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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.21 | -1.79% | 11.55 | 11.55 | 11.79 | 12.29 | 11.595 | 11.97 | 522,853 | 00:49:28 |
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)
|
|
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated
filer
|
☒
|
Smaller reporting company
|
☒
|
Emerging
growth company
|
☐
|
|
|
PART I. FINANCIAL INFORMATION
|
|
|
|
ITEM 1. Financial Statements (Unaudited)
|
|
|
|
Condensed Consolidated Balance Sheets at
August 31, 2018 and May 31, 2018
|
4
|
|
|
Condensed
Consolidated Statements of Operations for the Three Months Ended
August 31, 2018 and 2017
|
5
|
|
|
Condensed Consolidated Statements of Comprehensive
(Loss) Income for the Three Months Ended
August 31, 2018 and
2017
|
6
|
|
|
Condensed Consolidated Statements of Cash Flows
for the Three Months Ended
August 31, 2018 and
2017
|
7
|
|
|
Notes
to Condensed Consolidated Financial Statements
|
8
|
|
|
ITEM 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
|
21
|
|
|
ITEM 3. Quantitative and Qualitative Disclosures About Market
Risks
|
25
|
|
|
ITEM 4. Controls and Procedures
|
26
|
|
|
|
|
PART II. OTHER INFORMATION
|
|
|
|
ITEM 1. Legal Proceedings
|
26
|
|
|
ITEM 1A. Risk Factors
|
26
|
|
|
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
|
|
August 31,
|
May 31,
|
|
2018
|
2018
|
|
(1)
|
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash
and cash equivalents
|
$
15,864
|
$
16,848
|
Accounts
receivable, net
|
2,272
|
2,856
|
Inventories
|
9,585
|
9,049
|
Prepaid
expenses and other current assets
|
727
|
703
|
|
|
|
Total
current assets
|
28,448
|
29,456
|
|
|
|
Property
and equipment, net
|
1,174
|
1,203
|
Other
assets
|
266
|
296
|
|
|
|
Total
assets
|
$
29,888
|
$
30,955
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
1,317
|
$
1,762
|
Accrued
expenses
|
1,498
|
1,646
|
Customer
deposits and deferred revenue, short-term
|
2,339
|
1,630
|
Current
portion of long-term debt
|
6,110
|
6,110
|
|
|
|
Total
current liabilities
|
11,264
|
11,148
|
|
|
|
Deferred
rent
|
145
|
63
|
Deferred
revenue, long-term
|
359
|
459
|
|
|
|
Total
liabilities
|
11,768
|
11,670
|
|
|
|
Aehr
Test Systems shareholders' equity:
|
|
|
Common
stock, $0.01 par value:
Authorized:
75,000;
Issued and outstanding: 22,245 shares and
22,143
shares at August 31, 2018 and
May 31, 2018,
respectively
|
222
|
221
|
Additional
paid-in capital
|
83,405
|
83,041
|
Accumulated
other comprehensive income
|
2,276
|
2,292
|
Accumulated
deficit
|
(67,764
)
|
(66,249
)
|
|
|
|
Total
Aehr Test Systems shareholders' equity
|
18,139
|
19,305
|
Noncontrolling
interest
|
(19
)
|
(20
)
|
|
|
|
Total
shareholders' equity
|
18,120
|
19,285
|
|
|
|
Total
liabilities and shareholders' equity
|
$
29,888
|
$
30,955
|
|
Three Months
Ended
|
|
|
August
31,
|
|
|
2018
|
2017
|
|
|
|
Net (loss)
income
|
$
(1,515
)
|
$
10
|
Other comprehensive
(loss) income, net of tax:
Net
change in cumulative translation
adjustments
|
(15
)
|
59
|
|
|
|
Total comprehensive
(loss) income
|
(1,530
)
|
69
|
Less: Comprehensive
income attributable
to the
noncontrolling interest
|
1
|
--
|
|
|
|
Comprehensive
(loss) income
, attributable
to
Aehr Test Systems
common
shareholders
|
$
(1,531
)
|
$
69
|
|
Cost
|
Gross Unrealized Loss
|
Estimated Fair Value
|
|
|
|
|
Cash
|
$
2,587
|
$
--
|
$
2,587
|
Cash
equivalents:
|
|
|
|
Money
market funds
|
13,277
|
--
|
13,277
|
U.S.
