Richardson Electronics, Ltd. (NASDAQ: RELL) today reported
financial results for its second quarter ended December 1, 2018.
The Company also announced that its Board of Directors declared a
$0.06 per share quarterly cash dividend.
Second Quarter Results
Net sales for the second quarter of fiscal 2019
increased 5.7% to $41.3 million compared to net sales of $39.1
million in the prior year’s second quarter. Sales increased $2.2
million for PMT and $0.2 million for Richardson Healthcare. PMT
sales were higher in power conversion and RF and microwave
components. Sales increased for Richardson Healthcare due to higher
CT Tube and equipment sales, partially offset by lower sales of
diagnostic imaging parts. Sales decreased $0.2 million for Canvys
due to lower overall demand across Europe.
Gross margin decreased to $13.0 million, or
31.4% of net sales during the second quarter of fiscal 2019,
compared to $13.4 million, or 34.2% of net sales during the second
quarter of fiscal 2018. Margin decreased as a percent of net sales
primarily due to a less favorable product mix, including a higher
percentage of power conversion and RF and microwave components and
pre-owned CT scanners, and unfavorable manufacturing variances in
both PMT and Richardson Healthcare. Canvys margin as a percent of
net sales increased primarily due to an improved product mix and
lower costs on selected products sold.
Operating expenses increased to $13.4 million
for the second quarter of fiscal 2019, compared to $12.6 million
for the second quarter of fiscal 2018. This increase was a result
of $0.2 million of severance expense related to actions taken to
improve the manufacturing variances, and $0.3 million in higher
legal expenses. It is anticipated that the reduction in headcount
will result in $0.5 million annualized savings in cost of sales. In
addition, last year’s second quarter included a $0.2 million bad
debt recovery. Operating expenses as a percent of net sales without
the severance expense and the higher legal expenses decreased to
31.2% in the current quarter from 32.2% in last year’s second
quarter.
The Company reported an operating loss of $0.5
million for the second quarter of fiscal 2019 compared to operating
income of $0.8 million in the prior year’s second quarter.
Excluding the severance expense and higher legal fees, the Company
would have reported break-even for operating income for the second
quarter of fiscal 2019.
Other income for the second quarter of fiscal
2019, primarily foreign exchange, was $0.3 million, compared to
other expense of $0.1 million for the second quarter of fiscal
2018.
The income tax provision of $0.2 million for the
second quarter of fiscal 2019 reflected a provision for foreign
income taxes and no U.S. tax benefit due to the valuation allowance
recorded against the net operating loss. The tax provision of
$0.5 million in last year’s second quarter included a provision for
foreign income taxes, additional tax due from an audit in Germany
and no U.S. tax benefit due to the valuation allowance recorded
against the net operating loss.
Loss from continuing operations for the second
quarter of fiscal 2019 was $0.3 million, compared to an income from
continuing operations of $0.2 million in the second quarter of
fiscal 2018. Excluding the severance and higher legal costs, profit
from continuing operations would have been $0.2 million in the
second quarter of fiscal 2019. In addition, during the second
quarter of fiscal 2018, the Company received an income tax refund
from the State of Illinois, inclusive of interest and net of
professional fees, of $1.5 million. This refund was a result of the
conclusion of the Illinois amended return related to the sale of
RFPD in 2011 and was therefore, classified as income from
discontinued operations.
Net loss for the second quarter of fiscal 2019
was $0.3 million, compared to a net income of $1.7 million in the
second quarter of fiscal 2018.
FINANCIAL SUMMARY – SIX MONTHS ENDED
DECEMBER 1, 2018
- Net sales for the first six months of fiscal 2019 were $85.5
million, an increase of 12.3%, compared to net sales of $76.1
million during the first six months of fiscal 2018. There were 26
weeks in the first six months of fiscal 2019 compared to 27 weeks
in last year’s first six months. Sales increased by $7.9 million
for PMT, $1.2 million for Canvys and $0.3 million for Richardson
Healthcare.
- Gross margin increased to $26.9 million during the first six
months of fiscal 2019, compared to $25.5 million during the first
six months of fiscal 2018. As a percentage of net sales, gross
margin decreased to 31.5% of net sales during the first six months
of fiscal 2019, compared to 33.5% of net sales during the first six
months of fiscal 2018, primarily as a result of a less favorable
product mix and unfavorable manufacturing variances.
