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Aehr Test Systems (AEHR) filed Quarterly Report for the period ended 2011-11-30.
Aehr Test Systems has a market cap of $6.7 million; its shares were traded at around $0.75 with and P/S ratio of 0.49.
This is the annual revenues and earnings per share of AEHR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of AEHR.
Highlight of Business Operations:
NET SALES. Net sales increased to $3.9 million for the three months ended November 30, 2011 from $3.6 million for the three months ended November 30, 2010, an increase of 7.9%. The increase in net sales for the three months ended November 30, 2011 was primarily due to an increase in net sales of the Company s monitored burn-in products, offset by a decrease of the Company s wafer level products. Net sales of the monitored burn-in products for the three months ended November 30, 2011 were $2.1 million, and increased approximately $1.2 million from the three months ended November 30, 2010. Net sales of the Company s wafer-level products for the three months ended November 30, 2011 were $1.8 million, and decreased approximately $0.9 million from the three months ended November 30, 2010.GROSS PROFIT. Gross profit consists of net sales less cost of sales. Cost of sales consists primarily of the cost of materials, assembly and test costs, and overhead from operations. Gross profit decreased to $1.1 million for the three months ended November 30, 2011 from $1.4 million for the three months ended November 30, 2010, a decrease of $0.3 million. Gross profit margin decreased to 29.2% for the three months ended November 30, 2011 from 37.9% for the three months ended November 30, 2010. The decrease in gross profit margin was primarily due to higher initial material costs related to certain early production systems.
NET SALES. Net sales increased to $8.0 million for the six months ended November 30, 2011 from $5.7 million for the six months ended November 30, 2010, an increase of 39.1%. The increase in net sales for the six months ended November 30, 2011 resulted primarily from an increase in net sales of the Company s wafer-level and monitored burn-in products. Net sales of the Company s wafer-level products for the six months ended November 30, 2011 were $4.2 million, and increased approximately $0.5 million from the six months ended November 30, 2010. Net sales of the monitored burn-in products for the six months ended November 30, 2011 were $3.7 million, and increased approximately $1.8 million from the six months ended November 30, 2010.
GROSS PROFIT. Gross profit increased to $2.9 million for the six months ended November 30, 2011 from $2.3 million for the six months ended November 30, 2010, an increase of $0.6 million. Gross profit margin decreased to 36.7% for the six months ended November 30, 2011 from 40.0% for the six months ended November 30, 2010. The decrease in gross profit margin was primarily due to higher initial material costs related to certain early production systems.
Net cash used in operating activities was $2.4 million for the six months ended November 30, 2011 and net cash used in operating activities was $3.1 million for the six months ended November 30, 2010. For the six months ended November 30, 2011, net cash used in operating activities was primarily driven by a net loss of $1.2 million, a $990,000 gain on the sale of the Company s long-term investment, increases in accounts receivable of $0.7 million and inventories of $0.6 million, partially offset by an increase in accounts payable of $0.5 million. The increase in accounts receivable was primarily due to an increase in revenues for the six months ended November 30, 2011 compared to the same period in the prior fiscal year. The increase in inventories was to support future shipments for customer orders. The increase in accounts payable was due primarily to inventory purchases to support future shipments. For the six months ended November 30, 2010, net cash used in operating activities was primarily driven by a net loss of $2.3 million, offset by stock compensation expense of $0.5 million, and increases in accounts receivable and inventories of $0.7 million and $0.6 million, respectively. The increase in accounts receivable was primarily due to an increase in revenues for the six months ended November 30, 2010 compared to the same period in the prior fiscal year. The increase in inventories was to support future shipments for customer orders.
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