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Aehr Test Systems Reports Financial Results for Third Quarter Fiscal 2013

Aehr Test Systems Reports Financial Results for Third Quarter Fiscal 2013

FREMONT, Calif., March 28, 2013 (GLOBE NEWSWIRE) -- Aehr Test Systems
(Nasdaq:AEHR), a worldwide supplier of semiconductor test and burn-in
equipment, today announced financial results for the third quarter of fiscal
2013 ended February 28, 2013.

Total net sales were $3.3 million in the third quarter of fiscal 2013,
compared with $5.1 million in the second quarter of fiscal 2013 and with $2.9
million in the third quarter of the prior fiscal year. Aehr Test reported a
net loss of $1.5 million, or $0.16 per diluted share, in the third quarter of
fiscal 2013. This compares to a net loss of $0.8 million, or $0.09 per diluted
share, in the second quarter of fiscal 2013 and to a net loss of $1.4 million,
or $0.15 per diluted share, in the third quarter of the prior fiscal year.

Commenting on the results of the third quarter of fiscal 2013, Gayn Erickson,
President and CEO of Aehr Test Systems, said, "While we are not satisfied with
our sequentially lower revenues for the quarter, we were pleased to have
improved our net sales year-over-year for the fourth consecutive quarter. This
improvement points to the continued success we are having in addressing new
market segments and customers with our ABTS™ and FOX™ product lines. We were
not able to escape the industry wide softness we observed during the quarter
which had been discussed during our last quarterly conference call. We took
very aggressive action on our expenses, inventory, and cash management,
resulting in an increase in our cash level during the quarter.

"We are very excited about the attention and interest that our next generation
FOX products are gathering in the marketplace and believe they will be an
important contributor to our growth," added Erickson. "These products are
aimed at Wafer Level Test and/or Burn-in of a number of growth opportunities
such as flash memories, smart card controllers, and automotive semiconductors.
Earlier this month, we completed an approximately $1.16 million private
placement transaction with certain Directors and Officers of the Company and
other accredited investors. The additional funds will allow us more
flexibility in managing our working capital and spending on these development
programs. The stock sale closed this month and as such the cash proceeds,
received in March 2013, are in addition to our fiscal third quarter ending
cash balance."

Erickson concluded, "During the quarter we saw overall caution from several
customers that delayed their equipment purchases, and this in turn impacted
our third quarter. However, we are recently seeing an increase in capacity
requirements and an overall increase in customer activity. This is consistent
with comments we have seen from other public companies in the semiconductor
test industry, which overall have been positive relative to revenue forecasts
for the balance of the year. We remain optimistic about Aehr's future and
believe we are well positioned to take advantage of improving industry trends
as they occur and in our ability to address and take the leadership role in
the developing Wafer Level Test & Burn-in market."

Management Conference Call

Management of Aehr Test will host a conference call and webcast today, March
28, 2013 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's
third quarter fiscal 2013 operating results. The conference call will be
accessible live via the internet at www.aehr.com. Please go to the website at
least 15 minutes before start time to register, download and install any
necessary audio software. A replay of the webcast will be available at
www.aehr.com for 90 days.

About Aehr Test Systems

Headquartered in Fremont, California, Aehr Test Systems is a worldwide
provider of test systems for burning-in and testing logic and memory
integrated circuits and has an installed base of more than 2,500 systems
worldwide. Increased quality and reliability needs of the Automotive and
Mobility integrated circuit markets are driving additional test requirements,
capacity needs and opportunities for Aehr Test products in package and wafer
level test. Aehr Test has developed and introduced several innovative
products, including the ABTS and FOX families of test and burn-in systems and
the DiePak® carrier. The ABTS system is used in production and qualification
testing of packaged parts for both low-power and high-power logic as well as
all common types of memory devices. The FOX system is a full wafer contact
test and burn-in system used for burn-in and functional test of complex
devices, such as leading-edge memories, digital signal processors,
microprocessors, microcontrollers and systems-on-a-chip. The DiePak carrier is
a reusable, temporary package that enables IC manufacturers to perform
cost-effective final test and burn-in of bare die. For more information,
please visit the Company's website at www.aehr.com.

Safe Harbor Statement

This release contains forward-looking statements that involve risks and
uncertainties relating to projections regarding revenues, net sales and
customer demand and acceptance of Aehr Test's products. Actual results may
vary from projected results. These risks and uncertainties include without
limitation, world economic conditions, the state of the semiconductor
equipment market, the Company's ability to maintain sufficient cash to support
operations, acceptance by customers of Aehr Test's technologies, acceptance by
customers of the systems shipped upon receipt of a purchase order, the ability
of new products to meet customer needs or perform as described and the
Company's ability to successfully market a wafer-level test and burn-in
system. See Aehr Test's recent 10-K, 10-Q and other reports from time to time
filed with the U.S. Securities and Exchange Commission for a more detailed
description of the risks facing our business. The Company disclaims any
obligation to update information contained in any forward-looking statement to
reflect events or circumstances occurring after the date of this press
release.

