Richardson Electronics, Ltd. (NASDAQ: RELL) today reported
financial results for its fourth quarter and fiscal year ended June
1, 2019. The Company also announced that its Board of Directors
declared a $0.06 per share quarterly cash dividend.
Fourth Quarter Results
Net sales for the fourth quarter of fiscal 2019
decreased 7.3% to $42.2 million compared to net sales of $45.5
million in the prior year’s fourth quarter based on the continued
slowdown in the semiconductor wafer fabrication equipment market.
PMT sales decreased $5.1 million; decreases were partially offset
by higher sales in its PMG business including power conversion and
RF and microwave components. The Company’s other businesses also
performed well in the quarter. Canvys sales increased by $0.7
million or 10.8% due to higher demand in its North American market
and new program wins. Richardson Healthcare sales increased $1.1
million or 68.7% as a result of higher sales of our
ALTA750™ Tube and replacement parts for diagnostic imaging
equipment.
Gross margin decreased to $12.5 million, or
29.7% of net sales during the fourth quarter of fiscal 2019,
compared to $15.5 million, or 34.1% of net sales during the fourth
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, as
well as higher costs related to CT Tube production and Healthcare
inventory write-downs. Gross margin in the fourth quarter of fiscal
2018 was also positively impacted by over absorption in LaFox
manufacturing associated with higher demand from our customers in
the semi-wafer fab equipment market.
Operating expenses were $12.5 million for the
fourth quarter of fiscal 2019 compared to $13.7 million in the
fourth quarter of fiscal 2018. The decrease in operating expenses
resulted from lower incentive compensation expense as well as lower
salary and other related expenses due to headcount reductions
throughout fiscal 2019. Operating expenses as a percent of net
sales decreased to 29.7% in the current quarter from 30.1% in last
year’s fourth quarter.
In the fourth quarter of fiscal 2019, the
Company recorded a $6.3 million non-cash Goodwill Impairment
charge, which represented the full amount of Goodwill associated
with the IMES reporting unit. The impairment resulted from fourth
quarter events that decreased the forecasted future cash flows and
the fair value of the IMES reporting unit below its book value as
of the March 3, 2019 testing date.
As a result, the Company reported an operating
loss of $6.4 million for the fourth quarter of fiscal 2019 compared
to operating income of $1.9 million in the prior year’s fourth
quarter. Excluding the non-cash Impairment of Goodwill, the Company
would have reported a $46,000 operating loss for the fourth quarter
of fiscal 2019.
Other income for the fourth quarter of fiscal
2019, including interest income and foreign exchange, was
$0.3 million, the same as in the fourth quarter of fiscal
2018.
The income tax provision of $0.3 million for the
fourth quarter of fiscal 2019 reflected a provision for foreign
income taxes, which was lower than the prior year’s fourth quarter
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 fourth quarter included a provision for
foreign income taxes and no U.S. tax benefit due to the valuation
allowance recorded against the net operating loss.
Net loss for the fourth quarter of fiscal 2019
was $6.4 million, compared to a net income of $1.7 million in the
fourth quarter of fiscal 2018.
“We are pleased that our growth initiatives are
creating new revenue streams for the Company. Sales of our
ALTA750™ CT Tube in the fourth quarter of fiscal 2019 were the
highest since its introduction. Revenues resulting from our
investments in new power and microwave technologies continue to
increase significantly helping to offset the slowdown in the
semi-fab market, and Canvys continues to win new programs and
provide steady sales growth,” said Edward J. Richardson, Chairman,
Chief Executive Officer, and President.
Fiscal 2019 Results
Net sales for fiscal 2019 were $166.7 million,
an increase of 2.1%, compared to net sales of $163.2 million for
fiscal 2018. There were 52 weeks in fiscal 2019 compared to 53
weeks in fiscal 2018. Sales increased by $0.6 million or 0.5% for
PMT, $1.3 million or 4.8% for Canvys and $1.6 million or 18.8% for
Richardson Healthcare.
Gross margin decreased to $51.7 million for
fiscal 2019, compared to $55.1 million for fiscal 2018. As a
percentage of net sales, gross margin decreased to 31.0% of net
sales for fiscal 2019, compared to 33.7% of net sales for fiscal
2018, primarily as a result of an unfavorable product mix and under
absorption of manufacturing costs.
