FREMONT, Calif., Oct. 10, 2012 (GLOBE NEWSWIRE) -- Aehr Test Systems (Nasdaq:AEHR), a worldwide supplier of semiconductor test and burn-in equipment, today announced financial results for the first quarter of fiscal 2013 ended August 31, 2012.
Net sales were $4.8 million in the first quarter of fiscal 2013, up from $4.7 million in the fourth quarter of fiscal 2012. Aehr Test reported a net loss of $0.3 million, or $0.03 per diluted share, in the first quarter of fiscal 2013, compared to a net loss of $0.8 million, or $0.09 per diluted share, in the fourth quarter of fiscal 2012.
Commenting on the first quarter of fiscal 2013, Gayn Erickson, President and CEO of Aehr Test Systems, said, "This quarter we again were able to improve our top and bottom lines as we execute against our plan to address new market segments and customers with our ABTS TM and FOX TM product lines. With a net loss of under $300K, we came close to breaking even for the quarter, and we also were about cash flow breakeven."We continue to focus on penetrating key production accounts with our ABTS and FOX families of products while improving our product and service margins," continued Erickson. "For example, we announced today a significant order from a leading semiconductor manufacturer for development of a next generation FOX-1 system. This new FOX system is expected to provide increased test flexibility and capability at a lower cost of test than alternative solutions while also expanding the market addressed by Aehr Test's FOX full wafer test products. Erickson concluded, "In the last couple of months, some major capital equipment suppliers and semiconductor companies reported seeing a slowdown in capital expenditures. In just the last month, we also began to see a slowdown in capital spending by some of our customers. Customer interest in our FOX and ABTS products continues to be solid and increasing, but we want to take a conservative approach and maintain tight controls of our expenses to preserve cash heading into an uncertain demand situation in the next couple of quarters. We believe these actions position our company to return to positive cash flow and profitability. We had discussed our expectation that this will happen by the end of this calendar year, and we are still driving for that result.