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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