-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S0x10ecPVAmvkh+CdTaSu2nKvFrGSrQLffA+E7TzY1xRcZ9ZO6lJuQRCXTNyxU0u mHiW8HnRGTpxiMDxn94QnA== 0001275287-06-000045.txt : 20060105 0001275287-06-000045.hdr.sgml : 20060105 20060105161833 ACCESSION NUMBER: 0001275287-06-000045 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060105 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060105 DATE AS OF CHANGE: 20060105 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: 06513106 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 at4428.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, 2006 AEHR TEST SYSTEMS (Exact name of Registrant as specified in its charter) California 000-22893 94-2424084 (State or other jurisdiction of [Commission (I.R.S. Employer incorporation or organization) File Number] 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, 2006, Aehr Test Systems (the "Company") issued a press release announcing the Company's financial results for its second fiscal quarter 2006 ended November 30, 2005. 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. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. Exhibit No. Description ----------- -------------------------------------------------------- 99.1 Press Release of Aehr Test Systems dated January 5, 2006 entitled "Aehr Test Systems Reports Second Quarter Results for Fiscal 2006." 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, 2006 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, 2006 entitled "Aehr Test Systems Reports Second Quarter Results for Fiscal 2006." EX-99.1 2 at4428ex991.txt EXHIBIT 99.1 Exhibit 99.1 FOR IMMEDIATE RELEASE CONTACTS: AT FINANCIAL RELATIONS BOARD Amy Cozamanis Laurie Berman Investor/Analyst Contact General Inquiries (310) 854-8314 (310) 854-8315 AEHR TEST SYSTEMS REPORTS SECOND QUARTER RESULTS FOR FISCAL 2006 Fremont, CA (January 5, 2006) - Aehr Test Systems (Nasdaq: AEHR), a leading supplier of semiconductor test and burn-in equipment, today announced financial results for the second quarter of fiscal 2006 ended November 30, 2005. Net sales were $5.8 million in the second quarter of fiscal 2006, up approximately 21% from $4.8 million in the second quarter of fiscal 2005, and up approximately 25% from $4.6 million in the first quarter of fiscal 2006. The Company reported a profit of $166,000, or $0.02 per diluted share, in the second quarter of fiscal 2006, compared with a net loss of $599,000, or $0.08 per diluted share, in the same period of the prior year. "I am extremely pleased to report that Aehr Test returned to profitability during the quarter," said Rhea Posedel, chairman and chief executive officer of Aehr Test Systems. "Net sales were strong, driven primarily by the $5 million in MAX system follow-on orders from a major, U.S.-based IC manufacturer which we announced in September of last year. "We expect to see good demand for our MAX products throughout the remainder of fiscal 2006, and also believe that orders for our MTX-Fp+ parallel test systems will contribute to increased net sales. Additionally, we continue to see a high level of interest in our FOX(TM) wafer level burn-in and test systems and expect to ship our initial FOX-1 system during fiscal 2006," said Mr. Posedel. "Our focus on providing customers with a cutting-edge line of burn-in and testing products is paying off, and we remain committed to enhancing our offerings to address growing market opportunities." - more - AEHR TEST SYSTEMS REPORTS SECOND QUARTER RESULTS FOR FISCAL 2006 JANUARY 5, 2006 PAGE 2 OF 4 Net sales were $10.5 million in the first six months of fiscal 2006, compared with $10.7 million in the first six months of fiscal 2005. The Company's net loss for the six months ended November 30, 2005 was $78,000, or $0.01 per diluted share, compared with a net loss of $1.9 million, or $0.26 per diluted share, in the same period of the prior year. At November 30, 2005, cash and cash equivalents, short-term investments and long-term investments were $6.8 million, compared to $9.2 million at the end of fiscal 2005 and up from $6.3 million at the end of the first quarter of fiscal 2006. Aehr Test ended the second quarter of fiscal 2006 with no outstanding debt and shareholders' equity of $17.4 million, or $2.32 per share outstanding at November 30, 2005. "We expect third