I also noticed that Fejes sold 30,000 shares back to the company during the tender offer. Since they only bought about 160,000 shares, he was one of the biggest sellers. Belardi also sold 3,529 shares in the TO.
FWIW, I saw this from Insider Monkey. Nothing new really.
As a new filing with the Securities and Exchange Commission showed, Daniel Gold‘s QVT Financial has initiated a passive stake in Aehr Test Systems (NASDAQ:AEHR). The position contains more than 1.41 million shares, which represent 9.99% of the company’s outstanding stock. The investor does not hold the shares directly, but via a convertible note with a value of $4.1 million. Moreover, Aehr Test and QVT’s agreement also involves a line of credit worth $2.0 million.
Aehr Test Systems (NASDAQ:AEHR) is a nano-cap company (market cap $27 million) that develops and markets systems for burning-in, testing and reliability screening of complex logic and memory devices. The company’s stock is down by 16% over the last 52 weeks as Aehr Test Systems reported a decline in revenue in the last several quarters and turned to a loss from a profit. For the first quarter of 2015, Aehr Test Systems (NASDAQ:AEHR)’s revenue dropped to around $2 million from $6 million a year ago and it reported a loss of $0.14 per share, versus a profit of $0.02 in the first quarter of 2014. Due to the company’s small size, it’s not very popular among the funds we track. In fact, only two funds out of over 700 reported long positions in Aehr Test Systems (NASDAQ:AEHR) as of the end of 2014, Jim Tarantino and Chris Galvin’s Westerly Capital Management and Jim Simons‘ Renaissance Technologies, holding 712,000 shares and 99,600 shares.
I don't know why it continues to surprise me, but it sure seems odd that the share price dropped 10% a couple days ago and now we get another earnings warning today. Hmmmm
From this mornings PR for next weeks earnings report.
Eric Wintemute, Chairman and CEO of American Vanguard commented: “In the first quarter of 2015, we continued to experience soft market conditions, primarily in the Midwest U.S. corn market. This situation has been cited by some of our industry peers and commented on by many expert observers of the U.S. agriculture sector. Lower crop commodity prices, that inevitably squeeze grower profitability, prompted purchasing restraint throughout the agricultural input distribution channel. Current conditions affected the procurement of equipment, seed, fertilizer, and crop protection products.” Mr. Wintemute concluded: “As a result, we will be reporting first quarter revenues that are approximately 18% below our prior year first quarter levels. Thanks to our significant efforts to manage our manufacturing costs and operating expenses, we expect to post earnings that will be approximately breakeven. We remain confident that our significant participation in other non-corn markets, our disciplined cost/expense control and our ability to pursue several growth initiatives, such as our recent acquisition of the Nemacur® product line in the E.U., will improve our future operating and financial performance.”
Looks like AVD has increased it's stake in Envance from 60% to 86.77% from a recent news article. AVD paid $500,000 to TyraTech for the increased stake in Envance.
Life sciences firm TyraTech (LON:TYR) is to receive around US$500,000 in cash after rejigging its Envance agricultural products joint venture arrangements.
With the strong demand for TyraTech's Vamousse head lice treatments, the company has opted to focus more on its core markets of personal care, where Vamousse is it flagship range, and animal health, where it has a range of anti-parasitic products.
Envance Technologies was formed in partnership with American Vanguard (NYSE:AVD) subsidiary AMVAC, to develop and commercialise a range of innovative pest control solutions for global consumer, commercial, and agriculture pest control markets.
Under the new joint venture (JV) terms, TyraTech will receive cash in repayment of loans and the transfer of some equity in Envance, which it will re-invest into working capital and geographical expansion of its Vamousse branded products.
Under the new arrangements, AMVAC's share of the JV has grown to 86.77% from 60% and, conversely, TyraTech's share has fallen to 13.33% from 40%.
"Over the past twelve months, having validated our entry into the personal care market with the successful launch of our Vamousse branded products in both the USA and the UK, our investment and growth pathway will be through geographic expansion of our current products, commercialisation of products in development, and continued development of our pipeline across both the personal care and animal health markets," said Bruno Jactel, chief executive officer of TyraTech.
"With our sharpened strategic focus in these two markets, I am very pleased that together with TyraTech's strategic investor, AMVAC, we were able to achieve our goal of strengthening Envance as the organisation best suited to develop and commercialise TyraTech's technology for the agriculture, household, and lawn and gar
Pretty good article in the Technology Week column in Barron's this week. AEHR may still have a chance to get part of the testing market for these chips. Below is an excerpt from the article. I posted the full article on the Investor Village AEHR message board.
Our gut feeling is that the memory-chip industry has improved. In future quarters, we’ll know for sure. SANDISK, MICRON, AND SAMSUNG are all working on the next big leap in flash, called 3D NAND. Basically, the circuits of a chip will stand upright, rather than lie flat, thus making it three-dimensional. This is a monumental engineering accomplishment, years in the making, that will bring far greater speed and efficiency to computing devices, from smartphones to servers.