Operating expenses increased to $52.2 million
for fiscal 2019, compared to $51.7 million in fiscal 2018. The
increase was due to higher severance and legal expenses as well as
an increase in bad debt expense, which primarily related to a large
fiscal 2017 bad debt that was recovered and collected in fiscal
2018. These increases were mostly offset by lower incentive
compensation expense. Operating expenses as a percent of net sales
without the higher severance and legal costs as well as bad debt
expense related to the large recovery in 2018 decreased to 30.5% in
fiscal 2019 from 31.7% in fiscal 2018.
In the fourth quarter of fiscal year 2019, the
Company recorded a $6.3 million non-cash Goodwill Impairment
charge, which represented the full amount of Goodwill associated
with the IMES reporting unit. The impairment resulted from fourth
quarter events that decreased the forecasted future cash flows and
the fair value of the IMES reporting unit below its book value as
of the March 3, 2019 testing date.
Operating loss for fiscal 2019 was $6.8 million,
compared to an operating income of $3.6 million for fiscal 2018,
which included a $0.3 million gain on the disposal of assets.
Excluding the higher severance, legal fees and bad debt expense
related to the large recovery in 2018 as well as the Impairment of
Goodwill, the Company would have reported an operating income of
$0.8 million for fiscal 2019.
Other income for fiscal 2019, including interest
income and foreign exchange, was $0.5 million, compared to other
income of $0.2 million for fiscal 2018.
The income tax provision of $1.0 million for
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 $1.5 million for
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 fiscal 2019
was $7.3 million, compared to income from continuing operations of
$2.3 million for fiscal 2018. Excluding the higher severance, legal
costs and bad debt expense from the large recovery in 2018 as well
as the Impairment of Goodwill, there would have been income from
continuing operations of $0.3 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 fiscal 2019 was $7.3 million,
compared to a net income of $3.8 million inclusive of the tax
refund for 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
August 23, 2019, to common stockholders of record as of August 7,
2019.
Cash and investments at the end of fiscal 2019
were $50.0 million compared to $49.4 million at the end of the
third quarter of fiscal 2019 and $60.5 million at the end of fiscal
2018. The Company spent $0.7 million during the quarter on capital
expenditures primarily relating to equipment for Richardson
Healthcare and our IT system versus $1.0 million during the fourth
quarter of fiscal 2018. During the fourth 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 Thursday, July 25, 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 fourth quarter and fiscal year 2019
results. A question and answer session will be included as
part of the call’s agenda.
Step
1: |
Dial into the
conference |
|
Dial-in: 1-877-369-5230 or 1-617-668-3632 |
|
Access Code: 0421707## |
|
Need an international dial-in number? |
|
|
Step 2: |
Join the conference on your computer |
|
Entry Link:
https://ems8.intellor.com/login/816581 |
When you access the entry link above, you will be provided a
choice - to install the WebEx plug-in for your preferred browser or
to join the web conference using a temporary path. Either option is
acceptable.
Need urgent assistance? Call 1-301-250-7202
A replay of the call will be available beginning
at 11:00 a.m. CDT on July 26, 2019. The toll-free telephone
number for the replay is (877) 774-0327 or (302) 202-4127.
