Richardson Electronics, Ltd. (NASDAQ: RELL) today reported
financial results for its third quarter ended February 27, 2021.
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 2021
increased 18.3% to $45.2 million compared to net sales of $38.2
million in the prior year’s third quarter primarily due to higher
net sales for Richardson Healthcare and PMT, partially offset by
lower net sales for Canvys. Richardson Electronics is an “essential
business” and continued operating its manufacturing and
distribution businesses on a global basis throughout the COVID-19
pandemic under strict safety guidelines. Richardson Healthcare
sales increased $0.9 million or 41.7% primarily due to an increase
in demand for the ALTA750™ Tubes, reflecting the highest
quantity sold in any quarter. In addition, pre-owned CT scanner
sales increased in Latin America. PMT sales increased $6.2 million
or 21.6% from last year’s third quarter because of higher sales of
semiconductor wafer fab equipment specialty products as well as
power conversion and RF and microwave components. Power grid tube
sales continued to be negatively impacted by the pandemic, however
sales of certain product lines increased from the third quarter of
fiscal 2020. Canvys sales decreased by $0.1 million or 1.7% due to
temporary decreased customer demand in Europe related to COVID-19,
partially offset by an increase in North American sales. No
customers were lost.
Gross margin improved to 34.9% of net sales
during the third quarter of fiscal 2021 compared to 33.1% of net
sales during the third quarter of fiscal 2020. PMT margin increased
to 34.9% from 32.8% due to a favorable product mix. Canvys margin
as a percent of net sales increased to 35.2% from 32.8% also
because of its product mix. Healthcare margin as a percent of net
sales was 33.0% in the third quarter of fiscal 2021 compared to
38.3% in the prior year’s third quarter primarily due to a smaller
percentage of replacement parts sales.
Operating expenses were $15.5 million and
Non-GAAP operating expenses* were $13.9 million in the third
quarter of fiscal 2021 compared to $12.7 million in the third
quarter of fiscal 2020. The increase in Non-GAAP operating expenses
resulted from higher employee compensation expense and legal fees,
partially offset by lower travel expenses. Throughout the pandemic,
the Company decided to support its employees through regular merit
increases and incentive plans, and by avoiding layoffs or
furloughs.
As a result, the Company reported an operating
income of $0.3 million and Non-GAAP operating income* of $1.9
million for the third quarter of fiscal 2021 compared to an
operating income of $11,000 in the prior year’s third quarter.
Other expense for the third quarter of fiscal 2021, including
interest income and foreign exchange, was less than $0.1 million,
compared to other income of $0.1 million in the third quarter of
fiscal 2020.
The income tax provision of $0.1 million for the
third quarter of fiscal 2021 reflected a provision for foreign
income taxes, which was lower than the prior year’s third quarter,
and the offset of a U.S. tax provision against the valuation
allowance. Net income for the third quarter of fiscal 2021 was $0.2
million and Non-GAAP net income was $1.8 million* compared to a net
loss of $0.1 million in the third quarter of fiscal 2020. Earnings
per common share (diluted) was $0.02 and Non-GAAP earnings per
common share (diluted)* was $0.14 in the third quarter of fiscal
2021.
“We are pleased with the double digit sales
growth in Healthcare, PMG and semiconductor wafer fab equipment
products, particularly considering the current global business
environment and ongoing impact of COVID-19,” said Edward J.
Richardson, Chairman, Chief Executive Officer, and President. “The
Richardson team deserves a lot of credit for delivering our best
quarter since the fourth quarter of fiscal 2018 after adjusting for
the one-time settlement cost,” he concluded.
FINANCIAL SUMMARY – NINE MONTHS ENDED
FEBRUARY 27, 2021
- Net sales for the first nine months
of fiscal 2021 were $126.5 million, an increase of 6.7%, compared
to net sales of $118.5 million during the first nine months of
fiscal 2020. Sales increased by $9.3 million or 10.4% for PMT and
$0.5 million or 7.3% for Richardson Healthcare, but decreased by
$1.8 million or 8.2% for Canvys.
- Gross margin increased to $42.5
million during the first nine months of fiscal 2021, compared to
$38.3 million during the first nine months of fiscal 2020. As a
percentage of net sales, gross margin increased to 33.6% of net
sales during the first nine months of fiscal 2021, compared to
32.3% of net sales during the first nine months of fiscal 2020,
primarily because of a favorable product mix in PMT and Canvys, as
well as improved manufacturing efficiencies for PMT.
