Richardson Electronics, Ltd. (NASDAQ:RELL) today reported financial
results for its second quarter ended December 2, 2017. 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 2018
increased 15.5% to $39.1 million compared to net sales of $33.8
million in the prior year’s second quarter. Sales increased $4.8
million for PMT and $1.3 million for Canvys. PMT sales were higher
in power grid tubes, power conversion and RF and microwave
components as well as specialty products sold into the
semiconductor wafer fabrication capital equipment market. Sales
increased for Canvys due to higher overall demand in Europe. Sales
decreased for Richardson Healthcare by $0.8 million due to the sale
of the PACS Display business at the end of fiscal 2017, partially
offset by higher certified pre-owned CT Tube sales.
Gross margin increased to $13.4 million, or
34.2% of net sales during the second quarter of fiscal 2018,
compared to $11.0 million, or 32.4% of net sales during the second
quarter of fiscal 2017. Margin increased as a percent of net sales
primarily due to a favorable product mix. Richardson Healthcare
margin as a percent of net sales also increased due to the sale of
its lower margin PACS Display business.
Operating expenses were $12.6 million for the
second quarter of fiscal 2018 compared to $13.4 million in the
second quarter of fiscal 2017. The second quarter of fiscal 2017
included $1.3 million in severance expense from a reduction in
force. After excluding the severance expense from the second
quarter of fiscal 2017, operating expenses increased due to higher
research and development expenses for Richardson Healthcare and
additional expenses relating to the increase in net sales.
Operating expenses as a percent of sales decreased to 32.2% in the
current quarter from 35.7% last year when excluding the severance
expense from the second quarter of fiscal 2017.
As a result, the company reported $0.8 million
of operating income for the second quarter of fiscal 2018 compared
to an operating loss of $2.4 million in the prior year’s second
quarter. Other expense for the second quarter of fiscal 2018,
primarily a foreign exchange loss, was $0.1 million, compared to
other income of $0.2 million, primarily a foreign exchange gain,
for the second quarter of fiscal 2017.
The income tax provision of $0.5 million during
the second quarter of fiscal 2018 reflected a provision for foreign
income taxes based on the current quarter’s geographical
distribution of income, 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. The tax provision of $0.3 million
in the second quarter of fiscal 2017 included a provision for
foreign income taxes and no U.S. tax benefit due to the valuation
allowance recorded against the net operating loss.
Income from continuing operations for the second
quarter of fiscal 2018 was $0.2 million, compared to a loss from
continuing operations of $2.5 million in the second quarter of
2017. 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 the RF, Wireless and Power
Division (“RFPD”) in 2011 and was therefore, classified as income
from discontinued operations.
As a result, net income for the second quarter
of fiscal 2018 was $1.7 million compared to a net loss of $2.5
million in the second quarter of fiscal 2017.
FINANCIAL SUMMARY – SIX MONTHS ENDED DECEMBER 2,
2017
- Net sales for the first six months of fiscal 2018 were $76.1
million, an increase of 13.2%, compared to net sales of $67.2
million during the first six months of fiscal 2017. Sales increased
by $8.6 million for PMT and $2.4 million for Canvys. These
increases were partially offset by a $2.1 million decrease for
Richardson Healthcare, which was due to the divestiture of the PACS
Display business at the end of fiscal 2017.
- Gross margin increased to $25.5 million during the first six
months of fiscal 2018, compared to $21.2 million during the first
six months of fiscal 2017. In addition, as a percentage of net
sales, gross margin increased to 33.5% of net sales during the
first six months of fiscal 2018, compared to 31.6% of net sales
during the first six months of fiscal 2017, mostly as a result of
an improved product mix.
- Operating expenses decreased to $24.9 million for the first six
months of fiscal 2018, compared to $25.7 million for the first six
months of fiscal 2017. The decrease was due to the $1.3 million in
severance expense associated with the reduction in work force
during the second quarter of fiscal 2017, partially offset by
higher research and development expenses for Richardson
Healthcare.
- Operating income during the first six months of fiscal 2018 was
$0.8 million, compared to an operating loss of $4.5 million during
the first six months of fiscal 2017.
- Other expense for the first six months of fiscal 2018,
including foreign exchange, was $0.1 million, compared to other
expense of $0.1 million for the first six months of fiscal
2017.
