0001040470-11-000038.txt : 20110719 0001040470-11-000038.hdr.sgml : 20110719 20110719161936 ACCESSION NUMBER: 0001040470-11-000038 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110531 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110719 DATE AS OF CHANGE: 20110719 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: 11975426 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 q411-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): July 19, 2011 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 July 19, 2011, Aehr Test Systems, or the Company, issued a press release announcing the Company's financial results for its fourth quarter and fiscal year 2011 ended May 31, 2011. 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 July 19, 2011 entitled "Aehr Test Systems Reports Financial Results for Fourth 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: July 19, 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 July 19, 2011 entitled "Aehr Test Systems Reports Financial Results for Fourth Quarter Fiscal 2011." EX-99.1 2 q411-ex99.txt EXHIBIT 99.1 Exhibit 99.1 [LOGO]AEHR TEST SYSTEMS FOR IMMEDIATE RELEASE Contact: Gary Larson Chief Financial Officer (510) 623-9400 x321 AEHR TEST SYSTEMS REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER FISCAL 2011 Fremont, CA (July 19, 2011) - Aehr Test Systems (Nasdaq: AEHR), a worldwide supplier of semiconductor test and burn-in equipment, today announced financial results for the fourth quarter and full-year ended May 31, 2011. Net sales were $3.7 million in the fourth quarter of fiscal 2011, compared with $3.6 million in the fourth quarter of fiscal 2010. Fiscal 2011 full-year product sales were $13.7 million, compared to fiscal 2010 product sales of $8.9 million. Fiscal 2011 full-year net sales were $13.7 million, compared to net sales of $11.7 million in fiscal 2010 which included the positive impact of $2.7 million resulting from cancellation charges related to the Spansion bankruptcy claims. Commenting on the fourth quarter and full-year results, Rhea Posedel, chairman and chief executive officer of Aehr Test Systems, said, "We took steps in the right direction during fiscal 2011 and demand for our products continues to improve. On a year-over-year basis, fourth quarter product sales increased slightly, while full-year product sales were 54% higher than the previous year. During the fourth quarter, we benefitted from over $2 million in follow-on orders for FOXTM-1 WaferPak contactors for wafer sort testing. We believe that these orders are an indication of the cost and through-put benefits that can be achieved utilizing our FOX-1 full-wafer test products." Aehr Test reported a net loss of $144,000, or $0.02 per diluted share, in the fourth quarter of fiscal 2011. This compares to a net loss of $819,000, or $0.09 per diluted share, in the fourth quarter of fiscal 2010. Net loss in the fourth quarters of fiscal 2011 and fiscal 2010 included proceeds related to the Spansion bankruptcy claims of approximately $677,000 and $120,000, respectively. Net loss for the year ended May 31, 2011 was $3.4 million, or $0.38 per diluted share, compared with a net loss of $481,000, or $0.06 per diluted share, in fiscal 2010. Net loss in fiscal 2011 and fiscal 2010 included aggregate proceeds related to the Spansion bankruptcy claims of approximately $832,000 and $6.7 million, respectively. As of May 31, 2011, the company's backlog was $5.8 million, compared with $2.5 million at May 31, 2010. Posedel concluded, "Looking ahead, we remain confident that our operating momentum will continue into fiscal 2012. The potential sales opportunities we see for ABTSTM systems and FOX products in fiscal 2012 are very encouraging." -more- Aehr Test Systems Reports Fourth Quarter Fiscal 2011 Results July 19, 2011 Page 2 of 5 Management Conference Call Management of Aehr Test will host a conference call and webcast today, July 19, 2011 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's fourth quarter and fiscal 2011 full year 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 DiePak 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, the impact of the Japanese earthquake and tsunami upon the Company's 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 Fourth Quarter Fiscal 2011 Results July 19, 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 Year Ended May 31, May 31, ------------------ ----------------- 2011 2010 2011 2010 -------- -------- -------- -------- Net sales: Product sales....................... $ 3,749 $ 3,567 $13,737 $ 8,934 Cancellation charges................ -- -- -- 2,740 -------- -------- -------- -------- Total net sales................... 