- Operating expenses increased to
$41.9 million and Non-GAAP operating expenses* to $40.3 million for
the first nine months of fiscal 2021, compared to $38.7 million for
the first nine months of fiscal 2020. The increase in Non-GAAP
operating expenses resulted from higher employee compensation
expense and legal fees, partially offset by lower travel and
consulting expenses.
- Operating income was $0.6 million
and Non-GAAP operating income* was $2.2 million during the first
nine months of fiscal 2021, compared to an operating loss of $0.4
million during the first nine months of fiscal 2020.
- Other expense for the first nine
months of fiscal 2021, including interest income and foreign
exchange, was $0.5 million, as compared to other income of $0.2
million in the first nine months of fiscal 2020.
- The income tax provision of $0.2
million during the first nine months of fiscal 2021 reflected a
provision for foreign income taxes, which was lower than in the
prior year’s first nine months, and the offset of a U.S. tax
benefit against the valuation allowance.
- Net loss for the first nine months
of fiscal 2021 was $0.2 million and Non-GAAP net income* was $1.4
million, compared to a net loss of $0.6 million during the first
nine months of fiscal 2020. Loss per common share (diluted) for the
first nine months of fiscal 2021 was $0.02 and Non-GAAP earnings
per common share (diluted)* was $0.11.
*Please refer to Unaudited Reconciliation
between GAAP and Non-GAAP Financial Measures below for a
reconciliation of Non-GAAP items to the comparable GAAP
measures.
CASH DIVIDEND AND POSITION
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 26, 2021, to common stockholders of record as of May 5,
2021.
Cash and investments at the end of the third
quarter of fiscal 2021 were $47.4 million compared to $46.0 million
at the end of the second quarter of fiscal 2021 and $43.9 million
at the end of the third quarter of fiscal 2020. The Company spent
$0.6 million during the quarter on capital expenditures primarily
related to its Healthcare business and IT System, versus $0.4
million during the third quarter of fiscal 2020.
NON-GAAP FINANCIAL MEASURES
In addition to the results reported in
accordance with accounting principles generally accepted in the
United States (GAAP) included throughout this press release, the
Company has provided information regarding “Non-GAAP net income,”
“Non-GAAP operating income,” “Non-GAAP earnings per common share
(diluted)” and “Non-GAAP operating expenses” (each, a Non-GAAP
financial measure). These Non-GAAP financial measures exclude a
one-time cost in connection with a legal settlement from the most
directly comparable financial measures calculated and presented in
accordance with GAAP.
Management believes that the disclosure of these
Non-GAAP financial measures provides useful information to
investors because the Non-GAAP financial measures are useful
measures in assessing the Company’s financial performance by
excluding a special item that is not indicative of the Company’s
core operating performance or that may obscure trends useful in
evaluating the Company’s continuing operating activities. Our
management uses these Non-GAAP financial measures along with the
most directly comparable GAAP financial measures in evaluating our
operating performance. The Non-GAAP financial measures presented
herein, as determined and presented by the Company, may not be
comparable to related or similarly titled measures reported by
other companies.
CONFERENCE CALL INFORMATION
On Thursday, April 8, 2021, 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 fiscal year 2021
results. A question and answer session will be included as
part of the call’s agenda.
Participant Instructions
To listen to the call, please dial (USA/CANADA)
(866) 784-8065 or (International) (602) 563-8684 and enter
Conference ID: 5986675 approximately five minutes before the start
of the call. A replay of the call will be available beginning
at 1:00 p.m. CDT on April 8, 2021, for seven days. The
telephone number for the replay is (800) 585-8367; Conference ID:
5986675.
