-----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, HNYLQMaM3kPKMu5J4eJ1lrqBoXCIViUpf8k3wQ4HFf8IDTKMDNMLs6FShfbvpL8Z OsqUbUiEYXAd7ChG4JKitA== 0001040470-11-000002.txt : 20110106 0001040470-11-000002.hdr.sgml : 20110106 20110106160833 ACCESSION NUMBER: 0001040470-11-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20101130 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110106 DATE AS OF CHANGE: 20110106 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: 0127 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22893 FILM NUMBER: 11514386 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 q211-e8k.txt FORM 8-K UNITED STATES 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): November 30, 2010 Aehr Test Systems (Exact name of Registrant as specified in its charter) 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, California 94539 (Address of principal executive offices, including zip code) 510-623-9400 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On January 6, 2011, Aehr Test Systems, or the Company, issued a press release announcing the Company's financial results for its second quarter of fiscal year 2011 ended November 30, 2010. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Form 8-K, including the exhibit attached hereto, are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. Exhibit No. Description ----------- ----------- 99.1 Press Release of Aehr Test Systems dated January 6, 2011 entitled "Aehr Test Systems Reports Financial Results for Second Quarter Fiscal 2011." SIGNATURES 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 6, 2011 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 of Aehr Test Systems dated January 6, 2011 entitled "Aehr Test Systems Reports Financial Results for Second Quarter Fiscal 2011." - - more - EX-99.1 2 q211-ex99.txt EXHIBIT 99.1 Exhibit 99.1 [LOGO]AEHR TEST SYSTEMS Contact: Gary Larson Chief Financial Officer (510) 623-9400 x321 AEHR TEST SYSTEMS REPORTS FINANCIAL RESULTS FOR SECOND QUARTER FISCAL 2011 Fremont, CA (January 6, 2011) - Aehr Test Systems (Nasdaq: AEHR), a worldwide supplier of semiconductor test and burn-in equipment, today announced financial results for the second quarter ended November 30, 2010. Net sales were $3.6 million in the second quarter of fiscal 2011, compared with $1.6 million in the second quarter of fiscal 2010. Aehr Test reported a net loss of $0.8 million, or $0.09 per diluted share, in the second quarter of fiscal 2011. This compares to a loss of $2.2 million, or $0.25 per diluted share, in the second quarter of fiscal 2010. Included in the results for the second quarter of fiscal 2011 was the receipt of a dividend payment of $0.6 million related to a long-term investment reported in other income. Commenting on the results of the second quarter of fiscal 2011, Rhea Posedel, chairman and chief executive officer of Aehr Test Systems, said, "At the top line, net sales of $3.6 million more than doubled when compared to the second quarter of last year. During the quarter, we benefitted from the revenue recognized from previously announced orders of approximately $2 million for multiple FOXT-1 WaferPak contactors from a leading manufacturer of semiconductor memory devices. In addition, we recently announced that this customer placed more orders for additional WaferPak contactors totaling approximately $3 million. We believe these new WaferPak orders validate the cost saving advantages of using our FOX-1 tester, which can test a full wafer with thousands of die in a single touchdown. "We are pleased to announce that we have completed the development and shipped a new Advanced Burn-in and Test System (ABTST) to a major Japanese IC manufacturer. This new ABTS system is targeting production test and burn in of microcontrollers for automotive and high end consumer applications. We also received an order during the quarter from a leading U.S. military defense customer for our newly configured ABTS. This production configuration of the ABTS system was chosen for its 72 burn-in board capacity and its ability to burn-in and test future higher pin-count ASIC and custom logic devices. "Looking ahead to the second half of fiscal 2011, we are encouraged by the increase in WaferPak contactor orders from our FOX customers and the higher quoting activity we are seeing for our FOX and ABTS product lines. We offer our customers unique technology with our FOX systems and WaferPak contactors and we feel confident in our ability to win additional new accounts with our new ABTS products that address growing market segments," concluded Posedel. -more- Aehr Test Systems Reports Second Quarter Fiscal 2011 Results January 6, 2011 Page 2 of 5 Net sales were $5.7 million in the first six months of fiscal 2011 compared with $2.9 million in the first six months of fiscal 2010. Net loss for the six months ended November 30, 2010 was $2.3 million, or $0.26 per diluted share, compared with net loss of $1.2 million, or $0.14 per diluted share, in the same period of the prior fiscal year. Aehr Test closed the second quarter of fiscal 2011 with no outstanding debt. Management Conference Call Management of Aehr Test will host a conference call and webcast today, January 6, 2011 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's second quarter fiscal 2011 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 systems for burning-in and testing DRAMs, flash and other memory and logic integrated circuits and has an installed base of more than 2,500 systems worldwide. Aehr Test has developed and introduced several innovative products, including the ABTS, FOX and MAX systems and the DiePakr carrier. The ABTS system is Aehr Test's newest system for packaged part test during burn-in 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. 