Business
Aehr Test Systems Reports First Quarter Fiscal 2021 Financial Results and Maintains Financial Guidance for Growth and Profitability in Fiscal 2021
FREMONT, Calif., Sept. 24, 2020 (GLOBE NEWSWIRE) -- Aehr Test Systems (NASDAQ: AEHR), a worldwide supplier of semiconductor test and reliability qualification
About this update from Aehr Test Systems
[{"type":"text","content":"FREMONT, Calif., Sept. 24, 2020 (GLOBE NEWSWIRE) -- Aehr Test Systems (NASDAQ: AEHR), a worldwide supplier of semiconductor test and reliability qualification equipment, today announced financial results for its first quarter of fiscal 2021 ended August 31, 2020.\n Fiscal First Quarter Financial Results: Net sales were $2.0 million, compared to $5.5 million in the first quarter of fiscal 2020.GAAP net income was $107,000, or $0.00 per diluted share, compared to a GAAP net loss of $413,000, or $0.02 per diluted share, in the first quarter of fiscal 2020.Non-GAAP net loss was $2.0 million, or $0.09 per diluted share, which excludes the impact of stock-based compensation and non-cash net gain of $2.2 million and a tax benefit of $215,000 related to the closure of Aehr’s Japan subsidiary during the quarter. This compared to a non-GAAP net loss of $214,000, or $0.01 per diluted share, in the first quarter of fiscal 2020, which excludes the impact of stock-based compensation.Backlog as of August 31, 2020 was $1.2 million. 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. Fiscal First Quarter COVID-19 Related Business Impacts: Bookings and Revenue Negatively Impacted by COVID-19 – Fiscal first quarter bookings and revenues were negatively impacted by pushouts of forecasted customer orders and production ramp delays for FOX-P systems and consumables for silicon photonics transceivers used in data centers and 5G infrastructure, devices used in automotive applications, and sensors used in mobile devices. These customers have indicated the pushouts are temporary and that they will require the additional system capacity and consumables later in the current fiscal 2021 year.New Customer Evaluations and Orders Experienced Delays – Travel related restrictions due to COVID-19 and overall caution in a significant number of new potential customers worldwide has delayed evaluations and initial orders for Aehr’s systems and consumable products in the first quarter.Temporary Cost Reductions Implemented in Response to Delays in Expected Orders and Revenue – During the quarter, Aehr implemented temporary expense reductions across the company including pay reductions of its executive staff du...