-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HuP64jUyHpLEo70PqLYHxtW27V2rYXFUy4kiVBPT1yGCmin0yTvtovoYoSvKS0/O 0kSMl4EJdD4r0X43qhV2rg== 0001040470-03-000007.txt : 20030722 0001040470-03-000007.hdr.sgml : 20030722 20030722161419 ACCESSION NUMBER: 0001040470-03-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030722 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AEHR TEST SYSTEMS CENTRAL INDEX KEY: 0001040470 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 942424084 STATE OF INCORPORATION: CA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22893 FILM NUMBER: 03796614 BUSINESS ADDRESS: STREET 1: 400 KATO TERRACE CITY: FREMONT STATE: CA ZIP: 94539 BUSINESS PHONE: 5106239400 MAIL ADDRESS: STREET 1: 400 KATO TERRACE CITY: FREMONT STATE: CA ZIP: 94539 8-K 1 q403-e8k1.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549-1004 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported): July 22, 2003 Aehr Test Systems (Exact name of Registrant as specified in its chapter) California 000-22893 94-2424084 (State or other jurisdiction of [Commission File Number] (I.R.S. Employer incorporation or organization) Identification Number) 400 Kato Terrace Fremont, CA 94539 (Address of principal executive offices) 510-623-9400 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits. 99.1 Press Release dated July 22, 2003 ITEM 9. REGULATION FD DISCLOSURE In accordance with SEC Release No. 33-8216, the following information, intended to be furnished under "Item 12. Results of Operations and Financial Condition," is instead furnished under "Item 9. Regulation FD Disclosure." On July 22, 2003, Aehr Test Systems issued a press release announcing financial results for its fourth quarter and fiscal 2003. The press release is attached as Exhibit 99.1 to this Form 8-K. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Aehr Test Systems (Registrant) Date: July 22, 2003 By: /S/ GARY L. LARSON ------------------------- Gary L. Larson Vice President of Finance and Chief Financial Officer INDEX TO EXHIBIT Exhibit Number - ------- 99.1 Press Release dated July 22, 2003. EX-99 3 q403-ex99.txt EXHIBIT 99.1 Exhibit 99.1 [AEHR TEST SYSTEMS LOGO] FOR IMMEDIATE RELEASE Contacts: FRB | Weber Shandwick Jocelyn Hunter Linda Chien Analyst Contact General Inquiries (415) 248-3433 (310) 407-6547 AEHR TEST SYSTEMS REPORTS FOURTH QUARTER AND FISCAL 2003 RESULTS Fremont, CA (July 22, 2003) -- Aehr Test Systems (Nasdaq: AEHR) today announced financial results for the fourth quarter and fiscal year ended May 31, 2003. Net sales for the fourth quarter of fiscal 2003 were $4.6 million, an increase of 31 percent from $3.5 million for the fourth quarter of fiscal 2002. Net sales for the fourth quarter increased by 15 percent to $4.6 million from $4.0 million in the third quarter of fiscal 2003. The operating loss for the fourth quarter of fiscal 2003 was $864,000, representing a 28 percent reduction from the operating loss of $1.2 million in the fourth quarter of fiscal 2002 and a 20 percent reduction from the operating loss of $1.1 million in the third quarter of fiscal 2003. Net loss for the fourth quarter of fiscal 2003 was $677,000, or $0.09 per share, compared with a net loss of $3.1 million, or $0.43 per share, in the same quarter of fiscal 2002. The net loss for the fourth quarter of fiscal 2002 included a $2.5 million, or $0.34 per share, non-cash charge related to the deferred tax assets valuation allowance. "We are very pleased with our fourth quarter net sales performance, which marked the second sequential quarter of double-digit growth," said Rhea Posedel, chairman and chief executive officer of Aehr Test. "Net sales reached their highest quarterly level of the last two years, during the protracted semiconductor industry downturn. The growth was primarily driven by an increase in demand for our core burn-in and test systems, a trend we began seeing in the third quarter." "During the quarter, we achieved a major product development goal," said C.J. Meurell, president and chief operating officer of Aehr Test. "We made significant progress in the development of our FOX full wafer burn-in and test system and completed another key development milestone, which resulted in the recognition of $400,000 in net sales in the fourth quarter. Many IC manufacturers are interested in our FOX products because of the systems' innovative capability to parallel test and burn-in devices at the wafer level, which they anticipate will reduce test cost, decrease cycle time and eliminate process steps. We believe the FOX technology can be used in a wide variety of applications, expanding our addressable market and creating new revenue opportunities. We expect the FOX products to fuel our growth over the long-term." Net sales for the year ended May 31, 2003 were $15.1 million, a 20 percent increase from net sales of $12.6 million in fiscal 2002. The operating loss for fiscal 2003 was $4.7 million compared with the operating loss of $4.5 million for fiscal 2002. Net loss for fiscal 2003 was $4.5 million, or $0.63 per share, compared with a net loss of $5.3 million, or $0.74 per share, in -more- fiscal 2002. Net loss for fiscal 2002 included the $2.5 million non-cash charge related to the deferred tax assets valuation allowance. As of May 31, 2003, the Company had no debt outstanding; its cash, short-term investments and long-term investments totaled $11.4 million, and its book value was $3.54 per share. "Despite this extremely difficult market environment, we are very proud of our accomplishments in fiscal 2003," commented Posedel. "We grew revenues 20 percent on an annual basis and ended fiscal 2003 with an order backlog of $5.1 million compared with $3.9 million at the end of the prior fiscal year. We also made tremendous strides in new product development. With the successful completion of two development milestones