Richardson Electronics, Ltd. (NASDAQ:RELL) today reported financial
results for its fourth quarter and fiscal year ended June 2, 2018.
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 2018
increased 21.8% to $45.5 million compared to net sales of $37.4
million in the prior year’s fourth quarter. Sales increased $8.4
million for PMT and $1.0 million for Canvys. PMT sales were higher
in power conversion and RF and microwave components, industrial
power grid tubes and specialty products sold into the semiconductor
wafer fabrication capital equipment market. Sales increased for
Canvys due to new program wins and higher overall demand across
both the U.S. and Europe. Sales decreased for Richardson Healthcare
by $1.3 million due to the sale of the PACS Display business at the
end of fiscal 2017 and lower sales of pre-owned CT Tubes. However,
at the end of the quarter, the Healthcare group released its first
CT Tube, making Richardson Electronics one of a small group of
global companies with the design and manufacturing capabilities
necessary to successfully produce CT Tubes. This capability is the
cornerstone for expanding the Company’s presence in the healthcare
market.
Gross margin increased to $15.5 million, or
34.1% of net sales during the fourth quarter of fiscal 2018,
compared to $12.0 million, or 32.1% of net sales during the fourth
quarter of fiscal 2017. Margin increased as a percent of net sales
primarily due to an improved product mix in both PMT and Canvys.
Richardson Healthcare margin as a percent of net sales also
increased primarily due to the sale of its lower margin PACS
Display business.
Operating expenses increased to $13.7 million
for the fourth quarter of fiscal 2018, compared to $12.2 million
for the fourth quarter of fiscal 2017. This increase was a result
of additional compensation and other expenses primarily related to
the increase in net sales as well as higher research and
development and other expenses for Richardson Healthcare. Operating
expenses as a percent of net sales decreased to 30.1% in the
current quarter from 32.5% last year.
Including a small gain on disposal of assets,
the Company reported $1.9 million of operating income for the
fourth quarter of fiscal 2018 compared to operating income of
$39,000 in the prior year’s fourth quarter.
Other income for the fourth quarter of fiscal
2018, primarily foreign exchange, was $0.3 million, compared to
other expense of $0.2 million for the fourth quarter of fiscal
2017.
The income tax provision of $0.5 million for the
fourth quarter of fiscal 2018 reflected a provision for foreign
income taxes based on the current quarter’s geographical
distribution of income and adjustments from foreign income tax
returns recently filed.
Net income for the fourth quarter of fiscal 2018
was $1.7 million, compared to a net loss of $0.1 million in the
fourth quarter of 2017.
Fiscal 2018 Results
Net sales for fiscal 2018 were $163.2 million,
an increase of 19.2%, compared to net sales of $136.9 million for
fiscal 2017. Sales increased by $24.1 million for PMT and
$6.1 million for Canvys. These increases were partially offset by a
$3.9 million decrease for Richardson Healthcare, which was due to
the divestiture of the PACS Display business at the end of fiscal
2017.
Gross profit increased to $55.1 million,
compared to $43.9 million for fiscal 2017. As a percentage of net
sales, gross margin increased to 33.7% of net sales during fiscal
2018, compared to 32.1% of net sales of fiscal 2017, mostly a
result of an improved product mix.
Operating expenses increased to $51.7 million
for fiscal 2018, compared to $49.9 million for fiscal 2017, which
included $1.3 million in severance expense associated with the
reduction in work force during the second quarter of fiscal 2017.
The increase was due to additional compensation and other expenses
mostly related to the higher net sales in PMT and Canvys as well as
increased research and development and other expenses for
Richardson Healthcare.
In addition, during fiscal 2018, we recorded a
$0.3 million total gain on the sale of our building in Florence,
Italy and the disposal of old assets in LaFox. Operating income for
fiscal 2018 was $3.6 million, compared to an operating loss of $5.8
million for fiscal 2017.
Other income for fiscal 2018, including foreign
exchange and investment income, was $0.2 million, compared to other
expense of $0.4 million for fiscal 2017.