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
that 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 3, 2020, and other reports we file with the
Securities and Exchange Commission. 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 Ltd. 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 |
|
|
|
February 27, 2021 |
|
|
May 30, 2020 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
38,407 |
|
|
$ |
30,535 |
|
Accounts receivable, less allowance of $270 and $334,
respectively |
|
|
21,880 |
|
|
|
20,197 |
|
Inventories, net |
|
|
59,425 |
|
|
|
57,492 |
|
Prepaid expenses and other assets |
|
|
2,334 |
|
|
|
2,442 |
|
Investments - current |
|
|
9,000 |
|
|
|
16,000 |
|
Total current assets |
|
|
131,046 |
|
|
|
126,666 |
|
Non-current assets: |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
17,098 |
|
|
|
17,674 |
|
Intangible assets, net |
|
|
2,330 |
|
|
|
2,505 |
|
Lease ROU asset |
|
|
2,971 |
|
|
|
3,419 |
|
Non-current deferred income taxes |
|
|
522 |
|
|
|
456 |
|
Total non-current assets |
|
|
22,921 |
|
|
|
24,054 |
|
Total
assets |
|
$ |
153,967 |
|
|
$ |
150,720 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
15,572 |
|
|
$ |
17,372 |
|
Accrued liabilities |
|
|
14,846 |
|
|
|
10,324 |
|
Lease liability current |
|
|
1,239 |
|
|
|
1,485 |
|
Total current liabilities |
|
|
31,657 |
|
|
|
29,181 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
Non-current deferred income tax liabilities |
|
|
173 |
|
|
|
161 |
|
Lease liability non-current |
|
|
1,629 |
|
|
|
1,941 |
|
Other non-current liabilities |
|
|
923 |
|
|
|
777 |
|
Total non-current liabilities |
|
|
2,725 |
|
|
|
2,879 |
|
Total
liabilities |
|
|
34,382 |
|
|
|
32,060 |
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
Common stock, $0.05 par value; issued and outstanding 11,111 shares
on February 27, 2021 and 11,038 shares on May 30, 2020 |
|
|
556 |
|
|
|
552 |
|
Class B common stock, convertible, $0.05 par value; issued and
outstanding 2,097 shares on February 27, 2021 and May 30, 2020 |
|
|
105 |
|
|
|
105 |
|
Preferred stock, $1.00 par value, no shares issued |
|
|
— |
|
|
|
— |
|
Additional paid-in-capital |
|
|
62,274 |
|
|
|
61,749 |
|
Retained earnings |
|
|
52,194 |
|
|
|
54,764 |
|
Accumulated other comprehensive income |
|
|
4,456 |
|
|
|
1,490 |
|
Total stockholders’ equity |
|
|
119,585 |
|
|
|
118,660 |
|
Total liabilities and
stockholders’ equity |
|
$ |
153,967 |
|
|
$ |
150,720 |
|
|
|
|
|
|
|
|
|
|
|
Richardson Electronics, Ltd.Unaudited
Consolidated Statements of Comprehensive Income (Loss)(in
thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
February 27,2021 |
|
|
February 29,2020 |
|
|
February 27,2021 |
|
|
February 29,2020 |
|
Statements of Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
45,235 |
|
|
$ |
38,249 |
|
|
$ |
126,465 |
|
|
$ |
118,536 |
|
Cost of sales |
|
|
29,469 |
|
|
|
25,579 |
|
|
|
83,997 |
|
|
|
80,235 |
|
Gross profit |
|
|
15,766 |
|
|
|
12,670 |
|
|
|
42,468 |
|
|
|
38,301 |
|
Selling, general and
administrative expenses |
|
|
15,457 |
|
|
|
12,659 |
|
|
|
41,924 |
|
|
|
38,667 |
|
(Gain) loss on disposal of
assets |
|
|
(6 |
) |
|
|
— |
|
|
|
(6 |
) |
|
|
1 |
|
Operating income (loss) |
|
|
315 |
|
|
|
11 |
|
|
|
550 |
|
|
|
(367 |
) |
Other expense (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment/interest income |
|
|
(15 |
) |
|
|
(97 |
) |
|
|
(48 |
) |
|
|
(340 |
) |
Foreign exchange loss |
|
|
65 |
|
|
|
28 |
|
|
|
650 |
|
|
|
117 |
|
Other, net |
|
|
(25 |
) |
|
|
(8 |
) |
|
|
(61 |
) |
|
|
(24 |
) |
Total other expense (income) |
|
|
25 |
|
|
|
(77 |
) |
|
|
541 |
|
|
|
(247 |
) |
