Richardson Electronics, Ltd. (NASDAQ: RELL) today reported
financial results for its third quarter ended March 2, 2019. The
Company also announced that its Board of Directors declared a $0.06
per share quarterly cash dividend.
Third Quarter Results
Net sales for the third quarter of fiscal 2019
decreased 6.3% to $39.0 million compared to net sales of $41.6
million in the prior year’s third quarter. Sales decreased $2.1
million for PMT and $0.6 million for Canvys. PMT sales were lower
due to the continued slowdown in the semi-wafer fab equipment
market, partially offset by higher sales in its PMG business
including power conversion and RF and microwave components. Sales
decreased $0.6 million for Canvys due to lower overall demand
across Europe and the impact of several large one-time shipments in
the third quarter last year. Sales increased $0.1 million or 6.8%
for Richardson Healthcare as a result of higher equipment sales.
The majority of Toshiba CT systems sold in the quarter included an
ALTA750™ Tube at a premium price.
Gross margin decreased to $12.3 million, or
31.5% of net sales during the third quarter of fiscal 2019,
compared to $14.1 million, or 33.8% of net sales during the third
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, as well as higher costs related to CT Tube
production.
Operating expenses were $13.1 million for both
the third quarter of fiscal 2019 and the third quarter of fiscal
2018. During the third quarter of fiscal 2019, the Company incurred
$0.1 million of severance expense related to actions taken to
reduce costs and $0.2 million in higher legal expenses. These
expenses were offset by lower incentive compensation expense. It is
anticipated that the reduction in headcount during the first nine
months of fiscal 2019 will result in $1.6 million in annualized
savings in cost of sales and operating expenses combined.
The Company reported an operating loss of $0.8
million for the third quarter of fiscal 2019 compared to operating
income of $1.0 million in the prior year’s third quarter. Excluding
the severance expense and higher legal fees, the Company would have
reported a $0.4 million operating loss for the third quarter of
fiscal 2019.
Other income, including interest income and
foreign exchange, was less than $0.1 million for both the third
quarter of fiscal 2019 and the third quarter of fiscal 2018.
The income tax provision of $0.3 million for the
third 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 third quarter included a provision for
foreign income taxes, adjustments from foreign income tax returns
and no U.S. tax benefit due to the valuation allowance recorded
against the net operating loss.
Net loss for the third quarter of fiscal 2019
was $1.1 million, compared to a net income of $0.5 million in the
third quarter of fiscal 2018.
“Going into the third quarter we knew the
comparison to prior year would be more challenging given the
quarter over quarter decline in the semi-fab wafer equipment
business. However, our net sales for the first nine months of
fiscal 2019 were 5.7% higher than the last fiscal year’s first nine
months, which included an extra week of sales” said Edward J.
Richardson, Chairman, Chief Executive Officer, and President. “We
are optimistic about continued sales growth in PMT associated with
our investments in new power and microwave technologies.
Market penetration for our ALTA750™ CT Tube is slower than
anticipated, but we are assured by healthcare customers throughout
the world that the demand is there. We are the only Company focused
on the aftermarket. It is how we built the Company and we believe
growth will increase on a perpetual basis,” Mr. Richardson
concluded.
FINANCIAL SUMMARY – NINE MONTHS ENDED
MARCH 2, 2019
- Net sales for the first nine months of fiscal 2019 were $124.5
million, an increase of 5.7%, compared to net sales of $117.7
million during the first nine months of fiscal 2018. There were 39
weeks in the first nine months of fiscal 2019 compared to 40 weeks
in last year’s first nine months. Sales increased by $5.8 million
for PMT, $0.6 million for Canvys and $0.4 million for Richardson
Healthcare.
- Gross margin decreased to $39.2 million during the first nine
months of fiscal 2019, compared to $39.6 million during the first
nine months of fiscal 2018. As a percentage of net sales, gross
margin decreased to 31.5% of net sales during the first nine months
of fiscal 2019, compared to 33.6% of net sales during the first
nine months of fiscal 2018, primarily as a result of a less
favorable product mix and unfavorable manufacturing variances.
- Operating expenses increased to $39.6 million for the first
nine months of fiscal 2019, compared to $38.0 million for the first
nine months of fiscal 2018. The increase was due to additional
incentive 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 31.1% in the
first nine months of fiscal 2019 from 32.3% in last year’s first
nine months.
