<SEC-DOCUMENT>0001040470-17-000049.txt : 20170719
<SEC-HEADER>0001040470-17-000049.hdr.sgml : 20170719
<ACCEPTANCE-DATETIME>20170719161837
ACCESSION NUMBER:		0001040470-17-000049
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170531
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170719
DATE AS OF CHANGE:		20170719

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AEHR TEST SYSTEMS
		CENTRAL INDEX KEY:			0001040470
		STANDARD INDUSTRIAL CLASSIFICATION:	INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825]
		IRS NUMBER:				942424084
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22893
		FILM NUMBER:		17972465

	BUSINESS ADDRESS:	
		STREET 1:		400 KATO TERRACE
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94539
		BUSINESS PHONE:		5106239400

	MAIL ADDRESS:	
		STREET 1:		400 KATO TERRACE
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94539
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>q417-e8k.txt
<DESCRIPTION>FORM 8-K
<TEXT>
<PAGE>
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                    FORM 8-K

                                CURRENT REPORT
                      PURSUANT TO SECTION 13 OR 15(d) OF
                     THE SECURITIES EXCHANGE ACT OF 1934

        Date of Report (date of earliest event reported): July 19, 2017

                                Aehr Test Systems
             (Exact name of Registrant as specified in its charter)

          California                    000-22893             94-2424084
(State or other jurisdiction of  [Commission File Number]  (I.R.S. Employer
 incorporation or organization)                         Identification Number)

                               400 Kato Terrace
                           Fremont, California 94539
         (Address of principal executive offices, including zip code)

                                 510-623-9400
             (Registrant's telephone number, including area code)

                                     N/A
         (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))



<PAGE>
ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

            On July 19, 2017, Aehr Test Systems, or the Company, issued a press
release announcing the Company's financial results for its fourth quarter and
fiscal year ended May 31, 2017.  A copy of the press release is attached as
Exhibit 99.1 to this Current Report on Form 8-K.

            The information in this Form 8-K, including the exhibit attached
hereto, are being furnished and shall not be deemed "filed" for purposes of
Section 18 of the Securities Act of 1934, as amended, or the Exchange Act, or
otherwise subject to the liabilities of that Section, or incorporated by
reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference in
such filing.


ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

        (d)  Exhibits.

             Exhibit No.    Description
             -----------    -----------
             99.1           Press Release of Aehr Test Systems dated
                            July 19, 2017 entitled "Aehr Test Systems Reports
                            30% Revenue Growth for Fiscal Year 2017 and
                            Provides Financial Guidance for Fiscal 2018."




<PAGE>
                                  SIGNATURES

            Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.

                                               Aehr Test Systems
                                                  (Registrant)
Date:  July 19, 2017
                                          By:  /s/ Kenneth B. Spink
                                               -------------------------
                                               Kenneth B. Spink
                                               Vice President of Finance and
                                               Chief Financial Officer


<PAGE>
                               EXHIBIT INDEX

Exhibit
Number    Description
-------   ------------

99.1         Press Release of Aehr Test Systems dated July 19, 2017
             entitled "Aehr Test Systems Reports 30% Revenue Growth for
             Fiscal Year 2017 and Provides Financial Guidance for Fiscal 2018."





</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>q417-ex99.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<PAGE>
                                                          Exhibit 99.1

[LOGO]AEHR TEST SYSTEMS

FOR IMMEDIATE RELEASE


Aehr Test Systems                         Investor Relations Contact:
Ken Spink                                 Todd Kehrli or Jim Byers
Chief Financial Officer                   MKR Group Inc.
(510) 623-9400 x309                       (323) 468-2300
                                          aehr@mkr-group.com


  Aehr Test Systems Reports 30% Revenue Growth for Fiscal Year 2017
         and Provides Financial Guidance for Fiscal 2018


Fremont, CA (July 19, 2017) - Aehr Test Systems (NASDAQ: AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today announced
financial results for its 2017 fourth quarter and fiscal year ended May
31, 2017.


 Fiscal Fourth Quarter Financial Results:

- Net sales were $6.7 million, compared to $1.6 million in the fourth
  quarter of fiscal 2016.

- GAAP net loss was $795,000, or $0.04 per diluted share, compared to
  a GAAP net loss of $3.1 million, or $0.23 per diluted share, in the
  fourth quarter of fiscal 2016.

- Non-GAAP net loss was $587,000, or $0.03 per diluted share, compared
  to a non-GAAP net loss of $2.8 million, or $0.21 per diluted share,
  in the fourth quarter of fiscal 2016.

