-----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, WSlnbuUiLR2oRRJolthzB4mTPcrDS4RxlKFQFFpYXJnlml24jyfDTjO739zuhy7i 5CFAgDjn6AYZHWziF64ybQ== 0001040470-04-000001.txt : 20040107 0001040470-04-000001.hdr.sgml : 20040107 20040107074731 ACCESSION NUMBER: 0001040470-04-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040107 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040107 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: 04511697 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 q204-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): January 7, 2004 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 January 7, 2004 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 January 7, 2004, Aehr Test Systems issued a press release announcing financial results for its second fiscal quarter ended November 30, 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: January 7, 2004 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 January 7, 2004. EX-99 3 q204-ex99.txt EXHIBIT 99.1 Exhibit 99.1 [LOGO]AEHR TEST SYSTEMS FOR IMMEDIATE RELEASE Contacts: Financial Relations Board Jocelyn Hunter Linda Chien Analyst Contact General Inquiries (415) 248-3433 (310) 407-6547 AEHR TEST SYSTEMS REPORTS SECOND QUARTER RESULTS FOR FISCAL 2004 Fremont, CA (January 7, 2004) -- Aehr Test Systems (Nasdaq: AEHR), a leading supplier of semiconductor test and burn-in equipment, today announced financial results for the second quarter ended November 30, 2003. Net sales for the second quarter of fiscal 2004 were $3.6 million, a 23 percent increase from $2.9 million for the second quarter of fiscal 2003. Operating loss for the second quarter of fiscal 2004 was $1.1 million, compared with an operating loss of $1.7 million for the same quarter last year. Second quarter fiscal 2004 net loss improved 52 percent to $949,000, or $0.13 per share, compared with a net loss of $2.0 million, or $0.28 per share, in the same quarter of fiscal 2003. "In the second quarter, we continued to see interest from integrated circuit (or IC) manufacturers for our FOX full-wafer contact test and burn-in products," commented Rhea Posedel, chairman and chief executive officer of Aehr Test. "Last month, we exhibited our FOX wafer level burn-in technology and DiePak carrier products for producing 'known-good-die' at Semicon Japan. During the quarter, we made significant progress on the development of our FOX full wafer tester. This past fiscal year, we invested heavily in R&D, close to 30 percent of net sales, most of which was for FOX tester product development. We expect to see the benefit from this investment with increased revenues from our FOX products in the second half of calendar 2004. IC manufacturers are interested in our FOX tester as a solution to reduce the escalating cost for memory and embedded memory products." "Second quarter net sales were about what we expected and marked the continuation of year-over-year revenue growth we have seen for the past six consecutive quarters," said Gary Larson, vice president of finance and chief financial officer of Aehr Test. "We were very pleased to be cash positive for the quarter as our cash and investments balance increased by almost $500,000 over the first quarter's levels." As of November 30, 2003, the Company had no debt outstanding. Cash, short- term investments and long-term investments increased to $12.9 million, up from $12.4 million at the end of the first quarter of fiscal 2004 and $11.4 million at the end of fiscal 2003. The Company closed the second quarter with shareholders' equity of $23.5 million, or $3.27 per share. For the six months ended November 30, 2003, net sales were $7.8 million, a 21 percent increase from $6.4 million in the comparable period of fiscal 2003. Operating loss for the six months ended November 30, 2003 was $2.2 million, compared with $2.8 million for the same period of fiscal 2003. Net loss for the six months was $1.8 million, or $0.25 per share. Net loss for the comparable period of fiscal 2003 was $2.9 million, or $0.40 per share. "We are beginning to see signs that point to an improvement of our industry in calendar year 2004," continued Posedel. "We are forecasting revenues for the current quarter to be similar to those levels achieved in the second quarter. Our long-term plan is to expand our addressable market and grow revenues through the execution of two main strategies. First, we are investing in research and market development of our innovative FOX product line. Second, we are enhancing and aggressively selling our core test and burn-in MAX and MTX systems. In conjunction with strict cost controls, we believe that this plan will enable us to return to profitability in calendar year 2004." Management Conference Call Management of Aehr Test will host a conference call and webcast on Wednesday, January 7, 2004 at 9:00 a.m. Eastern (6:00 a.m. Pacific) to discuss the Company's operating performance. The conference call can be accessed live via the Internet at www.aehr.com. Please go to the Web site at least fifteen minutes early to register, download and install any necessary audio software. A replay of the webcast will be available for 90 days. 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 Web site 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} -more- AEHR TEST SYSTEMS AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited)
Three Months Ended Six Months Ended November 30, November 30, ---------- ---------- ---------- ---------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- Net sales...................................... $ 3,593 $ 2,928 $ 7,762 $ 6,436 Cost of sales.................................. 2,251 1,908 4,794 3,857 ---------- ---------- ---------- ---------- Gross profit................................... 1,342 1,020 2,968 2,579 ---------- ---------- ---------- ---------- Operating expenses: Selling, general and administrative.......... 1,269 1,452 2,783 3,163 Research and development..................... 1,139 1,234 2,358 2,195 ---------- ---------- ---------- ---------- Total operating expenses................... 2,408 2,686 5,141 5,358 ---------- ---------- ---------- ---------- Loss from operations........................... (1,066) (1,666) (2,173) (2,779) Interest income................................ 34 58 270 141 Other income (expense), net.................... 98 (363) (161) (259) ---------- ---------- ---------- ---------- Loss before income taxes....................... (934) (1,971) (1,742) (2,897) Income tax expense (benefit)................... 15 21 15 (18) ---------- ---------- ---------- ---------- Net Loss....................................... $ (949) $(1,992) $(1,757) $(2,879) ========== ========== ========== ========== Net loss per share Basic...................................... $ (0.13) $ (0.28) $ (0.25) $ (0.40) Diluted.................................... $ (0.13) $ (0.28) $ (0.25) $ (0.40) Shares used in per share calculation: Basic...................................... 7,181 7,164 7,169 7,174 Diluted.................................... 7,181 7,164 7,169 7,174
-more- AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except per share data)
November 30, May 31, 2003 2003 (Unaudited) ---------- ---------- ASSETS Current assets: Cash and cash equivalents .......................... $ 6,370 $ 8,362 Short-term investments ............................. 5,243 2,429 Accounts receivable................................. 3,280 2,889 Inventories ........................................ 7,897 9,247 Prepaid expenses and other ......................... 417 1,640 ---------- ---------- Total current assets ........................... 23,207 24,567 Property and equipment, net .......................... 1,395 1,515 Long-term investments ................................ 1,281 607 Other assets, net .................................... 1,529 1,558 ---------- ---------- Total assets ................................... $27,412 $28,247 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable ................................... $ 897 $ 748 Accrued expenses ................................... 2,221 1,739 Deferred revenue ................................... 455 106 ---------- ---------- Total current liabilities ...................... 3,573 2,593 Deferred revenue ..................................... 30 30 Deferred lease commitment ............................ 299 279 ---------- ---------- Total liabilities .............................. 3,902 2,902 ---------- ---------- Shareholders' equity: Common stock, $.01 par value outstanding: 7,186 and 7,157 shares at November 30, 2003 and May 31, 2003, respectively.................... 72 72 Additional paid-in capital ......................... 36,418 36,364 Net unrealized gain (loss) on investments........... (8) 2 Cumulative translation adjustment................... 1,397 1,519 Accumulated deficit ................................ (14,369) (12,612) ---------- ---------- Total shareholders' equity ..................... 23,510 25,345 ---------- ---------- Total liabilities and shareholders' equity ..... $27,412 $28,247 ========== ==========
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