0001040470-12-000045.txt : 20121010 0001040470-12-000045.hdr.sgml : 20121010 20121010161406 ACCESSION NUMBER: 0001040470-12-000045 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120831 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121010 DATE AS OF CHANGE: 20121010 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: 121137871 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 q113-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): October 10, 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 October 10, 2012, Aehr Test Systems, or the Company, issued a press release announcing the Company's financial results for its first quarter of fiscal year 2013 ended August 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 October 10, 2012 entitled "Aehr Test Systems Reports Financial Results for First Quarter Fiscal 2013." 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: October 10, 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 October 10, 2012 entitled "Aehr Test Systems Reports Financial Results for First Quarter Fiscal 2013." EX-99.1 2 q113-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 2013 Fremont, CA (October 10, 2012) - 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 2013 ended August 31, 2012. Net sales were $4.8 million in the first quarter of fiscal 2013, up from $4.7 million in the fourth quarter of fiscal 2012. Aehr Test reported a net loss of $0.3 million, or $0.03 per diluted share, in the first quarter of fiscal 2013, compared to a net loss of $0.8 million, or $0.09 per diluted share, in the fourth quarter of fiscal 2012. Commenting on the first quarter of fiscal 2013, Gayn Erickson, President and CEO of Aehr Test Systems, said, "This quarter we again were able to improve our top and bottom lines as we execute against our plan to address new market segments and customers with our ABTSTM and FOXTM product lines. With a net loss of under $300K, we came close to breaking even for the quarter, and we also were about cash flow breakeven. "We continue to focus on penetrating key production accounts with our ABTS and FOX families of products while improving our product and service margins," continued Erickson. "For example, we announced today a significant order from a leading semiconductor manufacturer for development of a next generation FOX-1 system. This new FOX system is expected to provide increased test flexibility and capability at a lower cost of test than alternative solutions while also expanding the market addressed by Aehr Test's FOX full wafer test products. Erickson concluded, "In the last couple of months, some major capital equipment suppliers and semiconductor companies reported seeing a slowdown in capital expenditures. In just the last month, we also began to see a slowdown in capital spending by some of our customers. Customer interest in our FOX and ABTS products continues to be solid and increasing, but we want to take a conservative approach and maintain tight controls of our expenses to preserve cash heading into an uncertain demand situation in the next couple of quarters. We believe these actions position our company to return to positive cash flow and profitability. We had discussed our expectation that this will happen by the end of this calendar year, and we are still driving for that result. Aehr Test Systems Reports First Quarter Fiscal 2013 Results October 10, 2012 Page 2 of 5 Management Conference Call Management of Aehr Test will host a conference call and webcast today, October 10, 2012 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's first quarter fiscal 2013 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 families 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 First Quarter Fiscal 2013 Results October 10, 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 ---------------------------- Aug 31, May 31, Aug 31, 2012 2012 2011 -------- -------- -------- Net sales.................................. $ 4,832 $ 4,676 $ 4,130 Cost of sales.............................. 2,376 2,507 2,328 -------- -------- -------- Gross profit............................... 2,456 2,169 1,802 -------- -------- -------- Operating expenses: Selling, general and administrative....... 1,789 1,872 1,601 Research and development.................. 930 1,134 1,082 -------- -------- -------- Total operating expenses................. 2,719 3,006 2,683 -------- -------- -------- Loss from operations..................... (263) (837) (881) Interest expense........................... (12) (4) -- Gain on sale of long-term investment....... -- -- 990 Other (expense) income, net................ (19) 64 (12) -------- -------- -------- (Loss) income before income tax expense (benefit)........................ (294) (777) 97 Income tax expense (benefit)............... 2 2 (27) -------- -------- -------- Net (loss) income........................ $ (296) $ (779) $ 124 Less: Net income attributable to the Noncontrolling interest............ -- -- -- Net (loss) income attributable to Aehr Test -------- -------- -------- Systems common shareholders........ $ (296) $ (779) $ 124 ======== ======== ======== Net (loss) income per share Basic..................................... $ (0.03) $ (0.09) $ 0.01 Diluted................................... $ (0.03) $ (0.09) $ 0.01 Shares used in per share calculations: Basic..................................... 9,166 9,095 8,932 Diluted................................... 9,166 9,095 9,100
-more- Aehr Test Systems Reports First Quarter Fiscal 2013 Results October 10, 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 -------------------------- Aug 31, May 31, Aug 31, 2012 2012 2011 -------- -------- --------- GAAP net (loss)income............................. $ (296) $ (779) $ 124 Gain on sale of long-term investment1............. -- -- (990) Stock based compensation expense.................. 169 190 166 -------- -------- -------- Non-GAAP net loss................................. $ (127) $ (589) $ (700) ======== ======== ======== GAAP net (loss) income per diluted share.......... $ (0.03) $ (0.09) $ 0.01 ======== ======== ======== Non-GAAP net loss per diluted share............... $ (0.01) $ (0.06) $(0.08) ======== ======== ======== Shares used in diluted shares calculation......... 9,166 9,095 9,100 ======== ======== ======== Shares used in non-GAAP diluted shares calculation 9,166 9,095 8,932 ======== ======== ========
______________________________________________________________________ 1 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 2013 Results October 10, 2012 Page 5 of 5 AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited)
August 31, May 31, 2012 2012 -------- -------- ASSETS Current assets: Cash and cash equivalents ...................... $ 1,901 $ 2,073 Accounts receivable, net........................ 2,558 2,588 Inventories..................................... 6,710 6,070 Prepaid expenses and other ..................... 326 197 -------- -------- Total current assets ....................... 11,495 10,928 Property and equipment, net ...................... 439 510 Other assets...................................... 174 175 -------- -------- Total assets ............................... $12,108 $11,613 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Line of credit.................................. $ 1,452 $ 1,408 Accounts payable ............................... 2,001 1,507 Accrued expenses ............................... 1,580 1,385 Deferred revenue ............................... 393 555 -------- -------- Total current liabilities .................. 5,426 4,855 Income tax payable................................ 112 125 Deferred lease commitment, net of current portion. 161 179 -------- -------- Total liabilities ........................... 5,699 5,159 Aehr Test Systems Shareholders' equity ........... 6,431 6,476 Noncontrolling interest........................... (22) (22) -------- -------- Total shareholders' equity ................. 6,409 6,454 -------- -------- Total liabilities and shareholders' equity.. $12,108 $11,613 ======== ========
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