- Operating expenses increased to $26.5 million for the first six
months of fiscal 2019, compared to $24.9 million for the first six
months of fiscal 2018. The increase was due to additional
compensation and other expenses related to the increase in net
sales, severance expense and higher legal expenses. Operating
expenses as a percent of net sales without the severance expense
and the higher legal expenses decreased to 30.4% in the first six
months of fiscal 2019 from 32.8% in last year’s first six
months.
- Operating income during the first six months of fiscal 2019 was
$0.4 million, compared to an operating income of $0.8 million
during the first six months of fiscal 2018, which included a $0.2
million gain on the sale of a building. Excluding the severance
expense and higher legal fees in the second quarter, the Company
would have reported an operating income of $0.9 million for the
first six months of fiscal 2019.
- Other income for the first six months of fiscal 2019, including
interest income and foreign exchange, was $0.2 million, compared to
other expense of $0.1 million for the first six months of fiscal
2018.
- The income tax provision of $0.4 million during the first six
months of fiscal 2019 reflected a provision for foreign income
taxes and no U.S. tax benefit due to the valuation allowance
recorded against the net operating loss. The tax provision of $0.6
million in the first six months of fiscal 2018 included a provision
for foreign income taxes, additional tax due from an audit in
Germany and no U.S. tax benefit due to the valuation allowance
recorded against the net operating loss.
- Income from continuing operations for the first six months of
fiscal 2019 was $0.1 million, compared to an income from continuing
operations of $0.1 million in the first six months of 2018.
Excluding the severance and higher legal costs in the second
quarter of fiscal 2019, profit from continuing operations would
have been $0.6 million. In addition, during the second quarter of
fiscal 2018, the Company received an income tax refund from the
State of Illinois, inclusive of interest and net of professional
fees, of $1.5 million. This refund was a result of the conclusion
of the Illinois amended return related to the sale of RFPD in 2011
and was therefore, classified as income from discontinued
operations.
- Net income for the first six months of fiscal 2019 was $0.1
million, compared to a net income of $1.6 million during the first
six months of fiscal 2018.
CASH DIVIDEND
The Company also announced today that its Board
of Directors declared a $0.06 quarterly dividend per share to
holders of common stock and a $0.054 cash dividend per share to
holders of Class B common stock. The dividend will be payable on
February 26, 2019, to common stockholders of record as of February
8, 2019.
Cash and investments at the end of the second
quarter of fiscal 2019 were $53.2 million compared to $54.8 million
at the end of the first quarter of fiscal 2019 and $59.3 million at
the end of the second quarter of fiscal 2018. The Company spent
$1.1 million during the quarter on capital expenditures primarily
relating to equipment for LaFox manufacturing and Richardson
Healthcare versus $1.7 million during the second quarter of fiscal
2018. During the second quarter of fiscal 2019, the Company did not
repurchase any shares of its common stock. Given the Company’s
recent operational performance and share price, the Board of
Directors has authorized the reactivation of its share buyback
program, up to $9.4 million, to return more value to investors.
Currently, there are 11.0 million outstanding shares of common
stock and 2.1 million outstanding shares of Class B common
stock.
OUTLOOK
“We are pleased that our net sales for the
second quarter of fiscal 2019 grew by 5.7% from the second quarter
of fiscal 2018. Unfortunately, our gross margin fell below
expectations but we are taking actions to improve this” said Edward
J. Richardson, Chairman, Chief Executive Officer, and President.
“We remain very optimistic about continued sales growth in PMT
associated with our investments in new power and microwave
technologies, as well as expanded market penetration for our
ALTA750 TM CT Tube and improved gross margin for Healthcare,” Mr.
Richardson concluded.
CONFERENCE CALL INFORMATION
On Thursday, January 10, 2019, at 9:00 a.m. CST,
Edward J. Richardson, Chairman and Chief Executive Officer, and
Robert J. Ben, Chief Financial Officer, will host a conference call
to discuss the Company’s second quarter results for fiscal year
2019. A question and answer session will be included as part of the
call’s agenda. To listen to the call, please first register with
our new conference call-in service at FY19 2nd Quarter Earnings
Call Registration. Once registered, you will receive an email
containing dial-in numbers and a personalized access code. A replay
of the call will be available beginning at 10:00 a.m. CST on
January 12, 2019, for seven days. The telephone number for the
replay is (833) 224-4825.