The income tax provision of $1.5 million during
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. During the third quarter of fiscal 2018, the company
calculated its estimated tax liability as a result of the recently
enacted Tax Cut and Jobs Act. The $11.2 million liability was
entirely offset by newly generated foreign tax credits and foreign
tax credit carryforwards. In addition, the company wrote down $1.6
million of its net operating loss carryforwards and other deferred
tax assets against the valuation allowance due to the reduction in
the federal tax rate.
Income from continuing operations for fiscal
2018 was $2.3 million, compared to a loss from continuing
operations of $6.9 million in 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 fiscal 2018 was $3.8 million,
compared to a net loss of $6.9 million for 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
August 23, 2018, to common stockholders of record on August 7,
2018.
Cash and investments at the end of fiscal 2018
were $60.5 million compared to $60.1 million at the end of the
third quarter of fiscal 2018 and $64.2 million at the end of fiscal
2017. During the fourth 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 $23.3 million on dividends and $9.2
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 income of
$1.9 million for the fourth quarter of fiscal 2018 as compared to a
$39,000 operating income in the fourth quarter of fiscal 2017,”
said Edward J. Richardson, Chairman, Chief Executive Officer, and
President. “Consolidated net sales grew by nearly 22% in the fourth
quarter of fiscal 2018 along with a significant improvement in
gross margin, which was driven by a favorable global economy and
the success of our growth initiatives. All three of our strategic
business units did well in fiscal 2018. We are particularly excited
about the recent introduction of our new ALTA750™ CT Tube and plan
to aggressively market it worldwide,” Mr. Richardson
concluded.
CONFERENCE CALL INFORMATION
On Thursday, July 26, 2018, 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 2018
results. 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 21359665 approximately five minutes
prior to the start of the call. A replay of the call will be
available beginning at 12:00 a.m. CDT on July 27, 2018, for seven
days. The telephone numbers for the replay are (USA) (888) 286-8010
and (International) (617) 801-6888; passcode 50687569.
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; 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.Audited Consolidated Balance
Sheets(in thousands, except per share amounts)
|
|
June 2, 2018 |
|
May 27, 2017 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
60,465 |
|
|
$ |
55,327 |
|
Accounts
receivable, less allowance of $309 and $398, respectively |
|
|
22,892 |
|
|
|
20,782 |
|
Inventories, net |
|
|
50,720 |
|
|
|
42,749 |
|
Prepaid
expenses and other assets |
|
|
3,747 |
|
|
|
3,070 |
|
Investments - current |
|
|
— |
|
|
|
6,429 |
|
Total current assets |
|
|
137,824 |
|
|
|
128,357 |
|
Non-current assets: |
|
|
|
|
|
|
|
|
Property,
