-----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, BlThT5Pb6/tHKHXrBxhkn0LpB5GrXnuBlX0yD0LjX10OBmOGprk20zeqkxsKCRQb Qr7kpNhNKa8MrpCgESYmjg== 0001040470-04-000013.txt : 20040325 0001040470-04-000013.hdr.sgml : 20040325 20040325161236 ACCESSION NUMBER: 0001040470-04-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040325 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040325 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: 04689942 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 q304-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): March 25, 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 March 25, 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 March 25, 2004, Aehr Test Systems issued a press release announcing financial results for its third fiscal quarter ended February 29, 2004 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, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Aehr Test Systems (Registrant) Date: March 25, 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 March 25, 2004. EX-99 3 q304-ex99.txt EXHIBIT 99.1 Exhibit 99.1 [LOGO]AEHR TEST SYSTEMS FOR IMMEDIATE RELEASE - --------------------- Contacts: Financial Relations Board Jocelyn Hunter Laurie Berman Analyst Contact General Inquiries (415) 248-3433 (310) 407-6546 AEHR TEST SYSTEMS REPORTS THIRD QUARTER RESULTS FOR FISCAL 2004 Fremont, CA (March 25, 2004) - Aehr Test Systems (Nasdaq: AEHR), a leading supplier of semiconductor test and burn-in equipment, today announced financial results for the third quarter ended February 29, 2004. Net sales in the third quarter of fiscal 2004 were $2.2 million, compared with $4.0 million in the third quarter of fiscal 2003. The Company posted a net loss of $1.7 million, or a loss of $0.24 per share, in the third quarter of fiscal 2004, compared with a net loss of $988,000, or a loss of $0.14 per share, in the same period of the prior year. For the nine months ended February 29, 2004, net sales were $9.9 million, compared with $10.5 million in the same period of fiscal 2003. The Company posted a net loss of $3.5 million, or a loss of $0.48 per share, for the nine months ended February 29, 2004. Net loss was $3.9 million, or a loss of $0.54 per share, for the comparable period of the prior year. "Net sales were much lower than expected, primarily because of certain customer and manufacturing delays that were resolved after quarter-end. We have already shipped approximately $2 million in product during the current month," said Rhea Posedel, chairman and chief executive officer of Aehr Test Systems. "Although we are obviously disappointed with our financial performance this quarter, we met several important operational milestones that set the tone for improved results going forward." "Today, we announced the shipment of a FOX(TM) wafer level burn-in system to Fuji Xerox Co., Ltd. We believe that the FOX product line allows customers to save money through the early detection of process defects, driving the continued interest in the product line. Also today, we announced the booking of a $2 million turnkey, multi-system order for our newly released MTX-Fp+ system. This order is important to Aehr Test because it allows us to penetrate a new production customer for our MTX massively parallel test system," continued Mr. Posedel. At February 29, 2004, cash, short-term investments and long-term investments were $13.1 million, up from $12.9 million at the end of the second quarter of fiscal 2004. The Company closed the third quarter of fiscal 2004 with no debt outstanding and shareholders' equity of $22.7 million, or $3.08 per share. -more- "We remain upbeat about our ability to maintain the Company's position as a market leader and, over the next few quarters, reduce operating losses and return Aehr Test to profitability," said Gary Larson, vice president of finance and chief financial officer. "Based primarily on the announced MTX- Fp+ system orders and FOX system delivery to Fuji Xerox, we believe net sales in the fourth quarter of fiscal 2004 will be significantly higher than those in the quarter just ended, and also higher than those in the same quarter of the prior year." Management Conference Call Management of Aehr Test will host a conference call and webcast on Thursday, March 25, 2004 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's third quarter results. 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(R) 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 Fuji Xerox of the FOX system for burning-in laser diodes, acceptance by customers of the FOX, MTX, MAX and DiePak technologies, the Company's development and manufacture of a commercially successful wafer-level test and burn-in system, and the potential emergence of alternative technologies, which could adversely affect demand for Aehr Test's products in calendar year 2004. See Aehr Test's recent 10-K and 10-Q reports filed with the Securities and Exchange Commission (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 Nine Months Ended February 29, February 28, February 29, February 28, ------------ ------------ ------------ ------------ 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Net sales................................... $ 2,166 $4,028 $ 9,928 $10,464 Cost of sales............................... 1,356 2,512 6,150 6,369 ------------ ------------ ------------ ------------ Gross profit................................ 810 1,516 3,778 4,095 ------------ ------------ ------------ ------------ Operating expenses: Selling, general and administrative....... 1,414 1,497 4,197 4,660 Research and development.................. 1,134 1,100 3,492 3,295 ------------ ------------ ------------ ------------ Total operating expenses................ 2,548 2,597 7,689 7,955 ------------ ------------ ------------ ------------ Loss from operations........................ (1,738) (1,081) (3,911) (3,860) Interest income............................. 36 44 306 185 Other income (expense), net................. 13 99 174 (160) ------------ ------------ ------------ ------------ Loss before income taxes.................... (1,689) (938) (3,431) (3,835) Income tax expense.......................... 28 50 43 32 ------------ ------------ ------------ ------------ Net Loss.................................... $(1,717) $ (988) $(3,474) $(3,867) ============ ============ ============ ============ Net loss per share Basic................................... $ (0.24) $(0.14) $ (0.48) $ (0.54) Diluted................................. $ (0.24) $(0.14) $ (0.48) $ (0.54) Shares used in per share calculation: Basic................................... 7,270 7,137 7,203 7,162 Diluted................................. 7,270 7,137 7,203 7,162
-more- AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except per share data)
February 29, May 31, 2004 2003 (Unaudited) ---------- ---------- ASSETS Current assets: Cash and cash equivalents .......................... $ 6,710 $ 8,362 Short-term investments ............................. 5,611 2,429 Accounts receivable................................. 1,467 2,889 Inventories ........................................ 8,307 9,247 Prepaid expenses and other ......................... 466 1,640 ---------- ---------- Total current assets ........................... 22,561 24,567 Property and equipment, net .......................... 1,337 1,515 Long-term investments ................................ 822 607 Other assets, net .................................... 1,529 1,558 ---------- ---------- Total assets ................................... $26,249 $28,247 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable ................................... $ 819 $ 748 Accrued expenses ................................... 2,104 1,739 Deferred revenue ................................... 330 106 ---------- ---------- Total current liabilities ...................... 3,253 2,593 Deferred revenue ..................................... 30 30 Deferred lease commitment ............................ 303 279 ---------- ---------- Total liabilities .............................. 3,586 2,902 ---------- ---------- Shareholders' equity: Common stock, $.01 par value outstanding: 7,363 and 7,157 shares at February 29, 2004 and May 31, 2003, respectively.................... 74 72 Additional paid-in capital ......................... 37,268 36,364 Net unrealized gain on investments.................. 2 2 Cumulative translation adjustment................... 1,405 1,519 Accumulated deficit ................................ (16,086) (12,612) ---------- ---------- Total shareholders' equity ..................... 22,663 25,345 ---------- ---------- Total liabilities and shareholders' equity ..... $26,249 $28,247 ========== ==========
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