- The income tax provision of $0.6 million during the first six
months of fiscal 2018 reflected 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. The tax provision of $0.8 million in the first six
months of fiscal 2017 included a provision for foreign income
taxes, additional tax due from an audit in France 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 2018 was $0.1 million, compared to a loss from continuing
operations of $5.4 million in the first six months of 2017. 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 2018 was $1.6
million, compared to a net loss of $5.4 million during the first
six months of fiscal 2017.
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 22, 2018, to common stockholders of record on February 9,
2018.
Cash and investments at the end of the second
quarter of fiscal 2018 were $59.3 million compared to $61.4 million
at the end of the first quarter of fiscal 2018 and $62.8 million at
the end of the second quarter of fiscal 2017. During the second
quarter of fiscal 2018, the Company did not repurchase any shares
of its common stock under the existing share repurchase
authorization. Since the sale of RFPD, the Company has spent $65.6
million on share repurchases, nearly $20.0 million on acquisitions,
approximately $21.8 million on dividends and $8.4 million on
purchases of Richardson Healthcare equipment. Currently, there are
10.8 million outstanding shares of common stock and 2.1 million
outstanding shares of Class B common
stock. OUTLOOK
“I am pleased to report an operating profit of
$0.8 million for the second quarter of fiscal 2018 as compared to a
$2.4 million operating loss in the second quarter of fiscal 2017,”
said Edward J. Richardson, Chairman, Chief Executive Officer, and
President. “Our investments in our growth initiatives are beginning
to pay off complemented by consistently strong power grid tube
sales. PMT and Canvys experienced double-digit sales growth with
improved gross margin over the prior year’s second quarter. In
addition, after adjusting for the loss of sales from the
divestiture of the PACS Display business, sales in Richardson
Healthcare also increased. We made great strides in our new CT Tube
development and backlog remains strong for both PMT and Canvys,”
Mr. Richardson concluded.
CONFERENCE CALL INFORMATION
On Thursday, January 11, 2018, 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
2018. A question and answer session will be included as part of the
call’s agenda. To listen to the call, please dial (888) 419-5570
and enter passcode 65219458 approximately five minutes prior to the
start of the call. A replay of the call will be available beginning
at 12:00 a.m. CST on January 12, 2018, for seven days. The
telephone numbers for the replay are (USA) (888) 286-8010 and
(International) (617) 801-6888; passcode 64586305.
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
July 31, 2017. 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; flat
panel detector solutions and replacement parts 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 2, 2017 |
|
|
May 27, 2017 |
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
54,453 |
|
|
$ |
55,327 |
Accounts
receivable, less allowance of $373 and $398, respectively |
|
|
21,016 |
|
|
|
20,782 |
Inventories, net |
|
|
48,059 |
|
|
|
42,749 |
Prepaid
expenses and other assets |
|
|
3,729 |
|
|
|
3,070 |
Investments - current |
|
|
4,136 |
|
|
|
6,429 |