plant and equipment, net |
|
|
18,232 |
|
|
|
15,813 |
|
Goodwill |
|
|
6,332 |
|
|
|
6,332 |
|
Intangible assets, net |
|
|
3,014 |
|
|
|
3,441 |
|
Non-current deferred income taxes |
|
|
927 |
|
|
|
1,102 |
|
Investments - non-current |
|
|
— |
|
|
|
2,419 |
|
Total non-current assets |
|
|
28,505 |
|
|
|
29,107 |
|
Total
assets |
|
$ |
166,329 |
|
|
$ |
157,464 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
19,603 |
|
|
$ |
15,933 |
|
Accrued
liabilities |
|
|
10,343 |
|
|
|
8,311 |
|
Total current liabilities |
|
|
29,946 |
|
|
|
24,244 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
Non-current deferred income tax liabilities |
|
|
281 |
|
|
|
158 |
|
Other
non-current liabilities |
|
|
921 |
|
|
|
735 |
|
Total non-current liabilities |
|
|
1,202 |
|
|
|
893 |
|
Total liabilities |
|
|
31,148 |
|
|
|
25,137 |
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
Common
stock, $0.05 par value; issued and outstanding 10,806 shares at
June 2, 2018 and 10,712 shares at May 27, 2017 |
|
|
540 |
|
|
|
535 |
|
Class B
common stock, convertible, $0.05 par value; issued and outstanding
2,137 shares at June 2, 2018 and May 27, 2017 |
|
|
107 |
|
|
|
107 |
|
Preferred
stock, $1.00 par value, no shares issued |
|
|
— |
|
|
|
— |
|
Additional paid-in-capital |
|
|
60,061 |
|
|
|
59,436 |
|
Common
stock in treasury, at cost, no shares at June 2, 2018 and at May
27, 2017 |
|
|
— |
|
|
|
— |
|
Retained
earnings |
|
|
70,107 |
|
|
|
69,333 |
|
Accumulated other comprehensive income |
|
|
4,366 |
|
|
|
2,916 |
|
Total stockholders’ equity |
|
|
135,181 |
|
|
|
132,327 |
|
Total
liabilities and stockholders’ equity |
|
$ |
166,329 |
|
|
$ |
157,464 |
|
|
|
|
|
|
|
|
|
|
Richardson Electronics,
Ltd.Consolidated Statements of Comprehensive
Income (Loss)(in thousands, except per share amounts)
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
June 2, 2018 |
|
May 27, 2017 |
|
|
June 2,2018 |
|
May 27, 2017 |
|
Statements of Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
45,490 |
|
|
$ |
37,359 |
|
|
$ |
163,212 |
|
|
$ |
136,872 |
|
Cost of
sales |
|
|
29,997 |
|
|
|
25,372 |
|
|
|
108,130 |
|
|
|
92,989 |
|
Gross profit |
|
|
15,493 |
|
|
|
11,987 |
|
|
|
55,082 |
|
|
|
43,883 |
|
Selling,
general and administrative expenses |
|
|
13,706 |
|
|
|
12,157 |
|
|
|
51,729 |
|
|
|
49,854 |
|
Gain on
disposal of business |
|
|
— |
|
|
|
(209 |
) |
|
|
— |
|
|
|
(209 |
) |
Gain on
disposal of assets |
|
|
(88 |
) |
|
|
— |
|
|
|
(276 |
) |
|
|
— |
|
Operating income (loss) |
|
|
1,875 |
|
|
|
39 |
|
|
|
3,629 |
|
|
|
(5,762 |
) |
Other
(income) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment/interest income |
|
|
(54 |
) |
|
|
(105 |
) |
|
|
(432 |
) |
|
|
(234 |
) |
Foreign
exchange (gain) loss |
|
|
(251 |
) |
|
|
301 |
|
|
|
224 |
|
|
|
612 |
|
Other,
net |
|
|
(9 |
) |
|
|
(24 |
) |
|
|
(23 |
) |
|
|
(24 |
) |
Total
other (income) expense |
|
|
(314 |
) |
|
|
172 |
|
|
|
(231 |
) |
|
|
354 |
|
Income (loss)
from continuing operations before income taxes |
|
|
2,189 |
|
|
|
(133 |
) |
|
|
3,860 |
|
|
|
(6,116 |
) |
Income tax
provision (benefit) |
|
|