FORWARD-LOOKING STATEMENTS
This release includes certain “forward-looking”
statements as defined by the Securities and Exchange Commission.
Statements in this press release regarding the Company’s business
which are not historical facts represent “forward-looking”
statements that involve risks and uncertainties. For a discussion
of such risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements,
see Item 1A, “Risk Factors” in the Company’s Annual Report on Form
10-K filed on August 2, 2018. The Company assumes no responsibility
to update the “forward-looking” statements in this release as a
result of new information, future events, or otherwise.
ABOUT RICHARDSON ELECTRONICS, LTD.
Richardson Electronics, Ltd. is a leading global
provider of engineered solutions, power grid and microwave tubes
and related consumables; power conversion and RF and microwave
components; high value flat panel detector solutions, replacement
parts, tubes and service training for diagnostic imaging equipment;
and customized display solutions. We serve customers in the
alternative energy, healthcare, aviation, broadcast,
communications, industrial, marine, medical, military, scientific
and semiconductor markets. The Company’s strategy is to provide
specialized technical expertise and “engineered solutions” based on
our core engineering and manufacturing capabilities. The Company
provides solutions and adds value through design-in support,
systems integration, prototype design and manufacturing, testing,
logistics, and aftermarket technical service and repair through its
global infrastructure. More information is available at
www.rell.com.
Richardson Electronics common stock trades on
the NASDAQ Global Select Market under the ticker symbol RELL.
Richardson Electronics,
Ltd. Consolidated Balance
Sheets (in thousands, except per share amounts)
|
|
Unaudited |
|
|
Audited |
|
|
|
December 1, 2018 |
|
|
June 2, 2018 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
47,859 |
|
|
$ |
60,465 |
|
Accounts
receivable, less allowance of $333 and $309, respectively |
|
|
22,478 |
|
|
|
22,892 |
|
Inventories, net |
|
|
51,649 |
|
|
|
50,720 |
|
Prepaid
expenses and other assets |
|
|
3,964 |
|
|
|
3,747 |
|
Investments - current |
|
|
5,300 |
|
|
|
— |
|
Total current assets |
|
|
131,250 |
|
|
|
137,824 |
|
Non-current assets: |
|
|
|
|
|
|
|
|
Property,
plant and equipment, net |
|
|
19,230 |
|
|
|
18,232 |
|
Goodwill |
|
|
6,332 |
|
|
|
6,332 |
|
Intangible assets, net |
|
|
2,887 |
|
|
|
3,014 |
|
Non-current deferred income taxes |
|
|
744 |
|
|
|
927 |
|
Total non-current assets |
|
|
29,193 |
|
|
|
28,505 |
|
Total
assets |
|
$ |
160,443 |
|
|
$ |
166,329 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
15,594 |
|
|
$ |
19,603 |
|
Accrued
liabilities |
|
|
11,056 |
|
|
|
10,343 |
|
Total current liabilities |
|
|
26,650 |
|
|
|
29,946 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
Non-current deferred income tax liabilities |
|
|
281 |
|
|
|
281 |
|
Other
non-current liabilities |
|
|
921 |
|
|
|
921 |
|
Total non-current liabilities |
|
|
1,202 |
|
|
|
1,202 |
|
Total
liabilities |
|
|
27,852 |
|
|
|
31,148 |
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
Common
stock, $0.05 par value; issued and outstanding 10,953 shares
at December 1, 2018 and 10,806 shares at June 2, 2018 |
|
|
547 |
