Aehr Test Systems Reports Third Quarter Fiscal 2021 Financial Results; $8.0 Million Bookings Quarter Begins COVID-19 Recovery

By Globe Newswire2 days ago

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FREMONT, Calif., April 08, 2021 (GLOBE NEWSWIRE) -- Aehr Test Systems (NASDAQ:AEHR), a worldwide supplier of semiconductor test and reliability qualification equipment, today announced financial results for its third quarter of fiscal 2021 ended February 28, 2021.

Fiscal Third Quarter Financial Results:

  • Net sales were $5.3 million, compared to $6.1 million in the third quarter of fiscal 2020.
  • GAAP net loss was $735,000, or $0.03 per diluted share, and includes a $299,000 charge related to a voluntary replacement of a component to improve long term reliability of its systems. This compared to GAAP net income of $245,000, or $0.01 per diluted share, in the third quarter of fiscal 2020.
  • Non-GAAP net loss was $464,000, or $0.02 per diluted share, and includes the voluntary component replacement charge and excludes the impact of stock-based compensation, compared to non-GAAP net income of $452,000, or $0.02 per diluted share, in the third quarter of fiscal 2020.
  • Bookings were $8.0 million for the quarter, compared to $3.1 million in the third quarter of fiscal 2020.
  • Backlog as of February 28, 2021 was $3.7 million. Effective backlog, which includes backlog at the end of fiscal third quarter plus orders since the end of the third quarter, is $5.3 million.

Fiscal First Nine Months Financial Results:

  • Net sales were $9.0 million, compared to $18.5 million in the first nine months of fiscal 2020.
  • GAAP net loss was $2.6 million, or $0.11 per diluted share, compared to GAAP net income of $83,000, or $0.00 per diluted share, in the first nine months of fiscal 2020.
  • Non-GAAP net loss was $4.2 million, or $0.18 per diluted share, which excludes the impact of stock-based compensation and a non-cash net gain of $2.2 million and tax benefit of $215,000related to the closure of Aehr's Japan subsidiary during the first quarter. This compared to non-GAAP net income of $694,000, or $0.03 per diluted share, in the first nine months of fiscal 2020.

An explanation of the use of non-GAAP financial measures and a reconciliation of Aehr's non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying tables.

Gayn Erickson, President and CEO ofAehr Test Systems, commented on the improving customer and market conditions:

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