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April 2022
March 2022
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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
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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
|
||
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Aug
31,
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May
31,
|
Aug
31,
|
|
2019
|
2019
|
2018
|
|
|
|
|
Net sales
|
$5,533
|
$7,242
|
$4,740
|
Cost of sales
|
3,262
|
3,863
|
3,187
|
Gross profit
|
2,271
|
3,379
|
1,553
|
|
|
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Operating
expenses:
|
|
|
|
Selling, general and
administrative
|
1,808
|
2,018
|
1,879
|
Research and
development
|
892
|
1,120
|
1,116
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Restructuring
|
-
|
118
|
-
|
Total
operating expenses
|
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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Interest income (expense),
net
|
12
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(24)
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(78)
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Other income,
net
|
10
|
17
|
9
|
|
|
|
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(Loss) income before income
tax expense
|
(407)
|
116
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(1,511)
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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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(4)
|
|
|
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Net
(loss) income
|
(413)
|
110
|
(1,515)
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|
|
|
|
Less:
Net income attributable to the noncontrolling
interest
|
-
|
-
|
-
|
|
|
|
|
Net
(loss) income attributable to Aehr Test Systems
common shareholders
|
$(413)
|
$110
|
$(1,515)
|
|
|
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Net (loss) income per
share
|
|
|
|
Basic
|
$(0.02)
|
$0.00
|
$(0.07)
|
Diluted
|
$(0.02)
|
$0.00
|
$(0.07)
|
|
|
|
|
Shares used in per share
calculations:
|
|
|
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Basic
|
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
|
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)
|
|
Three Months
Ended
|
||
|
Aug
31,
|
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
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-
|
118
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-
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Non-GAAP net (loss)
income
|
$(214)
|
$428
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$(1,259)
|
|
|
|
|
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
|
Shares used in non-GAAP diluted
shares calculation
|
22,708
|
22,717
|
22,190
|
|
|||
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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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-more-
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Aehr Test Systems Reports First Quarter Fiscal 2020 Financial
Results
|
October 3, 2019
|
Page 6 of 6
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AEHR TEST SYSTEMS AND SUBSIDIARIES
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Condensed Consolidated Balance Sheets
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(in
thousands)
|
(unaudited)
|
|
August
31,
|
May
31,
|
|
2019
|
2019
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
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Cash
and cash equivalents
|
$5,266
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$5,428
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Accounts
receivable, net
|
3,287
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4,859
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Inventories
|
9,217
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9,061
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Prepaid
expenses and other
|
523
|
686
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Total
current assets
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18,293
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20,034
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|
|
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Property and
equipment, net
|
1,000
|
1,045
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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
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Customer
deposits and deferred revenue, short-term
|
615
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1,545
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Total
current liabilities
|
4,540
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5,512
|
|
|
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Lease liability
long-term portion
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2,086
|
-
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Deferred
rent
|
-
|
153
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Deferred revenue,
long-term
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113
|
189
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Total
liabilities
|
6,739
|
5,854
|
|
|
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Aehr Test Systems
shareholders' equity
|
15,306
|
15,472
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Noncontrolling
interest
|
(20)
|
(19)
|
Total
shareholders' equity
|
15,286
|
15,453
|
|
|
|
Total
liabilities and shareholders' equity
|
$22,025
|
$21,307
|
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Compare this 10-Q Quarterly 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
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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.
Gross profit margin increased to 41.0% for the three months ended August 31, 2019 from 32.8% for the three months ended August 31, 2018.
The decrease in accrued expenses was primarily due to the severance payments to terminated employees impacted by the restructuring plan implemented during fiscal year 2019.
The decrease in interest expense for the three months ended August 31, 2019 was primarily due to the repayment of the Convertible Notes on the maturity date of April 10, 2019.
The decrease in accounts receivable was primarily due to a decrease in sales for the three months ended August 31, 2019 compared with the three months ended May 31, 2019.
The decrease in SG&A expenses...Read more
The decrease in customer deposits...Read more
The increase in inventories is...Read more
The changes were due to...Read more
Gross profit increased to $2.3...Read more
On an ongoing basis, we...Read more
Net sales increased to $5.5...Read more
SG&A expenses decreased to $1.8...Read more
Net sales of our wafer-level...Read more
Factors that could cause or...Read more
The decrease in accrued expenses...Read more
Other changes in cash from...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly 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-Q Quarterly Report
Accession Number: 0001654954-19-011692
Submitted to the SEC: Tue Oct 15 2019 2:31:42 AM EST
Accepted by the SEC: Tue Oct 15 2019
Period: Saturday, August 31, 2019
Industry: Instruments For Meas And Testing Of Electricity And Elec Signals