Fiscal Year Financial Results:

- Net sales were $18.9 million, up 30% from $14.5 million in fiscal
  2016.

- GAAP net loss was $5.7 million, or $0.35 per diluted share, compared
  to a GAAP net loss of $6.8 million, or $0.52 per diluted share, in
  fiscal 2016.

- Non-GAAP net loss was $4.7 million, or $0.29 per diluted share, compared
 to a non-GAAP net loss of $5.8 million, or $0.44 per diluted share,
 in fiscal 2016.

- Backlog as of May 31, 2017 was $12.7 million, compared to backlog
  of $5.3 million as of May 31, 2016.

- Total cash and cash equivalents at fiscal year-end was $17.8 million.


An explanation of the use of non-GAAP financial information and a
reconciliation of the non-GAAP financial measures to the most directly
comparable GAAP financial measures can be found in the accompanying
tables.


Fourth Quarter Highlights:

- Shipped and successfully installed FOXTM-XP systems to our two lead
  customers and have since



<PAGE>

Aehr Test Systems Reports Financial Results for the Fourth Quarter and
Fiscal Year Ended May 31, 2017
July 19, 2017
Page 2 of 6


  received final system acceptance at the customers' sites.

- Received a $3.7 million follow-on production order for a FOX-XP test
  and burn-in system configured with Aehr Test's new highly parallel
  singulated die/module test interface technology and a set of
  proprietary DiePak(R) carriers. The order was from a subcontractor
  to Aehr Test's lead customer for the FOX-XP Test and Burn-in System.

- Announced a follow-on order exceeding $1.9 million for multiple
  Advanced Burn-in and Test (ABTSTM) systems from a leading
  multi-national semiconductor supplier of automotive devices.

- Received an initial production order of $850,000 from an OEM customer
  for multiple proprietary ABTS thermal chambers following completion
  and acceptance of an initial ABTS chamber order delivered to this
  customer earlier in the fiscal year.

- Completed successful public offering of approximately 4.4 million
  shares of common stock at a price to the public of $3.90 per share,
  including the underwriter's exercise of its option to purchase
  approximately 577,000 additional shares to cover over-allotments.


Gayn Erickson, President and CEO of Aehr Test Systems, commented:

"We exceeded our revenue guidance of $6 million for the fourth quarter,
with total quarterly revenue of $6.7 million, and finished our fiscal
2017 with total revenue of $18.9 million, up 30% from the prior year.
We are encouraged by the demand for our new FOX wafer-level and singulated
die/module test and burn-in systems as well as our ABTS packaged part
test and burn-in systems. We announced several sizable orders during the
quarter which brought our total orders for the fiscal year to $26.4 million.

"During the quarter, we shipped our new FOX-XP Multi-Wafer and Singulated
Die/Module Test and Burn-in Systems to our two lead customers. Each of
these systems was shipped and installed during the quarter and has since
been accepted at the customers' sites. We believe our solutions are the
most robust and accurate wafer level and module level test and burn-in
systems on the market, delivering substantially more test functionality
and parallelism than any other competitive product available.

"With our reported backlog of $12.7 million as of May 31, 2017, along
with the recently reported bookings of over $3.8 million for our ABTS
systems, we effectively head into fiscal 2018 with over $16.5 million
in booked orders. With the market opportunities we see for our FOX-XP
products, and a strong backlog of orders, we are very optimistic about
our growth potential for fiscal 2018."


Fiscal 2018 Financial Guidance:

For the fiscal year ending May 31, 2018, we expect full year total
revenue growth to exceed 50% over fiscal 2017 and to be profitable for
the year.

Management Conference Call and Webcast

Aehr Test Systems will host a conference call and webcast today at 5:00
p.m. Eastern (2:00 p.m. PT) to discuss its fiscal 2017 fourth quarter
and full year operating results. To access the call dial 888-401-4668
(+1 719-325-2281 outside the United States) and give the participant pass
code 3874563. In addition, a live and archived webcast of the conference
call will be available over the Internet at www.aehr.com in the Investor
Relations section. A replay of the conference call will also be available
via telephone beginning approximately two hours after conclusion of the
call through 8:00 p.m. ET on July 20, 2017. To access the replay dial-in
information, please click here.