|
|
|
540 |
|
Class B
common stock, convertible, $0.05 par value; issued and outstanding
2,097 shares at December 1, 2018 and 2,137 shares at June 2,
2018 |
|
|
105 |
|
|
|
107 |
|
Preferred
stock, $1.00 par value, no shares issued |
|
|
— |
|
|
|
— |
|
Additional paid-in-capital |
|
|
60,654 |
|
|
|
60,061 |
|
Common
stock in treasury, at cost, no shares at December 1, 2018 and June
2, 2018 |
|
|
— |
|
|
|
— |
|
Retained
earnings |
|
|
68,700 |
|
|
|
70,107 |
|
Accumulated other comprehensive income |
|
|
2,585 |
|
|
|
4,366 |
|
Total stockholders’ equity |
|
|
132,591 |
|
|
|
135,181 |
|
Total
liabilities and stockholders’ equity |
|
$ |
160,443 |
|
|
$ |
166,329 |
|
|
|
|
|
|
|
|
|
|
Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Comprehensive (Loss)
Income (in thousands, except per share amounts)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
December 1, 2018 |
|
|
December 2, 2017 |
|
|
December 1, 2018 |
|
|
December 2, 2017 |
|
Statements of
Comprehensive (Loss) Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
41,314 |
|
|
$ |
39,082 |
|
|
$ |
85,471 |
|
|
$ |
76,077 |
|
Cost of sales |
|
|
28,343 |
|
|
|
25,708 |
|
|
|
58,547 |
|
|
|
50,555 |
|
Gross profit |
|
|
12,971 |
|
|
|
13,374 |
|
|
|
26,924 |
|
|
|
25,522 |
|
Selling, general and
administrative expenses |
|
|
13,425 |
|
|
|
12,602 |
|
|
|
26,524 |
|
|
|
24,926 |
|
Gain on disposal of
assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(191 |
) |
Operating (loss) income |
|
|
(454 |
) |
|
|
772 |
|
|
|
400 |
|
|
|
787 |
|
Other (income)
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment/interest income |
|
|
(121 |
) |
|
|
(36 |
) |
|
|
(247 |
) |
|
|
(170 |
) |
Foreign
exchange (gain) loss |
|
|
(211 |
) |
|
|
115 |
|
|
|
75 |
|
|
|
316 |
|
Other,
net |
|
|
4 |
|
|
|
(11 |
) |
|
|
(4 |
) |
|
|
(15 |
) |
Total
other (income) expense |
|
|
(328 |
) |
|
|
68 |
|
|
|
(176 |
) |
|
|
131 |
|
(Loss) income from
continuing operations before income taxes |
|
|
(126 |
) |
|
|
704 |
|
|
|
576 |
|
|
|
656 |
|
Income tax
provision |
|
|
178 |
|
|
|
532 |
|
|
|
449 |
|
|
|
596 |
|
(Loss) income from
continuing operations |
|
|
(304 |
) |
|
|
172 |
|
|
|
127 |
|
|
|
60 |
|
Income from
discontinued operations |
|
|
— |
|
|
|
1,496 |
|
|
|
— |
|
|
|
1,496 |
|
Net (loss) income |
|
|
(304 |
) |
|
|
1,668 |
|
|
|
127 |
|
|
|
1,556 |
|
Foreign currency
translation (loss) gain, net of tax |
|
|
(1,041 |
) |
|
|
230 |
|
|
|
(1,781 |
) |
|
|
2,351 |
|
Fair value adjustments
on investments loss |
|
|
— |
|
|
|
48 |
|
|
|
— |
|
|
|
34 |
|
Comprehensive (loss) income |
|
$ |
(1,345 |
) |
|
$ |
1,946 |
|
|
$ |
(1,654 |
) |
|
$ |
3,941 |
|
Net (loss) income per
Common share - Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations |
|
$ |
(0.02 |
) |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
— |
|
Income from
discontinued operations |
|
|
— |
|
|
|
0.12 |
|
|
|
— |
|
|
|
0.12 |
|
Total net
(loss) income per Common share - Basic |
|
$ |
(0.02 |
) |
|
$ |
0.13 |
|
|
$ |
0.01 |
|
|
$ |
0.12 |
|
Net (loss) income per
Class B common share - Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations |
|
$ |
(0.02 |
) |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
— |
|
Income from
discontinued operations |
|
|
— |
|
|
|
0.11 |
|
|
|
— |
|
|
|
0.11 |
|
Total net
(loss) income per Class B common share - Basic |