- Operating loss during the first nine months of fiscal 2019 was
$0.4 million, compared to an operating income of $1.8 million
during the first nine 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 and third quarters, the
Company would have reported an operating income of $0.5 million for
the first nine months of fiscal 2019.
- Other income for the first nine 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 nine months
of fiscal 2018.
- The income tax provision of $0.8 million during the first nine
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 $1.1
million in the first nine 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.
- Loss from continuing operations for the first nine months of
fiscal 2019 was $1.0 million, compared to income from
continuing operations of $0.6 million in the first nine months of
fiscal 2018. Excluding the severance and higher legal costs in the
second and third quarters of fiscal 2019, loss from continuing
operations would have been less than $0.1 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 loss for the first nine months of fiscal 2019 was $1.0
million, compared to a net income of $2.1 million during the first
nine 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
May 24, 2019, to common stockholders of record as of May 8,
2019.
Cash and investments at the end of the third
quarter of fiscal 2019 were $49.4 million compared to $53.2 million
at the end of the second quarter of fiscal 2019 and $60.1 million
at the end of the third quarter of fiscal 2018. The Company spent
$1.0 million during the quarter on capital expenditures primarily
relating to equipment for Richardson Healthcare and LaFox
manufacturing versus $1.5 million during the third quarter of
fiscal 2018. Recently, the Board of Directors authorized the
reactivation of its share buyback program, up to $9.4 million, to
return more value to investors. During the third quarter of fiscal
2019, the Company did not repurchase any shares of its common
stock. Currently, there are 11.0 million outstanding shares of
common stock and 2.1 million outstanding shares of Class B common
stock.
CONFERENCE CALL INFORMATION
On Wednesday, April 10, 2019, at 9:00 a.m. CDT,
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 third quarter results for fiscal year
2019. A question and answer session will be included as part
of the call’s agenda. The entry link to join the conference on your
computer: http://ems8.intellor.com/login/814035 and then dial
into the conference: 1-877-369-5230 or for International calls
1-617-668-3632; Access Code: 0530219##. A replay of the
call will be available beginning at 10:00 a.m. CDT on April 11,
2019, for seven days. The toll-free telephone number for the
replay is (844) 399-9561 and International replay is
302-721-6879. If you need technical assistance, please
call the AT&T Help Desk at 1-888-796-6118 or
1-847-562-7015.
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 |
|
|
|
March 2, 2019 |
|
|
June 2, 2018 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
33,869 |
|
|
$ |
60,465 |
|
Accounts
receivable, less allowance of $422 and $309, respectively |
|
|
23,102 |
|
|
|
22,892 |
|
Inventories,
net |
|
|
53,094 |
|
|
|
50,720 |
|
Prepaid
expenses and other assets |
|
|
3,365 |
|
|
|
3,747 |
|
Investments
- current |
|
|
15,500 |
|
|
|
— |
|
Total current assets |
|
|
128,930 |
|
|
|
137,824 |
|
Non-current assets: |
|
|
|
|
|
|
|
|
Property,
plant and equipment, net |
|
|
19,316 |
|
|
|
18,232 |
|
Goodwill |
|
|
6,332 |
|
|
|
6,332 |
|
Intangible
