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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aehr Test Systems | NASDAQ:AEHR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.64 | 11.64 | 11.79 | 57 | 12:00:06 |
California
|
|
94-2424084
|
(State or other
jurisdiction of
|
|
(I.R.S. Employer
Identification No.)
|
incorporation or
organization)
|
|
|
|
|
|
400 Kato
Terrace
|
|
|
Fremont,
CA
|
|
94539
|
(Address of
principal
|
|
(Zip
Code)
|
executive
offices)
|
|
|
PART
I. FINANCIAL INFORMATION
|
|
|
|
ITEM
1. Financial Statements (Unaudited)
|
|
|
|
Condensed
Consolidated Balance Sheets at
November 30, 2017
and May 31, 2017
|
4
|
|
|
Condensed
Consolidated Statements of Operations for the Three
and Six Months Ended
November 30,
2017
and
2016
|
5
|
|
|
Condensed
Consolidated Statements of Comprehensive Income (Loss) for
the
Three
and Six Months Ended
November 30,
2017
and
2016
|
6
|
|
|
Condensed Consolidated Statements of Cash Flows for the
Six Months Ended
November 30,
2017
and
2016
|
7
|
|
|
Notes to Condensed Consolidated Financial
Statements
|
8
|
|
|
ITEM
2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
|
20
|
|
|
ITEM
3. Quantitative and Qualitative Disclosures About Market
Risks
|
25
|
|
|
ITEM
4. Controls and Procedures
|
26
|
|
|
|
|
PART
II. OTHER INFORMATION
|
|
|
|
ITEM
1. Legal Proceedings
|
27
|
|
|
ITEM
1A. Risk Factors
|
27
|
|
|
ITEM
2. Unregistered Sales of Equity Securities and Use of
Proceeds
|
27
|
|
|
ITEM
3. Defaults Upon Senior Securities
|
27
|
|
|
ITEM
4. Mine Safety Disclosures
|
27
|
|
|
ITEM
5. Other Information
|
27
|
|
|
ITEM
6. Exhibits
|
27
|
|
|
SIGNATURES
|
28
|
|
|
Index to
Exhibits
|
29
|
|
November 30,
|
May 31,
|
|
2017
|
2017
|
|
(1)
|
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash
and cash equivalents
|
$
9,959
|
$
17,803
|
Short-term
investments
|
5,969
|
--
|
Accounts
receivable, net
|
3,490
|
4,010
|
Inventories
|
8,225
|
6,604
|
Prepaid
expenses and other current assets
|
2,098
|
961
|
|
|
|
Total
current assets
|
29,741
|
29,378
|
|
|
|
Property
and equipment, net
|
1,166
|
1,419
|
Other
assets
|
94
|
95
|
Total
assets
|
$
31,001
|
$
30,892
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
1,789
|
2,808
|
Accrued
expenses
|
1,607
|
1,609
|
Customer
deposits and deferred revenue, short-term
|
3,142
|
3,467
|
|
|
|
Total
current liabilities
|
6,538
|
7,884
|
|
|
|
Long-term
debt
|
6,110
|
6,110
|
Deferred
revenue, long-term
|
251
|
104
|
Total
liabilities
|
12,899
|
14,098
|
|
|
|
Aehr
Test Systems shareholders' equity:
|
|
|
Common
stock, $0.01 par value:
|
|
|
Authorized:
75,000 shares;
Issued
and outstanding: 21,797 shares and
21,340
shares at November 30, 2017 and
May
31, 2017, respectively
|
218
|
213
|
Additional
paid-in capital
|
82,304
|
81,128
|
Accumulated
other comprehensive income
|
2,306
|
2,249
|
Accumulated
deficit
|
(66,707
)
|
(66,777
)
|
|
|
|
Total
Aehr Test Systems shareholders' equity
|
18,121
|
16,813
|
Noncontrolling
interest
|
(19
)
|
(19
)
|
|
|
|
Total
shareholders' equity
|
18,102
|
16,794
|
Total
liabilities and shareholders' equity
|
$
31,001
|
$
30,892
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
$
7,923
|
$
4,216
|
$
14,893
|
$
9,534
|
Cost
of sales
|
4,792
|
2,753
|
8,844
|
5,865
|
Gross
profit
|
3,131
|
1,463
|
6,049
|
3,669
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Selling,
general and administrative
