California
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000-22893
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94-2424084
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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400 KATO TERRACE, FREMONT, CA 94539
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(Address
of principal executive offices, including zip code)
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510-623-9400
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(Registrant’s
telephone number, including area code)
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N/A
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(Former
name or former address, if changed since last report)
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Title
of each class
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Trading
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Name of
each exchange on which registered
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Symbol(s)
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Common
Stock
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AEHR
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The
NASDAQ Capital Market
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Exhibit No.
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Description
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Press
Release of Aehr Test Systems dated January 9, 2020 entitled
“Aehr Test Systems Reports 24% Sequential Revenue Growth in
Second Quarter and Reiterates Guidance for Significant Growth for
Fiscal 2020.”
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Aehr
Test Systems
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(Registrant)
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Date:
January 9, 2020
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By:
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/s/
Kenneth B. Spink
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Kenneth
B. Spink
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Vice
President of Finance and Chief Financial Officer
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Aehr Test Systems
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MKR
Investor Relations Inc.
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Ken
Spink
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Todd
Kehrli or Jim Byers
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Chief
Financial Officer
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Analyst/Investor Contact |
(510)
623-9400 x309
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(323) 468-2300 |
aehr@mkr-group.com |
AEHR
TEST SYSTEMS AND SUBSIDIARIES
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Condensed
Consolidated Statements of Operations
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(in thousands,
except per share data)
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(unaudited)
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Three
Months Ended
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Six
Months Ended
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|||
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Nov
30,
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Aug
31,
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Nov
30,
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Nov
30,
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Nov
30,
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2019
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2019
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2018
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2019
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2018
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Net
sales
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$6,874
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$5,533
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$5,911
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$12,407
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$10,651
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Cost of
sales
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3,672
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3,262
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3,513
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6,934
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6,700
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Gross
profit
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3,202
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2,271
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2,398
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5,473
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3,951
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Operating
expenses:
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Selling,
general and administrative
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2,157
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1,808
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1,977
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3,965
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3,856
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Research
and development
|
795
|
892
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986
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1,687
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2,102
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Total
operating expenses
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2,952
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2,700
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2,963
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5,652
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5,958
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Income
(loss) from operations
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250
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(429)
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(565)
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(179)
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(2,007)
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Interest income
(expense), net
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2
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12
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(74)
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14
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(152)
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Other income,
net
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5
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10
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29
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15
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38
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Income
(loss) before income tax expense
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257
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(407)
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(610)
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(150)
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(2,121)
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Income tax
expense
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(6)
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(6)
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(19)
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(12)
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(23)
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Net
income (loss)
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251
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(413)
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(629)
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(162)
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(2,144)
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Less: Net income
attributable to the noncontrolling
interest
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-
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-
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-
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-
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-
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Net income (loss)
attributable to Aehr Test Systems common
shareholders
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$251
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$(413)
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$(629)
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$(162)
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$(2,144)
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Net income (loss) per
share
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Basic
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$0.01
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$(0.02)
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$(0.03)
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$(0.01)
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$(0.10)
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Diluted
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$0.01
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$(0.02)
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$(0.03)
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$(0.01)
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$(0.10)
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Shares used in per
share calculations:
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Basic
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22,823
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22,708
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22,294
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22,765
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22,242
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Diluted
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22,912
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22,708
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22,294
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22,765
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22,242
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AEHR TEST SYSTEMS AND SUBSIDIARIES
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Reconciliation of GAAP and Non-GAAP Results
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(in
thousands, except per share data)
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(unaudited)
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Three Months Ended
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Six Months Ended
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|||
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Nov 30,
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Aug 31,
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Nov 30,
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Nov 30,
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Nov 30,
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2019
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2019
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2018
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2019
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2018
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GAAP net
income (loss)
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$251
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$(413)
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$(629)
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$(162)
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$(2,144)
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Stock-based
compensation expense
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205
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199
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224
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404
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480
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Non-GAAP net
income (loss)
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$456
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$(214)
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$(405)
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$242
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$(1,664)
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GAAP net
income (loss) per diluted share
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$0.01
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$(0.02)
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$(0.03)
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$(0.01)
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$(0.10)
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Non-GAAP net
income (loss) per diluted share
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$0.02
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$(0.01)
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$(0.02)
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$0.01
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$(0.07)
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Shares used in
GAAP diluted shares calculation
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22,912
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22,708
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22,294
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22,765
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22,242
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Shares used in
non-GAAP diluted shares calculation
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22,912
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22,708
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22,294
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22,846
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22,242
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Non-GAAP net income (loss) is a non-GAAP measure and should not be
considered a replacement for GAAP results. Non-GAAP net income
(loss) 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
(loss) (the most directly comparable GAAP financial measure). These
measures are not in accordance with GAAP and may differ from
non-GAAP methods of accounting and reporting used by other
companies.
We believe these measures enhance investors’ ability to
review the company’s business from the same perspective as
the company’s management and facilitate comparisons of this
period’s results with prior periods.
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AEHR TEST SYSTEMS AND SUBSIDIARIES
|
||||||||
Condensed Consolidated Balance Sheets
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||||||||
(in
thousands, except per share data)
|
||||||||
(unaudited)
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November 30,
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August 31,
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May 31,
|
|
2019
|
2019
|
2019
|
ASSETS
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Current
assets:
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Cash
and cash equivalents
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$5,302
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$5,266
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$5,428
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Accounts
receivable, net
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5,231
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3,287
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4,859
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Inventories
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9,800
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9,217
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9,061
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Prepaid
expenses and other
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534
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523
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686
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Total
current assets
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20,867
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18,293
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20,034
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Property
and equipment, net
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860
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1,000
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1,045
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Operating
lease right-of-use assets
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2,387
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2,533
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-
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Other
assets
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186
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199
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228
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Total
assets
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$24,300
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$22,025
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$21,307
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LIABILITIES AND SHAREHOLDERS' EQUITY
|
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Current
liabilities:
|
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Accounts
payable
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$2,320
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$1,742
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$1,933
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Accrued
expenses
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1,596
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1,577
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2,034
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Operating
lease liabilities, short-term
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619
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606
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-
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Customer
deposits and deferred revenue, short-term
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1,809
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615
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1,545
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Total
current liabilities
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6,344
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4,540
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5,512
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Deferred
rent
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-
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-
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153
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Operating
lease liabilities, long-term
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1,924
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2,086
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-
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Deferred
revenue, long-term
|
64
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113
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189
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Total
liabilities
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8,332
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6,739
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5,854
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Aehr
Test Systems shareholders' equity
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15,988
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15,306
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15,472
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Noncontrolling
interest
|
(20)
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(20)
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(19)
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Total
shareholders' equity
|
15,968
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15,286
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15,453
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Total
liabilities and shareholders' equity
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$24,300
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$22,025
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$21,307
|
# #
#
|
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