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 April 2, 2020 entitled “Aehr Test
Systems Reports 93% Revenue Growth Year over Year in Third Quarter.
Withdraws Previously Provided Fiscal 2020 Financial Guideance Due
to COVID-19 Uncertainty.”
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Aehr Test
Systems
(Registrant)
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Date:
April 2, 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
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(510) 623-9400
x309
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(323)
468-2300
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aehr@mkr-group.com
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Aehr Test Systems Reports Third Quarter Fiscal 2020 Financial
Results
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April 2, 2020
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Page 2 of 6
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Aehr Test Systems Reports Third Quarter Fiscal 2020 Financial
Results
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April 2, 2020
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Page 3 of 6
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Aehr Test Systems Reports Third Quarter Fiscal 2020 Financial
Results
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April 2, 2020
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Page 4 of 6
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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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Nine Months Ended
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|||
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Feb 29,
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Nov 30,
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Feb 28,
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Feb 29,
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Feb 28,
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2020
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2019
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2019
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2020
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2019
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Net
sales
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$6,111
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$6,874
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$3,163
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$18,518
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$13,814
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Cost of
sales
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3,120
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3,672
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2,891
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10,054
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9,591
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Gross
profit
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2,991
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3,202
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272
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8,464
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4,223
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Operating
expenses:
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Selling,
general and administrative
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1,891
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2,157
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1,850
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5,856
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5,706
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Research
and development
|
845
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795
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931
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2,532
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3,033
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Restructuring
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-
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-
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607
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-
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607
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Total
operating expenses
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2,736
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2,952
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3,388
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8,388
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9,346
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Income
(loss) from operations
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255
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250
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(3,116)
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76
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(5,123)
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Interest income
(expense), net
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13
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2
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(76)
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27
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(228)
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Other (expense)
income, net
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(9)
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5
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(11)
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6
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27
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Income
(loss) before income tax (expense) benefit
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259
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257
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(3,203)
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109
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(5,324)
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Income tax
(expense) benefit
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(14)
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(6)
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2
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(26)
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(21)
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Net
income (loss)
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245
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251
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(3,201)
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83
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(5,345)
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Less: Net income
attributable to the
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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
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Systems
common shareholders
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$245
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$251
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$(3,201)
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$83
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$(5,345)
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Net income (loss)
per share
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Basic
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$0.01
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$0.01
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$(0.14)
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$0.00
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$(0.24)
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Diluted
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$0.01
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$0.01
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$(0.14)
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$0.00
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$(0.24)
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Shares used in per
share calculations:
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Basic
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22,937
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22,823
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22,459
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22,823
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22,314
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Diluted
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23,130
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22,912
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22,459
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22,940
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22,314
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-more-
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Aehr Test Systems Reports Third Quarter Fiscal 2020 Financial
Results
|
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April 2, 2020
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Page 5 of 6
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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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Nine Months Ended
|
|||
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Feb 29,
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Nov 30,
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Feb 28,
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Feb 29,
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Feb 28,
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2020
|
2019
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2019
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2020
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2019
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GAAP net income
(loss)
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$245
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$251
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$(3,201)
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$83
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$(5,345)
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Stock-based
compensation expense
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207
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205
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225
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611
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705
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Restructuring
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-
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-
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607
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-
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607
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Excess and
obsolescence provision
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-
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-
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795
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-
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795
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Non-GAAP net income
(loss)
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$452
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$456
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$(1,574)
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$694
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$(3,238)
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GAAP net income
(loss) per diluted share
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$0.01
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$0.01
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$(0.14)
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$0.00
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$(0.24)
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Non-GAAP net income
(loss) per diluted share
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$0.02
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$0.02
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$(0.07)
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$0.03
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$(0.15)
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Shares used in GAAP
diluted shares calculation
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23,130
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22,912
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22,459
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22,940
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22,314
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Shares used in
non-GAAP diluted shares calculation
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23,130
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22,912
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22,459
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22,940
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22,314
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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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|
-more-
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Aehr Test Systems Reports Third Quarter Fiscal 2020 Financial
Results
|
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|
||
April 2, 2020
|
|
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Page 6 of 6
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|
|
|
AEHR
TEST SYSTEMS AND SUBSIDIARIES
|
|||
Condensed
Consolidated Balance Sheets
|
|||
(in
thousands, except per share data)
|
|||
(unaudited)
|
|||
|
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February 29,
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November 30,
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May 31,
|
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2020
|
2019
|
2019
|
ASSETS
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Current
assets:
|
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Cash
and cash equivalents
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$5,058
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$5,302
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$5,428
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Accounts
receivable, net
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3,511
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5,231
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4,859
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Inventories
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9,330
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9,800
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9,061
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Prepaid
expenses and other
|
586
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534
|
686
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Total
current assets
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18,485
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20,867
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20,034
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Property and
equipment, net
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783
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860
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1,045
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Operating lease
right-of-use assets
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2,260
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2,387
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-
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Other
assets
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160
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186
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228
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Total
assets
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$21,688
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$24,300
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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
|
$925
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$2,320
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$1,933
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Accrued
expenses
|
1,373
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1,596
|
2,034
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Operating
lease liabilities, short-term
|
644
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619
|
-
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Customer
deposits and deferred revenue, short-term
|
385
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1,809
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1,545
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Total
current liabilities
|
3,327
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6,344
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5,512
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Deferred
rent
|
-
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-
|
153
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Operating lease
liabilities, long-term
|
1,772
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1,924
|
-
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Deferred revenue,
long-term
|
34
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64
|
189
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Total
liabilities
|
5,133
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8,332
|
5,854
|
|
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Aehr Test Systems
shareholders' equity
|
16,575
|
15,988
|
15,472
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Noncontrolling
interest
|
(20)
|
(20)
|
(19)
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Total
shareholders' equity
|
16,555
|
15,968
|
15,453
|
|
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Total
liabilities and shareholders' equity
|
$21,688
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$24,300
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$21,307
|
# # #
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