<PAGE>

Aehr Test Systems Reports Financial Results for the Fourth Quarter and
Fiscal Year Ended May 31, 2017
July 19, 2017
Page 3 of 6

About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a worldwide
provider of test systems for burning-in and testing logic and memory
integrated circuits and has an installed base of more than 2,500 systems
worldwide. Increased quality and reliability needs of the Automotive
and Mobility integrated circuit markets are driving additional test
requirements, capacity needs and opportunities for Aehr Test products
in package and wafer level test. Aehr Test has developed and introduced
several innovative products, including the ABTS and FOX families of
test and burn-in systems, WaferPak contactors, and DiePak carriers. The
ABTS systems are used in production and qualification testing of packaged
parts for both low-power and high-power logic as well as memory devices.
The FOX family of systems includes single and multi-wafer full wafer contact
test and burn-in systems used for burn-in and functional test of complex
devices, such as leading-edge memories, digital signal processors,
microprocessors, microcontrollers and systems-on-a-chip. The WaferPak
contactor contains a unique full wafer probe card capable of testing wafers
up to 300mm that enables IC manufacturers to perform test and burn-in of
full wafers on Aehr Test FOX systems. The DiePak carrier is a reusable,
temporary package that enables IC manufacturers to perform cost-effective
final test and burn-in of both bare die and modules. For more information,
please visit Aehr Test's website at www.aehr.com.

Safe Harbor Statement
This press release contains certain forward-looking statements based
on current expectations, forecasts and assumptions that involve risks
and uncertainties. These statements are based on information available
to Aehr Test as of the date hereof and actual results could differ
materially from those stated or implied due to risks and uncertainties.
Forward-looking statements include statements regarding Aehr Test's
expectations, beliefs, intentions or strategies regarding the future
including statements regarding future market opportunities and conditions,
expected product shipment dates, customer orders or commitments and future
operating results. The risks and uncertainties that could cause Aehr Test's
results to differ materially from those expressed or implied by such
forward-looking statements include, without limitation, general market
conditions, customer demand and acceptance of Aehr Test's products and
Aehr Test's ability to execute on its business strategy. See Aehr Test's
recent 10-K, 10-Q and other reports from time to time filed with the
Securities and Exchange Commission for a more detailed description of the
risks facing Aehr Test's business. Aehr Test disclaims any obligation
to update information contained in any forward-looking statement to
reflect events or circumstances occurring after the date of this press
release.



                       -Financial Tables to Follow-



<PAGE>

Aehr Test Systems Reports Financial Results for the Fourth Quarter and
Fiscal Year Ended May 31, 2017
July 19, 2017
Page 4 of 6


                          AEHR TEST SYSTEMS AND SUBSIDIARIES
                    Condensed Consolidated Statements of Operations
                        (in thousands, except per share data)
                                   (unaudited)

<TABLE>
<CAPTION>
                                             Three Months Ended          Year Ended
                                       ----------------------------  -------------------
                                        May 31,    Feb 28,  May 31,    May 31,   May 31,
                                         2017       2017     2016       2017      2016
                                       --------  --------- --------  --------  ---------
<S>                                    <C>       <C>       <C>       <C>       <C>
Net sales                               $ 6,683   $ 2,681   $ 1,571   $ 18,898  $ 14,501
Cost of sales                             4,075     2,178     1,669     12,118     9,356
                                       --------  --------  --------   --------  --------
Gross profit (loss)                       2,608       503       (98)     6,780     5,145
                                       --------  --------  --------   --------  --------
Operating expenses:
  Selling, general and administrative     1,905     1,724     1,722      7,052     6,975
  Research and development                1,309     1,248     1,046      4,657     4,324
                                       --------  --------  --------   --------  --------
    Total operating expenses              3,214     2,972     2,768     11,709    11,299
                                       --------  --------  --------   --------  --------
    Loss from operations                   (606)   (2,469)   (2,866)    (4,929)   (6,154)

Interest expense                           (141)     (178)     (168)      (678)     (605)
Other expense, net                          (59)       (2)      (23)       (21)      (16)
                                       --------  --------  --------   --------  --------
    Loss before income tax
    benefit (expense)                      (806)   (2,649)   (3,057)    (5,628)   (6,775)

Income tax benefit (expense)                 11        (2)        1        (25)      (10)
                                       --------  --------  --------   --------  --------
    Net loss                               (795)   (2,651)   (3,056)    (5,653)   (6,785)

Less: Net income attributable to the
        noncontrolling interest              --        --        --         --        --
                                       --------  --------  --------   --------  --------
  Net loss attributable to Aehr Test
      Systems common shareholders       $  (795)  $(2,651)  $(3,056)  $ (5,653) $ (6,785)
                                       ========  ========   =======   ========  ========

Net loss per share
    Basic                               $ (0.04)  $ (0.16)   $(0.23)   $ (0.35) $  (0.52)
    Diluted                             $ (0.04)  $ (0.16)   $(0.23)   $ (0.35) $  (0.52)