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) |
|
|
|
June 1, 2019 |
|
|
June 2, 2018 |
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
42,019 |
|
|
$ |
60,465 |
Accounts receivable, less allowance of $339 and $309,
respectively |
|
|
24,296 |
|
|
|
22,892 |
Inventories, net |
|
|
53,232 |
|
|
|
50,720 |
Prepaid expenses and other assets |
|
|
3,067 |
|
|
|
3,747 |
Investments - current |
|
|
8,000 |
|
|
|
— |
Total current assets |
|
|
130,614 |
|
|
|
137,824 |
Non-current assets: |
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
19,111 |
|
|
|
18,232 |
Goodwill |
|
|
— |
|
|
|
6,332 |
Intangible assets, net |
|
|
2,763 |
|
|
|
3,014 |
Non-current deferred income taxes |
|
|
529 |
|
|
|
927 |
Total non-current assets |
|
|
22,403 |
|
|
|
28,505 |
Total
assets |
|
$ |
153,017 |
|
|
$ |
166,329 |
Liabilities and
Stockholders’
Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
16,943 |
|
|
$ |
19,603 |
Accrued liabilities |
|
|
11,273 |
|
|
|
10,343 |
Total current liabilities |
|
|
28,216 |
|
|
|
29,946 |
Non-current liabilities: |
|
|
|
|
|
|
|
Non-current deferred income tax liabilities |
|
|
212 |
|
|
|
281 |
Other non-current liabilities |
|
|
832 |
|
|
|
921 |
Total non-current liabilities |
|
|
1,044 |
|
|
|
1,202 |
Total liabilities |
|
|
29,260 |
|
|
|
31,148 |
|
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
|
Common stock, $0.05 par value; issued and outstanding 10,957
shares at June 1, 2019 and 10,806 |
|
|
547 |
|
|
|
540 |
shares at June 2, 2018 |
|
|
|
|
|
|
|
Class B common stock, convertible, $0.05 par value; issued and
outstanding 2,097 shares at June 1, 2019 and 2,137 |
|
|
105 |
|
|
|
107 |
shares at June 2, 2018 |
|
|
|
|
|
|
|
Preferred stock, $1.00 par value, no shares issued |
|
|
— |
|
|
|
— |
Additional paid-in-capital |
|
|
61,012 |
|
|
|
60,061 |
Common stock in treasury, at cost, no shares at June 1, 2019 and
at June 2, 2018 |
|
|
— |
|
|
|
— |
Retained earnings |
|
|
59,703 |
|
|
|
70,107 |
Accumulated other comprehensive income |
|
|
2,390 |
|
|
|
4,366 |
Total stockholders’
equity |
|
|
123,757 |
|
|
|
135,181 |
Total liabilities and
stockholders’
equity |
|
$ |
153,017 |
|
|
$ |
166,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richardson Electronics, Ltd. |
|
Consolidated Statements of Comprehensive (Loss)
Income |
|
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
June 1, 2019 |
|
|
June 2, 2018 |
|
|
June 1, 2019 |
|
|
June 2, 2018 |
|
Statements of
Comprehensive (Loss) Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
42,163 |
|
|
$ |
45,490 |
|
|
$ |
166,652 |
|
|
$ |
163,212 |
|
Cost of sales |
|
|
29,651 |
|
|
|
29,997 |
|
|
|
114,917 |
|
|
|
108,130 |
|
Gross profit |
|
|
12,512 |
|
|
|
15,493 |
|
|
|
51,735 |
|
|
|
55,082 |
|
Selling, general and
administrative expenses |
|
|
12,535 |
|
|
|
13,706 |
|
|
|
52,156 |
|
|
|
51,729 |
|
Impairment of goodwill |
|
|
6,332 |
|
|
|
— |
|
|
|
6,332 |
|
|
|
— |
|
Gain on disposal of
business |
|
|
— |
|
|
|
(88 |
) |
|
|
— |
|
|
|
— |
|
Loss (gain) on disposal of
assets |
|
|
23 |
|
|
|
— |
|
|
|
23 |
|
|
|
(276 |
) |
Operating (loss) income |
|
|
(6,378 |
) |
|
|
1,875 |
|
|
|
(6,776 |
) |
|
|
3,629 |
|
Other (income) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment/interest income |
|
|
(138 |
) |
|
|
(54 |
) |
|
|
(540 |
) |
|
|
(432 |
) |
Foreign exchange (gain) loss |
|
|
(121 |
) |
|
|
(251 |
) |
|
|
84 |
|
|
|
224 |
|
Other, net |
|
|
(5 |
) |
|
|
(9 |
) |
|
|
(9 |
) |
|
|
(23 |
) |
Total other income |
|
|
(264 |
) |
|
|
(314 |
) |
|
|