Treasury securities
|
--
|
--
|
--
|
Total
Cash equivalents
|
13,277
|
--
|
13,277
|
Total
Cash and Cash equivalents
|
$
15,864
|
$
--
|
$
15,864
|
Long-term
investments:
|
|
|
|
Certificate
of deposit
|
$
80
|
$
--
|
$
80
|
Total
Cash, Cash equivalents and
Investments
|
$
15,944
|
$
--
|
$
15,944
|
|
Cost
|
Gross Unrealized Loss
|
Estimated Fair Value
|
|
|
|
|
Cash
|
$
3,132
|
$
--
|
$
3,132
|
Cash
equivalents:
|
|
|
|
Money
market funds
|
7,733
|
--
|
7,733
|
U.S.
Treasury securities
|
5,983
|
--
|
5,983
|
Total
Cash equivalents
|
13,716
|
--
|
13,716
|
Total
Cash and Cash equivalents
|
$
16,848
|
$
--
|
$
16,848
|
Long-term
investments:
|
|
|
|
Certificate
of deposit
|
$
80
|
$
--
|
$
80
|
Total
Cash, Cash equivalents and Investments
|
$
16,928
|
$
--
|
$
16,928
|
|
Balance as of August 31, 2018
|
Level 1
|
Level 2
|
Level 3
|
Money
market funds
|
$
13,277
|
$
13,277
|
$
--
|
$
--
|
Certificate
of deposit
|
80
|
--
|
80
|
--
|
Assets
|
$
13,357
|
$
13,277
|
$
80
|
$
--
|
|
Balance as of May 31, 2018
|
Level 1
|
Level 2
|
Level 3
|
Money
market funds
|
$
7,733
|
$
7,733
|
$
--
|
$
--
|
U.S.
Treasury securities
|
5,983
|
5,983
|
--
|
--
|
Certificate
of deposit
|
80
|
--
|
80
|
--
|
Assets
|
$
13,796
|
$
13,716
|
$
80
|
$
--
|
|
August 31,
|
May 31,
|
|
2018
|
2018
|
Raw
materials and sub-assemblies
|
$
6,103
|
$
5,747
|
Work
in process
|
3,248
|
3,068
|
Finished
goods
|
234
|
234
|
|
$
9,585
|
$
9,049
|
|
August 31,
|
May 31,
|
|
2018
|
2018
|
Customer
deposits
|
$
2,014
|
$
1,340
|
Deferred
revenue
|
325
|
290
|
|
$
2,339
|
$
1,630
|
|
Cumulative Translation Adjustments
|
Unrealized Loss on Investments, Net
|
Total
|
|
|
|
|
Balance
at May 31, 2018
|
$
2,292
|
$
--
|
$
2,292
|
Other
comprehensive (loss) income before
reclassifications
|
(16
)
|
--
|
(16
)
|
Amounts
reclassified out of AOCI
|
--
|
--
|
--
|
Other
comprehensive (loss) income, net of tax
|
(16
)
|
--
|
(16
)
|
Balance
at August 31, 2018
|
$
2,276
|
$
--
|
$
2,276
|
|
Three Months
Ended
|
|
|
August
31,
|
|
|
2018
|
2017
|
|
|
|
Expected
term (in years)
|
5
|
4
|
Volatility
|
0.74
|
0.78
|
Risk-free
interest rate
|
2.75
%
|
1.75
%
|
Weighted
average grant date fair value
|
$
1.48
|
$
2.27
|
|
Available
|
|
Shares
|
Balance,
May 31, 2018
|
1,812
|
|
|
Options
granted
|
(441
)
|
RSUs
granted
|
--
|
Shares
cancelled
|
13
|