Total current assets |
|
|
131,393 |
|
|
|
128,357 |
Non-current assets: |
|
|
|
|
|
|
|
Property,
plant and equipment, net |
|
|
17,275 |
|
|
|
15,813 |
Goodwill |
|
|
6,332 |
|
|
|
6,332 |
Intangible assets, net |
|
|
3,231 |
|
|
|
3,441 |
Non-current deferred income taxes |
|
|
1,069 |
|
|
|
1,102 |
Investments - non-current |
|
|
686 |
|
|
|
2,419 |
Total non-current assets |
|
|
28,593 |
|
|
|
29,107 |
Total
assets |
|
$ |
159,986 |
|
|
$ |
157,464 |
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
15,224 |
|
|
$ |
15,933 |
Accrued
liabilities |
|
|
8,645 |
|
|
|
8,311 |
Total current liabilities |
|
|
23,869 |
|
|
|
24,244 |
Non-current liabilities: |
|
|
|
|
|
|
|
Non-current deferred income tax liabilities |
|
|
158 |
|
|
|
158 |
Other
non-current liabilities |
|
|
903 |
|
|
|
735 |
Total non-current liabilities |
|
|
1,061 |
|
|
|
893 |
Total liabilities |
|
|
24,930 |
|
|
|
25,137 |
Stockholders’
equity |
|
|
|
|
|
|
|
Common
stock, $0.05 par value; issued and outstanding 10,790 shares at
December 2, 2017 and 10,712 shares at May 27, 2017 |
|
|
535 |
|
|
|
535 |
Class B
common stock, convertible, $0.05 par value; issued and outstanding
2,137 shares at December 2, 2017 and at May 27, 2017 |
|
|
107 |
|
|
|
107 |
Preferred
stock, $1.00 par value, no shares issued |
|
|
— |
|
|
|
— |
Additional paid-in-capital |
|
|
59,745 |
|
|
|
59,436 |
Common
stock in treasury, at cost, no shares at December 2, 2017 and at
May 27, 2017 |
|
|
— |
|
|
|
— |
Retained
earnings |
|
|
69,368 |
|
|
|
69,333 |
Accumulated other comprehensive income |
|
|
5,301 |
|
|
|
2,916 |
Total stockholders’ equity |
|
|
135,056 |
|
|
|
132,327 |
Total
liabilities and stockholders’ equity |
|
$ |
159,986 |
|
|
$ |
157,464 |
Richardson Electronics, Ltd. |
Unaudited Consolidated Statements of
Comprehensive Income (Loss) |
(in thousands, except per share amounts) |
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
December 2, 2017 |
|
|
November 26, 2016 |
|
|
December 2, 2017 |
|
|
November 26, 2016 |
|
Statements of
Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
39,082 |
|
|
$ |
33,827 |
|
|
$ |
76,077 |
|
|
$ |
67,200 |
|
Cost of sales |
|
|
25,708 |
|
|
|
22,863 |
|
|
|
50,555 |
|
|
|
45,996 |
|
Gross profit |
|
|
13,374 |
|
|
|
10,964 |
|
|
|
25,522 |
|
|
|
21,204 |
|
Selling, general and
administrative expenses |
|
|
12,602 |
|
|
|
13,368 |
|
|
|
24,926 |
|
|
|
25,695 |
|
Gain on disposal of
assets |
|
|
— |
|
|
|
— |
|
|
|
(191 |
) |
|
|
— |
|
Operating income (loss) |
|
|
772 |
|
|
|
(2,404 |
) |
|
|
787 |
|
|
|
(4,491 |
) |
Other (income)
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment/interest income |
|
|
(36 |
) |
|
|
(51 |
) |
|
|
(170 |
) |
|
|
(62 |
) |
Foreign
exchange loss (gain) |
|
|
115 |
|
|
|
(181 |
) |
|
|
316 |
|
|
|
97 |
|
Other,
net |
|
|
(11 |
) |
|
|
17 |
|
|
|
(15 |
) |
|
|
16 |
|
Total
other expense (income) |
|
|
68 |
|
|
|
(215 |
) |
|
|
131 |
|
|
|
51 |
|
Income (loss) from
continuing operations before income taxes |
|
|
704 |
|
|
|
(2,189 |
) |
|
|
656 |
|
|
|
(4,542 |
) |
Income tax
provision |
|
|
532 |
|
|
|
333 |
|
|
|
596 |
|
|
|
830 |
|
Income (loss) from
continuing operations |
|
|
172 |
|
|
|
(2,522 |
) |
|
|
60 |
|
|
|
(5,372 |
) |
Income from
discontinued operations |
|
|
1,496 |
|
|
|
— |
|
|
|
1,496 |
|
|
|
— |
|
Net income (loss) |
|
|
1,668 |
|
|
|
(2,522 |
) |
|
|
1,556 |
|
|
|
(5,372 |
) |
Foreign currency
translation gain (loss), net of tax |
|
|
230 |
|
