Aehr Test Systems Reports Financial Results for Third Quarter Fiscal 2011

/ Source: GlobeNewswire

FREMONT, Calif., March 31, 2011 (GLOBE NEWSWIRE) -- Aehr Test Systems (Nasdaq:AEHR), a worldwide supplier of semiconductor test and burn-in equipment, today announced financial results for the third quarter of fiscal 2011 ended February 28, 2011.

Product sales were $4.2 million in the third quarter of fiscal 2011, compared with $2.5 million in the third quarter of fiscal 2010. Product sales were $10.0 million in the first nine months of fiscal 2011, compared with $5.4 million in the first nine months of fiscal 2010. Commenting on the increase in product sales, Rhea Posedel, chairman and chief executive officer of Aehr Test Systems, said, "Demand for our FOX™ products and Advanced Burn-in and Test Systems (ABTS™) continues to improve. At the top line, product sales of $4.2 million were up 19% on a sequential quarter basis and up 73% year-over-year. Product sales in the third quarter of fiscal 2011 were driven by previously announced follow-on orders for FOX-1 WaferPak contactors. This indicates to us that this customer is achieving ongoing cost and through-put benefits with the FOX full wafer contact solution." 

Net sales were $4.2 million in the third quarter of fiscal 2011, compared with $5.2 million in the third quarter of fiscal 2010 which included the impact of $2.7 million of cancellation charges resulting from the sale of the remaining portion of the Spansion bankruptcy claim. Aehr Test reported a net loss of $946,000, or $0.11 per diluted share, in the third quarter of fiscal 2011. This compares to net income of $1.5 million, or $0.18 per diluted share, in the third quarter of fiscal 2010. Fiscal 2010 third quarter results benefited from the sale of the Company's remaining Spansion U.S. bankruptcy claim for net proceeds of approximately $4.6 million, which resulted in the recording of $2.7 million as revenue related to cancellation charges, $1.3 million as deferred revenue and $0.6 million as a reduction of operating expenses.

Net sales were $10.0 million in the first nine months of fiscal 2011 compared with $8.1 million in the first nine months of fiscal 2010. Net loss for the nine months ended February 28, 2011 was $3.2 million, or $0.37 per diluted share, compared with net income of $338,000 or $0.04 per diluted share, in the same period of the prior fiscal year. Aehr Test completed the third quarter of fiscal 2011 with no outstanding debt. 

Posedel added, "We are also encouraged by the increase in activity we are generating with our ABTS family of products for packaged device test and burn-in. Earlier this month we announced an ABTS order from a European supplier of high reliability military/aerospace ASIC devices. This is the first ABTS ordered by this customer. 

"We are saddened by the loss of life and damage caused by the horrific earthquake and tsunami in Japan earlier this month," continued Posedel. "Fortunately, none of our in-country employees or their family members were injured. The FOX-1 systems and WaferPak contactors at our customer's site in the affected area were not damaged and the systems are ready to be returned to production. We are hopeful that the customers we are targeting in Japan will continue to move forward with their plans for equipment purchases this year.

"Looking further ahead, I am encouraged by stronger customer demand for our products and I am confident in our ability to penetrate additional production accounts in the future," concluded Posedel.

Management Conference Call

Management of Aehr Test will host a conference call and webcast today, March 31, 2011 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's third quarter fiscal 2011 operating results. The conference call will be accessible live via the internet at www.aehr.com. Please go to the website at least 15 minutes before start time to register, download and install any necessary audio software. A replay of the webcast will be available at www.aehr.com for 90 days.

About Aehr Test Systems

Headquartered in Fremont, California, Aehr Test Systems is a worldwide provider of systems for burning-in and testing DRAMs, flash and other memory and logic integrated circuits and has an installed base of more than 2,500 systems worldwide. Aehr Test has developed and introduced several innovative products, including the ABTS, FOX and MAX systems and the DiePak® carrier. The ABTS system is Aehr Test's newest system for packaged part test during burn-in for both low-power and high-power logic as well as all common types of memory devices. The FOX system is a full wafer contact test and burn-in system. The MAX system can effectively burn-in and functionally test complex devices, such as digital signal processors, microprocessors, microcontrollers and systems-on-a-chip. The DiePak carrier is a reusable, temporary package that enables IC manufacturers to perform cost-effective final test and burn-in of bare die. For more information, please visit the Company's website at .

Safe Harbor Statement

This release contains forward-looking statements that involve risks and uncertainties relating to projections regarding revenues, net sales and customer demand and acceptance of Aehr Test's products. Actual results may vary from projected results. These risks and uncertainties include without limitation, world economic conditions, the state of the semiconductor equipment market, the Company's ability to maintain sufficient cash to support operations, the impact of the Japanese earthquake and tsunami upon the Company's operations, acceptance by customers of Aehr Test's technologies, acceptance by customers of the systems shipped upon receipt of a purchase order, the ability of new products to meet customer needs or perform as described and the Company's development and manufacture of a commercially successful wafer-level test and burn-in system. See Aehr Test's recent 10-K, 10-Q and other reports from time to time filed with the U.S. Securities and Exchange Commission for a more detailed description of the risks facing our business. The Company 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.

 


 

CONTACT: Gary Larson Chief Financial Officer (510) 623-9400 x321