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Aehr Test Systems
|
MKR Investor Relations Inc.
|
Ken
Spink
|
Todd
Kehrli or Jim Byers
|
Chief
Financial Officer
|
Analyst/Investor
Contact
|
(510)
623-9400 x309
|
(323) 468-2300
|
|
aehr@mkr-group.com
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Aehr Test Systems Reports Fiscal 2019 Fourth Quarter and Full Year
Financial Results
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July 18, 2019
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Page 2 of 5
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Aehr Test Systems Reports Fiscal 2019 Fourth Quarter and Full Year
Financial Results
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July 18, 2019
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Page 3 of 5
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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,
|
|
2019
|
2019
|
2018
|
2019
|
2018
|
|
|
|
|
|
|
Net sales
|
$7,242
|
$3,163
|
$7,269
|
$21,056
|
$29,555
|
Cost of sales
|
3,863
|
2,891
|
4,108
|
13,454
|
17,169
|
Gross profit
|
3,379
|
272
|
3,161
|
7,602
|
12,386
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Selling, general and
administrative
|
2,018
|
1,850
|
1,816
|
7,724
|
7,290
|
Research and
development
|
1,120
|
931
|
1,096
|
4,153
|
4,181
|
Restructuring
|
118
|
607
|
-
|
725
|
-
|
Total
operating expenses
|
3,256
|
3,388
|
2,912
|
12,602
|
11,471
|
|
|
|
|
|
|
Income
(loss) from operations
|
123
|
(3,116)
|
249
|
(5,000)
|
915
|
|
|
|
|
|
|
Interest expense,
net
|
(24)
|
(76)
|
(89)
|
(252)
|
(399)
|
Other income (expense),
net
|
17
|
(11)
|
39
|
44
|
(61)
|
|
|
|
|
|
|
Income
(loss) before income tax (expense) benefit
|
116
|
(3,203)
|
199
|
(5,208)
|
455
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
(6)
|
2
|
(8)
|
(27)
|
73
|
|
|
|
|
|
|
Net
income (loss)
|
110
|
(3,201)
|
191
|
(5,235)
|
528
|
|
|
|
|
|
|
Less: Net income attributable to the
noncontrolling interest
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
Net
income (loss) attributable to Aehr Test Systems common
shareholders
|
$110
|
$(3,201)
|
$191
|
$(5,235)
|
$528
|
|
|
|
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|
|
Net income (loss) per
share
|
|
|
|
|
|
Basic
|
$0.00
|
$(0.14)
|
$0.01
|
$(0.23)
|
$0.02
|
Diluted
|
$0.00
|
$(0.14)
|
$0.01
|
$(0.23)
|
$0.02
|
|
|
|
|
|
|
Shares used in per share
calculations:
|
|
|
|
|
|
Basic
|
22,605
|
22,459
|
22,033
|
22,387
|
21,732
|
Diluted
|
22,717
|
22,459
|
22,614
|
22,387
|
22,782
|
Aehr Test Systems Reports Fiscal 2019 Fourth Quarter and Full Year
Financial Results
|
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July 18, 2019
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Page 4 of 5
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AEHR TEST SYSTEMS AND SUBSIDIARIES
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|||||||||||
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,
|
|
2019
|
2019
|
2018
|
2019
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
$110
|
$(3,201)
|
$191
|
$(5,235)
|
$528
|
Stock-based compensation
expense
|
200
|
224
|
174
|
905
|
996
|
Restructuring
|
118
|
607
|
-
|
725
|
-
|
Excess and obsolescence
provision
|
-
|
795
|
-
|
795
|
-
|
Non-GAAP net income
(loss)
|
$428
|
$(1,575)
|
$365
|
$(2,810)
|
$1,524
|
|
|
|
|
|
|
GAAP net income (loss) per diluted
share
|
$0.00
|
$(0.14)
|
$0.01
|
$(0.23)
|
$0.02
|
Non-GAAP net income (loss) per
diluted share
|
$0.02
|
$(0.07)
|
$0.02
|
$(0.13)
|
$0.07
|
Shares used in GAAP diluted shares
calculation
|
22,717
|
22,459
|
22,614
|
22,387
|
22,782
|
Shares used in non-GAAP diluted
shares calculation
|
22,717
|
22,459
|
22,614
|
22,387
|
22,782
|
|
|||||||||||
Non-GAAP
net income (loss) is a non-GAAP measure and should not be
considered a replacement for GAAP results. Non-GAAP net income
(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 income. This limitation is best
addressed by using this measure in combination with net income
(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.
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-more-
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Aehr Test Systems Reports Fiscal 2019 Fourth Quarter and Full Year
Financial Results
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|
||
July 18, 2019
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Page 5 of 5
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AEHR TEST SYSTEMS AND SUBSIDIARIES
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
(in
thousands, except per share data)
|
||||||||
(unaudited)
|
|
May
31,
|
February
28,
|
May
31,
|
|
2019
|
2019
|
2018
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
Cash
and cash equivalents
|
$5,428
|
$12,300
|
$16,848
|
Accounts
receivable, net
|
4,859
|
1,944
|
2,856
|
Inventories
|
9,061
|
9,189
|
9,049
|
Prepaid
expenses and other
|
686
|
787
|
703
|
Total
current assets
|
20,034
|
24,220
|
29,456
|
|
|
|
|
Property and
equipment, net
|
1,045
|
975
|
1,203
|
Other
assets
|
228
|
256
|
296
|
Total
assets
|
$21,307
|
$25,451
|
$30,955
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Current
portion of long-term debt
|
$-
|
$6,110
|
$6,110
|
Accounts
payable
|
1,933
|
557
|
1,762
|
Accrued
expenses
|
2,034
|
2,085
|
1,646
|
Customer
deposits and deferred revenue, short-term
|
1,545
|
1,267
|
1,630
|
Total
current liabilities
|
5,512
|
10,019
|
11,148
|
|
|
|
|
Deferred
rent
|
153
|
151
|
63
|
Deferred revenue,
long-term
|
189
|
240
|
459
|
Total
liabilities
|
5,854
|
10,410
|
11,670
|
|
|
|
|
Aehr Test Systems
shareholders' equity
|
15,472
|
15,060
|
19,305
|
Noncontrolling
interest
|
(19)
|
(19)
|
(20)
|
Total
shareholders' equity
|
15,453
|
15,041
|
19,285
|
Total
liabilities and shareholders' equity
|
$21,307
|
$25,451
|
$30,955
|
# #
#
|
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