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Aehr Test Systems (AEHR) announced its financial results on Wednesday for the first quarter ended August 31, 2009.
Net sales were $1.3 million in the first quarter of fiscal 2010, compared with $9.7 million in the first quarter of fiscal 2009. The Company reported net income of $1.0 million, or $0.11 per diluted share, in the first quarter of fiscal 2010, compared with net income of $0.9 million, or $0.10 per diluted share, in the first quarter of fiscal 2009.
Rhea Posedel, Chairman and CEO of Aehr Test Systems, commented in a conference call, "The low level of capital equipment spending by semiconductor equipment manufacturers continues to impact our business. However, we are beginning to see some positive data points that suggest that our industry sector is beginning to recover. Semiconductor equipment industry bookings for the three months ended June 30 were up 83% over the prior three months. With that said, the industry has a long way to go, as semiconductor bookings for the industry during the June quarter were off 58% on a year-over-year basis."
He noted, "We also see the memory market recovering and expect there to be capacity expansions in the second half of calendar 2010."
Mr. Posedel explained, "Our strategy continues to be focused on conserving cash and penetrating as many production accounts as possible to grow market share. We believe that we have sufficient working capital to support operations and invest in R&D until back-end capital spending returns to more normal levels."
He concluded, "I am encouraged by the fact that we are seeing increases in our quoting activity and booking meaningful orders. However, we expect that the next one or two quarters could remain challenging as customers remain cautious about spending."
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