0001040470-12-000037.txt : 20120719 0001040470-12-000037.hdr.sgml : 20120719 20120719161523 ACCESSION NUMBER: 0001040470-12-000037 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120531 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120719 DATE AS OF CHANGE: 20120719 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: 12970161 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 q412-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, 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 July 19, 2012, Aehr Test Systems, or the Company, issued a press release announcing the Company's financial results for its fourth quarter of fiscal year 2012 ended May 31, 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 July 19, 2012 entitled "Aehr Test Systems Reports Financial Results for Fourth 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: July 19, 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 July 19, 2012 entitled "Aehr Test Systems Reports Financial Results for Fourth Quarter Fiscal 2012." EX-99.1 2 q412-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 2012 Fremont, CA (July 19, 2012) - Aehr Test Systems (Nasdaq: AEHR), a worldwide supplier of semiconductor test and burn-in equipment, today announced financial results for the fourth quarter and fiscal year ended May 31, 2012. Net sales were $4.7 million in the fourth quarter of fiscal 2012, up 64% from $2.9 million in the preceding quarter. Aehr Test reported a net loss of $0.8 million, or $0.09 per diluted share, in the fourth quarter of fiscal 2012, an improvement of $0.6 million when compared with a net loss of $1.4 million, or $0.15 per diluted share, in the third quarter of fiscal 2012. Net sales for fiscal year 2012 were $15.5 million, an increase of 13% compared with net sales of $13.7 million in fiscal 2011. Net loss for fiscal 2012 was $3.4 million, or $0.38 per diluted share, flat with a net loss of $3.4 million, or $0.38 per diluted share, in fiscal 2011. As of May 31, 2012, the company's backlog was $7.3 million, compared with $5.8 million at May 31, 2011. Commenting on the fourth quarter of fiscal 2012, Gayn Erickson, President and CEO of Aehr Test Systems, said, "We are very pleased with the progress that we are making in growing our business. The quarter represented our highest quarterly product sales in over three years. The headway that we are making points to the growing competitiveness and value provided by our ABTSTM and FOXTM families of products. During the quarter we received key follow-on orders, including a FOX-1 system to a leading flash memory manufacturer and an advanced ABTS high-power burn-in system to a leading logic, analog and mixed signal semiconductor manufacturer. Additionally, in the past two weeks we announced an order for a FOX-15 wafer-level burn-in system from a leading communication equipment manufacturer, as well as a follow-on ABTS order from a leading test house in Taiwan. "We enter fiscal 2013 on a good footing with our highest backlog in over three years," continued Erickson. "We expect to achieve a profit and become cash flow positive by the end of the 2012 calendar year. We continue to focus on growing our company, while managing our cost structure to ensure future profitability." Aehr Test Systems Reports Fourth Quarter Fiscal 2012 Results July 19, 2012 Page 2 of 5 Management Conference Call Management of Aehr Test will host a conference call and webcast today, July 19, 2012 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's fourth 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 test systems for burning-in and testing logic and memory integrated circuits and has an installed base of more than 2,500 systems worldwide. Increased quality and reliability needs of the Automotive and Mobility integrated circuit markets are driving additional test requirements, capacity needs and opportunities for Aehr Test products in package and wafer level test. Aehr Test has developed and introduced several innovative products, including the ABTS and FOX family of test and burn-in systems and the DiePak(R)carrier. The ABTS system is used in production and qualification testing of packaged parts 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 used for burn-in and functional test of complex devices, such as leading-edge memories, 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 Fourth Quarter Fiscal 2012 Results July 19, 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 Year Ended ----------------------------- ------------------ May 31, February 29, May 31, May 31, May 31, 2012 2012 2011 2012 2011 -------- --------- -------- -------- -------- Net sales............................. $ 4,676 $ 2,855 $ 3,749 $ 15,521 $ 13,737 Cost of sales......................... 