California
|
|
000-22893
|
|
94-2424084
|
(State
or other jurisdiction of incorporation)
|
|
(Commission
File Number)
|
|
(IRS
Employer Identification No.)
|
400 KATO TERRACE,
FREMONT, CA 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)
|
Title
of each class
|
Trading
|
Name of
each exchange on which registered
|
|
Symbol(s)
|
|
Common
Stock, par value $0.01 per share
|
AEHR
|
The
NASDAQ Capital Market
|
Exhibit No.
|
|
Description
|
|
Press
Release of Aehr Test Systems dated January 7, 2021 entitled
“Aehr Test Systems Reports Second Quarter Fiscal 2021
Financial Results.”
|
|
Aehr Test
Systems
(Registrant)
|
|
|
|
|
|
|
Date: January 7,
2021
|
By:
|
/s/ Kenneth B.
Spink
|
|
|
|
Kenneth B.
Spink
|
|
|
|
Vice President of
Finance and
Chief Financial
Officer
|
|
Aehr Test Systems
|
MKR
Investor Relations Inc.
|
Ken
Spink
|
Todd
Kehrli or Jim Byers
|
Chief
Financial Officer
|
Analyst/Investor
Contact
|
(510)
623-9400 x309
|
(323)
468-2300
|
|
aehr@mkr-group.com
|
AEHR TEST SYSTEMS
AND SUBSIDIARIES
|
|||||
Condensed
Consolidated Statements of Operations
|
|||||
(in thousands, except per share
data)
|
|||||
(unaudited)
|
|||||
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|||
|
Nov
30,
|
Aug
31,
|
Nov
30,
|
Nov
30,
|
Nov
30,
|
|
2020
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
|
Net sales
|
$1,683
|
$2,012
|
$6,874
|
$3,695
|
$12,407
|
Cost of sales
|
1,306
|
1,785
|
3,672
|
3,091
|
6,934
|
Gross profit
|
377
|
227
|
3,202
|
604
|
5,473
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Selling, general and
administrative
|
1,501
|
1,514
|
2,157
|
3,015
|
3,965
|
Research and
development
|
820
|
900
|
795
|
1,720
|
1,687
|
Total
operating expenses
|
2,321
|
2,414
|
2,952
|
4,735
|
5,652
|
|
|
|
|
|
|
(Loss)
income from operations
|
(1,944)
|
(2,187)
|
250
|
(4,131)
|
(179)
|
|
|
|
|
|
|
Interest (expense) income,
net
|
(12)
|
(13)
|
2
|
(25)
|
14
|
Net gain from dissolution of Aehr
Test Systems Japan
|
-
|
2,186
|
-
|
2,186
|
-
|
Other (expense) income,
net
|
(6)
|
(94)
|
5
|
(100)
|
15
|
|
|
|
|
|
|
(Loss)
income before income tax (expense) benefit
|
(1,962)
|
(108)
|
257
|
(2,070)
|
(150)
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
(4)
|
215
|
(6)
|
211
|
(12)
|
|
|
|
|
|
|
Net
(loss) income
|
(1,966)
|
107
|
251
|
(1,859)
|
(162)
|
Net (loss) income attributable to
Aehr Test Systems common
shareholders
|
$(1,966)
|
$107
|
$251
|
$(1,859)
|
$(162)
|
|
|
|
|
|
|
Net (loss) income per
share
|
|
|
|
|
|
Basic
|
$(0.08)
|
$0.00
|
$0.01
|
$(0.08)
|
$(0.01)
|
Diluted
|
$(0.08)
|
$0.00
|
$0.01
|
$(0.08)
|
$(0.01)
|
|
|
|
|
|
|
Shares used in per share
calculations:
|
|
|
|
|
|
Basic
|
23,396
|
23,248
|
22,823
|
23,322
|
22,765
|
Diluted
|
23,396
|
23,455
|
22,912
|
23,322
|
22,765
|
AEHR TEST SYSTEMS
AND SUBSIDIARIES
|
|||||
Reconciliation of
GAAP and Non-GAAP Results
|
|||||
(in thousands, except per share
data)
|
|||||
(unaudited)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|||
|
Nov
30,
|
Aug
31,
|
Nov
30,
|
Nov
30,
|
Nov
30,
|
|
2020
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
|
GAAP net (loss)
income
|
$(1,966)
|
$107
|
$251
|
$(1,859)
|
$(162)
|
Stock-based compensation
expense
|
257
|
270
|
205
|
527
|
404
|
Income from disolution of Aehr Test
Systesm Japan
|
-
|
(2,401)
|
-
|
(2,401)
|
-
|
Non-GAAP net (loss)
income
|
$(1,709)
|
$(2,024)
|
$456
|
$(3,733)
|
$242
|
|
|
|
|
|
|
GAAP net (loss) income per diluted
share
|
$(0.08)
|
$0.00
|
$0.01
|
$(0.08)
|
$(0.01)
|
Non-GAAP net (loss) income per
diluted share
|
$(0.07)
|
$(0.09)
|
$0.02
|
$(0.16)
|
$0.01
|
Shares used in GAAP diluted shares
calculation
|
23,396
|
23,455
|
22,912
|
23,322
|
22,765
|
Shares used in non-GAAP diluted
shares calculation
|
23,396
|
23,248
|
22,912
|
23,322
|
22,846
|
AEHR
TEST SYSTEMS AND SUBSIDIARIES
|
|||
Condensed
Consolidated Balance Sheets
|
|||
(in
thousands, except per share data)
|
|||
(unaudited)
|
|||
|
|
|
|
|
November
30,
|
August
31,
|
May
31,
|
|
2020
|
2020
|
2020
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
Cash
and cash equivalents
|
$3,449
|
$6,313
|
$5,433
|
Accounts
receivable, net
|
1,429
|
1,116
|
3,717
|
Inventories
|
9,057
|
8,102
|
7,989
|
Prepaid
expenses and other
|
433
|
439
|
512
|
Total
current assets
|
14,368
|
15,970
|
17,651
|
|
|
|
|
Property and
equipment, net
|
683
|
622
|
663
|
Operating lease
right-of-use assets
|
1,918
|
1,952
|
2,107
|
Other
assets
|
142
|
147
|
153
|
Total
assets
|
$17,111
|
$18,691
|
$20,574
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$1,155
|
$809
|
$945
|
Accrued
expenses
|
1,344
|
1,373
|
1,439
|
Operating
lease liabilities, short-term
|
705
|
671
|
658
|
Customer
deposits and deferred revenue, short-term
|
66
|
387
|
170
|
Current
portion of long-term debt
|
1,213
|
933
|
653
|
Total
current liabilities
|
4,483
|
4,173
|
3,865
|
|
|
|
|
Operating lease
liabilities, long-term
|
1,361
|
1,432
|
1,605
|
Long-term debt, net
of current portion
|
466
|
746
|
1,026
|
Deferred revenue,
long-term
|
9
|
19
|
22
|
Total
liabilities
|
6,319
|
6,370
|
6,518
|
|
|
|
|
Aehr Test Systems
shareholders' equity
|
10,792
|
12,321
|
14,077
|
Noncontrolling
interest
|
-
|
-
|
(21)
|
Total
shareholders' equity
|
10,792
|
12,321
|
14,056
|
Total
liabilities and shareholders' equity
|
$17,111
|
$18,691
|
$20,574
|
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