Aehr Test Systems Reports Third Quarter Results for Fiscal 2006
FREMONT, Calif., March 23 /PRNewswire-FirstCall/ -- Aehr Test Systems (Nasdaq: AEHR), a leading supplier of semiconductor test and burn-in equipment, today announced financial results for the third quarter of fiscal 2006 ended February 28, 2006.
Net sales were $6.3 million in the third quarter of fiscal 2006, an increase of 203% from $2.1 million in the third quarter of fiscal 2005, and up approximately 9% from $5.8 million in the second quarter of fiscal 2006. The Company reported net income of $360,000, or $0.05 per diluted share, in the third quarter of fiscal 2006, compared with a net loss of $1.2 million, or $0.16 per diluted share, in the third quarter of fiscal 2005, and net income of $166,000, or $0.02 per diluted share, in the second quarter of fiscal 2006.
"I am pleased to report Aehr Test's second consecutive quarter of profitability driven by strong sales of our MTX-Fp+ test system for massively parallel testing of flash memories," said Rhea Posedel, chairman and chief executive officer of Aehr Test Systems. "With the capacity to parallel test over 12,000 memory devices, this system is a highly effective tool for
reducing test costs in the price competitive flash memory market.
"We recently announced our first multi-million dollar production order for our FOX(TM) wafer-level burn-in system from a leading automotive IC manufacturer, indicative of our leadership in this growing market as well as offering a significant follow-on opportunity," Posedel continued. "We also received over $4 million in repeat orders for our MAX systems from a leading semiconductor manufacturer, mostly for burn-in of automotive ICs. We anticipate that the automotive market will remain a key growth driver for our MAX systems over the next few quarters."
Net sales were $16.8 million in the first nine months of fiscal 2006, compared with $12.8 million in the first nine months of fiscal 2005. Net income for the nine months ended February 28, 2006 was $282,000, or $0.04 per diluted share, compared with a net loss of $3.1 million, or $0.42 per diluted
share, in the same period of the prior fiscal year.
At February 28, 2006, cash and cash equivalents, short-term investments and long-term investments were $10.0 million, compared to $6.8 million at the end of the second quarter of fiscal 2006. Aehr Test ended the third quarter of fiscal 2006 with no outstanding debt and shareholders' equity of
$17.7 million, or $2.36 per share outstanding at February 28, 2006.
"We expect increased net sales and profitability for the fourth quarter of fiscal 2006, when compared to the prior quarter," said Gary Larson, vice president and chief financial officer of Aehr Test Systems. "With our solid execution and the positive trends in our core business, we expect to close
fiscal 2006 by reporting a significant increase in annual net sales over fiscal 2005. We also anticipate full-year profitability in 2006, which marks a dramatic improvement in our bottom line compared to the prior year."
SOURCE Aehr Test Systems
Investor/Analyst, Amy Cozamanis of Financial Relations Board, +1-310-854-8314,
for Aehr Test Systems
23Mar06 21:05 GMT
Symbols:
us;AEHR
Source PRN PR Newswire
