Aehr Test Systems (AEHR, Financial) filed Quarterly Report for the period ended 2009-11-30.
Aehr Test Systems has a market cap of $11.7 million; its shares were traded at around $1.37 with and P/S ratio of 0.5.
denominated in U.S. Dollars, Japanese Yen and Euros, respectively. Although a
large percentage of net sales to European customers is denominated in U.S.
Dollars, substantially all sales to Japanese customers are denominated in Yen.
Net sales. . . . . . . . . . . . . . . . 100.0 % 100.0 % 100.0 % 100.0 %
Cost of sales. . . . . . . . . . . . . . 78.8 50.3 90.0 49.8
- - - -
Gross profit . . . . . . . . . . . . . . 21.2 49.7 10.0 50.2
- - - -
Operating expenses:
Selling, general and administrative. . 98.6 19.8 100.8 20.7
Research and development . . . . . . . 65.4 17.1 69.3 16.1
Gain on sale of bankruptcy claim . . . - - (112.9) -
- - - -
Total operating expenses . . . . . 164.0 36.9 57.2 36.8
- - - -
(Loss) income from operations. . . . . . (142.8) 12.8 (47.2) 13.4
Income tax (benefit) expense . . . . . . (10.0) 8.1 (5.6) 6.8
- - - -
Net (loss) income. . . . . . . . . . . . (131.1)% 9.4 % (41.1)% 9.2 %
= = = =
RESEARCH AND DEVELOPMENT. R&D expenses decreased to $2.0 million for the
six months ended November 30, 2009 from $3.1 million for the six months ended
November 30, 2008, a decrease of 33.9%. The decrease in R&D expenses was
primarily due to expense reduction initiatives the Company has taken of
$1,038,000 and a reduction of project materials expense of $136,000. This
reduction was partially offset by an increase in stock-based compensation
expense of approximately $125,000 due primarily to the impact of forfeited
options by the Company's officers. As a percentage of net sales, R&D expenses
increased to 69.3% for the six months ended November 30, 2009 from 16.1% for
the six months ended November 30, 2008, reflecting lower net sales.
The semiconductor manufacturing industry is highly concentrated, with a
relatively small number of large semiconductor manufacturers and contract
assemblers accounting for a substantial portion of the purchases of
semiconductor equipment. Sales to the Company's five largest customers
accounted for approximately 87% and 73% of its net sales in the three and six
months ended November 30, 2009, respectively. Four customers accounted for
approximately 31%, 18%, 16% and 14% of the Company's net sales in the three
months ended November 30, 2009, respectively. Four customers accounted for
approximately 20%, 18%, 16% and 10% of the Company's net sales in the six
months ended November 30, 2009. Sales to the Company's five largest customers
accounted for approximately 99% and 97% of its net sales in the three and six
months ended November 30, 2008, respectively. One customer, Spansion Inc.,
accounted for approximately 93% and 91% of the Company's net sales in the
three and six months ended November 30, 2008, respectively. No other
customers represented more than 10% of the Company's net sales for either
fiscal 2010 or fiscal 2009.
Approximately 81%, 15% and 4% of our net sales for fiscal 2009 were
denominated in U.S. Dollars, Japanese Yen and Euros, respectively. Although a
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Aehr Test Systems has a market cap of $11.7 million; its shares were traded at around $1.37 with and P/S ratio of 0.5.
Highlight of Business Operations:
Approximately 81%, 15% and 4% of our net sales for fiscal 2009 weredenominated in U.S. Dollars, Japanese Yen and Euros, respectively. Although a
large percentage of net sales to European customers is denominated in U.S.
Dollars, substantially all sales to Japanese customers are denominated in Yen.
Net sales. . . . . . . . . . . . . . . . 100.0 % 100.0 % 100.0 % 100.0 %
Cost of sales. . . . . . . . . . . . . . 78.8 50.3 90.0 49.8
- - - -
Gross profit . . . . . . . . . . . . . . 21.2 49.7 10.0 50.2
- - - -
Operating expenses:
Selling, general and administrative. . 98.6 19.8 100.8 20.7
Research and development . . . . . . . 65.4 17.1 69.3 16.1
Gain on sale of bankruptcy claim . . . - - (112.9) -
- - - -
Total operating expenses . . . . . 164.0 36.9 57.2 36.8
- - - -
(Loss) income from operations. . . . . . (142.8) 12.8 (47.2) 13.4
Income tax (benefit) expense . . . . . . (10.0) 8.1 (5.6) 6.8
- - - -
Net (loss) income. . . . . . . . . . . . (131.1)% 9.4 % (41.1)% 9.2 %
= = = =
RESEARCH AND DEVELOPMENT. R&D expenses decreased to $2.0 million for the
six months ended November 30, 2009 from $3.1 million for the six months ended
November 30, 2008, a decrease of 33.9%. The decrease in R&D expenses was
primarily due to expense reduction initiatives the Company has taken of
$1,038,000 and a reduction of project materials expense of $136,000. This
reduction was partially offset by an increase in stock-based compensation
expense of approximately $125,000 due primarily to the impact of forfeited
options by the Company's officers. As a percentage of net sales, R&D expenses
increased to 69.3% for the six months ended November 30, 2009 from 16.1% for
the six months ended November 30, 2008, reflecting lower net sales.
The semiconductor manufacturing industry is highly concentrated, with a
relatively small number of large semiconductor manufacturers and contract
assemblers accounting for a substantial portion of the purchases of
semiconductor equipment. Sales to the Company's five largest customers
accounted for approximately 87% and 73% of its net sales in the three and six
months ended November 30, 2009, respectively. Four customers accounted for
approximately 31%, 18%, 16% and 14% of the Company's net sales in the three
months ended November 30, 2009, respectively. Four customers accounted for
approximately 20%, 18%, 16% and 10% of the Company's net sales in the six
months ended November 30, 2009. Sales to the Company's five largest customers
accounted for approximately 99% and 97% of its net sales in the three and six
months ended November 30, 2008, respectively. One customer, Spansion Inc.,
accounted for approximately 93% and 91% of the Company's net sales in the
three and six months ended November 30, 2008, respectively. No other
customers represented more than 10% of the Company's net sales for either
fiscal 2010 or fiscal 2009.
Approximately 81%, 15% and 4% of our net sales for fiscal 2009 were
denominated in U.S. Dollars, Japanese Yen and Euros, respectively. Although a
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