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Aehr Test Systems (AEHR) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, May 31, 2017

Aehr Test Systems

CIK: 1040470 Ticker: AEHR

EX-99.1
2
q417-ex99.txt
EXHIBIT 99.1


                                                          Exhibit 99.1

[LOGO]AEHR TEST SYSTEMS

FOR IMMEDIATE RELEASE


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 Reports 30% Revenue Growth for Fiscal Year 2017
         and Provides Financial Guidance for Fiscal 2018


Fremont, CA (July 19, 2017) - Aehr Test Systems (NASDAQ: AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today announced
financial results for its 2017 fourth quarter and fiscal year ended May
31, 2017.


 Fiscal Fourth Quarter Financial Results:

- Net sales were $6.7 million, compared to $1.6 million in the fourth
  quarter of fiscal 2016.

- GAAP net loss was $795,000, or $0.04 per diluted share, compared to
  a GAAP net loss of $3.1 million, or $0.23 per diluted share, in the
  fourth quarter of fiscal 2016.

- Non-GAAP net loss was $587,000, or $0.03 per diluted share, compared
  to a non-GAAP net loss of $2.8 million, or $0.21 per diluted share,
  in the fourth quarter of fiscal 2016.

Fiscal Year Financial Results:

- Net sales were $18.9 million, up 30% from $14.5 million in fiscal
  2016.

- GAAP net loss was $5.7 million, or $0.35 per diluted share, compared
  to a GAAP net loss of $6.8 million, or $0.52 per diluted share, in
  fiscal 2016.

- Non-GAAP net loss was $4.7 million, or $0.29 per diluted share, compared
 to a non-GAAP net loss of $5.8 million, or $0.44 per diluted share,
 in fiscal 2016.

- Backlog as of May 31, 2017 was $12.7 million, compared to backlog
  of $5.3 million as of May 31, 2016.

- Total cash and cash equivalents at fiscal year-end was $17.8 million.


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.


Fourth Quarter Highlights:

- Shipped and successfully installed FOXTM-XP systems to our two lead
  customers and have since





Aehr Test Systems Reports Financial Results for the Fourth Quarter and
Fiscal Year Ended May 31, 2017
July 19, 2017
Page 2 of 6


  received final system acceptance at the customers' sites.

- Received a $3.7 million follow-on production order for a FOX-XP test
  and burn-in system configured with Aehr Test's new highly parallel
  singulated die/module test interface technology and a set of
  proprietary DiePak(R) carriers. The order was from a subcontractor
  to Aehr Test's lead customer for the FOX-XP Test and Burn-in System.

- Announced a follow-on order exceeding $1.9 million for multiple
  Advanced Burn-in and Test (ABTSTM) systems from a leading
  multi-national semiconductor supplier of automotive devices.

- Received an initial production order of $850,000 from an OEM customer
  for multiple proprietary ABTS thermal chambers following completion
  and acceptance of an initial ABTS chamber order delivered to this
  customer earlier in the fiscal year.

- Completed successful public offering of approximately 4.4 million
  shares of common stock at a price to the public of $3.90 per share,
  including the underwriter's exercise of its option to purchase
  approximately 577,000 additional shares to cover over-allotments.


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

"We exceeded our revenue guidance of $6 million for the fourth quarter,
with total quarterly revenue of $6.7 million, and finished our fiscal
2017 with total revenue of $18.9 million, up 30% from the prior year.
We are encouraged by the demand for our new FOX wafer-level and singulated
die/module test and burn-in systems as well as our ABTS packaged part
test and burn-in systems. We announced several sizable orders during the
quarter which brought our total orders for the fiscal year to $26.4 million.

"During the quarter, we shipped our new FOX-XP Multi-Wafer and Singulated
Die/Module Test and Burn-in Systems to our two lead customers. Each of
these systems was shipped and installed during the quarter and has since
been accepted at the customers' sites. We believe our solutions are the
most robust and accurate wafer level and module level test and burn-in
systems on the market, delivering substantially more test functionality
and parallelism than any other competitive product available.

"With our reported backlog of $12.7 million as of May 31, 2017, along
with the recently reported bookings of over $3.8 million for our ABTS
systems, we effectively head into fiscal 2018 with over $16.5 million
in booked orders. With the market opportunities we see for our FOX-XP
products, and a strong backlog of orders, we are very optimistic about
our growth potential for fiscal 2018."