for the FOX product line, our efforts are beginning to bear fruit." Posedel concluded, "The outlook for the semiconductor equipment sector is still cloudy, and we believe that our net sales in the first quarter of fiscal 2004 may be down somewhat compared to the fourth quarter of fiscal 2003. Despite limited visibility, we are confident that our strategy will continue to enable us to weather this downturn. We remain committed to our product development efforts and will continue to fund this investment with our solid, debt-free balance sheet. We are optimistic about the potential of the FOX products and the long-term future of Aehr Test." About Aehr Test Systems Headquartered in Fremont, California, Aehr Test Systems is a leading worldwide provider of systems for burning-in and testing DRAM and logic integrated circuits and has an installed base of more than 2,000 systems worldwide. Aehr Test has developed and introduced several innovative products, including the FOX, MTX, MAX3 and MAX4 systems and the DiePak carrier. The FOX system is a full wafer contact test and burn-in system. The MTX system is a massively parallel test system designed to reduce the cost of memory testing by performing both test and burn-in on thousands of devices simultaneously. The MAX system can effectively burn-in and functionally test complex devices, such as 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 industry growth and customer demand for Aehr Test's products. Actual results may vary from projected results. These risks and uncertainties include, without limitation, economic conditions in Asia and elsewhere, world events, acceptance by customers of the FOX, MTX, MAX and DiePak technologies, the ability of the Company to gain business in China, the Company's development and manufacture of a commercially successful wafer-level burn-in system, and the potential emergence of alternative technologies, which could adversely affect demand for Aehr Test's products in fiscal year 2004. See Aehr Test's recent 10-K and 10-Q reports filed with the SEC 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)
Three Months Ended Year Ended May 31, May 31, (Unaudited) ---------- ---------- ---------- ---------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- Net sales...................................... $ 4,628 $ 3,522 $15,092 $12,568 Cost of sales.................................. 2,985 1,876 9,354 6,488 ---------- ---------- ---------- ---------- Gross profit................................... 1,643 1,646 5,738 6,080 ---------- ---------- ---------- ---------- Operating expenses: Selling, general and administrative.......... 1,259 1,733 5,919 6,547 Research and development..................... 1,248 1,105 4,543 4,036 ---------- ---------- ---------- ---------- Total operating expenses................... 2,507 2,838 10,462 10,583 ---------- ---------- ---------- ---------- Loss from operations........................... (864) (1,192) (4,724) (4,503) Interest income................................ 67 97 252 520 Other income (expense), net.................... 14 49 (146) (43) ---------- ---------- ---------- ---------- Loss before income taxes....................... (783) (1,046) (4,618) (4,026) Income tax expense (benefit)................... (106) 2,076 (74) 1,241 ---------- ---------- ---------- ---------- Net Loss....................................... $ (677) $(3,122) $(4,544) $(5,267) ========== ========== ========== ========== Net loss per share Basic...................................... $ (0.09) $ (0.43) $ (0.63) $ (0.74) Diluted.................................... $ (0.09) $ (0.43) $ (0.63) $ (0.74) Shares used in per share calculation: Basic...................................... 7,157 7,182 7,161 7,151 Diluted.................................... 7,157 7,182 7,161 7,151
-more- AEHR TEST SYSTEMS AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data)
May 31, May 31, 2003 2002 ---------- ---------- ASSETS Current assets: Cash and cash equivalents .......................... $ 8,362 $ 7,485 Short-term investments ............................. 2,429 8,003 Accounts receivable................................. 2,889 3,132 Inventories ........................................ 9,247 8,633 Prepaid expenses and other ......................... 1,640 2,373 ---------- ---------- Total current assets ........................... 24,567 29,626 Property and equipment, net .......................... 1,515 2,356 Long-term investments ................................ 607 -- Other assets, net .................................... 1,558 1,836 ---------- ---------- Total assets ................................... $28,247 $33,818 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable ................................... $ 748 $ 874 Accrued expenses ................................... 1,739 2,260 Deferred revenue ................................... 106 540 ---------- ---------- Total current liabilities ...................... 2,593 3,674 Deferred revenue ..................................... 30 35 Deferred lease commitment ............................ 279 224 ---------- ---------- Total liabilities .............................. 2,902 3,933 ---------- ---------- Shareholders' equity: Common stock, $.01 par value outstanding: 7,157 and 7,184 shares at May 31, 2003 and May 31, 2002, respectively.................... 72 72 Additional paid-in capital ......................... 36,364 36,387 Net unrealized gain on investments.................. 2 2 Cumulative translation adjustment................... 1,519 1,492 Accumulated deficit ................................ (12,612) (8,068) ---------- ---------- Total shareholders' equity ..................... 25,345 29,885 ---------- ---------- Total liabilities and shareholders' equity ..... $28,247 $33,818 ========== ==========
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