Aehr Test Systems 8-K, filed Jan 9, 2020
Aehr Test Systems (AEHR)
8-K
2020-01-09
For: 2020-01-09
View Original
Added on
April 04, 2026
About this 8-K
Aehr Test Systems filed this 8-K on January 9, 2020.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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 9, 2020
AEHR TEST SYSTEMS
(Exact
name of registrant as specified in its charter)
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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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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))
Indicate by check
mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (§230.405 of
this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging growth
company ☐
If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. ☐
Securities
registered pursuant to Section 12(b) of the Act:
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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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Item 2.02. Results of Operations and Financial
Condition.
On
January 9, 2020, Aehr Test Systems, or the Company, issued a press
release announcing the Company’s financial results for its
second quarter of fiscal year 2020 ended November 30, 2019. 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, or the Exchange Act, or otherwise subject
to the liabilities of that Section, or incorporated by reference in
any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific
reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits.
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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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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.
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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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Exhibit
99.1
FOR IMMEDIATE RELEASE
Contacts:
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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 |
| aehr@mkr-group.com |
Aehr Test Systems Reports 24% Sequential Revenue Growth in Second
Quarter and Reiterates Guidance for Significant Growth for Fiscal
2020
Fremont, CA (January 9,
2020) – Aehr Test Systems
(NASDAQ: AEHR), a worldwide
supplier of semiconductor test and reliability qualification
equipment, today announced
financial results for its second quarter of fiscal 2020 ended
November 30, 2019.
Fiscal Second Quarter Financial Results:
●
Net
sales were $6.9 million, up 16% from $5.9 million in the second
quarter of fiscal 2019, and up 24% compared to the first quarter of
fiscal 2020.
●
GAAP
net income was $251,000, or $0.01 per diluted share, compared to a
GAAP net loss of $629,000, or $0.03 per diluted share, in the
second quarter of fiscal 2019.
●
Non-GAAP
net income was $456,000, or $0.02 per diluted share, which excludes
the impact of stock-based compensation expense, compared to a
non-GAAP net loss of $405,000, or $0.02 per diluted share, in the
second quarter of fiscal 2019.
●
Backlog as of
November 30, 2019 was $6.5 million.
Fiscal
First Six Months Financial Results:
●
Net sales were
$12.4 million, up 16% from $10.7 million in the first six months of
fiscal 2019.
●
GAAP net loss was
$162,000, or $0.01 per diluted share, compared to a GAAP net loss
of $2.1 million, or $0.10 per diluted share, in the first six
months of fiscal 2019.
●
Non-GAAP net income
was $242,000, or $0.01 per diluted share, compared to a non-GAAP
net loss of $1.7 million, or $0.07 per diluted share, in the first
six months of fiscal 2019.
An
explanation of the use of non-GAAP financial information and a
reconciliation of the non-GAAP financial measures to the most
directly comparable GAAP financial measures can be found in the
accompanying tables.
Aehr Second Quarter and Recent Business Highlights:
●
Received
and shipped its first order from a new customer for a production
application for wafer level test and burn-in of silicon carbide
(SiC) devices during the quarter. The order of more than $3 million
included a FOX-XP™ multi-wafer system, WaferPak™
Aligner, and a set of WaferPak contactors.
Aehr Test Systems Reports Second Quarter Fiscal 2020 Financial
Results
January 9, 2020
Page 2 of 6
●
Received
follow-on orders of over $6 million for a FOX-XP multi-wafer test
and burn-in system and multiple WaferPak contactors to provide
additional high-volume test capacity to meet the customer’s
increasing silicon photonics device production
requirements.
●
Continued to see a significant silicon photonics
market growth opportunity and reported that three of the
company’s silicon photonics customers have moved from sample
testing to volume production during the second quarter using its
FOX-P™ family of test solutions.
●
Increased revenue contribution from its
proprietary WaferPaks and DiePak®
Carriers consumable business to 44% of
total revenue in the second quarter of fiscal 2020, up from 30% in
the preceding first quarter and up from 16% in the second quarter
of fiscal 2019.
Gayn Erickson, President and CEO of Aehr Test Systems,
commented:
“We
are pleased to report a solid second quarter that includes total
revenue of $6.9 million, up 24% sequentially from the first
quarter, improved gross margins, a return to profitability on both
a GAAP and non-GAAP basis, and strong bookings in the quarter of
nearly $10 million.
