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 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’s expectations, beliefs, intentions or strategies regarding its products and financial guidance, including statements regarding future market opportunities and conditions, expected product shipment dates, customer orders or commitments and future operating results. These risks and uncertainties include, without limitation, customer demand and acceptance of Aehr’s products, the ability of new products to meet customer needs or perform as described, as well as general market conditions, the deployment of new technologies, such as 5G networks, and Aehr’s ability to execute on its business strategy. See Aehr’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’s business. Aehr 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 | 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 | |||||||
| 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 | ||||||||||||||
