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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