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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||||
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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
Symbol(s)
|
Name of
each exchange on which registered
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Common
Stock
|
AEHR
|
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 October 3, 2019 entitled
“Aehr Test Systems Reports First Quarter Fiscal 2020
Financial Results and Reiterates Financial Guidance for Significant
Growth in Fiscal 2020.”
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|
Aehr
Test Systems
(Registrant)
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Date:
October 3, 2019
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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 First Quarter Fiscal 2020 Financial
Results
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October 3, 2019
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Page 2 of 6
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Aehr Test Systems Reports First Quarter Fiscal 2020 Financial
Results
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October 3, 2019
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Page 3 of 6
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Aehr Test Systems Reports First Quarter Fiscal 2020 Financial
Results
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October 3, 2019
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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
|
||
|
Aug
31,
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May
31,
|
Aug
31,
|
|
2019
|
2019
|
2018
|
|
|
|
|
Net sales
|
$5,533
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$7,242
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$4,740
|
Cost of sales
|
3,262
|
3,863
|
3,187
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Gross profit
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2,271
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3,379
|
1,553
|
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Operating
expenses:
|
|
|
|
Selling, general and
administrative
|
1,808
|
2,018
|
1,879
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Research and
development
|
892
|
1,120
|
1,116
|
Restructuring
|
-
|
118
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-
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Total
operating expenses
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2,700
|
3,256
|
2,995
|
|
|
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(Loss)
income from operations
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(429)
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123
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(1,442)
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|
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Interest income (expense),
net
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12
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(24)
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(78)
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Other income,
net
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10
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17
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9
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|
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(Loss) income before income
tax expense
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(407)
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116
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(1,511)
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Income tax
expense
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(6)
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(6)
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(4)
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Net
(loss) income
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(413)
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110
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(1,515)
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|
|
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Less:
Net income attributable to the noncontrolling
interest
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-
|
-
|
-
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Net
(loss) income attributable to Aehr Test Systems
common shareholders
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$(413)
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$110
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$(1,515)
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Net (loss) income per
share
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Basic
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$(0.02)
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$0.00
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$(0.07)
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Diluted
|
$(0.02)
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$0.00
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$(0.07)
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Shares used in per share
calculations:
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Basic
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22,708
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22,605
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22,190
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Diluted
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22,708
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22,717
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22,190
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|
-more-
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Aehr Test Systems Reports First Quarter Fiscal 2020 Financial
Results
|
October 3, 2019
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Page 5 of 6
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|
AEHR TEST SYSTEMS AND SUBSIDIARIES
|
Reconciliation of GAAP to Non-GAAP Results
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(in
thousands, except per share data)
|
(unaudited)
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|
Three Months
Ended
|
||
|
Aug
31,
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May
31,
|
Aug
31,
|
|
2019
|
2019
|
2018
|
|
|
|
|
GAAP net (loss)
income
|
$(413)
|
$110
|
$(1,515)
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Stock-based compensation
expense
|
199
|
200
|
256
|
Restructuring
|
-
|
118
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-
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Non-GAAP net (loss)
income
|
$(214)
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$428
|
$(1,259)
|
|
|
|
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GAAP net (loss) income per diluted
share
|
$(0.02)
|
$0.00
|
$(0.07)
|
Non-GAAP net (loss) income per
diluted share
|
$(0.01)
|
$0.02
|
$(0.06)
|
Shares used in GAAP diluted shares
calculation
|
22,708
|
22,717
|
22,190
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Shares used in non-GAAP diluted
shares calculation
|
22,708
|
22,717
|
22,190
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|
|||
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Non-GAAP
net (loss) income is a non-GAAP measure and should not be
considered a replacement for GAAP results. Non-GAAP net (loss)
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 (loss)
income (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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||||||||
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|
-more-
|
Aehr Test Systems Reports First Quarter Fiscal 2020 Financial
Results
|
October 3, 2019
|
Page 6 of 6
|
|
AEHR TEST SYSTEMS AND SUBSIDIARIES
|
Condensed Consolidated Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
August
31,
|
May
31,
|
|
2019
|
2019
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
Cash
and cash equivalents
|
$5,266
|
$5,428
|
Accounts
receivable, net
|
3,287
|
4,859
|
Inventories
|
9,217
|
9,061
|
Prepaid
expenses and other
|
523
|
686
|
Total
current assets
|
18,293
|
20,034
|
|
|
|
Property and
equipment, net
|
1,000
|
1,045
|
Operating lease
right-of-use assets
|
2,533
|
-
|
Other
assets
|
199
|
228
|
Total
assets
|
$22,025
|
$21,307
|
|
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LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
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Current
liabilities:
|
|
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Accounts
payable
|
$1,742
|
$1,933
|
Accrued
expenses
|
2,183
|
2,034
|
Customer
deposits and deferred revenue, short-term
|
615
|
1,545
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Total
current liabilities
|
4,540
|
5,512
|
|
|
|
Lease liability
long-term portion
|
2,086
|
-
|
Deferred
rent
|
-
|
153
|
Deferred revenue,
long-term
|
113
|
189
|
Total
liabilities
|
6,739
|
5,854
|
|
|
|
Aehr Test Systems
shareholders' equity
|
15,306
|
15,472
|
Noncontrolling
interest
|
(20)
|
(19)
|
Total
shareholders' equity
|
15,286
|
15,453
|
|
|
|
Total
liabilities and shareholders' equity
|
$22,025
|
$21,307
|
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