assets, net |
|
|
2,829 |
|
|
|
3,014 |
|
Non-current
deferred income taxes |
|
|
641 |
|
|
|
927 |
|
Total non-current assets |
|
|
29,118 |
|
|
|
28,505 |
|
Total
assets |
|
$ |
158,048 |
|
|
$ |
166,329 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
14,052 |
|
|
$ |
19,603 |
|
Accrued
liabilities |
|
|
11,292 |
|
|
|
10,343 |
|
Total current liabilities |
|
|
25,344 |
|
|
|
29,946 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
Non-current
deferred income tax liabilities |
|
|
281 |
|
|
|
281 |
|
Other
non-current liabilities |
|
|
948 |
|
|
|
921 |
|
Total non-current liabilities |
|
|
1,229 |
|
|
|
1,202 |
|
Total
liabilities |
|
|
26,573 |
|
|
|
31,148 |
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
Common
stock, $0.05 par value; issued and outstanding 10,956 shares at
March 2, 2019 and 10,806 shares at June 2, 2018 |
|
|
547 |
|
|
|
540 |
|
Class B
common stock, convertible, $0.05 par value; issued and outstanding
2,097shares at March 2, 2019 and 2,137 shares at June 2, 2018 |
|
|
105 |
|
|
|
107 |
|
Preferred
stock, $1.00 par value, no shares issued |
|
|
— |
|
|
|
— |
|
Additional
paid-in-capital |
|
|
60,846 |
|
|
|
60,061 |
|
Common stock
in treasury, at cost, no shares at March 2, 2019 and June 2,
2018 |
|
|
— |
|
|
|
— |
|
Retained
earnings |
|
|
66,851 |
|
|
|
70,107 |
|
Accumulated
other comprehensive income |
|
|
3,126 |
|
|
|
4,366 |
|
Total stockholders’ equity |
|
|
131,475 |
|
|
|
135,181 |
|
Total liabilities
and stockholders’ equity |
|
$ |
158,048 |
|
|
$ |
166,329 |
|
|
|
|
|
|
|
|
|
|
Richardson Electronics,
Ltd.Unaudited Consolidated Statements of
Comprehensive (Loss) Income(in thousands, except per share
amounts)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
March 2, 2019 |
|
|
March 3, 2018 |
|
|
March 2, 2019 |
|
|
March 3, 2018 |
|
Statements of
Comprehensive (Loss) Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
39,018 |
|
|
$ |
41,645 |
|
|
$ |
124,489 |
|
|
$ |
117,722 |
|
Cost of sales |
|
|
26,719 |
|
|
|
27,578 |
|
|
|
85,266 |
|
|
|
78,133 |
|
Gross profit |
|
|
12,299 |
|
|
|
14,067 |
|
|
|
39,223 |
|
|
|
39,589 |
|
Selling, general and
administrative expenses |
|
|
13,097 |
|
|
|
13,097 |
|
|
|
39,621 |
|
|
|
38,023 |
|
Loss (gain) on disposal of
assets |
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
(188 |
) |
Operating (loss) income |
|
|
(798 |
) |
|
|
967 |
|
|
|
(398 |
) |
|
|
1,754 |
|
Other (income)
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment/interest income |
|
|
(155 |
) |
|
|
(208 |
) |
|
|
(402 |
) |
|
|
(378 |
) |
Foreign
exchange loss |
|
|
130 |
|
|
|
159 |
|
|
|
205 |
|
|
|
475 |
|
Other,
net |
|
|
— |
|
|
|
1 |
|
|
|
(4 |
) |
|
|
(14 |
) |
Total other
(income) expense |
|
|
(25 |
) |
|
|
(48 |
) |
|
|
(201 |
) |
|
|
83 |
|
(Loss) income from
continuing operations before income taxes |
|
|
(773 |
) |
|
|
1,015 |
|
|
|
(197 |
) |
|
|
1,671 |
|
Income tax provision |
|
|
305 |
|
|
|
488 |
|
|
|
754 |
|
|
|
1,084 |
|
(Loss) income from
continuing operations |
|
|
(1,078 |
) |
|
|
527 |
|
|
|
(951 |
) |
|
|
587 |
|
Income from discontinued
operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,496 |
|
Net
(loss) income |
|
|
(1,078 |
) |
|
|
527 |
|
|
|
(951 |
) |
|
|
2,083 |
|
Foreign currency
translation gain (loss), net of tax |
|
|
541 |
|
|
|
1,646 |
|
|
|
(1,240 |
) |
|
|
3,997 |
|
Fair value adjustments on
investments loss |
|
|
— |
|
|
|
(164 |
) |
|
|
— |
|
|
|
(130 |
) |
Comprehensive (loss) income |
|
$ |
(537 |
) |
|
$ |
2,009 |
|
|
$ |
(2,191 |
) |
|
$ |
5,950 |