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 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 development and manufacture of a commercially successful 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] -more- Aehr Test Systems Reports Second Quarter Fiscal 2011 Results January 6, 2011 Page 3 of 5 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, ------------------ ----------------- 2010 2009 2010 2009 -------- -------- -------- -------- Net sales............................. $3,577 $ 1,646 $ 5,746 $ 2,914 Cost of sales......................... 2,223 1,297 3,448 2,622 -------- -------- -------- -------- Gross profit.......................... 1,354 349 2,298 292 -------- -------- -------- -------- Operating expenses: Selling, general and administrative. 1,495 1,623 3,013 2,936 Research and development............ 1,196 1,077 2,338 2,019 Gain on bankruptcy claim............ -- -- (155) (3,289) -------- -------- -------- -------- Total operating expenses.......... 2,691 2,700 5,196 1,666 -------- -------- -------- -------- Loss from operations.............. (1,337) (2,351) (2,898) (1,374) Interest income....................... 1 2 3 3 Other income, net..................... 579 26 623 12 -------- -------- -------- -------- Loss before income tax expense (benefit)................. (757) (2,323) (2,272) (1,359) Income tax expense (benefit).......... 10 (165) 11 (162) -------- -------- -------- -------- Net loss.......................... $ (767) $(2,158) $(2,283) $(1,197) ======== ======== ======== ======== Net loss per share Basic............................. $(0.09) $ (0.25) $ (0.26) $ (0.14) Diluted........................... $(0.09) $ (0.25) $ (0.26) $ (0.14) Shares used in per share calculations: Basic............................. 8,731 8,526 8,699 8,504 Diluted........................... 8,731 8,526 8,699 8,504
-more- Aehr Test Systems Reports Second Quarter Fiscal 2011 Results January 6, 2011 Page 4 of 5 AEHR TEST SYSTEMS AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Results (in thousands, except per share data) (unaudited)
Three Months Ended Six Months Ended November 30, November 30, ------------------ ----------------- 2010 2009 2010 2009 -------- -------- -------- -------- GAAP net loss.............................. $ (767) $(2,158) $(2,283) $(1,197) Gain on bankruptcy claim1.................. -- -- (155) (3,289) Stock compensation expense................. 238 780 512 1,085 -------- -------- -------- -------- Non-GAAP net loss.......................... $ (529) $(1,378) $(1,926) $(3,401) ======== ======== ======== ======== GAAP net loss per diluted share............ $ (0.09) $ (0.25) $ (0.26) $ (0.14) ======== ======== ======== ======== Non-GAAP net loss per diluted share........ $ (0.06) $ (0.16) $ (0.22) $ (0.40) ======== ======== ======== ======== Shares used in diluted shares calculation... 8,731 8,526 8,699 8,504 ======== ======== ======== ========
_____________________________________________________________________________ 1 The Company filed claims in the Spansion U.S. and Spansion Japan bankruptcy actions. In the first quarter of fiscal 2010, the Company sold a portion of its Spansion U.S. bankruptcy claim to a third party for net proceeds of approximately $3.3 million and recorded the amount as a reduction of operating expenses. In the first quarter of fiscal 2011, the Company's Japanese subsidiary received approximately $155,000 in proceeds from the Spansion Japan bankruptcy claim and recorded the amount as a reduction of operating expenses. 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). -more- Aehr Test Systems Reports Second Quarter Fiscal 2011 Results January 6, 2011 Page 5 of 5 AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited)
November 30, May 31, 2010 2010 ----------- ----------- ASSETS Current assets: Cash and cash equivalents .......................... $ 5,060 $ 7,766 Accounts receivable, net............................ 1,508 596 Inventories ........................................ 4,253 3,635 Prepaid expenses and other ......................... 184 445 ----------- ----------- Total current assets ........................... 11,005 12,442 Property and equipment, net .......................... 1,221 1,504 Other assets.......................................... 540 528 ----------- ----------- Total assets ................................... $12,766 $14,474 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable ................................... $ 946 $ 703 Accrued expenses ................................... 1,336 1,626 Deferred revenue ................................... 183 286 ----------- ----------- Total current liabilities ...................... 2,465 2,615 Income tax payable.................................... 298 298 Deferred lease commitment ............................ 260 280 ----------- ----------- Total liabilities .............................. 3,023 3,193 Shareholders' equity ................................. 9,743 11,281 ----------- ----------- Total liabilities and shareholders' equity ..... $12,766 $14,474 =========== ===========
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