Income (loss) before income
taxes |
|
|
290 |
|
|
|
88 |
|
|
|
9 |
|
|
|
(120 |
) |
Income tax provision |
|
|
62 |
|
|
|
181 |
|
|
|
239 |
|
|
|
438 |
|
Net income (loss) |
|
|
228 |
|
|
|
(93 |
) |
|
|
(230 |
) |
|
|
(558 |
) |
Foreign currency translation gain
(loss), net of tax |
|
|
353 |
|
|
|
(60 |
) |
|
|
2,966 |
|
|
|
(554 |
) |
Comprehensive income (loss) |
|
$ |
581 |
|
|
$ |
(153 |
) |
|
$ |
2,736 |
|
|
$ |
(1,112 |
) |
Net income (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares - Basic |
|
$ |
0.02 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.04 |
) |
Class B common shares -
Basic |
|
$ |
0.02 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.04 |
) |
Common shares - Diluted |
|
$ |
0.02 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.04 |
) |
Class B common shares -
Diluted |
|
$ |
0.02 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.04 |
) |
Weighted average number
of shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares – Basic |
|
|
11,111 |
|
|
|
11,038 |
|
|
|
11,097 |
|
|
|
11,022 |
|
Class B common shares –
Basic |
|
|
2,097 |
|
|
|
2,097 |
|
|
|
2,097 |
|
|
|
2,097 |
|
Common shares – Diluted |
|
|
11,183 |
|
|
|
11,038 |
|
|
|
11,097 |
|
|
|
11,022 |
|
Class B common shares –
Diluted |
|
|
2,097 |
|
|
|
2,097 |
|
|
|
2,097 |
|
|
|
2,097 |
|
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 |
|
|
|
February 27,2021 |
|
|
February 29,2020 |
|
|
February 27,2021 |
|
|
February 29,2020 |
|
Operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
$ |
228 |
|
|
$ |
(93 |
) |
|
$ |
(230 |
) |
|
$ |
(558 |
) |
Adjustments to reconcile net
income (loss) to cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
849 |
|
|
|
856 |
|
|
|
2,595 |
|
|
|
2,514 |
|
Inventory provisions |
|
|
265 |
|
|
|
221 |
|
|
|
717 |
|
|
|
502 |
|
(Gain) loss on disposal of assets |
|
|
(6 |
) |
|
|
— |
|
|
|
(6 |
) |
|
|
1 |
|
Share-based compensation expense |
|
|
150 |
|
|
|
157 |
|
|
|
529 |
|
|
|
527 |
|
Deferred income taxes |
|
|
3 |
|
|
|
76 |
|
|
|
(50 |
) |
|
|
51 |
|
Change in assets and
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(837 |
) |
|
|
(760 |
) |
|
|
(1,004 |
) |
|
|
1,066 |
|
Inventories |
|
|
133 |
|
|
|
(754 |
) |
|
|
(875 |
) |
|
|
(4,173 |
) |
Prepaid expenses and other assets |
|
|
428 |
|
|
|
(56 |
) |
|
|
156 |
|
|
|
146 |
|
Accounts payable |
|
|
496 |
|
|
|
(726 |
) |
|
|
(2,027 |
) |
|
|
(2,091 |
) |
Accrued liabilities |
|
|
873 |
|
|
|
152 |
|
|
|
4,285 |
|
|
|
(238 |
) |
Other |
|
|
216 |
|
|
|
2 |
|
|
|
(222 |
) |
|
|
(107 |
) |
Net cash provided by (used in) operating
activities |
|
|
2,798 |
|
|
|
(925 |
) |
|
|
3,868 |
|
|
|
(2,360 |
) |
Investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(555 |
) |
|
|
(430 |
) |
|
|
(1,835 |
) |
|
|
(1,244 |
) |
Proceeds from maturity of investments |
|
|
— |
|
|
|
— |
|
|
|
16,000 |
|
|
|
8,000 |
|
Purchases of investments |
|
|
— |
|
|
|
— |
|
|
|
(9,000 |
) |
|
|
(13,000 |
) |
Net cash (used in) provided by investing
activities |
|
|
(555 |
) |
|
|
(430 |
) |
|
|
5,165 |
|
|
|
(6,244 |
) |
Financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
59 |
|
Cash dividends paid |
|
|
(780 |
) |
|
|
(776 |
) |
|
|
(2,340 |
) |
|
|
(2,326 |
) |
Payment of financing lease principal |
|
|
(45 |
) |
|
|
(46 |
) |
|
|
(136 |
) |
|
|
(121 |
) |
Net cash used in financing activities |
|
|
(825 |
) |
|
|
(822 |
) |
|
|
(2,476 |
) |
|
|
(2,388 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(34 |
) |
|
|
(2 |
) |
|
|
1,315 |
|
|
|
(152 |
) |
Increase (decrease) in cash and cash
equivalents |
|
|
1,384 |
|
|
|
(2,179 |
) |
|
|
7,872 |
|
|
|
(11,144 |
) |
