0001040470-12-000002.txt : 20120105 0001040470-12-000002.hdr.sgml : 20120105 20120105163048 ACCESSION NUMBER: 0001040470-12-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20111130 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120105 DATE AS OF CHANGE: 20120105 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: 12511482 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 q212-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): January 5, 2012 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 5, 2012, Aehr Test Systems, or the Company, issued a press release announcing the Company's financial results for its second quarter of fiscal year 2012 ended November 30, 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 January 5, 2012 entitled "Aehr Test Systems Reports Financial Results for Second 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: January 5, 2012 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 5, 2012 entitled "Aehr Test Systems Reports Financial Results for Second Quarter Fiscal 2012." EX-99.1 2 q212-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 SECOND QUARTER FISCAL 2012 Fremont, CA (January 5, 2012) - 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, 2011. Net sales were $3.9 million in the second quarter of fiscal 2012, compared with $3.6 million in the second quarter of fiscal 2011. The Company reported a net loss of $1.4 million, or $0.15 per diluted share, in the second quarter of fiscal 2012. This compares to a net loss of $0.8 million, or $0.09 per diluted share, in the second quarter of fiscal 2011. 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. "On Tuesday we announced Gayn Erickson as the new CEO of Aehr Test, replacing me in that position," said Rhea Posedel, executive chairman of Aehr Test Systems. "We are fortunate to have attracted Gayn, who brings 23 years of semiconductor test and general management experience to our company. We are confident that he will do an outstanding job and has the management skill set needed to take Aehr Test to the next level. Commenting on the results of the second quarter of fiscal 2012, Posedel continued, "Net sales grew to $3.9 million year over year, which was an 8% increase over the second quarter of fiscal 2011. These results were impacted to some extent by the recent slowdown in the semiconductor industry." Net sales were $8.0 million in the first six months of fiscal 2012 compared with $5.7 million in the first six months of fiscal 2011. Net loss for the six months ended November 30, 2011 was $1.2 million, or $0.14 per diluted share, compared with a net loss of $2.3 million, or $0.26 per diluted share, in the same period of the prior fiscal year. The Company's net income for the first six months of fiscal 2012 included a gain of $990,000 from the sale of its investment in ESA Electronics PTE Ltd. "We are pleased that we are continuing to make inroads with our ABTSTM products, having recently landed a new major account. The high value that these products offer is reflected in our having sold ABTS systems to two out of five of the world's largest semiconductors Aehr Test Systems Reports Second Quarter Fiscal 2012 Results January 5, 2012 Page 2 of 5 manufacturers to date. Last month we announced the shipment of our 100th full-wafer contactor for use in the FOXTM family of products for wafer sort test and wafer level burn-in applications. We remain focused on penetrating key production accounts with our families of ABTS and FOX products and are confident that this strategy will result in increasing revenues longer term," concluded Posedel. Management Conference Call Management of Aehr Test will host a conference call and webcast today, January 5, 2012 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's second quarter 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. 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, 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] Aehr Test Systems Reports Second Quarter Fiscal 2012 Results January 5, 2012 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, ------------------ ----------------- 2011 2010 2011 2010 -------- -------- -------- -------- Net sales............................. $ 3,860 $ 3,577 $ 7,990 $ 5,746 Cost of sales......................... 2,732 2,223 5,060 3,448 -------- -------- -------- -------- Gross profit.......................... 1,128 1,354 2,930 2,298 -------- -------- -------- -------- Operating expenses: Selling, general and administrative. 1,528 1,495 3,129 3,013 Research and development............ 1,039 1,196 2,121 2,338 Gain on bankruptcy claim............ -- -- -- (155) -------- -------- -------- -------- Total operating expenses.......... 2,567 2,691 5,250 5,196 -------- -------- -------- -------- Loss from operations.............. (1,439) (1,337) (2,320) (2,898) Interest income....................... -- 1 -- 3 Gain on sale of long-term investment.. -- -- 990 -- Other income, net..................... 58 579 46 623 -------- -------- -------- -------- Loss before income tax (benefit) expense................. (1,381) (757) (1,284) (2,272) Income tax (benefit) expense.......... (8) 10 (35) 11 -------- -------- -------- -------- Net loss.......................... $(1,373) $ (767) $(1,249) $(2,283) ======== ======== ======== ======== Net loss per share Basic............................. $(0.15) $ (0.09) $ (0.14) $ (0.26) Diluted........................... $(0.15) $ (0.09) $ (0.14) $ (0.26) Shares used in per share calculations: Basic............................. 8,980 8,731 8,956 8,699 Diluted........................... 8,980 8,731 8,956 8,699
-more- Aehr Test Systems Reports Second Quarter Fiscal 2012 Results January 5, 2012 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, ------------------ ----------------- 2011 2010 2011 2010 -------- -------- -------- -------- GAAP net loss............................. $(1,373) $ (767) $(1,249) $(2,283) Gain on bankruptcy claim1................. -- -- -- (155) Gain on sale of long-term investment2..... -- -- (990) -- Stock compensation expense................ 172 238 337 512 -------- -------- -------- -------- Non-GAAP net loss......................... $(1,201) $ (529) $(1,902) $(1,926) ======== ======== ======== ======== GAAP net loss per diluted share........... $ (0.15) $ (0.09) $ (0.14) $ (0.26) ======== ======== ======== ======== Non-GAAP net loss per diluted share....... $ (0.13) $ (0.06) $ (0.21) $ (0.22) ======== ======== ======== ======== Shares used in diluted shares calculation. 8,980 8,731 8,956 8,699 ======== ======== ======== ========
________________________________________________________________________________ 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 Second Quarter Fiscal 2012 Results January 5, 2012 Page 5 of 5 AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited)
November 30, May 31, 2011 2011 ----------- ----------- ASSETS Current assets: Cash and cash equivalents .......................... $ 3,126 $ 4,020 Accounts receivable, net............................ 2,101 1,432 Inventories,net..................................... 5,579 4,958 Prepaid expenses and other ......................... 218 161 ----------- ----------- Total current assets ........................... 11,024 10,571 Property and equipment, net .......................... 707 954 Other assets.......................................... 177 558 ----------- ----------- Total assets ................................... $11,908 $12,083 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable ................................... $ 1,494 $ 885 Accrued expenses ................................... 1,553 1,434 Deferred revenue ................................... 271 221 ----------- ----------- Total current liabilities ...................... 3,318 2,540 Income tax payable.................................... 128 204 Deferred lease commitment ............................ 209 238 ----------- ----------- Total liabilities .............................. 3,655 2,982 Shareholders' equity ................................. 8,253 9,101 ----------- ----------- Total liabilities and shareholders' equity ..... $11,908 $12,083 =========== ===========
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