|
|
(2,623 |
) |
|
|
2,351 |
|
|
|
(2,244 |
) |
Fair value adjustments
on investments gain |
|
|
48 |
|
|
|
6 |
|
|
|
34 |
|
|
|
13 |
|
Comprehensive income (loss) |
|
$ |
1,946 |
|
|
$ |
(5,139 |
) |
|
$ |
3,941 |
|
|
$ |
(7,603 |
) |
Net income (loss) per
Common share - Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations |
|
$ |
0.01 |
|
|
$ |
(0.20 |
) |
|
$ |
— |
|
|
$ |
(0.43 |
) |
Income from
discontinued operations |
|
|
0.12 |
|
|
|
— |
|
|
|
0.12 |
|
|
|
— |
|
Total net
income (loss) per Common share - Basic |
|
$ |
0.13 |
|
|
$ |
(0.20 |
) |
|
$ |
0.12 |
|
|
$ |
(0.43 |
) |
Net income (loss) per
Class B common share - Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations |
|
$ |
0.01 |
|
|
$ |
(0.18 |
) |
|
$ |
— |
|
|
$ |
(0.38 |
) |
Income from
discontinued operations |
|
|
0.11 |
|
|
|
— |
|
|
|
0.11 |
|
|
|
— |
|
Total net
income (loss) per Class B common share - Basic |
|
$ |
0.12 |
|
|
$ |
(0.18 |
) |
|
$ |
0.11 |
|
|
$ |
(0.38 |
) |
Net income (loss) per
Common share - Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations |
|
$ |
0.01 |
|
|
$ |
(0.20 |
) |
|
$ |
— |
|
|
$ |
(0.43 |
) |
Income from
discontinued operations |
|
|
0.12 |
|
|
|
— |
|
|
|
0.12 |
|
|
|
— |
|
Total net
income (loss) per Common share – Diluted |
|
$ |
0.13 |
|
|
$ |
(0.20 |
) |
|
$ |
0.12 |
|
|
$ |
(0.43 |
) |
Net income (loss) per
Class B common share - Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations |
|
$ |
0.01 |
|
|
$ |
(0.18 |
) |
|
$ |
— |
|
|
$ |
(0.38 |
) |
Income from
discontinued operations |
|
|
0.11 |
|
|
|
— |
|
|
|
0.11 |
|
|
|
— |
|
Total net
income (loss) per Class B common share - Diluted |
|
$ |
0.12 |
|
|
$ |
(0.18 |
) |
|
$ |
0.11 |
|
|
$ |
(0.38 |
) |
Weighted
average number of shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares –
Basic |
|
|
10,755 |
|
|
|
10,703 |
|
|
|
10,734 |
|
|
|
10,703 |
|
Class B common shares –
Basic |
|
|
2,137 |
|
|
|
2,141 |
|
|
|
2,137 |
|
|
|
2,141 |
|
Common shares –
Diluted |
|
|
10,789 |
|
|
|
10,703 |
|
|
|
10,764 |
|
|
|
10,703 |
|
Class B common shares –
Diluted |
|
|
2,137 |
|
|
|
2,141 |
|
|
|
2,137 |
|
|
|
2,141 |
|
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 2, 2017 |
|
|
November 26, 2016 |
|
|
December 2, 2017 |
|
|
November 26, 2016 |
|
Operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
$ |
1,668 |
|
|
$ |
(2,522 |
) |
|
$ |
1,556 |
|
|
$ |
(5,372 |
) |
Adjustments to
reconcile net income (loss) to cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
735 |
|
|
|
602 |
|
|
|
1,467 |
|
|
|
1,317 |
|
Inventory
provisions |
|
|
125 |
|
|
|
66 |
|
|
|
287 |
|
|
|
109 |
|
Loss
(gain) on sale of investments |
|
|
1 |
|
|
|
8 |
|
|
|
(24 |
) |
|
|
6 |
|
Gain on
disposal of assets |
|
|
— |
|
|
|
— |
|
|
|
(191 |
) |
|
|
— |
|
Share-based compensation expense |
|
|
208 |
|
|
|
176 |
|
|
|
309 |
|
|
|
279 |
|
Deferred
income taxes |
|
|
66 |
|
|
|
(151 |
) |
|
|
62 |
|
|
|
(309 |
) |
Change in assets and
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(1,735 |
) |
|
|
379 |
|
|
|
312 |
|
|
|
3,934 |
|
Income tax receivable |
|
|
— |
|
|
|
8 |
|
|
|
— |
|
|
|
(5 |
) |
Inventories |
|
|
(2,021 |
) |
|
|
1,115 |
|
|
|
(4,634 |
) |
|
|
1,483 |
|
Prepaid expenses and other assets |
|
|
(357 |
) |
|
|
(1,082 |
) |
|
|
(615 |
) |
|
|
(1,041 |
) |
Accounts payable |
|
|
1,757 |
|
|
|
(883 |
) |
|
|
(998 |
) |
|
|
(3,221 |
) |
Accrued liabilities |
|
|
(517 |
) |
|
|
2,006 |
|
|
|
209 |
|
|
|