(465 |
) |
|
|
(231 |
) |
(Loss) income from continuing
operations before income taxes |
|
|
(6,114 |
) |
|
|
2,189 |
|
|
|
(6,311 |
) |
|
|
3,860 |
|
Income tax provision |
|
|
263 |
|
|
|
450 |
|
|
|
1,017 |
|
|
|
1,534 |
|
(Loss) income from continuing
operations |
|
|
(6,377 |
) |
|
|
1,739 |
|
|
|
(7,328 |
) |
|
|
2,326 |
|
Income from discontinued
operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,496 |
|
Net (loss) income |
|
|
(6,377 |
) |
|
|
1,739 |
|
|
|
(7,328 |
) |
|
|
3,822 |
|
Foreign currency translation
(loss) gain, net of tax |
|
|
(736 |
) |
|
|
(2,417 |
) |
|
|
(1,976 |
) |
|
|
1,580 |
|
Fair value adjustments on
investments (loss) gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(130 |
) |
Comprehensive (loss)
income |
|
$ |
(7,113 |
) |
|
$ |
(678 |
) |
|
$ |
(9,304 |
) |
|
$ |
5,272 |
|
Net (loss) income per Common
share - Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing
operations |
|
$ |
(0.50 |
) |
|
$ |
0.14 |
|
|
$ |
(0.57 |
) |
|
$ |
0.18 |
|
Income from discontinued
operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.12 |
|
Total net (loss)
income per Common share - Basic: |
|
$ |
(0.50 |
) |
|
$ |
0.14 |
|
|
$ |
(0.57 |
) |
|
$ |
0.30 |
|
Net (loss) income per Class B
common share - Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing
operations |
|
$ |
(0.44 |
) |
|
$ |
0.12 |
|
|
$ |
(0.51 |
) |
|
$ |
0.16 |
|
Income from discontinued
operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.11 |
|
Total net (loss)
income per Class B common share - Basic: |
|
$ |
(0.44 |
) |
|
$ |
0.12 |
|
|
$ |
(0.51 |
) |
|
$ |
0.27 |
|
Net (loss) income per Common
share - Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing
operations |
|
$ |
(0.50 |
) |
|
$ |
0.14 |
|
|
$ |
(0.57 |
) |
|
$ |
0.18 |
|
Income from discontinued
operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.12 |
|
Total (loss) income
per Common share - Diluted: |
|
$ |
(0.50 |
) |
|
$ |
0.14 |
|
|
$ |
(0.57 |
) |
|
$ |
0.30 |
|
Net (loss) income per Class B
common share - Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing
operations |
|
$ |
(0.44 |
) |
|
$ |
0.12 |
|
|
$ |
(0.51 |
) |
|
$ |
0.16 |
|
Income from discontinued
operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.11 |
|
Total net (loss)
income per Class B common share - Diluted: |
|
$ |
(0.44 |
) |
|
$ |
0.12 |
|
|
$ |
(0.51 |
) |
|
$ |
0.27 |
|
Weighted average
number of shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares - Basic |
|
|
10,957 |
|
|
|
10,800 |
|
|
|
10,923 |
|
|
|
10,765 |
|
Class B common shares -
Basic |
|
|
2,097 |
|
|
|
2,137 |
|
|
|
2,106 |
|
|
|
2,137 |
|
Common shares - Diluted |
|
|
10,957 |
|
|
|
10,930 |
|
|
|
10,923 |
|
|
|
10,824 |
|
Class B common shares -
Diluted |
|
|
2,097 |
|
|
|
2,137 |
|
|
|
2,106 |
|
|
|
2,137 |
|
Dividends per common
share |
|
$ |
0.060 |
|
|
$ |
0.060 |
|
|
$ |
0.240 |
|
|
$ |
0.240 |
|
Dividends per Class B common
share |
|
$ |
0.054 |
|
|
$ |
0.054 |
|
|
$ |
0.220 |
|
|
$ |
0.220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richardson Electronics, Ltd. |
|
Consolidated Statements of Cash Flows |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|
|
|
June 1, 2019 |
|
|
June 2, 2018 |
|
Operating
activities: |
|
|
|
|
|
|
|
|
Net (loss)
income |
|
$ |
(7,328 |
) |
|
$ |
3,822 |
|
Adjustments to reconcile net
(loss) income to cash (used in) provided by operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,173 |
|
|
|
2,993 |
|
Inventory provisions |
|
|
1,076 |
|
|
|
773 |
|
Gain on sale of investments |
