 95 94 78 -------- -------- -------- Total assets $14,868 $10,749 $12,225 ======== ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Line of credit $ -- $ 115 $ 777 Accounts payable 724 1,631 1,892 Accrued expenses 1,045 1,375 1,390 Customer deposits and deferred revenue 4,750 1,712 1,058 -------- -------- -------- Total current liabilities 6,519 4,833 5,117 Long-term debt 3,791 -- -- Income taxes payable 8 8 71 Deferred rent, net of current portion -- -- 8 -------- -------- -------- Total liabilities 10,318 4,841 5,196 Aehr Test Systems Shareholders' equity 4,568 5,926 7,050 Noncontrolling interest (18) (18) (21) -------- -------- -------- Total shareholders' equity 4,550 5,908 7,029 -------- -------- -------- Total liabilities and shareholders' equity $14,868 $10,749 $12,225 ======== ======== ========
# # #

The following information was filed by Aehr Test Systems (AEHR) on Tuesday, July 14, 2015 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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