862 |
|
Other |
|
|
264 |
|
|
|
13 |
|
|
|
(3 |
) |
|
|
18 |
|
Net cash provided by (used in) operating
activities |
|
|
194 |
|
|
|
(265 |
) |
|
|
(2,263 |
) |
|
|
(1,940 |
) |
Investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures |
|
|
(1,720 |
) |
|
|
(1,235 |
) |
|
|
(2,735 |
) |
|
|
(3,299 |
) |
Proceeds
from sale of assets |
|
|
— |
|
|
|
— |
|
|
|
276 |
|
|
|
— |
|
Proceeds
from maturity of investments |
|
|
4,177 |
|
|
|
2,117 |
|
|
|
8,177 |
|
|
|
3,582 |
|
Purchases
of investments |
|
|
(3,943 |
) |
|
|
(2,136 |
) |
|
|
(3,943 |
) |
|
|
(2,136 |
) |
Proceeds
from sales of available-for-sale securities |
|
|
114 |
|
|
|
59 |
|
|
|
265 |
|
|
|
147 |
|
Purchases
of available-for-sale securities |
|
|
(114 |
) |
|
|
(59 |
) |
|
|
(265 |
) |
|
|
(147 |
) |
Other |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(6 |
) |
Net cash (used in) provided by investing
activities |
|
|
(1,488 |
) |
|
|
(1,257 |
) |
|
|
1,770 |
|
|
|
(1,859 |
) |
Financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
dividends paid |
|
|
(763 |
) |
|
|
(757 |
) |
|
|
(1,521 |
) |
|
|
(1,515 |
) |
Net cash used in financing activities |
|
|
(763 |
) |
|
|
(757 |
) |
|
|
(1,521 |
) |
|
|
(1,515 |
) |
Effect of
exchange rate changes on cash and cash equivalents |
|
|
81 |
|
|
|
(1,098 |
) |
|
|
1,140 |
|
|
|
(1,029 |
) |
Decrease in cash and cash equivalents |
|
|
(1,976 |
) |
|
|
(3,377 |
) |
|
|
(874 |
) |
|
|
(6,343 |
) |
Cash and
cash equivalents at beginning of period |
|
|
56,429 |
|
|
|
57,488 |
|
|
|
55,327 |
|
|
|
60,454 |
|
Cash and cash equivalents at end of period |
|
$ |
54,453 |
|
|
$ |
54,111 |
|
|
$ |
54,453 |
|
|
$ |
54,111 |
|
|
Richardson Electronics, Ltd. |
Net Sales and Gross Profit |
For the Second Quarter and First Six Months of
Fiscal 2018 and Fiscal 2017 |
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
By Strategic
Business Unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
|
Q2 FY 2018 |
|
|
|
|
Q2 FY 2017 |
|
% Change |
PMT |
|
$ |
30,063 |
|
|
|
|
$ |
25,229 |
|
19.2 |
% |
Canvys |
|
|
6,707 |
|
|
|
|
|
5,439 |
|
23.3 |
% |
Healthcare |
|
|
2,312 |
|
|
|
|
|
3,159 |
|
-26.8 |
% |
Total |
|
$ |
39,082 |
|
|
|
|
$ |
33,827 |
|
15.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD FY
2018 |
|
|
|
|
YTD FY 2017 |
|
% Change |
PMT |
|
$ |
59,187 |
|
|
|
|
$ |
50,610 |
|
16.9 |
% |
Canvys |
|
|
12,472 |
|
|
|
|
|
10,059 |
|
24.0 |
% |
Healthcare |
|
|
4,418 |
|
|
|
|
|
6,531 |
|
-32.4 |
% |
Total |
|
$ |
76,077 |
|
|
|
|
$ |
67,200 |
|
13.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
Q2 FY 2018 |
|
% of Net Sales |
|
Q2 FY 2017 |
|
% of Net Sales |
PMT |
|
$ |
10,262 |
|
34.1 |
% |
|
$ |
8,273 |
|
32.8 |
% |
Canvys |
|
|
2,128 |
|
31.7 |
% |
|
|
1,543 |
|
28.4 |
% |
Healthcare |
|
|
984 |
|
42.6 |
% |
|
|
1,148 |
|
36.3 |
% |
Total |
|
$ |
13,374 |
|
34.2 |
% |
|
$ |
10,964 |
|
32.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
YTD FY
2018 |
|
% of Net Sales |
|
YTD FY
2017 |
|
% of Net Sales |
PMT |
|
$ |
19,836 |
|
33.5 |
% |
|
$ |
15,728 |
|
31.1 |
% |
Canvys |
|
|
3,674 |
|
29.5 |
% |
|
|
2,891 |
|
28.7 |
% |
Healthcare |
|
|
2,012 |
|
45.5 |
% |
|
|
2,585 |
|
39.6 |
% |
Total |
|
$ |
25,522 |
|
33.5 |
% |
|
$ |
21,204 |
|
31.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
For Details Contact:Edward J.
RichardsonChairman and CEOPhone: (630) 208-2205
Robert J. BenEVP & CFO(630) 208-2203
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