Knobias Clip Report (09-26-2008) AEHR
Submitted By Knobias ClipReport
AEHR: Management Comments on Q1 Financial Performance
By Fain Hughes, fhughes@knobias.com
Aehr Test Systems (AEHR) announced its financial results after the bell on Thursday for the first quarter of fiscal 2009 ended August 31, 2008.
Net sales were $9.7 million in the first quarter of fiscal 2009, an increase of 27% from $7.7 million in the first quarter of fiscal 2008. Aehr Test reported net income of $865,000, or $0.10 per diluted share, in the first quarter of fiscal 2009, compared with net income of $779,000, or $0.09 per diluted share, in the first quarter of fiscal 2008. Income from operations was $1.4 million in the first quarter of fiscal 2009, an increase of 89% from $717,000 in the first quarter of fiscal 2008.
Rhea Posedel, Chairman and CEO of Aehr Test Systems, Commented in a conference call last night, “We did an excellent job in managing our costs to deliver higher year-over-year operating profits. This 89% growth is significant considering the weakness in our industry.”
He continued, “We continue to be encouraged by the level of interest and activity in our FOX system products, but we believe the slowdown in the semiconductor industry has delayed capital spending and our ability to penetrate new accounts. Our management team and sales force remain positive and is focused on adding new FOX accounts this year. We also remain positive about the market opportunities for our core products and will aggressively invest in R&D this fiscal year to grow market share. We are planning to introduce a new family of products for our core market. We believe we can compete in markets that we don’t currently address.”
Gary Larson, CFO of Aehr Test Systems, added, “Based on expected shipment schedules for FOX products, we believe our net sales in the second quarter of fiscal 2009 will be higher on both a sequential quarter and year-over-year basis.”
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