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Aehr Test Systems (AEHR: Summary, Messages, Articles), a supplier of semiconductor test and burn-in equipment, announced financial results for the first quarter of fiscal 2009 this afternoon after the close. Revenues rose to $9.7 million, an increase of 27% from $7.7 million for the same period of fiscal 2008. Income from operations was $1.4 million, an increase of 89% from $717,000 a year earlier. Net income rose 21% to $865,000, or 10 cents per share, compared to $717,000, or 9 cents per share last year. The smaller increase in net income relative to the rise in operating income is a result of a significantly higher effective income tax rate.

“We are pleased with our execution this quarter, as our design and manufacturing team produced a record number of custom WaferPak contactors for our installed base of FOX systems, while also keeping a tight control on our expense levels,” said Rhea Posedel, chairman and chief executive officer of Aehr Test Systems. “Our vision to have our custom WaferPaks represent a meaningful recurring revenue stream for the Company is materializing, and we expect WaferPaks to provide a significant amount of our revenue in fiscal 2009.

“We are expanding our addressable market in order to create additional growth catalysts beyond the FOX products. We plan to introduce new core parallel test and burn-in systems specifically designed for high-power logic, DRAM and flash memory devices, which would represent new market opportunities for Aehr Test. As the capital spending environment improves in the semiconductor industry, we believe we will be well positioned to take additional market share with our new systems,” said Posedel.

The company expects second quarter revenues to be higher on both a sequential and year-over-year basis. Shares of AEHR closed at $3.39 today and have traded in a 52-week range of $3.20 - $11.20. With 8.7 million shares outstanding, AEHR has a market cap of $29.5 million, a P/S of 0.7, and a P/E of 2.7. Shares of AEHR represent deep value, as stockholders’ equity is $38.9 million and net tangible assets are $38.6 million. In afterhour’s action, AEHR traded as high as $3.88 before settling down to $3.45 on volume of nearly 35,000 shares.

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