|
|
— |
|
|
|
(183 |
) |
Loss (gain) on disposal of assets |
|
|
23 |
|
|
|
(276 |
) |
Share-based compensation expense |
|
|
697 |
|
|
|
533 |
|
Deferred income taxes |
|
|
315 |
|
|
|
319 |
|
Impairment of goodwill |
|
|
6,332 |
|
|
|
— |
|
Change in assets and
liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(2,030 |
) |
|
|
(1,764 |
) |
Inventories |
|
|
(4,242 |
) |
|
|
(8,247 |
) |
Prepaid expenses and other assets |
|
|
622 |
|
|
|
(627 |
) |
Accounts payable |
|
|
(2,424 |
) |
|
|
3,457 |
|
Accrued liabilities |
|
|
1,097 |
|
|
|
1,906 |
|
Other |
|
|
126 |
|
|
|
246 |
|
Net cash (used in) provided by operating
activities |
|
|
(2,563 |
) |
|
|
2,952 |
|
Investing
activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(3,874 |
) |
|
|
(5,239 |
) |
Proceeds from sale of assets |
|
|
— |
|
|
|
374 |
|
Proceeds from maturity of investments |
|
|
9,800 |
|
|
|
12,315 |
|
Purchases of investments |
|
|
(17,800 |
) |
|
|
(3,943 |
) |
Proceeds from sales of available-for-sale securities |
|
|
— |
|
|
|
913 |
|
Purchases of available-for-sale securities |
|
|
— |
|
|
|
(265 |
) |
Other |
|
|
— |
|
|
|
(3 |
) |
Net cash (used in) provided by investing
activities |
|
|
(11,874 |
) |
|
|
4,152 |
|
Financing
activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock |
|
|
259 |
|
|
|
97 |
|
Cash dividends paid |
|
|
(3,076 |
) |
|
|
(3,048 |
) |
Net cash used in financing activities |
|
|
(2,817 |
) |
|
|
(2,951 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(1,192 |
) |
|
|
985 |
|
(Decrease) increase in cash and cash
equivalents |
|
|
(18,446 |
) |
|
|
5,138 |
|
Cash and cash equivalents at beginning of period |
|
|
60,465 |
|
|
|
55,327 |
|
Cash and cash equivalents at end of period |
|
$ |
42,019 |
|
|
$ |
60,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richardson
Electronics, Ltd. |
|
Net Sales
and Gross Profit |
|
For the
Fourth Quarter and Fiscal 2019 and Fiscal 2018 |
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Strategic Business Unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 FY 2019 |
|
|
|
|
|
Q4 FY 2018 |
|
% Change |
|
PMT |
|
$ |
32,080 |
|
|
|
|
|
$ |
37,240 |
|
|
-13.9 |
% |
Canvys |
|
|
7,343 |
|
|
|
|
|
|
6,626 |
|
|
10.8 |
% |
Healthcare |
|
|
2,740 |
|
|
|
|
|
|
1,624 |
|
|
68.7 |
% |
Total |
|
$ |
42,163 |
|
|
|
|
|
$ |
45,490 |
|
|
-7.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD FY 2019 |
|
|
|
|
|
YTD FY 2018 |
|
% Change |
|
PMT |
|
$ |
128,902 |
|
|
|
|
|
$ |
128,296 |
|
|
0.5 |
% |
Canvys |
|
|
27,968 |
|
|
|
|
|
|
26,683 |
|
|
4.8 |
% |
Healthcare |
|
|
9,782 |
|
|
|
|
|
|
8,233 |
|
|
18.8 |
% |
Total |
|
$ |
166,652 |
|
|
|
|
|
$ |
163,212 |
|
|
2.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
|
|
|
|
Q4 FY 2019 |
|
% of Net Sales |
|
|
Q4 FY 2018 |
|
% of Net Sales |
|
PMT |
|
$ |
9,734 |
|
|
30.3 |
% |
|
$ |
12,762 |
|
|
34.3 |
% |
Canvys |
|
|
2,359 |
|
|
32.1 |
% |
|
|
2,165 |
|
|
32.7 |
% |
Healthcare |
|
|
419 |
|
|
15.3 |
% |
|
|
566 |
|
|
34.9 |
% |
Total |
|
$ |
12,512 |
|
|
29.7 |
% |
|
$ |
15,493 |
|
|
34.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD FY 2019 |
|
% of Net Sales |
|
|
YTD FY 2018 |
|
% of Net Sales |
|
PMT |
|
$ |
40,254 |
|
|
31.2 |
% |
|
$ |
43,254 |
|
|
33.7 |
% |
Canvys |
|
|
9,085 |
|
|
32.5 |
% |
|
|
8,410 |
|
|
31.5 |
% |
Healthcare |
|
|
2,396 |
|
|
24.5 |
% |
|
|
3,418 |
|
|
41.5 |
% |
Total |
|
$ |
51,735 |
|
|
31.0 |
% |
|
$ |
55,082 |
|
|
33.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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