|
$ |
(0.02 |
) |
|
$ |
0.12 |
|
|
$ |
0.01 |
|
|
$ |
0.11 |
|
Net (loss) income per
Common share - Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations |
|
$ |
(0.02 |
) |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
— |
|
Income from
discontinued operations |
|
|
— |
|
|
|
0.12 |
|
|
|
— |
|
|
|
0.12 |
|
Total net
(loss) income per Common share - Diluted |
|
$ |
(0.02 |
) |
|
$ |
0.13 |
|
|
$ |
0.01 |
|
|
$ |
0.12 |
|
Net (loss) income per
Class B common share - Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations |
|
$ |
(0.02 |
) |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
— |
|
Income from
discontinued operations |
|
|
— |
|
|
|
0.11 |
|
|
|
— |
|
|
|
0.11 |
|
Total net
(loss) income per Class B common share - Diluted |
|
$ |
(0.02 |
) |
|
$ |
0.12 |
|
|
$ |
0.01 |
|
|
$ |
0.11 |
|
Weighted
average number of shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares –
Basic |
|
|
10,952 |
|
|
|
10,755 |
|
|
|
10,890 |
|
|
|
10,734 |
|
Class B common shares –
Basic |
|
|
2,097 |
|
|
|
2,137 |
|
|
|
2,114 |
|
|
|
2,137 |
|
Common shares –
Diluted |
|
|
10,952 |
|
|
|
10,789 |
|
|
|
11,053 |
|
|
|
10,764 |
|
Class B common shares –
Diluted |
|
|
2,097 |
|
|
|
2,137 |
|
|
|
2,114 |
|
|
|
2,137 |
|
Dividends per
common share |
|
$ |
0.060 |
|
|
$ |
0.060 |
|
|
$ |
0.120 |
|
|
$ |
0.120 |
|
Dividends per
Class B common share |
|
$ |
0.054 |
|
|
$ |
0.054 |
|
|
$ |
0.108 |
|
|
$ |
0.108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richardson Electronics,
Ltd.Unaudited Consolidated Statements of Cash
Flows(in thousands)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
December 1, 2018 |
|
|
December 2, 2017 |
|
|
December 1, 2018 |
|
|
December 2, 2017 |
|
Operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
$ |
(304 |
) |
|
$ |
1,668 |
|
|
$ |
127 |
|
|
$ |
1,556 |
|
Adjustments to
reconcile net (loss) income to cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
792 |
|
|
|
735 |
|
|
|
1,556 |
|
|
|
1,467 |
|
Inventory
provisions |
|
|
150 |
|
|
|
125 |
|
|
|
365 |
|
|
|
287 |
|
Loss
(gain) on sale of investments |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
(24 |
) |
Gain on
disposal of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(191 |
) |
Share-based compensation expense |
|
|
230 |
|
|
|
208 |
|
|
|
395 |
|
|
|
309 |
|
Deferred
income taxes |
|
|
97 |
|
|
|
66 |
|
|
|
155 |
|
|
|
62 |
|
Change in assets and
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
100 |
|
|
|
(1,735 |
) |
|
|
(98 |
) |
|
|
312 |
|
Inventories |
|
|
(1,908 |
) |
|
|
(2,021 |
) |
|
|
(1,831 |
) |
|
|
(4,634 |
) |
Prepaid
expenses and other assets |
|
|
(319 |
) |
|
|
(357 |
) |
|
|
(282 |
) |
|
|
(615 |
) |
Accounts
payable |
|
|
1,538 |
|
|
|
1,757 |
|
|
|
(3,881 |
) |
|
|
(998 |
) |
Accrued
liabilities |
|
|
344 |
|
|
|
(517 |
) |
|
|
571 |
|
|
|
209 |
|
Other |
|
|
161 |
|
|
|
264 |
|
|
|
174 |
|
|
|
(3 |
) |
Net cash provided by (used in) operating
activities |
|
|
881 |
|
|
|
194 |
|
|
|
(2,749 |
) |
|
|
(2,263 |
) |
Investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures |
|
|
(1,120 |
) |
|
|
(1,720 |
) |
|
|
(2,192 |
) |
|
|
(2,735 |
) |
Proceeds
from sale of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
276 |
|
Proceeds
from maturity of investments |
|
|
— |
|
|
|
4,177 |
|
|
|
— |
|
|
|
8,177 |
|
Purchases
