Business
Aehr Test Systems Reports Fiscal 2020 Fourth Quarter and Full Year Results and Provides Financial Guidance for Growth and Profitability in Fiscal 2021
FREMONT, Calif., July 16, 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., July 16, 2020 (GLOBE NEWSWIRE) -- Aehr Test Systems (NASDAQ: AEHR), a worldwide supplier of semiconductor test and reliability qualification equipment, today announced financial results for its fiscal 2020 fourth quarter and full year ended May 31, 2020.\n Fiscal Fourth Quarter Financial Results: Net sales were $3.8 million, compared to $7.2 million in the fourth quarter of fiscal 2019.GAAP net loss was $2.9 million, or $0.13 per diluted share, and includes approximately $1.9 million in charges, or $0.08 per share, consisting of a $1.6 million adjustment for excess and obsolete inventory and a $220,000 adjustment related to workforce reductions in the Company’s German and Japan subsidiaries as part of the Company’s cost reduction initiatives announced during its third quarter conference call. This compares to GAAP net income of $110,000, or $0.00 per diluted share, that included $118,000 in restructuring charges, or $0.01 per share, in the fourth quarter of 2019.Non-GAAP net loss was $720,000, or $0.03 per diluted share, which excludes the impact of stock-based compensation, restructuring charges and adjustment for excess and obsolete inventory, compared to non-GAAP net income of $428,000, or $0.02 per diluted share, in the fourth quarter of fiscal 2019. Fiscal Year Financial Results: Net sales were $22.3 million, compared to $21.1 million in fiscal 2019.GAAP net loss was $2.8 million, or $0.12 per diluted share, and includes approximately $1.9 million in inventory reserve and restructuring charges, or $0.08 per share, compared to a GAAP net loss of $5.2 million, or $0.23 per diluted share, and includes approximately $1.5 million in inventory reserve and restructuring charges, or $0.07 per share, in fiscal 2019.Non-GAAP net loss was $27,000, or $0.00 per diluted share, which excludes the impact of stock-based compensation expense, restructuring charges and adjustment for excess and obsolete inventory, compared to a non-GAAP net loss of $2.8 million, or $0.13 per diluted share, in fiscal 2019.Backlog as of May 31, 2020 was $2.5 million, compared to $7.5 million as of May 31, 2019. An explanation of the use of non-GAAP financial information and a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying tables. Fourth Quarter and Fisc...