Fiscal 2018 Financial Guidance:

For the fiscal year ending May 31, 2018, we expect full year total
revenue growth to exceed 50% over fiscal 2017 and to be profitable for
the year.

Management Conference Call and Webcast

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 fiscal 2017 fourth quarter
and full year operating results. To access the call dial 888-401-4668
(+1 719-325-2281 outside the United States) and give the participant pass
code 3874563. 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 July 20, 2017. To access the replay dial-in
information, please click here.



Aehr Test Systems Reports Financial Results for the Fourth Quarter and
Fiscal Year Ended May 31, 2017
July 19, 2017
Page 3 of 6

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, 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 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, 2017
July 19, 2017
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, 2017 2017 2016 2017 2016 -------- --------- -------- -------- --------- Net sales $ 6,683 $ 2,681 $ 1,571 $ 18,898 $ 14,501 Cost of sales 4,075 2,178 1,669 12,118 9,356 -------- -------- -------- -------- -------- Gross profit (loss) 2,608 503 (98) 6,780 5,145 -------- -------- -------- -------- -------- Operating expenses: Selling, general and administrative 1,905 1,724 1,722 7,052 6,975 Research and development 1,309 1,248 1,046 4,657 4,324 -------- -------- -------- -------- -------- Total operating expenses 3,214 2,972 2,768 11,709 11,299 -------- -------- -------- -------- -------- Loss from operations (606) (2,469) (2,866) (4,929) (6,154) Interest expense (141) (178) (168) (678) (605) Other expense, net (59) (2) (23) (21) (16) -------- -------- -------- -------- -------- Loss before income tax benefit (expense) (806) (2,649) (3,057) (5,628) (6,775) Income tax benefit (expense) 11 (2) 1 (25) (10) -------- -------- -------- -------- -------- Net loss (795) (2,651) (3,056) (5,653) (6,785) Less: Net income attributable to the noncontrolling interest -- -- -- -- -- -------- -------- -------- -------- -------- Net loss attributable to Aehr Test Systems common shareholders $ (795) $(2,651) $(3,056) $ (5,653) $ (6,785) ======== ======== ======= ======== ======== Net loss per share Basic $ (0.04) $ (0.16) $(0.23) $ (0.35) $ (0.52) Diluted $ (0.04) $ (0.16) $(0.23) $ (0.35) $ (0.52) Shares used in per share calculations: Basic 19,050 16,672 13,190 16,267 13,091 Diluted 19,050 16,672 13,190 16,267 13,091
-more- Aehr Test Systems Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2017 July 19, 2017 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, 2017 2017 2016 2017 2016 -------- -------- -------- -------- -------- GAAP net loss $ (795) $(2,651) $(3,056) $(5,653) $(6,785) Stock-based compensation expense 208 257 230 999 1,016 -------- -------- -------- -------- -------- Non-GAAP net loss $ (587) $(2,394) $(2,826) $(4,654) $(5,769) ======== ======== ======== ======== ======== GAAP net loss per diluted share $ (0.04) $ (0.16) $ (0.23) $ (0.35) $ (0.52) ======== ======== ======== ======== ======== Non-GAAP net loss per diluted share $ (0.03) $ (0.14) $ (0.21) $ (0.29) $ (0.44) ======== ======== ======== ======== ======== Shares used in diluted shares calculation 19,050 16,672 13,190 16,267 13,091 ======== ======== ======== ======== ======== Shares used in non-GAAP diluted shares calculation 19,050 16,672 13,190 16,267 13,091 ======== ======== ======== ======== ========
______________________________________________________________________ Non-GAAP net loss is a non-GAAP measure and should not be considered a replacement for GAAP results. Non-GAAP net 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 loss. This limitation is best addressed by using this measure in combination with net 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. -more- Aehr Test Systems Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2017 July 19, 2017 Page 6 of 6 AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) (unaudited)
May 31, February 28, May 31, 2017 2017 2016 ----------- ----------- -------- ASSETS Current assets: Cash and cash equivalents $17,803 $ 2,039 $ 939 Accounts receivable, net 4,010 1,596 522 Inventories 6,604 7,207 7,033 Prepaid expenses and other 961 354 254 -------- -------- -------- Total current assets 29,378 11,196 8,748 Property and equipment, net 1,419 861 1,204 Other assets 95 96 94 -------- -------- -------- Total assets $30,892 $12,153 $10,046 ======== ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable 2,808 1,821 1,413 Accrued expenses 1,609 1,897 1,553 Customer deposits and deferred revenue, short-term 3,467 1,012 1,714 -------- -------- -------- Total current liabilities 7,884 4,730 4,680 Long-term debt 6,110 6,095 5,962 Deferred revenue, long-term 104 32 127 -------- -------- -------- Total liabilities 14,098 10,857 10,769 Aehr Test Systems Shareholders' equity (deficit) 16,813 1,315 (703) Noncontrolling interest (19) (19) (20) -------- -------- -------- Total shareholders' equity (deficit) 16,794 1,296 (723) -------- -------- -------- Total liabilities and shareholders' equity (deficit) $30,892 $12,153 $10,046 ======== ======== ========
# # #

