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TheStreet Open House

Aehr Test Systems CEO Discusses F1Q2011 Results - Earnings Call Transcript

Actual results may differ materially from projected results and should not be considered as an indication of future performance. These risks and uncertainties include, without limitation, world economic conditions; the state of the semiconductor equipment market; 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 performance described; the company's development, manufacture, and marketing of a commercially successful wafer-level test and burn-in system; and the potential emergence of alternative technologies, each of which could adversely affect demand for Aehr Test's products in fiscal year 2011.

We refer you to our most recent 10-K 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 and factors that could cause actual results to differ materially from projected results.

The company disclaims any obligation to update information contained in any forward-looking statements to reflect events or circumstances occurring after the date of this conference call.

Now, I would like to introduce our chairman and CEO, Rhea Posedel. Rhea?

Rhea Posedel

Thank you, Gary. Good afternoon and welcome to our conference call for the first quarter of fiscal year 2011. Net sales for the first quarter of fiscal 2011 were about as we expected at $2.2 million, up compared to the prior year's first quarter net sales of $1.3 million. The net loss for the quarter of $1.5 million compares to a net income of $1 million in the first quarter of the prior year, but it should be noted that last year's number included a $3.3 million benefit from the sale of a portion of our Spansion U.S. bankruptcy claims.

We had four highlights during the first quarter that I would like to bring to your attention. To begin with, in our previous conference call I mentioned that Spansion, a leading NOR flash producer, has exited from bankruptcy and is winning more business and adding capacity. As a result, they are running more products through our FOX-1 full wafers or testers. During the first quarter, we announced receiving approximately $2 million in orders for our FOX full wafer WaferPak contactors. We expect to receive additional orders for WaferPak contactors and FOX-1 system upgrades over the next few quarters.

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