“During
the quarter, we successfully completed a new and unique production
application for test and burn-in of silicon carbide devices and
shipped our first production system to a leading supplier of
automotive semiconductor devices. We are also engaged with multiple
companies in this exciting new silicon carbide market.
“Silicon
carbide is a new emerging market for our FOX-P family of products
as our wafer level test and burn-in systems are cost effective
solutions for improving the reliability of silicon carbide-based
power devices used in electronic vehicles and other power
conversion applications. The silicon carbide power device market
and the need for reliability test solutions are expected to grow
significantly over the next decade.
“We
also continue to be very optimistic about the silicon photonics
market with three of our silicon photonics customers transitioning
to high volume production test and burn-in during the quarter on
our FOX-P systems. We are also currently engaged with several
additional potential customers in the silicon photonics market to
utilize our wafer level burn-in solutions for their engineering and
production needs. Aehr is benefiting from the broad adoption of
photonics devices in the data, telecom, and sensing markets as our
existing customers expand their product portfolios and ramp
manufacturing and new customers enter this high demand rapidly
growing segment.
“We
feel good about our progress midway through our fiscal year and
remain very optimistic about growth in sales of systems and
consumables to our installed base of customers, as well as the
expansion of sales to new customers with our family of FOX-P
solutions. Looking ahead, we expect to see continued positive
momentum, to generate significant year-over-year revenue growth in
fiscal 2020 and to be profitable for the fiscal
year.”
Aehr Test Systems Reports Second Quarter Fiscal 2020 Financial
Results
January 9, 2020
Page 3 of 6
Fiscal
2020 Financial Guidance:
For the fiscal year
ending May 31, 2020, the company reiterates its previously provided
guidance for full year total revenue to be between $27 million and
$31 million, which would represent growth between 28% and 47% year
over year, and to be profitable for the fiscal year.
Management Conference Call and Webcast
Aehr Test Systems
will host a conference call and webcast today at 5:00 p.m. Eastern
(2:00 p.m. PT) to discuss its second quarter fiscal 2020 operating
results. To access the call dial 800-458-4121 (+1 323-794-2093 outside the United
States) and give the participant pass code 3970795. In addition, a live and archived webcast
of the conference call will be available over the Internet at
www.aehr.com in
the Investor Relations section. A replay of the conference call
will also be available via telephone beginning approximately two
hours after conclusion of the call through 8:00 p.m. ET on January
16, 2020. To access the replay dial-in information, please
click
here.
About
Aehr Test Systems
Headquartered in
Fremont, California, Aehr Test Systems is a worldwide provider of
test systems for burning-in and testing logic, optical and memory
integrated circuits and has installed
over 2,500 systems worldwide. Increased quality and
reliability needs of the Automotive and Mobility integrated circuit
markets are driving additional test requirements, incremental
capacity needs, and new opportunities for Aehr Test products in
package, wafer level, and singulated die/module level test. Aehr
Test has developed and introduced several innovative products,
including the ABTSTM and
FOX-PTM
families of test and burn-in systems and FOX WaferPakTM Aligner, FOX-XP
WaferPak Contactor, FOX DiePak® Carrier and FOX
DiePak Loader. The ABTS system is used in production and
qualification testing of packaged parts for both lower power and
higher power logic devices as well as all common types of memory
devices. The FOX-XP and FOX-NP systems are full wafer contact and
singulated die/module test and burn-in systems used for burn-in and
functional test of complex devices, such as leading-edge memories,
digital signal processors, microprocessors, microcontrollers,
systems-on-a-chip, and integrated optical devices. The FOX-CP
system is a new low-cost single-wafer compact test and reliability
verification solution for logic, memory and photonic devices and
the newest addition to the FOX-P product family. The WaferPak
contactor contains a unique full wafer probe card capable of
testing wafers up to 300mm that enables IC manufacturers to perform
test and burn-in of full wafers on Aehr Test FOX systems. The
DiePak Carrier is a reusable, temporary package that enables IC
manufacturers to perform cost-effective final test and burn-in of
both bare die and modules. For more information, please visit Aehr
Test Systems’ website at www.aehr.com.