The following information was filed by Aehr Test Systems (AEHR) on Wednesday, July 19, 2017 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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Inside Aehr Test Systems's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity (deficit)
1. Organization And Summary Of Significant Accounting Policies
1. Organization And Summary Of Significant Accounting Policies (details 2)
1. Organization And Summary Of Significant Accounting Policies (details 3)
1. Organization And Summary Of Significant Accounting Policies (details 4)
1. Organization And Summary Of Significant Accounting Policies (details 5)
1. Organization And Summary Of Significant Accounting Policies (details Narrative)
1. Organization And Summary Of Significant Accounting Policies (details)
1. Organization And Summary Of Significant Accounting Policies (policies)
1. Organization And Summary Of Significant Accounting Policies (tables)
1. Organization And Summary Of Significant Accounting Policies - Property And Equipment (details 1)
10. Equity
10. Equity (details Narrative)
11. Capital Stock
11. Capital Stock (details 1)
11. Capital Stock (details Narrative)
11. Capital Stock (details)
11. Capital Stock (tables)
12. Employee Benefit Plans
12. Employee Benefit Plans (details Narrative)
13. Other (expense) Income, Net
13. Other (expense) Income, Net (details)
13. Other (expense) Income, Net (tables)
14. Segment Information
14. Segment Information (details)
14. Segment Information (tables)
15. Related Party Transactions
15. Related Party Transactions (details Narrative)
16. Commitments And Contingencies
16. Commitments And Contingencies (details Narrative)
16. Commitments And Contingencies (details)
16. Commitments And Contingencies (tables)
17. Selected Quarterly Consolidated Financial Data (details)
17. Selected Quarterly Consolidated Financial Data (tables)
17. Selected Quarterly Consolidated Financial Data (unaudited)
2. Accounts Receivable
2. Accounts Receivable (details)
2. Accounts Receivable (tables)
3. Inventories
3. Inventories (details)
3. Inventories (tables)
4. Property And Equipment Net (details Narrative)
4. Property And Equipment, Net
4. Property And Equipment, Net (details)
4. Property And Equipment, Net (tables)
5. Product Warranties
5. Product Warranties (details)
5. Product Warranties (tables)
6. Accrued Expenses
6. Accrued Expenses (details)
6. Accrued Expenses (tables)
7. Income Taxes
7. Income Taxes (details 1)
7. Income Taxes (details 2)
7. Income Taxes (details 3)
7. Income Taxes (details 4)
7. Income Taxes (details Narrative)
7. Income Taxes (details)
7. Income Taxes (tables)
8. Customer Deposits And Deferred Revenue
8. Customer Deposits And Deferred Revenue (details)
8. Customer Deposits And Deferred Revenue (tables)
9. Long-term Debt
9. Long-term Debt (details Narrative)
9. Long-term Debt (details)
9. Long-term Debt (tables)
Ticker: AEHR
CIK: 1040470
Form Type: 10-K Annual Report
Accession Number: 0001654954-17-007962
Submitted to the SEC: Tue Aug 29 2017 4:02:11 PM EST
Accepted by the SEC: Tue Aug 29 2017
Period: Wednesday, May 31, 2017
Industry: Instruments For Meas And Testing Of Electricity And Elec Signals

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