Aehr Test Systems Reports 27% Increase in Net Sales for First Quarter Fiscal 2009
PR Newswire, September 25, 2008 Thursday 8:24 PM GMT
|
SPONSORED LINKS |
FREMONT, Calif., September 25 /PRNewswire-FirstCall/ -- Aehr Test Systems(NASDAQ:AEHR), a leading supplier of semiconductor test and burn-in equipment, today announced financial results for the first quarter of fiscal 2009 ended August 31, 2008.
Net sales were $9.7 million in the first quarter of fiscal 2009, an increase of 27% from $7.7 million in the first quarter of fiscal 2008. Income from operations was $1.4 million in the first quarter of fiscal 2009, an increase of 89% from $717,000 in the first quarter of fiscal 2008. Aehr Test reported net income of $865,000, or $0.10 per diluted share, in the first quarter of fiscal 2009, compared with net income of $779,000, or $0.09 per diluted share, in the first quarter of fiscal 2008. Net income for the first quarter of fiscal 2009 reflects a significantly higher effective tax rate than the same period of the prior year, as the Company now expects to accrue tax expense at close to the statutory rates for the countries in which it generates income.
"We are pleased with our execution this quarter, as our design and manufacturing team produced a record number of custom WaferPak contactors for our installed base of FOX systems, while also keeping a tight control on our expense levels," said Rhea Posedel, chairman and chief executive officer of Aehr Test Systems. "Our vision to have our custom WaferPaks represent a meaningful recurring revenue stream for the Company is materializing, and we expect WaferPaks to provide a significant amount of our revenue in fiscal 2009.
"We are expanding our addressable market in order to create additional growth catalysts beyond the FOX products. We plan to introduce new core parallel test and burn-in systems specifically designed for high-power logic, DRAM and flash memory devices, which would represent new market opportunities for Aehr Test. As the capital spending environment improves in the semiconductor industry, we believe we will be well positioned to take additional market share with our new systems," said Posedel.
Commenting on the outlook for Aehr Test Systems, Gary Larson, vice president and chief financial officer, said, "Based on expected shipment schedules for FOX products, we believe our net sales in the second quarter of fiscal 2009 will be higher on both a sequential quarter and year-over-year basis."
Management Conference Call
Management of Aehr Test will host a conference call and webcast today, September 25, 2008 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's first quarter fiscal 2009 operating results. The conference call will be accessible live via the internet at http://www.aehr.com/ . Please go to the website at least 15 minutes before start time to register, download and install any necessary audio software. A replay of the webcast will be available at http://www.aehr.com/ for 90 days.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a leading worldwide provider of systems for burning-in and testing DRAMs, flash, and other memory and logic integrated circuits and has an installed base of more than 2,500 systems worldwide. Aehr Test has developed and introduced several innovative products, including the ABTS, FOX(TM), MTX and MAX systems and the DiePak(R) carrier. The ABTS is Aehr Test's newest system for packaged part test during burn-in 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. The MTX system is a massively parallel test system designed to reduce the cost of memory testing by performing both test and burn-in on thousands of devices simultaneously. The MAX system can effectively burn-in and functionally test complex devices, such as 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 http://www.aehr.com/ .
Safe Harbor Statement
This release contains forward-looking statements that involve risks and uncertainties relating to projections regarding revenues and customer demand and acceptance of Aehr Test's products. Actual results may vary from projected results. These risks and uncertainties include without limitation, economic conditions in Asia and elsewhere, acceptance by customers of Aehr Test's technologies, acceptance by customers of the systems shipped upon receipt of a purchase order and the ability of new products to meet customer needs or perform as described, and the Company's development and manufacture of a commercially successful wafer-level test and burn-in system. See Aehr Test's recent 10-K report and other reports from time to time filed with the U.S. Securities and Exchange Commission for a more detailed description of the risks facing our business. The Company 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.
Contact: |
Tricia Ross |
Financial Relations Board for |
Aehr Test Systems |
Investor/Analyst Contact |
(310) 403-7322 |
[Financial Tables to Follow] |
AEHR TEST SYSTEMS |
AND SUBSIDIARIES |
Condensed Consolidated Statements of Income |
(in thousands, except per share data) |
(Unaudited) |
Three Months Ended |
August 31, |
2008 2007 |
Net sales $9,690 $7,660 |
Cost of sales 4,772 3,479 |
Gross profit 4,918 4,181 |
Operating expenses: |
Selling, general and administrative 2,085 1,816 |
Research and development 1,478 1,648 |
Total operating expenses 3,563 3,464 |
Income from operations 1,355 717 |
Interest income 63 75 |
Other income (expense), net (7) 2 |
Income before income tax expense 1,411 794 |
Income tax expense 546 15 |
Net income $865 $779 |
Net income per share |
Basic $0.10 $0.10 |
Diluted $0.10 $0.09 |
Shares used in per share calculations: |
Basic 8,395 7,827 |
Diluted 8,753 8,301 |
AEHR TEST SYSTEMS |
AND SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP Results |
(in thousands, except per share data) |
(Unaudited) |
Reconciliation of non-GAAP Financial Measure -- net income to net income excluding stock compensation expense
Three Months Ended Three Months Ended |
August 31, 2008 August 31, 2007 |
GAAP net income $865 $779 |
Stock compensation expense 286 193 |
Income tax effect on stock compensation |
expense (123) (4) |
Non-GAAP net income $1,028 $968 |
GAAP net income per diluted share $0.10 $0.09 |
Non-GAAP net income per diluted share $0.12 $0.12 |
Shares used in diluted shares calculation 8,753 8,301 |
Net income excluding stock compensation expense is a non-GAAP measure and should not be considered a replacement for GAAP results.
Net income excluding stock compensation expense is a financial measure the Company uses to evaluate the underlying results and operating performance of the business. The difference between net income (the most comparable GAAP measure) and net income excluding stock compensation expense (the non-GAAP measure) reflects the impact of applying SFAS 123R to the current period. The limitation of this measure is that it excludes an item that impacts 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) because net income excluding stock compensation expense does not reflect the impact of adopting SFAS 123R and may be higher than net income (the most comparable GAAP measure).
AEHR TEST SYSTEMS |
AND SUBSIDIARIES |
Condensed Consolidated Balance Sheets |
(in thousands, except per share data) |
(Unaudited) |
August 31, May 31, |
2008 2008 |
ASSETS |
Current assets: |
Cash and cash equivalents $7,452 $15,648 |
Short-term investments 2,000 - |
Accounts receivable, net 16,948 10,927 |
Inventories 10,767 10,209 |
Deferred income taxes 2,521 3,043 |
Prepaid expenses and other 556 396 |
Total current assets 40,244 40,223 |
Property and equipment, net 2,378 2,278 |
Goodwill 274 274 |
Deferred income taxes 1,900 1,900 |
Other assets 518 524 |
Total assets $45,314 $45,199 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
Current liabilities: |
Accounts payable $2,414 $2,981 |
Accrued expenses 3,179 3,694 |
Deferred revenue 204 186 |
Total current liabilities 5,797 6,861 |
Income tax payable 298 297 |
Deferred lease commitment 314 269 |
Total liabilities 6,409 7,427 |
Shareholders' equity 38,905 37,772 |
Total liabilities and shareholders' equity $45,314 $45,199 |
CONTACT: Investor-Analysts, Tricia Ross of Financial Relations Board, +1-310-403-7322, for Aehr Test Systems
Web site: http://www.aehr.com/
SOURCE Aehr Test Systems
Terms and Conditions Privacy Policy