450 |
|
|
|
(8 |
) |
|
|
1,534 |
|
|
|
812 |
|
Income (loss)
from continuing operations |
|
|
1,739 |
|
|
|
(125 |
) |
|
|
2,326 |
|
|
|
(6,928 |
) |
Income from
discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
1,496 |
|
|
|
— |
|
Net income (loss) |
|
|
1,739 |
|
|
|
(125 |
) |
|
|
3,822 |
|
|
|
(6,928 |
) |
Foreign
currency translation gain (loss), net of tax |
|
|
(2,417 |
) |
|
|
1,826 |
|
|
|
1,580 |
|
|
|
90 |
|
Fair value
adjustments on investments gain (loss) |
|
|
— |
|
|
|
14 |
|
|
|
(130 |
) |
|
|
54 |
|
Comprehensive (loss) income |
|
$ |
(678 |
) |
|
$ |
1,715 |
|
|
$ |
5,272 |
|
|
$ |
(6,784 |
) |
Net income
(loss) per Common share - Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations |
|
$ |
0.14 |
|
|
$ |
(0.01 |
) |
|
$ |
0.18 |
|
|
$ |
(0.55 |
) |
Income from
discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
0.12 |
|
|
|
— |
|
Total
net income (loss) per Common share - Basic: |
|
$ |
0.14 |
|
|
$ |
(0.01 |
) |
|
$ |
0.30 |
|
|
$ |
(0.55 |
) |
Net income
(loss) per Class B common share - Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations |
|
$ |
0.12 |
|
|
$ |
(0.01 |
) |
|
$ |
0.16 |
|
|
$ |
(0.49 |
) |
Income from
discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
0.11 |
|
|
|
— |
|
Total
net income (loss) per Class B common share - Basic: |
|
$ |
0.12 |
|
|
$ |
(0.01 |
) |
|
$ |
0.27 |
|
|
$ |
(0.49 |
) |
Net income
(loss) per Common share - Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations |
|
$ |
0.14 |
|
|
$ |
(0.01 |
) |
|
$ |
0.18 |
|
|
$ |
(0.55 |
) |
Income from
discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
0.12 |
|
|
|
— |
|
Total
income (loss) per Common share - Diluted: |
|
$ |
0.14 |
|
|
$ |
(0.01 |
) |
|
$ |
0.30 |
|
|
$ |
(0.55 |
) |
Net income
(loss) per Class B common share - Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations |
|
$ |
0.12 |
|
|
$ |
(0.01 |
) |
|
$ |
0.16 |
|
|
$ |
(0.49 |
) |
Income from
discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
0.11 |
|
|
|
— |
|
Total
net income (loss) per Class B common share - Diluted: |
|
$ |
0.12 |
|
|
$ |
(0.01 |
) |
|
$ |
0.27 |
|
|
$ |
(0.49 |
) |
Weighted average number of shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
– Basic |
|
|
10,800 |
|
|
|
10,709 |
|
|
|
10,765 |
|
|
|
10,705 |
|
Class B
common shares – Basic |
|
|
2,137 |
|
|
|
2,140 |
|
|
|
2,137 |
|
|
|
2,140 |
|
Common shares
– Diluted |
|
|
10,930 |
|
|
|
10,709 |
|
|
|
10,824 |
|
|
|
10,705 |
|
Class B
common shares – Diluted |
|
|
2,137 |
|
|
|
2,140 |
|
|
|
2,137 |
|
|
|
2,140 |
|
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.Audited Consolidated Statements of Cash
Flows(in thousands)
|
|
Fiscal Year Ended |
|
|
June 2, 2018 |
|
May 27, 2017 |
Operating activities: |
|
|
|
|
|
|
|
|
Net
income (loss) |
|
$ |
3,822 |
|
|
$ |
(6,928 |
) |
Adjustments
to reconcile net income (loss) to cash provided by (used in)
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,993 |
|
|
|
2,740 |
|
Inventory
provisions |
|
|
773 |
|
|
|
456 |
|
Loss
(gain) on sale of investments |
|
|
(183 |
) |
|
|
(6 |
) |
Gain on