|
1,854
|
1,707
|
3,645
|
3,423
|
Research
and development
|
1,090
|
1,040
|
2,045
|
2,100
|
Total
operating expenses
|
2,944
|
2,747
|
5,690
|
5,523
|
|
|
|
|
|
Income
(loss) from operations
|
187
|
(1,284
)
|
359
|
(1,854
)
|
|
|
|
|
|
Interest
expense, net
|
(105
)
|
(181
)
|
(212
)
|
(359
)
|
Other
(expense) income, net
|
(7
)
|
43
|
(67
)
|
40
|
|
|
|
|
|
Income
(loss) before income tax expense
|
75
|
(1,422
)
|
80
|
(2,173
)
|
|
|
|
|
|
Income
tax expense
|
(15
)
|
(30
)
|
(10
)
|
(34
)
|
Net
income (loss)
|
60
|
(1,452
)
|
70
|
( 2,207
)
|
Less:
Net income attributable to
the noncontrolling
interest
|
--
|
--
|
--
|
--
|
|
|
|
|
|
Net income (loss)
attributable to
Aehr Test Systems
common shareholders
|
$
60
|
$
(1,452
)
|
$
70
|
$
(2,207
)
|
|
|
|
|
|
Net
income (loss) per share
|
|
|
|
|
Basic
|
$
0.00
|
$
(0.09
)
|
$
0.00
|
$
(0.15
)
|
Diluted
|
$
0.00
|
$
(0.09
)
|
$
0.00
|
$
(0.15
)
|
|
|
|
|
|
Shares
used in per share calculations:
|
|
|
|
|
Basic
|
21,645
|
16,029
|
21,531
|
14,673
|
Diluted
|
22,883
|
16,029
|
22,937
|
14,673
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
Net income
(loss)
|
$
60
|
$
(1,452
)
|
$
70
|
$
(2,207
)
|
|
|
|
|
|
Other comprehensive
income (loss), net of tax:
Net
change in unrealized loss on
investments
|
(3
)
|
--
|
(3
)
|
--
|
Net
change in cumulative translation
adjustments
|
1
|
(55
)
|
60
|
(48
)
|
|
|
|
|
|
Total comprehensive
income (loss)
|
58
|
(1,507
)
|
127
|
(2,255
)
|
Less: Comprehensive
income attributable
to the
noncontrolling interest
|
--
|
2
|
--
|
1
|
|
|
|
|
|
Comprehensive
income (loss)
, attributable
to
Aehr Test Systems
common
shareholders
|
$
58
|
$
(1,509
)
|
$
127
|
$
(2,256
)
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
Stock-based
compensation in the form of employee stock options, RSUs and ESPP
purchase rights, included in:
|
|
|
|
|
Cost
of sales
|
$
57
|
$
23
|
$
79
|
$
47
|
Selling,
general and administrative
|
218
|
141
|
368
|
388
|
Research
and development
|
89
|
51
|
133
|
99
|
Total
stock-based compensation
|
$
364
|
$
215
|
$
580
|
$
534
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
Expected
term (in years)
|
4
|
4
|
4
|
4
|
Volatility
|
0.74
|
0.81
|
0.77
|
0.81
|
Risk-free
interest rate
|
1.92
%
|
1.10
%
|
1.77
%
|
1.02
%
|
Weighted
average grant date fair value
|
$
1.93
|
$
1.66
|
$
2.22
|
$
1.09
|
|
Available
|
|
Shares
|
Balance,
May 31, 2017
|
2,169
|
|
|
Options
granted
|
(224
)
|
RSUs
granted
|
(64
)
|
Shares
cancelled
|
--
|
|
|
Balance,
August 31, 2017
|
1,881
|
|
|
Options
granted
|
(41
)
|
RSUs
granted
|
--
|
Shares
cancelled
|
--
|
|
|
Balance,
November 30, 2017
|
1,840
|
|
Outstanding Options
|
||
|
|
Weighted
|
|
|
Number
|
Average
|
Aggregate
|
|
of
|
Exercise
|
Intrinsic
|
|
Shares
|
Price
|
Value
|
Balances,
May 31, 2017
|
3,074
|
$
1.73
|
$
8,763
|
|
|
|
|
Options
granted
|
224
|
$
3.93
|
|
Options
cancelled
|
--
|
$
--
|
|
Options
exercised
|
(189
)
|
$
1.23
|
|
|
|
|
|
Balances,
August 31, 2017
|
3,109
|
$
1.92
|
$
4,612
|
|
|
|
|
Options
granted
|
41
|
$
3.46
|
|
Options
cancelled
|
--
|
$
--
|
|
Options
exercised
|
(132
)
|
$
1.46
|
|
|
|
|
|
Balances,
November 30, 2017
|
3,018
|
$
1.96
|
$
2,230
|
|
|
|
|
Options
fully vested and expected to
vest
at November 30, 2017
|
2,984
|
$
1.95
|
$
2,220
|
|
|
|
|
|
Options
Outstanding
|
Options
Exercisable
|
|||||
|
at November 30,
2017
|
at November 30,