2,507 1,747 2,140 9,314 8,225 -------- -------- -------- -------- -------- Gross profit.......................... 2,169 1,108 1,609 6,207 5,512 -------- -------- -------- -------- -------- Operating expenses: Selling, general and administrative. 1,872 1,525 1,465 6,526 5,964 Research and development............ 1,134 933 1,190 4,188 4,567 Gain on bankruptcy claim............ -- -- (677) -- (832) -------- -------- -------- -------- -------- Total operating expenses.......... 3,006 2,458 1,978 10,714 9,699 -------- -------- -------- -------- -------- Loss from operations.............. (837) (1,350) (369) (4,507) (4,187) Interest income....................... -- -- -- -- 3 Interest expense...................... 4 -- -- 4 -- Gain on sale of long-term investment.. -- -- -- 990 -- Other income, net..................... 64 7 169 117 762 -------- -------- -------- -------- -------- Loss before income tax expense (benefit)................. (777) (1,343) (200) (3,404) (3,422) Income tax expense (benefit).......... 2 18 (56) (15) (49) -------- -------- -------- -------- -------- Net loss.......................... $ (779) $(1,361) $ (144) $ (3,389) $ (3,373) ======== ======== ======== ======== ======== Net loss per share Basic............................. $ (0.09) $ (0.15) $ (0.02) $ (0.38) $ (0.38) Diluted........................... $ (0.09) $ (0.15) $ (0.02) $ (0.38) $ (0.38) Shares used in per share calculations: Basic............................. 9,095 9,055 8,880 9,016 8,776 Diluted........................... 9,095 9,055 8,880 9,016 8,776
-more- Aehr Test Systems Reports Fourth Quarter Fiscal 2012 Results July 19, 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 Year Ended -------------------------- ----------------- May 31, February 29, May 31, May 31, May 31, 2012 2012 2011 2012 2011 -------- -------- --------- -------- -------- GAAP net loss............................$ (779) $(1,361) $ (144) $(3,389) $(3,373) Gain on bankruptcy claim1................ -- -- (677) -- (832) Gain on sale of long-term investment2.... -- -- -- (990) -- Stock compensation expense............... 190 182 212 709 947 -------- -------- -------- -------- -------- Non-GAAP net loss........................$ (589) $(1,179) $ (609) $(3,670) $(3,258) ======== ======== ======== ======== ======== GAAP net loss per diluted share..........$ (0.09) $ (0.15) $ (0.02) $ (0.38) $ (0.38) ======== ======== ======== ======== ======== Non-GAAP net loss per diluted share......$ (0.06) $ (0.13) $ (0.07) $ (0.41) $ (0.37) ======== ======== ======== ======== ======== Shares used in diluted shares calculation 9,095 9,055 8,880 9,016 8,776 ======== ======== ======== ======== ========
________________________________________________________________________________ 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. 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. 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 Fourth Quarter Fiscal 2012 Results July 19, 2012 Page 5 of 5 AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited)
May 31, February 29, May 31, 2012 2012 2011 -------- ----------- -------- ASSETS Current assets: Cash and cash equivalents ...................... $ 2,073 $ 2,975 $ 4,020 Accounts receivable, net........................ 2,588 825 1,432 Inventories,net................................. 6,070 5,650 4,958 Prepaid expenses and other ..................... 197 247 161 -------- -------- -------- Total current assets ....................... 10,928 9,697 10,571 Property and equipment, net ...................... 510 587 954 Other assets...................................... 175 172 558 -------- -------- -------- Total assets ............................... $11,613 $10,456 $12,083 ======== ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Line of credit.................................. $ 1,408 $ 716 $ -- Accounts payable ............................... 1,507 960 885 Accrued expenses ............................... 1,385 1,221 1,434 Deferred revenue ............................... 555 185 221 -------- -------- -------- Total current liabilities .................. 4,855 3,082 2,540 Income tax payable................................ 125 129 204 Deferred lease commitment ........................ 179 195 238 -------- -------- -------- Total liabilities .......................... 5,159 3,406 2,982 Shareholders' equity ............................. 6,454 7,050 9,101 -------- -------- -------- Total liabilities and shareholders' equity.. $11,613 $10,456 $12,083 ======== ======== ========
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