of investments |
|
|
(3,000 |
) |
|
|
(3,943 |
) |
|
|
(5,300 |
) |
|
|
(3,943 |
) |
Proceeds
from sales of available-for-sale securities |
|
|
— |
|
|
|
114 |
|
|
|
— |
|
|
|
265 |
|
Purchases
of available-for-sale securities |
|
|
— |
|
|
|
(114 |
) |
|
|
— |
|
|
|
(265 |
) |
Other |
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(5 |
) |
Net cash (used in) provided by investing
activities |
|
|
(4,120 |
) |
|
|
(1,488 |
) |
|
|
(7,492 |
) |
|
|
1,770 |
|
Financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from issuance of common stock |
|
|
11 |
|
|
|
— |
|
|
|
203 |
|
|
|
— |
|
Cash
dividends paid |
|
|
(770 |
) |
|
|
(763 |
) |
|
|
(1,534 |
) |
|
|
(1,521 |
) |
Net cash used in financing activities |
|
|
(759 |
) |
|
|
(763 |
) |
|
|
(1,331 |
) |
|
|
(1,521 |
) |
Effect of
exchange rate changes on cash and cash equivalents |
|
|
(621 |
) |
|
|
81 |
|
|
|
(1,034 |
) |
|
|
1,140 |
|
Decrease in cash and cash equivalents |
|
|
(4,619 |
) |
|
|
(1,976 |
) |
|
|
(12,606 |
) |
|
|
(874 |
) |
Cash and
cash equivalents at beginning of period |
|
|
52,478 |
|
|
|
56,429 |
|
|
|
60,465 |
|
|
|
55,327 |
|
Cash and cash equivalents at end of period |
|
$ |
47,859 |
|
|
$ |
54,453 |
|
|
$ |
47,859 |
|
|
$ |
54,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richardson Electronics, Ltd. |
|
Net Sales and Gross Profit |
|
For the Second Quarter and First Six Months of
Fiscal 2019 and Fiscal 2018 |
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Strategic Business Unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 FY 2019 |
|
|
|
|
|
|
Q2 FY 2018 |
|
|
% Change |
|
PMT |
|
$ |
32,328 |
|
|
|
|
|
|
$ |
30,063 |
|
|
|
7.5 |
% |
Canvys |
|
|
6,498 |
|
|
|
|
|
|
|
6,707 |
|
|
|
-3.1 |
% |
Healthcare |
|
|
2,488 |
|
|
|
|
|
|
|
2,312 |
|
|
|
7.6 |
% |
Total |
|
$ |
41,314 |
|
|
|
|
|
|
$ |
39,082 |
|
|
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD FY 2019 |
|
|
|
|
|
|
YTD FY 2018 |
|
|
% Change |
|
PMT |
|
$ |
67,097 |
|
|
|
|
|
|
$ |
59,187 |
|
|
|
13.4 |
% |
Canvys |
|
|
13,671 |
|
|
|
|
|
|
|
12,472 |
|
|
|
9.6 |
% |
Healthcare |
|
|
4,703 |
|
|
|
|
|
|
|
4,418 |
|
|
|
6.5 |
% |
Total |
|
$ |
85,471 |
|
|
|
|
|
|
$ |
76,077 |
|
|
|
12.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
|
|
|
|
Q2 FY 2019 |
|
|
% of Net Sales |
|
|
Q2 FY 2018 |
|
|
% of Net Sales |
|
PMT |
|
$ |
10,107 |
|
|
|
31.3 |
% |
|
$ |
10,262 |
|
|
|
34.1 |
% |
Canvys |
|
|
2,132 |
|
|
|
32.8 |
% |
|
|
2,128 |
|
|
|
31.7 |
% |
Healthcare |
|
|
732 |
|
|
|
29.4 |
% |
|
|
984 |
|
|
|
42.6 |
% |
Total |
|
$ |
12,971 |
|
|
|
31.4 |
% |
|
$ |
13,374 |
|
|
|
34.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD FY 2019 |
|
|
% of Net Sales |
|
|
YTD FY 2018 |
|
|
% of Net Sales |
|
PMT |
|
$ |
21,114 |
|
|
|
31.5 |
% |
|
$ |
19,836 |
|
|
|
33.5 |
% |
Canvys |
|
|
4,445 |
|
|
|
32.5 |
% |
|
|
3,674 |
|
|
|
29.5 |
% |
Healthcare |
|
|
1,365 |
|
|
|
29.0 |
% |
|
|
2,012 |
|
|
|
45.5 |
% |
Total |
|
$ |
26,924 |
|
|
|
31.5 |
% |
|
$ |
25,522 |
|
|
|
33.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For Details
Contact: |
|
40W267
Keslinger Road |
Edward J.
Richardson |
Robert J.
Ben |
PO BOX
393 |
Chairman and CEO |
EVP & CFO |
LaFox, IL 60147-0393
USA |
Phone: (630)
208-2205 |
(630) 208-2203 |
(630) 208-2200 | Fax:
(630) 208-2550 |
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