|
Net (loss) income per
Common share - Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations |
|
$ |
(0.08 |
) |
|
$ |
0.04 |
|
|
$ |
(0.07 |
) |
|
$ |
0.05 |
|
Income from discontinued
operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.12 |
|
Total net (loss)
income per Common share - Basic |
|
$ |
(0.08 |
) |
|
$ |
0.04 |
|
|
$ |
(0.07 |
) |
|
$ |
0.17 |
|
Net (loss) income per
Class B common share - Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations |
|
$ |
(0.08 |
) |
|
$ |
0.04 |
|
|
$ |
(0.07 |
) |
|
$ |
0.04 |
|
Income from discontinued
operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.11 |
|
Total net (loss)
income per Class B common share - Basic |
|
$ |
(0.08 |
) |
|
$ |
0.04 |
|
|
$ |
(0.07 |
) |
|
$ |
0.15 |
|
Net (loss) income per
Common share - Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations |
|
$ |
(0.08 |
) |
|
$ |
0.04 |
|
|
$ |
(0.07 |
) |
|
$ |
0.05 |
|
Income from discontinued
operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.12 |
|
Total net (loss)
income per Common share - Diluted |
|
$ |
(0.08 |
) |
|
$ |
0.04 |
|
|
$ |
(0.07 |
) |
|
$ |
0.17 |
|
Net (loss) income per
Class B common share - Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations |
|
$ |
(0.08 |
) |
|
$ |
0.04 |
|
|
$ |
(0.07 |
) |
|
$ |
0.04 |
|
Income from discontinued
operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.11 |
|
Total net (loss)
income per Class B common share - Diluted |
|
$ |
(0.08 |
) |
|
$ |
0.04 |
|
|
$ |
(0.07 |
) |
|
$ |
0.15 |
|
Weighted average
number of shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares – Basic |
|
|
10,953 |
|
|
|
10,792 |
|
|
|
10,911 |
|
|
|
10,753 |
|
Class B common shares –
Basic |
|
|
2,097 |
|
|
|
2,137 |
|
|
|
2,108 |
|
|
|
2,137 |
|
Common shares –
Diluted |
|
|
10,953 |
|
|
|
10,872 |
|
|
|
10,911 |
|
|
|
10,793 |
|
Class B common shares –
Diluted |
|
|
2,097 |
|
|
|
2,137 |
|
|
|
2,108 |
|
|
|
2,137 |
|
Dividends per
common share |
|
$ |
0.060 |
|
|
$ |
0.060 |
|
|
$ |
0.180 |
|
|
$ |
0.180 |
|
Dividends per
Class B common share |
|
$ |
0.054 |
|
|
$ |
0.054 |
|
|
$ |
0.162 |
|
|
$ |
0.162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richardson Electronics,
Ltd.Unaudited Consolidated Statements of Cash
Flows(in thousands)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
March 2, 2019 |
|
|
March 3, 2018 |
|
|
March 2, 2019 |
|
|
March 3, 2018 |
|
Operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
$ |
(1,078 |
) |
|
$ |
527 |
|
|
$ |
(951 |
) |
|
$ |
2,083 |
|
Adjustments to reconcile
net (loss) income to cash (used in) provided by operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
794 |
|
|
|
752 |
|
|
|
2,350 |
|
|
|
2,219 |
|
Inventory
provisions |
|
|
203 |
|
|
|
183 |
|
|
|
568 |
|
|
|
470 |
|
Gain on sale
of investments |
|
|
— |
|
|
|
(159 |
) |
|
|
— |
|
|
|
(183 |
) |
Loss (gain)
on disposal of assets |
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
(188 |
) |
Share-based
compensation expense |
|
|
176 |
|
|
|
116 |
|
|
|
571 |
|
|
|
425 |
|
Deferred
income taxes |
|
|
113 |
|
|
|
124 |
|
|
|
268 |
|
|
|
186 |
|
Change in assets and
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(478 |
) |
|
|
(551 |
) |
|
|
(576 |
) |
|
|
(239 |
) |
Inventories |
|
|
(1,484 |
) |
|
|
(598 |
) |
|
|
(3,315 |
) |
|
|
(5,232 |
) |
Prepaid
expenses and other assets |
|
|
614 |
|
|
|
43 |
|
|
|
332 |
|
|
|
(572 |
) |
Accounts
payable |
|
|
(1,561 |
) |
|
|
552 |
|
|
|
(5,442 |
) |
|
|
(446 |
) |
Accrued
liabilities |
|
|
309 |
|
|
|
1,116 |
|
|
|
880 |
|
