0001040470-12-000020.txt : 20120329
0001040470-12-000020.hdr.sgml : 20120329
20120329164429
ACCESSION NUMBER: 0001040470-12-000020
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20120229
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20120329
DATE AS OF CHANGE: 20120329
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: 0531
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-22893
FILM NUMBER: 12724530
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
q312-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): March 29, 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 March 29, 2012, Aehr Test Systems, or the Company, issued a
press release announcing the Company's financial results for its third quarter
of fiscal year 2012 ended February 29, 2012. 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
March 29, 2012 entitled "Aehr Test Systems
Reports Financial Results for Third 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: March 29, 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 March 29, 2012
entitled "Aehr Test Systems Reports Financial Results for
Third Quarter Fiscal 2012."
EX-99.1
2
q312-ex99b.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 THIRD QUARTER FISCAL 2012
Fremont, CA (March 29, 2012) - Aehr Test Systems (Nasdaq: AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today announced
financial results for the third quarter ended February 29, 2012.
Total net sales were $2.9 million in the third quarter of fiscal 2012,
compared with $4.2 million in the third quarter of fiscal 2011. Aehr Test
reported a net loss of $1.4 million, or $0.15 per diluted share, in the
third quarter of fiscal 2012. This compares to a net loss of $0.9 million,
or $0.11 per diluted share, in the third quarter of fiscal 2011.
Net sales were $10.8 million in the first nine months of fiscal 2012 compared
with $10.0 million in the first nine months of fiscal 2011. Net loss for
the nine months ended February 29, 2012 was $2.6 million, or $0.29 per diluted
share, compared with a net loss of $3.2 million, or $0.37 per diluted share,
in the same period of the prior fiscal year.
Commenting on the third quarter, Gayn Erickson, President and Chief Executive
Officer of Aehr Test Systems, said, "Having recently visited a significant
cross section of customers around the world, it is clear to us that the
industry mood and capital equipment spend forecast is improving. Aehr Test
is seeing a marked increase in activity and orders not seen in several years.
Supported by the new order announcements that we've made in the last three
months, we believe that the worst of the recent difficulties arising from
the slowdown in the semiconductor industry are behind us. We are happy
to announce that Aehr Test now has the largest backlog in the last three
years."
Erickson concluded, "I would like to reiterate my optimism for Aehr Test.
There is great talent and energy throughout our organization. We have some
of the best and largest customers in the world and we are expanding those
relationships even as we look to add new customers to our roster."
Aehr Test Systems Reports Third Quarter Fiscal 2012 Results
March 29, 2012
Page 2 of 5
Management Conference Call
Management of Aehr Test will host a conference call and webcast today, March
29, 2012 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's
third 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 ABTSTM, FOXTM 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 Third Quarter Fiscal 2012 Results
March 29, 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 Nine Months Ended
February 29, February 28, February 29, February 28,
------------ ----------- ----------- -----------
2012 2011 2012 2011
-------- -------- -------- --------
Net sales........................... $ 2,855 $ 4,242 $10,845 $ 9,988
Cost of sales....................... 1,747 2,637 6,807 6,085
-------- -------- -------- --------
Gross profit........................ 1,108 1,605 4,038 3,903
-------- -------- -------- --------
Operating expenses:
Selling, general and administrative 1,525 1,486 4,654 4,499
Research and development........... 933 1,039 3,054 3,377
Gain on bankruptcy claim........... -- -- -- (155)
-------- -------- -------- --------
Total operating expenses......... 2,458 2,525 7,708 7,721
-------- -------- -------- --------
Loss from operations............. (1,350) (920) (3,670) (3,818)
Interest income..................... -- -- -- 3
Gain on sale of long-term investment -- -- 990 --
Other income (expense), net......... 7 (30) 53 593
-------- -------- -------- --------
Loss before income tax
expense (benefit)................ (1,343) (950) (2,627) (3,222)
Income tax expense (benefit)........ 18 (4) (17) 7
-------- -------- -------- --------
Net loss......................... $(1,361) $ (946) $(2,610) $(3,229)
======== ======== ======== ========
Net loss per share
Basic............................ $(0.15) $ (0.11) $ (0.29) $ (0.37)
Diluted.......................... $(0.15) $ (0.11) $ (0.29) $ (0.37)
Shares used in per share calculations:
Basic............................ 9,055 8,828 8,989 8,742
Diluted.......................... 9,055 8,828 8,989 8,742
-more-
Aehr Test Systems Reports Third Quarter Fiscal 2012 Results
March 29, 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 Nine Months Ended
February 29, February 28, February 29, February 28,
------------ ------------ ----------- ------------
2012 2011 2012 2011
-------- -------- -------- --------
GAAP net loss........................$(1,361) $ (946) $(2,610) $(3,229)
Gain on bankruptcy claim1............ -- -- -- (155)
Gain on sale of long-term investment2 -- -- (990) --
Stock compensation expense........... 182 223 519 735
-------- -------- -------- --------
Non-GAAP net loss....................$(1,179) $ (723) $(3,081) $(2,649)
======== ======== ======== ========
GAAP net loss per diluted share...... $ (0.15) $(0.11) $ (0.29) $ (0.37)
======== ======== ======== ========
Non-GAAP net loss per diluted share. $ (0.13) $(0.08) $( 0.34) $ (0.30)
======== ======== ======== ========
Shares used in diluted shares
calculation.............. 9,055 8,828 8,989 8,742
======== ======== ======== ========
________________________________________________________________________________
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 Third Quarter Fiscal 2012 Results
March 29, 2012
Page 5 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
February 29, May 31,
2012 2011
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents .......................... $ 2,975 $ 4,020
Accounts receivable, net............................ 825 1,432
Inventories,net..................................... 5,650 4,958
Prepaid expenses and other ......................... 247 161
----------- -----------
Total current assets ........................... 9,697 10,571
Property and equipment, net .......................... 587 954
Other assets.......................................... 172 558
----------- -----------
Total assets ................................... $10,456 $12,083
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Line of credit ..................................... $ 716 $ --
Accounts payable ................................... 960 885
Accrued expenses ................................... 1,221 1,434
Deferred revenue ................................... 185 221
----------- -----------
Total current liabilities ...................... 3,082 2,540
Income tax payable.................................... 129 204
Deferred lease commitment ............................ 195 238
----------- -----------
Total liabilities .............................. 3,406 2,982
Shareholders' equity ................................. 7,050 9,101
----------- -----------
Total liabilities and shareholders' equity ..... $10,456 $12,083
=========== ===========
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