                        - Financial Tables to Follow -



AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
                                                               
                        Three Months Ended             Nine Months Ended
                        Feb 28,    Nov 30,   Feb 29,    Feb 28,    Feb 29,
                        2013       2012      2012       2013       2012
                                                               
Net sales                $3,340   $5,054  $2,855   $13,226  $10,845
Cost of sales            2,575      2,791     1,747      7,742      6,807
Gross profit             765        2,263     1,108      5,484      4,038
                                                               
Operating expenses:                                             
Selling, general and     1,511      2,068     1,525      5,368      4,654
administrative
Research and development 685        962       933        2,577      3,054
Total operating expenses 2,196      3,030     2,458      7,945      7,708
                                                               
Loss from operations     (1,431)    (767)     (1,350)    (2,461)    (3,670)
                                                               
Interest expense         (18)      (13)     --       (43)      --
Gain on sale of          --       --      --       --       990
long-term investment
Other (expense) income,  (9)        (15)      7          (43)       53
net
                                                               
Loss before income tax   (1,458)    (795)     (1,343)    (2,547)    (2,627)
expense (benefit)
                                                               
Income tax expense       --       16        18         18         (17)
(benefit)
                                                               
Net loss                 (1,458)    (811)     (1,361)    (2,565)    (2,610)
                                                               
Less:Net income
attributable to the      --       --      --       --       1
noncontrolling interest
                                                               
Net loss attributable to
Aehr Test Systems common $(1,458) $(811)  $(1,361) $(2,565) $(2,611)
shareholders
                                                               
Net loss per share                                              
Basic                    $(0.16)  $(0.09) $(0.15)  $(0.28)  $(0.29)
Diluted                  $(0.16)  $(0.09) $(0.15)  $(0.28)  $(0.29)
                                                               
Shares used in per share                                        
calculations:
Basic                    9,363      9,300     9,055      9,276      8,989
Diluted                  9,363      9,300     9,055      9,276      8,989




AEHR TEST SYSTEMS AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Results
(in thousands, except per share data)
(unaudited)
                                                               
                   Three Months Ended                  Nine Months Ended
                   Feb 28,      Nov 30,    Feb 29,     Feb 28,     Feb 29,
                   2013         2012       2012        2013        2012
                                                               
                                                               
GAAP net loss       $(1,458)   $(811)   $(1,361)  $(2,565)  $(2,611)
Gain on sale of
long-term           --         --       --        --        (990)
investment ^1
Stock based
compensation        201          99         182         427         519
expense
Non-GAAP net loss   $(1,257)   $(712)   $(1,179)  $(2,138)  $(3,082)
                                                               
GAAP net loss per   $(0.16)    $(0.09)  $(0.15)   $(0.28)   $(0.29)
diluted share
Non-GAAP net loss   $(0.13)    $(0.08)  $(0.13)   $(0.23)   $(0.34)
per diluted share
Shares used in
diluted shares      9,363        9,300      9,055       9,276       8,989
calculation

                                                               
^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)
                                                                  
                                                 Feb 28,  Nov 30,   May 31,
                                                 2013     2012      2012
ASSETS                                                             
                                                                  
Current assets:                                                    
Cash and cash equivalents                         $1,381 $1,192  $2,073
Accounts receivable, net                          1,570    2,899     2,588
Inventories                                       5,722    6,444     6,070
Prepaid expenses and other                        205      390       197
Total current assets                              8,878    10,925    10,928
                                                                  
Property and equipment, net                       378      358       510
Other assets                                      159     169      175
Total assets                                      $9,415 $11,452 $11,613
                                                                  
LIABILITIES AND SHAREHOLDERS' EQUITY                               
                                                                  
Current liabilities:                                               
Line of credit                                    $1,215 $1,685  $1,408
Accounts payable                                  1,517    1,461     1,507
Accrued expenses                                  1,554    1,611     1,385
Deferred revenue, short-term                      238      594       555
Total current liabilities                         4,524    5,351     4,855
                                                                  
Income tax payable                                115      114       125
Deferred lease commitment, net of current portion 122      142       179
Deferred revenue, long-term                       122      --      --
Total liabilities                                 4,883    5,607     5,159
                                                                  
Aehr Test Systems shareholders' equity            4,553    5,867     6,476
Noncontrolling interest                           (21)     (22)      (22)
Total shareholders' equity                        4,532    5,845     6,454
Total liabilities and shareholders' equity        $9,415 $11,452 $11,613

CONTACT: Gary Larson
         Chief Financial Officer
         (510) 623-9400 x321