2017
|
|||||
Range of
Exercise
Prices
|
Number
Outstanding Shares
|
Weighted Average
Remaining Contractual Life (Years)
|
Weighted Average
Exercise Price
|
Number
Exercisable Shares
|
Weighted Average
Remaining Contractual Life (Years)
|
Weighted Average
Exercise Price
|
Aggregate
Intrinsic Value
|
$
0.59-$0.97
|
424
|
1.31
|
$
0.68
|
424
|
1.31
|
$
0.68
|
|
$
1.09-$1.36
|
645
|
2.11
|
$
1.27
|
645
|
2.10
|
$
1.27
|
|
$
1.68-$2.06
|
487
|
4.73
|
$
1.74
|
276
|
4.03
|
$
1.79
|
|
$
2.10-$2.81
|
1,197
|
4.01
|
$
2.45
|
953
|
3.99
|
$
2.47
|
|
$
3.46-$3.93
|
265
|
6.66
|
$
3.88
|
22
|
6.66
|
$
3.88
|
|
$
0.59-$3.93
|
3,018
|
3.57
|
$
1.96
|
2,320
|
3.00
|
$
1.74
|
$
1,985
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
Numerator:
Net income (loss)
|
$
60
|
$
(1,452
)
|
$
70
|
$
(2,207
)
|
|
|
|
|
|
Denominator
for basic net income (loss)
per
share:
|
|
|
|
|
Weighted
average shares outstanding
|
21,645
|
16,029
|
21,531
|
14,673
|
|
|
|
|
|
Shares
used in basic net income (loss)
per
share calculation
|
21,645
|
16,029
|
21,531
|
14,673
|
Effect
of dilutive securities
|
1,238
|
--
|
1,406
|
--
|
|
|
|
|
|
Denominator
for diluted net income (loss)
per
share
|
22,883
|
16,029
|
22,937
|
14,673
|
|
|
|
|
|
Basic
net income (loss) per share
|
$
0.00
|
$
(0.09
)
|
$
0.00
|
$
(0.15
)
|
Diluted
net income (loss) per share
|
$
0.00
|
$
(0.09
)
|
$
0.00
|
$
(0.15
)
|
|
Cost
|
Gross Unrealized Loss
|
Estimated Fair Value
|
|
|
|
|
Cash
|
$
1,802
|
$
--
|
$
1,802
|
Cash
equivalents:
|
|
|
|
Money
market funds
|
4,164
|
--
|
4,164
|
U.S.
Treasury securities
|
3,993
|
--
|
3,993
|
Total
Cash equivalents
|
8,157
|
--
|
8,157
|
Total
Cash and Cash equivalents
|
$
9,959
|
$
--
|
$
9,959
|
Short-term
investments:
|
|
|
|
U.S.
Treasury securities
|
$
5,972
|
$
3
|
$
5,969
|
Total
Cash, Cash equivalents and Investments
|
$
15,931
|
$
3
|
$
15,928
|
|
Balance as of
|
|
|
|
|
November 30, 2017
|
Level 1
|
Level 2
|
Level 3
|
Money
market funds
|
$
4,164
|
$
4,164
|
$
--
|
$
--
|
U.S.
Treasury securities
|
9,962
|
9,962
|
--
|
--
|
Certificate
of deposit
|
50
|
--
|
50
|
--
|
Assets
|
$
14,176
|
$
14,126
|
$
50
|
$
--
|
|
Balance as of
|
|
|
|
|
May 31, 2017
|
Level 1
|
Level 2
|
Level 3
|
Money
market funds
|
$
15,516
|
$
15,516
|
$
--
|
$
--
|
Certificate
of deposit
|
50
|
--
|
50
|
--
|
Assets
|
$
15,566
|
$
15,516
|
$
50
|
$
--
|
|
|
|
|
|
|
November 30,
|
May 31,
|
|
2017
|
2017
|
Raw
materials and sub-assemblies
|
$
5,020
|
$
4,268
|
Work
in process
|
2,970
|
2,059
|
Finished
goods
|
235
|
277
|
|
$
8,225
|
$
6,604
|
|
United
|
|
|
|
|
States
|
Asia
|
Europe
|
Total
|
Three
months ended November 30, 2017:
|
|
|
|
|
Net
sales
|
$
1,964
|
$
5,909
|
$
50
|
$
7,923
|
Property
and equipment, net
|
1,116
|
39
|
11
|
1,166
|
|
|
|
|
|
Six
months ended November 30, 2017:
|
|
|
|
|
Net
sales
|
$
3,254
|
$
11,569
|
$
70
|
$
14,893
|
Property
and equipment, net
|
1,116
|
39
|
11
|
1,166
|
|
|
|
|
|
Three
months ended November 30, 2016:
|
|
|
|
|
Net
sales
|
$
1,709
|
$
2,256
|
$
251
|
$
4,216
|
Property
and equipment, net
|
740
|
39
|
14
|
793
|
|
|
|
|
|
Six
months ended November 30, 2016:
|
|
|
|
|
Net
sales
|
$
4,873
|
$
4,166
|
$
495
|
$
9,534
|
Property
and equipment, net
|
740
|
39
|
14
|
793
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
Balance
at the beginning of the period
|
$
119
|
$
90
|
$
113
|
$
155
|
|
|
|
|
|
Accruals
