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Aehr Test Systems Reports Financial Results For Third Quarter Fiscal 2013

Stocks in this article: AEHR

FREMONT, Calif., March 28, 2013 (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 2013 ended February 28, 2013.

Total net sales were $3.3 million in the third quarter of fiscal 2013, compared with $5.1 million in the second quarter of fiscal 2013 and with $2.9 million in the third quarter of the prior fiscal year. Aehr Test reported a net loss of $1.5 million, or $0.16 per diluted share, in the third quarter of fiscal 2013. This compares to a net loss of $0.8 million, or $0.09 per diluted share, in the second quarter of fiscal 2013 and to a net loss of $1.4 million, or $0.15 per diluted share, in the third quarter of the prior fiscal year.

Commenting on the results of the third quarter of fiscal 2013, Gayn Erickson, President and CEO of Aehr Test Systems, said, "While we are not satisfied with our sequentially lower revenues for the quarter, we were pleased to have improved our net sales year-over-year for the fourth consecutive quarter. This improvement points to the continued success we are having in addressing new market segments and customers with our ABTS™ and FOX™ product lines. We were not able to escape the industry wide softness we observed during the quarter which had been discussed during our last quarterly conference call. We took very aggressive action on our expenses, inventory, and cash management, resulting in an increase in our cash level during the quarter.

"We are very excited about the attention and interest that our next generation FOX products are gathering in the marketplace and believe they will be an important contributor to our growth," added Erickson. "These products are aimed at Wafer Level Test and/or Burn-in of a number of growth opportunities such as flash memories, smart card controllers, and automotive semiconductors. Earlier this month, we completed an approximately $1.16 million private placement transaction with certain Directors and Officers of the Company and other accredited investors. The additional funds will allow us more flexibility in managing our working capital and spending on these development programs. The stock sale closed this month and as such the cash proceeds, received in March 2013, are in addition to our fiscal third quarter ending cash balance."

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