0001040470-11-000053.txt : 20110929 0001040470-11-000053.hdr.sgml : 20110929 20110929161722 ACCESSION NUMBER: 0001040470-11-000053 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110831 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110929 DATE AS OF CHANGE: 20110929 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: 111114766 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 q112-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): September 29, 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 September 29, 2011, Aehr Test Systems, or the Company, issued a press release announcing the Company's financial results for its first quarter of fiscal year 2012 ended August 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 September 29, 2011 entitled "Aehr Test Systems Reports Financial Results for First Quarter Fiscal 2012." 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: September 29, 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 September 29, 2011 entitled "Aehr Test Systems Reports Financial Results for First Quarter Fiscal 2012." EX-99.1 2 q112-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 FIRST QUARTER FISCAL 2012 Fremont, CA (September 29, 2011) - Aehr Test Systems (Nasdaq: AEHR), a worldwide supplier of semiconductor test and burn-in equipment, today announced financial results for the first quarter of fiscal 2012 ended August 31, 2011. Net sales were $4.1 million in the first quarter of fiscal 2012, compared with $2.2 million in the first quarter of fiscal 2011. Aehr Test reported net income of $124,000, or $0.01 per diluted share, in the first quarter of fiscal 2012, compared to a net loss of $1.5 million, or $0.17 per diluted share, in the first quarter of fiscal 2011. The Company's net income for first quarter fiscal 2012 included a gain of $990,000 from the sale of its investment in ESA Electronics PTE Ltd. Commenting on the results of the first quarter, Rhea Posedel, chairman and chief executive officer of Aehr Test Systems, said, "We are pleased to have started fiscal 2012 off with a profitable first quarter. Our revenues for the quarter grew 90% year-over-year and were up 10% sequentially. A major contributor to this growth was the shipment of a number of FOXTM-1 WaferPak contactors for full wafer, one touchdown sort testing of flash memory wafers. We also had an increase in ABTSTM revenues in the quarter, reflecting the inroads we are making in adding new customers. At the same time, we gained a new customer in China for our ABTS product and booked follow-on ABTS system orders from existing customers. "Looking ahead, we are seeing a higher level of interest in our broad base of products," continued Posedel. "We remain focused on penetrating key production accounts with our ABTS and FOX products to grow our business." Management Conference Call Management of Aehr Test will host a conference call and webcast today, September 29, 2011 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's first quarter of fiscal 2012 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. Aehr Test Systems Reports First Quarter Fiscal 2012 Results September 29, 2011 Page 2 of 5 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 (R)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 ability to successfully market a wafer-level test and burn-in system. See Aehr Test's recent 10-K 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 First Quarter Fiscal 2012 Results September 29, 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 August 31, ---------- ---------- 2011 2010 ---------- ---------- Net sales...................................... $4,130 $2,169 Cost of sales.................................. 2,328 1,225 ---------- ---------- Gross profit................................... 1,802 944 ---------- ---------- Operating expenses: Selling, general and administrative.......... 1,601 1,518 Research and development..................... 1,082 1,142 Gain on bankruptcy claim .................... -- (155) ---------- ---------- Total operating expenses................... 2,683 2,505 ---------- ---------- Loss from operations....................... (881) (1,561) Interest income................................ -- 2 Gain on sale of long-term investment........... 990 -- Other (expense) income, net ................... (12) 44 ---------- ---------- Income (loss) before income tax (benefit) expense.......................... 97 (1,515) Income tax (benefit) expense................... (27) 1 ---------- ---------- Net income (loss).......................... $ 124 $(1,516) ========== ========== Net income (loss) per share Basic...................................... $ 0.01 $(0.17) Diluted.................................... $ 0.01 $(0.17) Shares used in per share calculations: Basic...................................... 8,932 8,667 Diluted.................................... 9,100 8,667
-more- Aehr Test Systems Reports First Quarter Fiscal 2012 Results September 29, 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 August 31, ----------------------------- 2011 2010 ------------- ------------- GAAP net income (loss)...................... $ 124 $(1,516) Gain on bankruptcy claim1................... -- (155) Gain on sale of long-term investment2....... (990) -- Stock compensation expense.................. 166 274 ------------- ------------ Non-GAAP net loss........................... $ (700) $(1,397) ============= ============ GAAP net income (loss) per diluted share.... $ 0.01 $(0.17) ============= ============ Non-GAAP net loss per diluted share......... $(0.08) $(0.16) ============= ============ Shares used in GAAP diluted shares calculation............................... 9,100 8,667 ============= ============ Shares used in non-GAAP diluted shares calculation............................... 8,932 8,667 ============= ============
---------------------------------------------------------------------------- 1 The Company filed claims in the Spansion U.S. and Spansion Japan bankruptcy actions. 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. 2 During the first quarter of fiscal 2012, the Company sold its long-term investment in ESA Electronics PTE Ltd., resulting in a gain of $990,000. 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 First Quarter Fiscal 2012 Results September 29, 2011 Page 5 of 5 AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited)
August 31, May 31, 2011 2011 --------- -------- ASSETS Current assets: Cash and cash equivalents ....................... $ 3,892 $ 4,020 Accounts receivable, net......................... 2,633 1,432 Inventories, net................................. 5,169 4,958 Prepaid expenses and other ...................... 247 161 --------- -------- Total current assets ........................ 11,941 10,571 Property and equipment, net ....................... 827 954 Other assets....................................... 178 558 --------- -------- Total assets ................................ $12,946 $12,083 ========= ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable ................................ $ 1,473 $ 885 Accrued expenses ................................ 1,451 1,434 Deferred revenue ................................ 209 221 --------- -------- Total current liabilities ................... 3,133 2,540 Income tax payable................................. 165 204 Deferred lease commitment ......................... 224 238 --------- -------- Total liabilities ........................... 3,522 2,982 Shareholders' equity .............................. 9,424 9,101 --------- -------- Total liabilities and shareholders' equity .. $12,946 $12,083 ========= ========
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