3,749 3,567 13,737 11,674 Cost of sales......................... 2,140 1,771 8,225 5,571 -------- -------- -------- -------- Gross profit.......................... 1,609 1,796 5,512 6,103 -------- -------- -------- -------- Operating expenses: Selling, general and administrative. 1,465 1,494 5,964 6,094 Research and development............ 1,190 1,288 4,567 4,758 Gain on bankruptcy claim............ (677) (120) (832) (3,993) -------- -------- -------- -------- Total operating expenses.......... 1,978 2,662 9,699 6,859 -------- -------- -------- -------- Loss from operations.............. (369) (866) (4,187) (756) Interest income....................... -- 1 3 5 Other income, net..................... 169 64 762 131 -------- -------- -------- -------- Loss before income tax expense (benefit)................. (200) (801) (3,422) (620) Income tax expense (benefit).......... (56) 18 (49) (139) -------- -------- -------- -------- Net loss.......................... $ (144) $ (819) $(3,373) $ (481) ======== ======== ======== ======== Net loss per share Basic............................. $ (0.02) $ (0.09) $ (0.38) $ (0.06) Diluted........................... $ (0.02) $ (0.09) $ (0.38) $ (0.06) Shares used in per share calculations: Basic............................. 8,880 8,631 8,776 8,563 Diluted........................... 8,880 8,631 8,776 8,563
-more- Aehr Test Systems Reports Fourth Quarter Fiscal 2011 Results July 19, 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 Year Ended May 31, May 31, ------------------ ----------------- 2011 2010 2011 2010 -------- -------- -------- -------- GAAP net loss ................................. $ (144) $ (819) $(3,373) $ (481) Gain on bankruptcy claim1...................... (677) (120) (832) (3,993) Cancellation charges1.......................... -- -- -- (2,740) Stock compensation expense..................... 212 325 947 1,733 -------- -------- -------- -------- Non-GAAP net loss.............................. $ (609) $ (614) $(3,258) $(5,481) ======== ======== ======== ======== GAAP net loss per diluted share................ $ (0.02) $ (0.09) $ (0.38) $ (0.06) ======== ======== ======== ======== Non-GAAP net loss per diluted share............ $ (0.07) $ (0.07) $ (0.37) $ (0.64) ======== ======== ======== ======== Shares used in diluted shares calculation...... 8,880 8,631 8,776 8,563 ======== ======== ======== ========
________________________________________________________________________ 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 third quarter of fiscal 2010, the Company sold the remaining balance of its Spansion U.S. bankruptcy claim for net proceeds of approximately $4.6 million and recorded $2.7 million as revenue related to cancellation charges, $1.3 million as deferred revenue, and $0.6 million as a reduction of operating expenses. In the fourth quarter of fiscal 2010, the Company received the remaining payment of $0.1 million due from its Q1 bankruptcy claim and recognized 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. In the fourth quarter of fiscal 2011, the Company's Japanese subsidiary received approximately $677,000 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 Fourth Quarter Fiscal 2011 Results July 19, 2011 Page 5 of 5 AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited)
May 31, May 31, 2011 2010 ----------- ----------- ASSETS Current assets: Cash and cash equivalents .......................... $ 4,020 $ 7,766 Accounts receivable, net............................ 1,432 596 Inventories, net.................................... 4,958 3,635 Prepaid expenses and other ......................... 161 445 ----------- ----------- Total current assets ........................... 10,571 12,442 Property and equipment, net .......................... 954 1,504 Other assets.......................................... 558 528 ----------- ----------- Total assets ................................... $12,083 $14,474 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable ................................... $ 885 $ 703 Accrued expenses ................................... 1,434 1,626 Deferred revenue ................................... 221 286 ----------- ----------- Total current liabilities ...................... 2,540 2,615 Income tax payable.................................... 204 298 Deferred lease commitment ............................ 238 280 ----------- ----------- Total liabilities .............................. 2,982 3,193 Shareholders' equity ................................. 9,101 11,281 ----------- ----------- Total liabilities and shareholders' equity ..... $12,083 $14,474 =========== ===========
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