On the one hand, new three-dimensional flash chips, with greater complexity, might help the whole industry by making memory chips less of a commodity. But they might also bring more supply to market, which would be bad for prices. Micron and Samsung appear to be making good progress on 3-D, prompting Drexel’s Whittington to write, “With Intel -Micron [INTC] about to ramp what appears a disruptive 3D NAND line, [and] Samsung also in the wings, SanDisk’s prices are already under the gun.”
Ha. They added AVD to the Strong Sell list again today. Whatever.
Saw an interesting post from Applied Machines on Facebook and Twitter.
Hurco Companies Inc. - Pictures of the Hurco Assembly line in Indianapolis, IN - USA. Hurco is increasing the production of Machines they build here in the USA!!!!! Building Machine Tools where the technology is developed. With their Headquarters in Indianapolis, it only makes sense to build the machines where Gerald Roch and the late Edward Humston founded Hurco in 1968.
Hope you are right, but there is still quite a bit of overhead resistance between 13 and 13.50. I think it will take a decent earnings report and favorable forecast to get us through there. Earnings should be around May 2 or so.
Yes, the 50,000 priced at $15.49 could be exercised and actually must be exercised by Aug. 20, 2015. If any options pass their expiration date and are priced below the strike price, they expire worthless. On April 2, several insiders exercised options and kept most of the shares. The notes in the filings say they only sold enough to cover the tax bill on the profits But, Rhykus still has about 200,000 that have conversion prices above $30 per share. Of course, he will be getting more grants each year and those will be priced at whatever the current share price is at the time of the grant.
Wonder if they have something cooking. $50M in cash already on the balance sheet.
SIOUX FALLS, S.D., April 16, 2015 (GLOBE NEWSWIRE) -- Raven Industries, Inc. (RAVN) announced today that it has entered into a new five-year $125 million senior unsecured multi-currency revolving credit facility.
"This new revolving facility provides us with additional flexibility to execute our long-term strategy and pursue strategic acquisitions in the future," said Steven Brazones, Vice President and CFO. "We are pleased to have access to committed financing at very attractive rates and look forward to capitalizing on opportunities to further enhance our competitive positioning and accelerate growth, particularly within our Applied Technology and Aerostar divisions."
10Q is out now. There were some questions about the number of customers in Q3 and from the 10Q, there had to be at least 4 different customers.
Three customers accounted for approximately 47%, 12% and 10% of the Company’s net sales in the nine months ended February 28, 2015.
Interesting. No PR about how we are grateful for your service, etc.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Departure of a Director
On April 10, 2015, the Board of Directors of Daktronics, Inc. received notice that Bruce W. Tobin is resigning from the Board of Directors effective May 1, 2015. Mr. Tobin has served as a Director and on the Audit Committee since February 2011.
I was just going though some of my notes from earlier CCs and noticed that Dominik Schmidt from QVT Financial had called in on the Q1 2015 conference call back in September 2014. Perhaps AEHR had talked to them about doing a financing prior to the private placement in November 2014, but decided they could handle that one on their own.
QVT is a very aggressive investor and has lots of biotech stocks and a few technology stocks. They have puts on ARMH (ARM Holdings) and TSM (Taiwan Semi), as well as bonds from MCHP (Microchip). They also have some bonds from Sunpower and Solarcity. If this all works out and revenues go to $200M per year, the dilution won't matter. Time to sit back and relax for a while I guess.
You can also look up QVT on the SEC site to see what they are invested in with the 13-HR filings. They own quite a few things, including a couple of biotechs that I follow. They aren't afraid to take a speculative position and this financing is small potatoes for them.
Well, my first choice would have been for them to have started shipping the new systems and not have to do the dilutive financing. The flip side though is that since we haven't started seeing the revenues yet, this should at least provide another year or two of runway to get the new products out. I think the stock may actually go up a little today. My guess is we still are 6 months away from significant revenues.
OK, I haven't heard of these guys, but they have a small article about AEHR.
biztalkinsider dot net
Aehr Test Systems: Checking the Integrity of Integrated Circuits
Posted on April 10, 2015 by admin
There is always a need for integrated circuits and wafers to be tested before they are deployed and incorporated into electronic devices. By checking on the functionality and quality of these circuits, original equipment manufacturers are assured that their end products would be of the top quality.
The testing of these devices can be costly, but thanks to Aehr Test Systems, the cost of the process is reduced and time to market of these products is enhanced. The company is a trusted developer, manufacturer and marketer of systems that are integrated on testing devices. As a global provider, it has deployed more than 2,500 systems around the world. These systems are mainly used for burning-in and testing memory of integrated circuits.
The company plays a vital role in the electronics industry and in several other verticals that require the checking IC components. Aehr Test Systems is headquartered in Fremont, California and is listed as a component of the Wilshire 5000 Index.
Just happened to find a youtube video of a precision hand soldering class for 4 technicians at AEHR, so they must be assembling something in the plant. Let's hope it's multiple machines. Not sure Yahoo will let me post the link.