Cash and cash equivalents at beginning of period |
|
|
37,023 |
|
|
|
33,054 |
|
|
|
30,535 |
|
|
|
42,019 |
|
Cash and cash equivalents at end of period |
|
$ |
38,407 |
|
|
$ |
30,875 |
|
|
$ |
38,407 |
|
|
$ |
30,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richardson Electronics, Ltd.Unaudited Net
Sales and Gross ProfitFor the Third Quarter and
First Nine Months of Fiscal 2021 and Fiscal 2020($ in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Strategic Business Unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 FY 2021 |
|
|
|
|
|
Q3 FY 2020 |
|
|
% Change |
|
PMT |
|
$ |
35,237 |
|
|
|
|
|
$ |
28,988 |
|
|
21.6 |
% |
Canvys |
|
|
7,078 |
|
|
|
|
|
|
7,200 |
|
|
-1.7 |
% |
Healthcare |
|
|
2,920 |
|
|
|
|
|
|
2,061 |
|
|
41.7 |
% |
Total |
|
$ |
45,235 |
|
|
|
|
|
$ |
38,249 |
|
|
18.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD FY 2021 |
|
|
|
|
|
YTD FY 2020 |
|
|
% Change |
|
PMT |
|
$ |
98,418 |
|
|
|
|
|
$ |
89,158 |
|
|
10.4 |
% |
Canvys |
|
|
20,491 |
|
|
|
|
|
|
22,333 |
|
|
-8.2 |
% |
Healthcare |
|
|
7,556 |
|
|
|
|
|
|
7,045 |
|
|
7.3 |
% |
Total |
|
$ |
126,465 |
|
|
|
|
|
$ |
118,536 |
|
|
6.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
|
|
|
|
Q3 FY 2021 |
|
|
% of Net Sales |
|
|
Q3 FY 2020 |
|
|
% of Net Sales |
|
PMT |
|
$ |
12,308 |
|
|
34.9 |
% |
|
$ |
9,519 |
|
|
32.8 |
% |
Canvys |
|
|
2,493 |
|
|
35.2 |
% |
|
|
2,362 |
|
|
32.8 |
% |
Healthcare |
|
|
965 |
|
|
33.0 |
% |
|
|
789 |
|
|
38.3 |
% |
Total |
|
$ |
15,766 |
|
|
34.9 |
% |
|
$ |
12,670 |
|
|
33.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD FY 2021 |
|
|
% of Net Sales |
|
|
YTD FY 2020 |
|
|
% of Net Sales |
|
PMT |
|
$ |
33,530 |
|
|
34.1 |
% |
|
$ |
28,547 |
|
|
32.0 |
% |
Canvys |
|
|
7,156 |
|
|
34.9 |
% |
|
|
7,268 |
|
|
32.5 |
% |
Healthcare |
|
|
1,782 |
|
|
23.6 |
% |
|
|
2,486 |
|
|
35.3 |
% |
Total |
|
$ |
42,468 |
|
|
33.6 |
% |
|
$ |
38,301 |
|
|
32.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richardson Electronics, Ltd.Unaudited
Reconciliation between GAAP and Non-GAAP Financial
Measures(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
February 27,2021 |
|
|
February 29,2020 |
|
|
February 27,2021 |
|
|
February 29,2020 |
|
Selling, general and administrative expenses
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
$ |
15,457 |
|
|
$ |
12,659 |
|
|
$ |
41,924 |
|
|
$ |
38,667 |
|
Legal settlement |
|
|
(1,600 |
) |
|
|
— |
|
|
|
(1,600 |
) |
|
|
— |
|
Non-GAAP selling, general
and administrative expenses |
|
$ |
13,857 |
|
|
$ |
12,659 |
|
|
$ |
40,324 |
|
|
$ |
38,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
$ |
315 |
|
|
$ |
11 |
|
|
$ |
550 |
|
|
$ |
(367 |
) |
Legal settlement |
|
|
1,600 |
|
|
|
— |
|
|
|
1,600 |
|
|
|
— |
|
Non-GAAP operating income
(loss) reconciliation |
|
$ |
1,915 |
|
|
$ |
11 |
|
|
$ |
2,150 |
|
|
$ |
(367 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
228 |
|
|
$ |
(93 |
) |
|
$ |
(230 |
) |
|
$ |
(558 |
) |
Legal settlement |
|
|
1,600 |
|
|
|
— |
|
|
|
1,600 |
|
|
|
— |
|
Non-GAAP net income
(loss) reconciliation |
|
$ |
1,828 |
|
|
$ |
(93 |
) |
|
$ |
1,370 |
|
|
$ |
(558 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share (diluted) reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share (diluted) |
|
$ |
0.02 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.04 |
) |
Legal settlement |
|
|
0.12 |
|
|
|
— |
|
|
|
0.13 |
|
|
|
— |
|
Non-GAAP net income
(loss) per share (diluted) reconciliation |
|
$ |
0.14 |
|
|
$ |
(0.01 |
) |
|
$ |
0.11 |
|
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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