AEHR TEST SYSTEMS 
By Net sales were
"Our net sales for the second quarter of fiscal 2009 came in lower than we originally expected, as we saw customers delay new orders or defer delivery on existing orders in light of the current economic slowdown," said
Net sales were
At
Commenting on the outlook for Aehr Test Systems,
Management Conference Call
Management of Aehr Test will host a conference call and webcast today,
About Aehr Test Systems
Headquartered in
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
[Financial Tables to Follow]
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
November 30, November 30,
------------ ------------
2008 2007 2008 2007
---- ---- ---- ----
Net sales $9,242 $9,675 $18,932 $17,335
Cost of sales 4,650 4,791 9,422 8,270
----- ----- ----- -----
Gross profit 4,592 4,884 9,510 9,065
----- ----- ----- -----
Operating expenses:
Selling,
general and
administrative 1,830 1,847 3,915 3,663
Research and
development 1,577 1,445 3,055 3,093
----- ----- ----- -----
Total
operating
expenses 3,407 3,292 6,970 6,756
----- ----- ----- -----
Income from
Operations 1,185 1,592 2,540 2,309
Interest
income 47 83 110 158
Other income
(expense), net 384 (110) 377 (108)
--- ---- --- ----
Income before
income tax
expense 1,616 1,565 3,027 2,359
Income tax
expense 744 199 1,290 214
--- --- ----- ---
Net
income $872 $1,366 $1,737 $2,145
==== ====== ====== ======
Net income per share
Basic $0.10 $0.17 $0.21 $0.27
Diluted $0.10 $0.16 $0.20 $0.26
Shares used in per share calculations:
Basic 8,426 7,906 8,411 7,866
Diluted 8,447 8,418 8,600 8,359
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 Six Months
Ended Ended
November 30, November 30,
------------- ------------
2008 2007 2008 2007
---- ---- ---- ----
GAAP net income $872 $1,366 $1,737 $2,145
Stock
compensation
expense 330 203 616 396
Income tax effect
on stock
compensation
expense (132) (4) (255) (8)
---- -- ---- --
Non-GAAP net
income $1,070 $1,565 $2,098 $2,533
====== ====== ====== ======
GAAP net
income per
diluted share $0.10 $0.16 $0.20 $0.26
===== ===== ===== =====
Non-GAAP net
income per
diluted share $0.13 $0.19 $0.24 $0.30
===== ===== ===== =====
Shares used in
diluted shares
calculation 8,447 8,418 8,600 8,359
===== ===== ===== =====
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)
November 30, May 31,
2008 2008
ASSETS
Current assets:
Cash and cash
equivalents $11,727 $15,648
Short-term
investments 2,003 -
Accounts
receivable,
net 14,811 10,927
Inventories 10,517 10,209
Deferred
income taxes 2,046 3,043
Prepaid
expenses and
other 564 396
--- ---
Total current
assets 41,668 40,223
Property and
equipment, net 2,292 2,278
Goodwill 274 274
Deferred
income taxes 1,900 1,900
Other assets 528 524
--- ---
Total
assets $46,662 $45,199
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current
portion of
long-term
debt $-- $--
Accounts
payable $2,224 $2,981
Accrued
expenses 2,821 3,694
Deferred
revenue 210 186
--- ---
Total current
liabilities 5,255 6,861
Income tax
payable 300 297
Deferred lease
commitment 315 269
--- ---
Total
liabilities 5,870 7,427
----- -----
Shareholders'
equity 40,792 37,772
------ ------
Total
liabilities
and
shareholders'
equity $46,662 $45,199
======= =======
Contact:
Tricia Ross
Financial Relations Board for Aehr Test Systems
Investor/Analyst Contact
(310) 403-7322
SOURCE Aehr Test Systems
