-----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, U4eWRU3yTzTjkrTt3D9nAS0R3Zo1y8MGmk/zu1X3txzl26ZUrquNwhqybTPlA2mg ZK8agVWp3ohY3aDvvkZn2w== 0001040470-03-000015.txt : 20030924 0001040470-03-000015.hdr.sgml : 20030924 20030924160541 ACCESSION NUMBER: 0001040470-03-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030924 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030924 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: 03908213 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 q104-e8k1.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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): September 24, 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) (Zip Code) 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 September 24, 2003 ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION The information in this Form 8-K, including the exhibit attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. On September 24, 2003, Aehr Test Systems issued a press release announcing financial results for its first fiscal quarter ended August 31, 2003 of its fiscal year 2004. The full text of 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: September 24, 2003 By: /S/ GARY L. LARSON ------------------------- Gary L. Larson Vice President of Finance and Chief Financial Officer EXHIBIT INDEX Exhibit Number Description - ------- ------------ 99.1 Press Release dated September 24, 2003. EX-99 3 q104-ex99.txt EXHIBIT 99.1 Exhibit 99.1 [LOGO]AEHR TEST SYSTEMS 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 FIRST QUARTER RESULTS FOR FISCAL 2004 Fremont, CA (September 24, 2003) -- Aehr Test Systems (Nasdaq: AEHR) today announced financial results for the first quarter ended August 31, 2003. Net sales for the first quarter of fiscal 2004 were $4.2 million, a 19 percent increase from $3.5 million for the first quarter of fiscal 2003. First quarter fiscal 2004 net loss was $808,000, or $0.11 per share, compared with a net loss of $887,000, or $0.12 per share, in the same quarter of fiscal 2003. "Quarterly net sales continued to improve on a year-over-year basis as the first quarter marked the fifth consecutive quarter of net sales growth compared to the year-ago period," said Rhea Posedel, chairman and chief executive officer of Aehr Test. "We are very pleased that first quarter net sales met our expectations despite the impact of this protracted industry downturn." "Our major highlight for the quarter was the receipt of an order for the FOX full-wafer test and burn-in system," said C.J. Meurell, president and chief operating officer of Aehr Test. "A leading Japanese manufacturer of digital document products, Fuji Xerox is purchasing the FOX system to burn-in their VCSELs (Vertical Cavity Surface Emitting Lasers), which represent the next generation in semiconductor laser diodes. Unlike previous technologies, the FOX system uniquely enables testing of the VCSELs while still in wafer form, thereby eliminating several process steps and yielding significant cost savings. We are encouraged by this order and believe it indicates that our FOX family of products is being increasingly known and accepted in the marketplace." As of August 31, 2003, the Company had no debt outstanding. Cash, short-term investments and long-term investments increased to $12.4 million, up from $11.4 million at the end of fiscal 2003. The Company ended the first quarter with shareholders' equity of $24.5 million, or $3.42 per share. "While we believe the beginnings of a recovery are underway, sales visibility is still poor," commented Posedel. "Although a number of our customers are operating at or near capacity, it seems many are reluctant to add capacity until they are sure their order pipeline is solid for the next six months. Additionally, since a significant amount of our backlog is attributed to the FOX products which are scheduled to ship in the second half of the current fiscal year, we expect net sales in the second fiscal quarter to be sequentially lower than those in the quarter just reported." -more- Posedel concluded, "Our growth strategy is to expand our addressable market and create additional revenue opportunities by investing in the development of new FOX products and enhancements to core burn-in systems. Combined with maintaining tight control over our expense structure, we believe that this strategy will enable us to return to profitability over the long term." 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 report 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} -more- AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except per share data) (Unaudited)
Three Months Ended August 31, ---------- ---------- 2003 2002 ---------- ---------- Net sales...................................... $4,169 $3,508 Cost of sales.................................. 2,543 1,949 ---------- ---------- Gross profit................................... 1,626 1,559 Operating expenses: Selling, general and administrative.......... 1,514 1,711 Research and development..................... 1,219 961 ---------- ---------- Total operating expenses................... 2,733 2,672 ---------- ---------- Loss from operations........................... (1,107) (1,113) Interest income................................ 236 83 Other income, net.............................. 63 104 ---------- ---------- Loss before income taxes................... (808) (926) Income tax benefit............................. -- (39) ---------- ---------- Net Loss................................... $ (808) $ (887) ========== ========== Net loss per share Basic...................................... $(0.11) $(0.12) Diluted.................................... $(0.11) $(0.12) Shares used in per share calculation: Basic...................................... 7,157 7,184 Diluted.................................... 7,157 7,184
-more- AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except per share data)
August 31, May 31, 2003 2003 (Unaudited) ---------- ---------- ASSETS Current assets: Cash and cash equivalents .......................... $ 6,104 $ 8,362 Short-term investments ............................. 4,965 2,429 Accounts receivable................................. 3,106 2,889 Inventories ........................................ 8,493 9,247 Prepaid expenses and other ......................... 494 1,640 ---------- ---------- Total current assets ........................... 23,162 24,567 Property and equipment, net .......................... 1,450 1,515 Long-term investments ................................ 1,331 607 Other assets, net .................................... 1,538 1,558 ---------- ---------- Total assets ................................... $27,481 $28,247 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable ................................... $ 751 $ 748 Accrued expenses ................................... 1,843 1,739 Deferred revenue ................................... 114 106 ---------- ---------- Total current liabilities ...................... 2,708 2,593 Deferred revenue ..................................... 30 30 Deferred lease commitment ............................ 289 279 ---------- ---------- Total liabilities .............................. 3,027 2,902 ---------- ---------- Shareholders' equity: Common stock, $.01 par value outstanding: 7,157 and 7,157 shares at August 31, 2003 and May 31, 2003, respectively.................... 72 72 Additional paid-in capital ......................... 36,364 36,364 Net unrealized gain (loss) on investments........... (17) 2 Cumulative translation adjustment................... 1,455 1,519 Accumulated deficit ................................ (13,420) (12,612) ---------- ---------- Total shareholders' equity ..................... 24,454 25,345 ---------- ---------- Total liabilities and shareholders' equity ..... $27,481 $28,247 ========== ==========
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