|
|
1,325 |
|
Other |
|
|
(86 |
) |
|
|
(137 |
) |
|
|
88 |
|
|
|
(140 |
) |
Net
cash (used in) provided by operating activities |
|
|
(2,478 |
) |
|
|
1,971 |
|
|
|
(5,227 |
) |
|
|
(292 |
) |
Investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures |
|
|
(974 |
) |
|
|
(1,461 |
) |
|
|
(3,166 |
) |
|
|
(4,196 |
) |
Proceeds
from sale of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
276 |
|
Proceeds
from maturity of investments |
|
|
2,300 |
|
|
|
3,943 |
|
|
|
2,300 |
|
|
|
12,120 |
|
Purchases of
investments |
|
|
(12,500 |
) |
|
|
— |
|
|
|
(17,800 |
) |
|
|
(3,943 |
) |
Proceeds
from sales of available-for-sale securities |
|
|
— |
|
|
|
648 |
|
|
|
— |
|
|
|
913 |
|
Purchases of
available-for-sale securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(265 |
) |
Other |
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(7 |
) |
Net
cash (used in) provided by investing activities |
|
|
(11,174 |
) |
|
|
3,128 |
|
|
|
(18,666 |
) |
|
|
4,898 |
|
Financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from issuance of common stock |
|
|
16 |
|
|
|
44 |
|
|
|
219 |
|
|
|
44 |
|
Cash
dividends paid |
|
|
(771 |
) |
|
|
(763 |
) |
|
|
(2,305 |
) |
|
|
(2,284 |
) |
Net
cash used in financing activities |
|
|
(755 |
) |
|
|
(719 |
) |
|
|
(2,086 |
) |
|
|
(2,240 |
) |
Effect of
exchange rate changes on cash and cash equivalents |
|
|
417 |
|
|
|
1,049 |
|
|
|
(617 |
) |
|
|
2,189 |
|
(Decrease) increase in cash and cash
equivalents |
|
|
(13,990 |
) |
|
|
5,429 |
|
|
|
(26,596 |
) |
|
|
4,555 |
|
Cash and
cash equivalents at beginning of period |
|
|
47,859 |
|
|
|
54,453 |
|
|
|
60,465 |
|
|
|
55,327 |
|
Cash
and cash equivalents at end of period |
|
$ |
33,869 |
|
|
$ |
59,882 |
|
|
$ |
33,869 |
|
|
$ |
59,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richardson
Electronics, Ltd. |
|
Net Sales
and Gross Profit |
|
For the
Third Quarter and First Nine Months of Fiscal 2019 and Fiscal
2018 |
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Strategic Business Unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 FY 2019 |
|
|
|
|
|
Q3 FY 2018 |
|
% Change |
|
PMT |
|
$ |
29,725 |
|
|
|
|
|
$ |
31,869 |
|
|
-6.7 |
% |
Canvys |
|
|
6,954 |
|
|
|
|
|
|
7,585 |
|
|
-8.3 |
% |
Healthcare |
|
|
2,339 |
|
|
|
|
|
|
2,191 |
|
|
6.8 |
% |
Total |
|
$ |
39,018 |
|
|
|
|
|
$ |
41,645 |
|
|
-6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD FY 2019 |
|
|
|
|
|
YTD FY 2018 |
|
% Change |
|
PMT |
|
$ |
96,822 |
|
|
|
|
|
$ |
91,056 |
|
|
6.3 |
% |
Canvys |
|
|
20,625 |
|
|
|
|
|
|
20,057 |
|
|
2.8 |
% |
Healthcare |
|
|
7,042 |
|
|
|
|
|
|
6,609 |
|
|
6.6 |
% |
Total |
|
$ |
124,489 |
|
|
|
|
|
$ |
117,722 |
|
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
|
|
|
|
Q3 FY 2019 |
|
% of Net Sales |
|
|
Q3 FY 2018 |
|
% of Net Sales |
|
PMT |
|
$ |
9,406 |
|
|
31.6 |
% |
|
$ |
10,656 |
|
|
33.4 |
% |
Canvys |
|
|
2,281 |
|
|
32.8 |
% |
|
|
2,571 |
|
|
33.9 |
% |
Healthcare |
|
|
612 |
|
|
26.2 |
% |
|
|
840 |
|
|
38.3 |
% |
Total |
|
$ |
12,299 |
|
|
31.5 |
% |
|
$ |
14,067 |
|
|
33.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD FY 2019 |
|
% of Net Sales |
|
|
YTD FY 2018 |
|
% of Net Sales |
|
PMT |
|
$ |
30,520 |
|
|
31.5 |
% |
|
$ |
30,492 |
|
|
33.5 |
% |
Canvys |
|
|
6,726 |
|
|
32.6 |
% |
|
|
6,245 |
|
|
31.1 |
% |
Healthcare |
|
|
1,977 |
|
|
28.1 |
% |
|
|
2,852 |
|
|
43.2 |
% |
Total |
|
$ |
39,223 |
|
|
31.5 |
% |
|
$ |
39,589 |
|
|
33.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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