Safe
Harbor Statement
This press release
contains certain forward-looking statements based on current
expectations, forecasts and assumptions that involve risks and
uncertainties. These statements are based on information available
to Aehr as of the date hereof and actual results could differ
materially from those stated or implied due to risks and
uncertainties. Forward-looking statements include statements
regarding Aehr’s expectations, beliefs, intentions or
strategies regarding its products and financial guidance, including
statements regarding future market opportunities and conditions,
expected product shipment dates, customer orders or commitments and
future operating results. These risks and uncertainties include,
without limitation, customer demand and acceptance of Aehr’s
products, the ability of new products to meet customer needs or
perform as described, as well as general market conditions, the
deployment of new technologies, such as 5G networks, and
Aehr’s ability to execute on its business strategy. See
Aehr’s recent 10-K, 10-Q and other reports from time to time
filed with the Securities and Exchange Commission for a more
detailed description of the risks facing Aehr’s business.
Aehr 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 –
Aehr Test Systems Reports Second Quarter Fiscal 2020 Financial
Results
January 9, 2020
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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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
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795
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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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|
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|
|
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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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|
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|
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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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|
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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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|
|
|
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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
|
$0.01
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$(0.02)
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$(0.03)
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$(0.01)
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$(0.10)
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|
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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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-more-
Aehr Test Systems Reports Second Quarter Fiscal 2020 Financial
Results
January 9, 2020
Page 5 of 6
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AEHR TEST SYSTEMS AND SUBSIDIARIES
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|||||
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Reconciliation of GAAP and Non-GAAP Results
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|||||
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(in
thousands, except per share data)
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|||||
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(unaudited)
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|||||
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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,
|
|
|
2019
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2019
|
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
|
205
|
199
|
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)
|
|
Non-GAAP net
income (loss) per diluted share
|
$0.02
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$(0.01)
|
$(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
|
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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-more-
Aehr Test Systems Reports Second Quarter Fiscal 2020 Financial
Results
January 9, 2020
Page 6 of 6
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AEHR TEST SYSTEMS AND SUBSIDIARIES
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||||||||
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Condensed Consolidated Balance Sheets
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(in
thousands, except per share data)
|
||||||||
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(unaudited)
|
|
|
November 30,
|
August 31,
|
May 31,
|
|
|
2019
|
2019
|
2019
|
|
ASSETS
|
|
|
|
|
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|
|
|
|
Current
assets:
|
|
|
|
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Cash
and cash equivalents
|
$5,302
|
$5,266
|
$5,428
|
|
Accounts
receivable, net
|
5,231
|
3,287
|
4,859
|
|
Inventories
|
9,800
|
9,217
|
9,061
|
|
Prepaid
expenses and other
|
534
|
523
|
686
|
|
Total
current assets
|
20,867
|
18,293
|
20,034
|
|
|
|
|
|
|
Property
and equipment, net
|
860
|
1,000
|
1,045
|
|
Operating
lease right-of-use assets
|
2,387
|
2,533
|
-
|
|
Other
assets
|
186
|
199
|
228
|
|
Total
assets
|
$24,300
|
$22,025
|
$21,307
|
|
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LIABILITIES AND SHAREHOLDERS' EQUITY
|
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|
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Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$2,320
|
$1,742
|
$1,933
|
|
Accrued
expenses
|
1,596
|
1,577
|
2,034
|
|
Operating
lease liabilities, short-term
|
619
|
606
|
-
|
|
Customer
deposits and deferred revenue, short-term
|
1,809
|
615
|
1,545
|
|
Total
current liabilities
|
6,344
|
4,540
|
5,512
|
|
|
|
|
|
|
Deferred
rent
|
-
|
-
|
153
|
|
Operating
lease liabilities, long-term
|
1,924
|
2,086
|
-
|
|
Deferred
revenue, long-term
|
64
|
113
|
189
|
|
Total
liabilities
|
8,332
|
6,739
|
5,854
|
|
|
|
|
|
|
Aehr
Test Systems shareholders' equity
|
15,988
|
15,306
|
15,472
|
|
Noncontrolling
interest
|
(20)
|
(20)
|
(19)
|
|
Total
shareholders' equity
|
15,968
|
15,286
|
15,453
|
|
Total
liabilities and shareholders' equity
|
$24,300
|
$22,025
|
$21,307
|
|
# #
#
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