Aehr Test Systems Reports Operating Results (10-Q)

Aehr Test Systems (AEHR, Financial) filed Quarterly Report for the period ended 2010-08-31.

Aehr Test Systems has a market cap of $10.4 million; its shares were traded at around $1.2 with and P/S ratio of 0.9. AEHR is in the portfolios of Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

AEHR TEST SYSTEMS

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)


August 31, May 31,

2010 2010

- -

(1)



ASSETS

Current assets:

Cash and cash equivalents . . . . . . . . . . . $ 5,405 $ 7,766

Accounts receivable, net of allowances for

doubtful accounts of $20 and $1,411 at

August 31, 2010 and May 31, 2010,

respectively . . . . . . . . . . . . . . . . 1,387 596

Inventories . . . . . . . . . . . . . . . . . . 3,942 3,635

Prepaid expenses and other. . . . . . . . . . . 190 445

- -

Total current assets . . . . . . . . . . . . 10,924 12,442





Three months ended

August 31,

-

2010 2009

- -



Option Plan Shares

Expected Term (in years).................... 5 5

Volatility.................................. 0.80 0.78

Expected Dividend........................... $0.00 $0.00

Risk-free Interest Rates.................... 1.78% 2.54%

Estimated Forfeiture Rate................... 0.25% 0.25%

Weighted Average Grant Date Fair Value...... $1.25 $0.53



Options granted............. (434) 434 $1.97

Options terminated.......... 115 (115) $3.41

Options exercised........... (14) $0.86

Plan shares expired......... (63)

- -

Balances, August 31, 2010... 616 2,254 $3.56 $173

= =





Options Outstanding Options Exercisable

at August 31, 2010 at August 31, 2010

- -

Weighted Weighted

Average Weighted Number Weighted Average

Range of Number Remaining Average Exer- Average Remaining Aggregate

Exercise Outstanding Contractual Exercise cisable Exercise Contractual Intrinsic

Prices Shares Life(Years) Price Shares Price Life (Years) Value

- - - - - - - -



$0.85-$0.85 495 3.83 $0.85 297 $0.85 3.83

$1.29-$2.81 844 3.82 $2.18 301 $2.44 2.68

$2.84-$5.96 460 1.42 $4.60 418 $4.46 1.38

$6.00-$9.30 329 2.16 $7.30 309 $7.31 2.16

$9.94-$9.94 126 2.81 $9.94 68 $9.94 2.81

- -

$0.85-$9.94 2,254 3.04 $3.56 1,393 $4.16 2.43 $104

= =





Balance as of

August 31, 2010 Level 1 Level 2

- - -



Money market funds.............. $4,375 $4,375 $ -

- - -

Assets.......................... $4,375 $4,375 $ -

= = =



United

States Asia Europe Total

- - - -



Three months ended August 31, 2010:

Net sales........................... $1,609 $499 $61 $2,169

Property and equipment, net......... 1,268 79 13 1,360



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