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April 2022
March 2022
January 2022
January 2022
January 2022
October 2021
October 2021
September 2021
September 2021
July 2021
Aehr Test Systems
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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
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Aehr Test Systems Reports Fiscal 2019 Fourth Quarter and Full Year
Financial Results
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July 18, 2019
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Page 2 of 5
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Aehr Test Systems Reports Fiscal 2019 Fourth Quarter and Full Year
Financial Results
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July 18, 2019
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Page 3 of 5
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AEHR TEST SYSTEMS
AND SUBSIDIARIES
|
|||||
Condensed
Consolidated Statements of Operations
|
|||||
(in thousands, except per share
data)
|
|||||
(unaudited)
|
|||||
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|
|
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|
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Three Months
Ended
|
Year
Ended
|
|||
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May
31,
|
Feb
28,
|
May
31,
|
May
31,
|
May
31,
|
|
2019
|
2019
|
2018
|
2019
|
2018
|
|
|
|
|
|
|
Net sales
|
$7,242
|
$3,163
|
$7,269
|
$21,056
|
$29,555
|
Cost of sales
|
3,863
|
2,891
|
4,108
|
13,454
|
17,169
|
Gross profit
|
3,379
|
272
|
3,161
|
7,602
|
12,386
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Selling, general and
administrative
|
2,018
|
1,850
|
1,816
|
7,724
|
7,290
|
Research and
development
|
1,120
|
931
|
1,096
|
4,153
|
4,181
|
Restructuring
|
118
|
607
|
-
|
725
|
-
|
Total
operating expenses
|
3,256
|
3,388
|
2,912
|
12,602
|
11,471
|
|
|
|
|
|
|
Income
(loss) from operations
|
123
|
(3,116)
|
249
|
(5,000)
|
915
|
|
|
|
|
|
|
Interest expense,
net
|
(24)
|
(76)
|
(89)
|
(252)
|
(399)
|
Other income (expense),
net
|
17
|
(11)
|
39
|
44
|
(61)
|
|
|
|
|
|
|
Income
(loss) before income tax (expense) benefit
|
116
|
(3,203)
|
199
|
(5,208)
|
455
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
(6)
|
2
|
(8)
|
(27)
|
73
|
|
|
|
|
|
|
Net
income (loss)
|
110
|
(3,201)
|
191
|
(5,235)
|
528
|
|
|
|
|
|
|
Less: Net income attributable to the
noncontrolling interest
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
Net
income (loss) attributable to Aehr Test Systems common
shareholders
|
$110
|
$(3,201)
|
$191
|
$(5,235)
|
$528
|
|
|
|
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|
|
Net income (loss) per
share
|
|
|
|
|
|
Basic
|
$0.00
|
$(0.14)
|
$0.01
|
$(0.23)
|
$0.02
|
Diluted
|
$0.00
|
$(0.14)
|
$0.01
|
$(0.23)
|
$0.02
|
|
|
|
|
|
|
Shares used in per share
calculations:
|
|
|
|
|
|
Basic
|
22,605
|
22,459
|
22,033
|
22,387
|
21,732
|
Diluted
|
22,717
|
22,459
|
22,614
|
22,387
|
22,782
|
Aehr Test Systems Reports Fiscal 2019 Fourth Quarter and Full Year
Financial Results
|
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July 18, 2019
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Page 4 of 5
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AEHR TEST SYSTEMS AND SUBSIDIARIES
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|||||||||||
Reconciliation of GAAP and Non-GAAP Results
|
|||||||||||
(in
thousands, except per share data)
|
|||||||||||
(unaudited)
|
|
Three Months
Ended
|
Year
Ended
|
|||
|
May
31,
|
Feb
28,
|
May
31,
|
May
31,
|
May
31,
|
|
2019
|
2019
|
2018
|
2019
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
$110
|
$(3,201)
|
$191
|
$(5,235)
|
$528
|
Stock-based compensation
expense
|
200
|
224
|
174
|
905
|
996
|
Restructuring
|
118
|
607
|
-
|
725
|
-
|
Excess and obsolescence
provision
|
-
|
795
|
-
|
795
|
-
|
Non-GAAP net income
(loss)
|
$428
|
$(1,575)
|
$365
|
$(2,810)
|
$1,524
|
|
|
|
|
|
|
GAAP net income (loss) per diluted
share
|
$0.00
|
$(0.14)
|
$0.01
|
$(0.23)
|
$0.02
|
Non-GAAP net income (loss) per
diluted share
|
$0.02
|
$(0.07)
|
$0.02
|
$(0.13)
|
$0.07
|
Shares used in GAAP diluted shares
calculation
|
22,717
|
22,459
|
22,614
|
22,387
|
22,782
|
Shares used in non-GAAP diluted
shares calculation
|
22,717
|
22,459
|
22,614
|
22,387
|
22,782
|
|
|||||||||||
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 Fiscal 2019 Fourth Quarter and Full Year
Financial Results
|
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|
||
July 18, 2019
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Page 5 of 5
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AEHR TEST SYSTEMS AND SUBSIDIARIES