Shares
expired
|
(11
)
|
|
|
Balance,
August 31, 2018
|
1,373
|
|
Outstanding Options
|
||
|
|
Weighted
|
|
|
Number
|
Average
|
Aggregate
|
|
of
|
Exercise
|
Intrinsic
|
|
Shares
|
Price
|
Value
|
Balances,
May 31, 2018
|
2,859
|
$
2.04
|
$
1,987
|
|
|
|
|
Options
granted
|
441
|
$
2.40
|
|
Options
cancelled
|
(13
)
|
$
1.64
|
|
Options
exercised
|
(98
)
|
$
1.12
|
|
|
|
|
|
Balances,
August 31, 2018
|
3,189
|
$
2.12
|
$
1,757
|
|
|
|
|
Options fully vested and expected to
vest at August 31,
2018
|
3,156
|
$
2.12
|
$
1,746
|
|
Options
Outstanding
|
Options
Exercisable
|
|||||
|
at August 31,
2018
|
at August 31,
2018
|
|||||
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
|
259
|
0.51
|
$
0.67
|
259
|
0.51
|
$
0.67
|
|
$
1.09-$1.36
|
507
|
1.46
|
$
1.28
|
506
|
1.46
|
$
1.28
|
|
$
1.68-$2.06
|
466
|
4.04
|
$
1.74
|
318
|
3.64
|
$
1.77
|
|
$
2.10-$2.81
|
1,695
|
4.34
|
$
2.44
|
1,130
|
3.26
|
$
2.47
|
|
$
3.46-$3.93
|
262
|
5.91
|
$
3.86
|
94
|
5.96
|
$
3.76
|
|
$
0.59-$3.93
|
3,189
|
3.66
|
$
2.12
|
2,307
|
2.72
|
$
1.96
|
$1,541
|
|
United
|
|
|
|
|
States
|
Asia
|
Europe
|
Total
|
Three
months ended August 31, 2018:
|
|
|
|
|
Net
sales
|
$
2,695
|
$
1,734
|
$
311
|
$
4,740
|
Property
and equipment, net
|
1,130
|
39
|
5
|
1,174
|
|
|
|
|
|
Three
months ended August 31, 2017:
|
|
|
|
|
Net
sales
|
$
1,290
|
$
5,660
|
$
20
|
$
6,970
|
Property
and equipment, net
|
1,089
|
39
|
12
|
1,140
|
|
Three Months Ended
|
|
|
August 31,
|
|
|
2018
|
2017
|
Type
of good / service:
|
|
|
Systems
|
$
1,806
|
$
3,476
|
Contactors
|
1,153
|
2,677
|
Services
|
1,781
|
817
|
|
$
4,740
|
$
6,970
|
|
|
|
Timing
of revenue recognition:
|
|
|
Products
and services transferred at a
point
in time
|
$
4,118
|
$
6,500
|
Services
transferred over time
|
622
|
470
|
|
$
4,740
|
$
6,970
|
Exhibit No.
|
|
Description
|
|
|
|
|
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
|
|
|
Aehr
Test Systems
|
|
|
|
Registrant)
|
|
|
|
|
|
Date:
October 12, 2018
|
By:
|
/s/
GAYN ERICKSON
|
|
|
|
Gayn
Erickson
|
|
|
|
President
and Chief Executive Officer
|
|
Date:
October 12, 2018
|
By:
|
/s/
KENNETH B. SPINK
|
|
|
|
Kenneth
B. Spink
|
|
|
|
Vice
President of Finance and
Chief Financial
Officer
|
|
1 Year Aehr Test Systems Chart |
1 Month Aehr Test Systems Chart |
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