- Financial Tables to Follow

AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
           
  Three Months Ended  Six Months Ended
  Nov 30, Aug 31, Nov 30, Nov 30, Nov 30,
  2012 2012 2011 2012 2011
           
Net sales  $ 5,054  $ 4,832  $ 3,860  $ 9,886  $ 7,990
Cost of sales  2,791 2,376 2,732 5,167 5,060
Gross profit 2,263 2,456 1,128 4,719 2,930
           
Operating expenses:          
Selling, general and administrative 2,068 1,789 1,528 3,857 3,129
Research and development 962 930 1,039 1,892 2,121
Total operating expenses 3,030 2,719 2,567 5,749 5,250
           
Loss from operations (767) (263) (1,439) (1,030) (2,320)
           
Interest expense  (13)  (12)  --   (25)  -- 
Gain on sale of long-term investment  --   --   --  0  990
Other (expense) income, net (15) (19) 58 (34) 46
Loss before income tax expense (benefit)  (795) (294) (1,381) (1,089) (1,284)
           
Income tax expense (benefit)  16 2 (8) 18 (35)
           
Net loss (811) (296) (1,373) (1,107) (1,249)
Less: Net income attributable to the noncontrolling interest  --   --   --   --   -- 
Net loss attributable to Aehr Test Systems common shareholders  $ (811)  $ (296)  $ (1,373)  $ (1,107)  $ (1,249)
           
Net loss per share          
Basic  $ (0.09)  $ (0.03)  $ (0.15)  $ (0.12)  $ (0.14)
Diluted  $ (0.09)  $ (0.03)  $ (0.15)  $ (0.12)  $ (0.14)
           
Shares used in per share calculations:          
Basic 9,300 9,166 8,980 9,233 8,956
Diluted 9,300 9,166 8,980 9,233 8,956
           
AEHR TEST SYSTEMS AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Results
(in thousands, except per share data)
(unaudited)
           
           
  Three Months Ended Six Months Ended
  Nov 30, Aug 31, Nov 30, Nov 30, Nov 30,
  2012 2012 2011 2012 2011
           
           
GAAP net loss  $ (811)  $ (296)  $ (1,373)  $ (1,107)  $ (1,249)
Gain on sale of long-term investment 1  --   --   --   --   (990)
Stock based compensation expense 99 127 172 226 337
Non-GAAP net loss  $ (712)  $ (169)  $ (1,201)  $ (881)  $ (1,902)
           
GAAP net loss per diluted share  $ (0.09)  $ (0.03)  $ (0.15)  $ (0.12)  $ (0.14)
Non-GAAP net loss per diluted share  $ (0.08)  $ (0.02)  $ (0.13)  $ (0.10)  $ (0.21)
Shares used in diluted shares calculation 9,300 9,166 8,980 9,233 8,956
 
           
1 During the first quarter of fiscal 2012, the Company sold its long-term investment in ESA Electronics PTE Ltd., resulting in a gain of $990,000.
 
Non-GAAP net income is a non-GAAP measure and should not be considered a replacement for GAAP results. Non-GAAP net income is a financial measure the Company uses to evaluate the underlying results and operating performance of the business. The limitation of this measure is that it excludes items that impact 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).
       
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
       
  Nov 30, Aug 31, May 31,
  2012 2012 2012
ASSETS      
       
Current assets:      
Cash and cash equivalents  $ 1,192  $ 1,901  $ 2,073
Accounts receivable, net 2,899 2,558 2,588
Inventories 6,444 6,710 6,070
Prepaid expenses and other 390 326 197
Total current assets 10,925 11,495 10,928
       
Property and equipment, net 358 439 510
Other assets  169  174  175
Total assets  $ 11,452  $ 12,108  $ 11,613
       
LIABILITIES AND SHAREHOLDERS' EQUITY      
       
Current liabilities:      
Line of credit  $ 1,685  $ 1,452  $ 1,408
Accounts payable 1,461 2,001 1,507
Accrued expenses 1,611 1,580 1,385
Deferred revenue 594 393 555
Total current liabilities 5,351 5,426 4,855
       
Income tax payable 114 112 125
Deferred lease commitment, net of current portion 142 161 179
Total liabilities 5,607 5,699 5,159
       
Aehr Test Systems shareholders' equity 5,867 6,431 6,476
Noncontrolling interest (22) (22) (22)
Total shareholders' equity 5,845 6,409 6,454
Total liabilities and shareholders' equity  $ 11,452  $ 12,108  $ 11,613
CONTACT: Gary Larson         Chief Financial Officer         (510) 623-9400 x321

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