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 AND SUBSIDIARIES | ||||||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| Feb 28, | Nov 30, | Feb 28, | Feb 28, | Feb 28, | ||||||||||||||||
| 2019 | 2018 | 2018 | 2019 | 2018 | ||||||||||||||||
| Net sales | $ | 3,163 | $ | 5,911 | $ | 7,393 | $ | 13,814 | $ | 22,286 | ||||||||||
| Cost of sales | 2,891 | 3,513 | 4,217 | 9,591 | 13,061 | |||||||||||||||
| Gross profit | 272 | 2,398 | 3,176 | 4,223 | 9,225 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Selling, general and administrative | 1,850 | 1,977 | 1,829 | 5,706 | 5,474 | |||||||||||||||
| Research and development | 931 | 986 | 1,040 | 3,033 | 3,085 | |||||||||||||||
| Restructuring | 607 | - | - | 607 | - | |||||||||||||||
| Total operating expenses | 3,388 | 2,963 | 2,869 | 9,346 | 8,559 | |||||||||||||||
| (Loss) income from operations | (3,116 | ) | (565 | ) | 307 | (5,123 | ) | 666 | ||||||||||||
| Interest expense, net | (76 | ) | (74 | ) | (98 | ) | (228 | ) | (310 | ) | ||||||||||
| Other (expense) income, net | (11 | ) | 29 | (33 | ) | 27 | (100 | ) | ||||||||||||
| (Loss) income before income tax benefit (expense) | (3,203 | ) | (610 | ) | 176 | (5,324 | ) | 256 | ||||||||||||
| Income tax benefit (expense) | 2 | (19 | ) | 91 | (21 | ) | 81 | |||||||||||||
| Net (loss) income | (3,201 | ) | (629 | ) | 267 | (5,345 | ) | 337 | ||||||||||||
| Less: Net income attributable to the | ||||||||||||||||||||
| noncontrolling interest | - | - | - | - | - | |||||||||||||||
| Net (loss) income attributable to Aehr Test | ||||||||||||||||||||
| Systems common shareholders | $ | (3,201 | ) | $ | (629 | ) | $ | 267 | $ | (5,345 | ) | $ | 337 | |||||||
| Net (loss) income per share | ||||||||||||||||||||
| Basic | $ | (0.14 | ) | $ | (0.03 | ) | $ | 0.01 | $ | (0.24 | ) | $ | 0.02 | |||||||
| Diluted | $ | (0.14 | ) | $ | (0.03 | ) | $ | 0.01 | $ | (0.24 | ) | $ | 0.01 | |||||||
| Shares used in per share calculations: | ||||||||||||||||||||
| Basic | 22,459 | 22,294 | 21,832 | 22,314 | 21,631 | |||||||||||||||
| Diluted | 22,459 | 22,294 | 22,641 | 22,314 | 22,838 | |||||||||||||||