for warranties issued
during
the period
|
152
|
11
|
246
|
11
|
Accruals
and adjustments (change in estimates)
related
to pre-existing warranties during
the
period
|
--
|
--
|
--
|
(54
)
|
|
|
|
|
|
Settlement
made during the period
(in
cash or in kind)
|
(138
)
|
(29
)
|
(226
)
|
(40
)
|
|
|
|
|
|
Balance
at the end of the period
|
$
133
|
$
72
|
$
133
|
$
72
|
|
Cumulative Translation Adjustments
|
Unrealized Loss on Investments, Net
|
Total
|
|
|
|
|
Balance
at May 31, 2017
|
$
2,249
|
$
--
|
$
2,249
|
Other
comprehensive income (loss) before
reclassifications
|
60
|
(3
)
|
57
|
Amounts
reclassified out of AOCI
|
--
|
--
|
--
|
Other
comprehensive income (loss), net of tax
|
60
|
(3
)
|
57
|
Balance
at November 30, 2017
|
$
2,309
|
$
(3
)
|
$
2,306
|
|
November 30,
|
May 31,
|
|
2017
|
2017
|
Customer
deposits
|
$
2,755
|
$
3,264
|
Deferred
revenue
|
387
|
203
|
|
$
3,142
|
$
3,467
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
100.0
%
|
100.0
%
|
100.0
%
|
100.0
%
|
Cost
of sales
|
60.5
|
65.3
|
59.4
|
61.5
|
Gross
profit
|
39.5
|
34.7
|
40.6
|
38.5
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Selling,
general and administrative
|
23.4
|
40.5
|
24.5
|
35.9
|
Research
and development
|
13.7
|
24.7
|
13.7
|
22.0
|
|
|
|
|
|
Total
operating expenses
|
37.1
|
65.2
|
38.2
|
57.9
|
|
|
|
|
|
Income
(loss) from operations
|
2.4
|
(30.5
)
|
2.4
|
(19.4
)
|
|
|
|
|
|
Interest
expense, net
|
(1.3
)
|
(4.3
)
|
(1.4
)
|
(3.8
)
|
Other
(expense) income, net
|
(0.2
)
|
1.1
|
(0.5
)
|
0.4
|
|
|
|
|
|
Income
(loss) before income tax
expense
|
0.9
|
(33.7
)
|
0.5
|
(22.8
)
|
|
|
|
|
|
Income
tax expense
|
(0.1
)
|
(0.7
)
|
--
|
(0.3
)
|
Net
income (loss)
|
0.8
|
(34.4
)
|
0.5
|
(23.1
)
|
Less:
Net income attributable to
the
noncontrolling interest
|
--
|
--
|
--
|
--
|
|
|
|
|
|
Net
income (loss) attributable to
Aehr
Test Systems common shareholders
|
0.8
%
|
(34.4
)%
|
0.5
%
|
(23.1
)%
|
|
Aehr Test
Systems
(Registrant) |
|
|
|
|
|
|
Date: January 12, 2018 |
By:
|
/s/
GAYN
ERICKSON
|
|
|
|
Gayn
Erickson
|
|
|
|
President
and Chief Executive
Officer
|
|
Date: January 12, 2018 |
By:
|
/s/
KENNETH
B. SPINK
|
|
|
|
Kenneth B.
Spink
|
|
|
|
Vice
President of Finance and
Chief Financial
Officer
|
|
Exhibit No.
|
|
Description
|
3.1(1)
|
|
Amended and
Restated Bylaws of Registrant.
|
|
|
|
|
Certification of
Chief Executive Officer pursuant to Rules 13a-14(a) and
15d-14(a) promulgated under the Securities Exchange Act of 1934, as
amended, as adopted pursuant to Section 302(a) of the
Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
Certification of
Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a)
promulgated under the Securities Exchange Act of 1934, as amended,
as adopted pursuant to Section 302(a) of the Sarbanes-Oxley Act of
2002.
|
|
|
|
|
|
Certification of
Chief Executive Officer and Chief Financial Officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.*
|
|
|
|
|
101.INS
|
|
XBRL Instance
Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy
Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy
Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy
Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy
Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy
Extension Presentation Linkbase Document
|
1 Year Aehr Test Systems Chart |
1 Month Aehr Test Systems Chart |
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