quarter fiscal 2006 net sales to increase from the second quarter of fiscal 2006," said Gary Larson, vice president and chief financial officer of Aehr Test Systems. "We also expect increased profitability in the third quarter of fiscal 2006 when compared to the quarter just reported." MANAGEMENT CONFERENCE CALL Management of Aehr Test will host a conference call and webcast today, Thursday, January 5, 2006 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's second quarter fiscal 2006 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 leading worldwide provider of systems for burning-in and testing DRAM 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 FOX, MTX and MAX systems, and the DiePak(R) carrier. The FOX system is a full wafer contact test and burn-in system. The MTX system is a massively parallel test system designed to reduce the cost of memory testing by performing both test and burn-in on thousands of devices simultaneously. 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 customer demand and acceptance of Aehr Test's products. Actual results may vary from projected results. These risks and uncertainties include, without limitation, acceptance by customers of Aehr Test's technologies, acceptance by customers of the systems shipped upon receipt of a purchase order and the ability of new products to meet customer needs or perform as described. See Aehr Test's recent 10-K and 10-Q reports and other reports from time to time filed with the Securities and Exchange Commission (SEC) 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] - more - AEHR TEST SYSTEMS REPORTS SECOND QUARTER RESULTS FOR FISCAL 2006 JANUARY 5, 2006 PAGE 3 OF 4 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, ------------------- ------------------- 2005 2004 2005 2004 -------- -------- -------- -------- Net sales $ 5,817 $ 4,790 $ 10,463 $ 10,726 Cost of sales 3,112 3,302 5,570 8,171 -------- -------- -------- -------- Gross profit 2,705 1,488 4,893 2,555 -------- -------- -------- -------- Operating expenses: Selling, general and administrative 1,542 1,115 2,994 2,547 Research and development 1,006 992 2,040 2,017 -------- -------- -------- -------- Total operating expenses 2,548 2,107 5,034 4,564 -------- -------- -------- -------- Income (loss) from operations 157 (619) (141) (2,009) Interest income 36 32 80 56 Other income (expense), net 12 172 14 196 -------- -------- -------- -------- Income (loss) before income taxes 205 (415) (47) (1,757) Income tax expense 39 184 31 166 -------- -------- -------- -------- Net income (loss) $ 166 $ (599) $ (78) $ (1,923) ======== ======== ======== ======== Net income (loss) per share Basic $ 0.02 $ (0.08) $ (0.01) $ (0.26) Diluted $ 0.02 $ (0.08) $ (0.01) $ (0.26) Shares used in per share calculations: Basic 7,496 7,412 7,489 7,402 Diluted 7,514 7,412 7,489 7,402
-more- AEHR TEST SYSTEMS REPORTS SECOND QUARTER RESULTS FOR FISCAL 2006 JANUARY 5, 2006 PAGE 4 OF 4 AEHR TEST SYSTEMS AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data)
November 30, May 31, 2005 2005 ------------ ------------ (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 5,807 $ 4,952 Short-term investments 1,003 3,813 Accounts receivable 4,113 2,537 Inventories 8,609 7,140 Prepaid expenses and other 388 585 ------------ ------------ Total current assets 19,920 19,027 Property and equipment, net 1,328 1,232 Long-term investments -- 409 Goodwill 274 274 Other assets, net 520 527 ------------ ------------ Total assets $ 22,042 $ 21,469 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,147 $ 1,050 Accrued expenses 1,931 1,943 Deferred revenue 1,255 692 ------------ ------------ Total current liabilities 4,333 3,685 Deferred revenue 21 21 Deferred lease commitment 306 311 ------------ ------------ Total liabilities 4,660 4,017 ------------ ------------ Shareholders' equity: Common stock, $.01 par value outstanding: 7,507 and 7,482 shares at November 30, 2005 and May 31, 2005, respectively 75 75 Additional paid-in capital 37,636 37,568 Accumulated other comprehensive income 1,190 1,250 Accumulated deficit (21,519) (21,441) ------------ ------------ Total shareholders' equity 17,382 17,452 ------------ ------------ Total liabilities and shareholders' equity $ 22,042 $ 21,469 ============ ============
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