Shares used in per share calculations:
    Basic                                19,050     16,672   13,190     16,267    13,091
    Diluted                              19,050     16,672   13,190     16,267    13,091


</TABLE>

                                      -more-



<PAGE>

Aehr Test Systems Reports Financial Results for the Fourth Quarter and
Fiscal Year Ended May 31, 2017
July 19, 2017
Page 5 of 6

                          AEHR TEST SYSTEMS AND SUBSIDIARIES
                     Reconciliation of GAAP and Non-GAAP Results
                       (in thousands, except per share data)
                                   (unaudited)

<TABLE>
<CAPTION>
                                                Three Months Ended         Year Ended
                                            --------------------------  -----------------
                                             May 31,  Feb 28,  May 31,   May 31,  May 31,
                                              2017     2017     2016      2017     2016
                                            -------- -------- --------  -------- --------
<S>                                         <C>      <C>      <C>        <C>      <C>
GAAP net loss                               $  (795) $(2,651) $(3,056)   $(5,653) $(6,785)
Stock-based compensation expense                208      257      230        999    1,016
                                            -------- -------- --------   -------- --------
Non-GAAP net loss                           $  (587) $(2,394) $(2,826)   $(4,654) $(5,769)
                                            ======== ======== ========   ======== ========

GAAP net loss per diluted share             $ (0.04) $ (0.16) $ (0.23)   $ (0.35) $ (0.52)
                                            ======== ======== ========   ======== ========
Non-GAAP net loss per diluted share         $ (0.03) $ (0.14) $ (0.21)   $ (0.29) $ (0.44)
                                            ======== ======== ========   ======== ========
Shares used in diluted shares calculation     19,050   16,672   13,190     16,267   13,091
                                            ======== ======== ========   ======== ========
Shares used in non-GAAP diluted shares
   calculation                                19,050   16,672   13,190     16,267   13,091
                                            ======== ======== ========   ======== ========


</TABLE>
______________________________________________________________________


Non-GAAP net loss is a non-GAAP measure and should not be considered a
replacement for GAAP results.  Non-GAAP net loss is a financial measure the
Company uses to evaluate the underlying results and operating performance
of the business.  The limitation of this measure is that it excludes items
that impact the Company's current period net loss.  This limitation is best
addressed by using this measure in combination with net loss (the most directly
comparable GAAP financial measure).  These measures are not in accordance
with GAAP and may differ from non-GAAP methods of accounting and reporting
used by other companies.

We believe these measures enhance investors' ability to review the company's
business from the same perspective as the company's management and facilitate
comparisons of this period's results with prior periods.




                                   -more-




<PAGE>

Aehr Test Systems Reports Financial Results for the Fourth Quarter and
Fiscal Year Ended May 31, 2017
July 19, 2017
Page 6 of 6

                          AEHR TEST SYSTEMS AND SUBSIDIARIES
                         Condensed Consolidated Balance Sheets
                                    (in thousands)
                                     (unaudited)

<TABLE>
<CAPTION>
                                                             May 31,   February 28,  May 31,
                                                              2017         2017       2016
                                                           -----------  ----------- --------
<S>                                                         <C>         <C>         <C>
ASSETS
Current assets:
  Cash and cash equivalents                                  $17,803     $ 2,039     $   939
  Accounts receivable, net                                     4,010       1,596         522
  Inventories                                                  6,604       7,207       7,033
  Prepaid expenses and other                                     961         354         254
                                                            --------    --------    --------
      Total current assets                                    29,378      11,196       8,748

Property and equipment, net                                    1,419         861       1,204
Other assets                                                      95          96          94
                                                            --------    --------    --------
      Total assets                                           $30,892     $12,153     $10,046
                                                            ========    ========    ========

LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
  Accounts payable                                             2,808       1,821       1,413
  Accrued expenses                                             1,609       1,897       1,553
  Customer deposits and deferred revenue, short-term           3,467       1,012       1,714
                                                            --------    --------    --------
      Total current liabilities                                7,884       4,730       4,680

Long-term debt                                                 6,110       6,095       5,962
Deferred revenue, long-term                                      104          32         127
                                                            --------    --------    --------
     Total liabilities                                        14,098      10,857      10,769


Aehr Test Systems Shareholders' equity (deficit)              16,813       1,315        (703)
Noncontrolling interest                                          (19)        (19)        (20)
                                                            --------    --------    --------
      Total shareholders' equity (deficit)                    16,794       1,296        (723)
                                                            --------    --------    --------
      Total liabilities and shareholders' equity (deficit)   $30,892     $12,153     $10,046
                                                            ========    ========    ========

</TABLE>







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