Aehr Test Systems Reports 24% Sequential Revenue Growth in Second Quarter and Reiterates Guidance for Significant Growth for Fiscal 2020


AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
        
   November 30,August 31, May 31,
    2019   2019   2019 
ASSETS      
        
Current assets:     
  Cash and cash equivalents$5,302  $5,266  $5,428 
  Accounts receivable, net 5,231   3,287   4,859 
  Inventories  9,800   9,217   9,061 
  Prepaid expenses and other 534   523   686 
  Total current assets 20,867   18,293       20,034  
               
Property and equipment, net   860       1,000       1,045  
Operating lease right-of-use assets   2,387       2,533       -  
Other assets     186       199       228  
  Total assets $ 24,300     $ 22,025     $ 21,307  
               
LIABILITIES AND SHAREHOLDERS' EQUITY        
               
Current liabilities:          
  Accounts payable $ 2,320     $ 1,742     $ 1,933  
  Accrued expenses   1,596       1,577       2,034  
  Operating lease liabilities, short-term   619       606       -  
  Customer deposits and deferred revenue, short-term       1,809       615       1,545  
  Total current liabilities   6,344       4,540       5,512  
               
Deferred rent     -       -       153  
Operating lease liabilities, long-term   1,924       2,086       -  
Deferred revenue, long-term   64       113       189  
  Total liabilities   8,332       6,739       5,854  
               
Aehr Test Systems shareholders' equity   15,988       15,306       15,472  
Noncontrolling interest   (20 )     (20 )     (19 )
  Total shareholders' equity   15,968       15,286       15,453  
               
  Total liabilities and shareholders' equity $ 24,300     $ 22,025     $ 21,307  
               

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