FREMONT, Calif., Sept. 26, 2013 (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 2014 ended August 31, 2013.
Total net sales were $3.8 million in the first quarter of fiscal 2014, compared with $3.3 million in the fourth quarter of fiscal 2013. The Company reported a net loss of $166,000, or $0.02 per diluted share, in the first quarter of fiscal 2014, compared to a net loss of $854,000, or $0.08 per diluted share for the fourth quarter of fiscal 2013.
Commenting on the results of the first quarter of fiscal 2014, Gayn Erickson, President and CEO of Aehr Test Systems said, "We are pleased to have exceeded our financial expectations for the quarter. Our revenue was nearly $500,000 greater than in the prior quarter. More importantly, we improved our bottom line by more than $650,000 to exceed cash break even for the quarter. A key factor that contributed to these results was the positive momentum we are achieving with our new Advanced Burn-in and Test System (ABTS™), particularly in the automotive market segment where we see continued demand for more information and entertainment in addition to mission critical applications in traditional, hybrid, and electric automobiles."
Erickson continued, "The increasing demand that we are seeing for our products is reflected in our strong book-to-bill ratio for the quarter and our highest backlog in recent years. We continue to see strength in the automotive test and burn-in space. During the last few months, we announced orders for multiple ABTS systems as well as a follow-on MAX™ test and burn-in system. These orders included production orders from a leading manufacturer of advanced logic ICs for automotive, embedded processing, digital signal processing and analog applications for our new ABTS-P system. The ABTS-P system offers optional high voltage power supplies required for power control devices for the rapidly growing electric/hybrid automotive markets. We expect to begin shipments of the new ABTS-P system during the next few months.
"Interest in our new FOX products remains strong and, as previously announced, we have received multiple orders for the new FOX-1 Parallel Test system we are developing. These orders include development milestone events as well as delivery of multiple production test systems. We continue to expect initial shipments of this product during the first half of calendar 2014. At the same time we are working with potential customers in the definition of a new product in our FOX product line that extends the capabilities and capacity of our FOX multi-wafer test system."
Erickson concluded, "With our strong backlog and continued momentum that we are seeing in our ABTS and FOX markets, we are excited about our prospects for the year. We now expect to be profitable for the fiscal second quarter, as well as for fiscal 2014."
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