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
(in
thousands, except per share data)
|
||||||||
(unaudited)
|
|
May
31,
|
February
28,
|
May
31,
|
|
2019
|
2019
|
2018
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
Cash
and cash equivalents
|
$5,428
|
$12,300
|
$16,848
|
Accounts
receivable, net
|
4,859
|
1,944
|
2,856
|
Inventories
|
9,061
|
9,189
|
9,049
|
Prepaid
expenses and other
|
686
|
787
|
703
|
Total
current assets
|
20,034
|
24,220
|
29,456
|
|
|
|
|
Property and
equipment, net
|
1,045
|
975
|
1,203
|
Other
assets
|
228
|
256
|
296
|
Total
assets
|
$21,307
|
$25,451
|
$30,955
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Current
portion of long-term debt
|
$-
|
$6,110
|
$6,110
|
Accounts
payable
|
1,933
|
557
|
1,762
|
Accrued
expenses
|
2,034
|
2,085
|
1,646
|
Customer
deposits and deferred revenue, short-term
|
1,545
|
1,267
|
1,630
|
Total
current liabilities
|
5,512
|
10,019
|
11,148
|
|
|
|
|
Deferred
rent
|
153
|
151
|
63
|
Deferred revenue,
long-term
|
189
|
240
|
459
|
Total
liabilities
|
5,854
|
10,410
|
11,670
|
|
|
|
|
Aehr Test Systems
shareholders' equity
|
15,472
|
15,060
|
19,305
|
Noncontrolling
interest
|
(19)
|
(19)
|
(20)
|
Total
shareholders' equity
|
15,453
|
15,041
|
19,285
|
Total
liabilities and shareholders' equity
|
$21,307
|
$25,451
|
$30,955
|
# #
#
|
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Aehr Test Systems.
Aehr Test Systems's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
Rating
Learn More![]()
We anticipate that the existing cash balance together with income from operations, collections of existing accounts receivable, revenue from our existing backlog of products, the sale of inventory on hand, and deposits and down payments against significant orders will be adequate to meet our liquidity requirements for the next 12 months.
The increase in gross profit margin was primarily the result of manufacturing efficiencies due to an increase in net sales.
The decrease in gross profit margin was primarily the result of manufacturing inefficiencies due to a decrease in net sales, product mix, and the impact of reserves taken on excess and obsolete inventory.
Other changes in cash from operations resulted from an increase in accounts payable as well as an increase in customer deposits and deferred revenue of $1.7 million each.
The effect of fluctuation in exchange rates increased cash by $1,000 for the fiscal year ended May 31, 2017 due to the fluctuation in the value of the dollar compared to foreign currencies.
Gross profit margin decreased to...Read more
Gross profit margin increased to...Read more
SG&A expenses were $7.7 million...Read more
SG&A expenses were $7.3 million...Read more
For the fiscal year ended...Read more
The increase in accounts receivable...Read more
The increase in SG&A expenses...Read more
The increase in SG&A expenses...Read more
Net cash provided by financing...Read more
Net sales decreased to $21.1...Read more
Gross profit decreased to $7.6...Read more
We consider revenue to be...Read more
The decrease in customer deposits...Read more
The decrease in customer deposits...Read more
For the fiscal year ended...Read more
Restructuring charges for the fiscal...Read more
The increase in inventories is...Read more
The changes were due to...Read more
The increase in net sales...Read more
The increase in accounts receivable...Read more
Uncollectible receivables are recorded as...Read more
Interest expense decreased to $252,000...Read more
Interest expense decreased to $399,000...Read more
On an ongoing basis, we...Read more
The fair value of each...Read more
The decrease in inventories is...Read more
Net sales of our wafer-level...Read more
Net sales of our TDBI...Read more
Net sales of our wafer-level...Read more
The increase in accounts payable...Read more
The decrease was primarily due...Read more
For the fiscal year ended...Read more
The change in other income...Read more
R&D expenses were flat at...Read more
Net sales increased to $29.6...Read more
INCOME TAX BENEFIT (EXPENSE)....Read more
The large majority of our...Read more
Net cash used in financing...Read more
Net cash provided by financing...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Aehr Test Systems provided additional information to their SEC Filing as exhibits
Ticker: AEHR
CIK: 1040470
Form Type: 10-K Annual Report
Accession Number: 0001654954-19-010095
Submitted to the SEC: Wed Aug 28 2019 12:09:31 PM EST
Accepted by the SEC: Wed Aug 28 2019
Period: Friday, May 31, 2019
Industry: Instruments For Meas And Testing Of Electricity And Elec Signals