disposal of business |
|
|
— |
|
|
|
(209 |
) |
Gain on
disposal of assets |
|
|
(276 |
) |
|
|
— |
|
Share-based compensation expense |
|
|
533 |
|
|
|
437 |
|
Deferred
income taxes |
|
|
319 |
|
|
|
(55 |
) |
Change in
assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(1,764 |
) |
|
|
4,167 |
|
Income
tax receivable |
|
|
— |
|
|
|
17 |
|
Inventories |
|
|
(8,247 |
) |
|
|
2,408 |
|
Prepaid
expenses and other assets |
|
|
(627 |
) |
|
|
(1,318 |
) |
Accounts
payable |
|
|
3,457 |
|
|
|
1,037 |
|
Accrued
liabilities |
|
|
1,906 |
|
|
|
(699 |
) |
Long-term
liabilities-accrued pension |
|
|
— |
|
|
|
(249 |
) |
Other |
|
|
246 |
|
|
|
11 |
|
Net cash provided by operating
activities |
|
|
2,952 |
|
|
|
1,809 |
|
Investing activities: |
|
|
|
|
|
|
|
|
Capital
expenditures |
|
|
(5,239 |
) |
|
|
(5,221 |
) |
Proceeds
from sales of assets |
|
|
374 |
|
|
|
— |
|
Proceeds
from maturity of investments |
|
|
12,315 |
|
|
|
3,582 |
|
Purchases
of investments |
|
|
(3,943 |
) |
|
|
(2,136 |
) |
Proceeds
from sales of available-for-sale securities |
|
|
913 |
|
|
|
306 |
|
Purchases
of available-for-sale securities |
|
|
(265 |
) |
|
|
(306 |
) |
Other |
|
|
(3 |
) |
|
|
(12 |
) |
Net cash provided by (used in) investing
activities |
|
|
4,152 |
|
|
|
(3,787 |
) |
Financing activities: |
|
|
|
|
|
|
|
|
Proceeds
from issuance of common stock |
|
|
97 |
|
|
|
30 |
|
Cash
dividends paid |
|
|
(3,048 |
) |
|
|
(3,031 |
) |
Net cash used in financing activities |
|
|
(2,951 |
) |
|
|
(3,001 |
) |
Effect of
exchange rate changes on cash and cash equivalents |
|
|
985 |
|
|
|
(148 |
) |
Increase (decrease) in cash and cash
equivalents |
|
|
5,138 |
|
|
|
(5,127 |
) |
Cash and
cash equivalents at beginning of period |
|
|
55,327 |
|
|
|
60,454 |
|
Cash and cash equivalents at end of
period |
|
$ |
60,465 |
|
|
$ |
55,327 |
|
|
|
|
|
|
|
|
|
|
Richardson Electronics,
Ltd.Net Sales and Gross ProfitFor
the Fourth Quarter and Fiscal 2018 and Fiscal
2017 (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By
Strategic Business Unit: |
|
|
|
Net
Sales |
|
|
|
Q4 |
|
|
|
Q4 |
|
% Change |
FY 2018 |
FY 2017 |
PMT |
|
$ |
37,240 |
|
|
|
|
|
|
$ |
28,853 |
|
|
|
29.1 |
% |
Canvys |
|
|
6,626 |
|
|
|
|
|
|
|
5,651 |
|
|
|
17.3 |
% |
Healthcare |
|
|
1,624 |
|
|
|
|
|
|
|
2,855 |
|
|
|
-43.1 |
% |
Total |
|
$ |
45,490 |
|
|
|
|
|
|
$ |
37,359 |
|
|
|
21.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD |
|
|
|
YTD |
|
% Change |
FY 2018 |
FY 2017 |
PMT |
|
$ |
128,296 |
|
|
|
|
|
|
$ |
104,226 |
|
|
|
23.1 |
% |
Canvys |
|
|
26,683 |
|
|
|
|
|
|
|
20,534 |
|
|
|
29.9 |
% |
Healthcare |
|
|
8,233 |
|
|
|
|
|
|
|
12,112 |
|
|
|
-32.0 |
% |
Total |
|
$ |
163,212 |
|
|
|
|
|
|
$ |
136,872 |
|
|
|
19.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
|
Q4 |
|
% of Net Sales |
|
Q4 |
|
% of Net Sales |
FY 2018 |
FY 2017 |
PMT |
|
$ |
12,762 |
|
|
|
34.3 |
% |
|
$ |
9,579 |
|
|
|
33.2 |
% |
Canvys |
|
|
2,165 |
|
|
|
32.7 |
% |
|
|
1,530 |
|
|
|
27.1 |
% |
Healthcare |
|
|
566 |
|
|
|
34.9 |
% |
|
|
878 |
|
|
|
30.8 |
% |
Total |
|
$ |
15,493 |
|
|
|
34.1 |
% |
|
$ |
11,987 |
|
|
|
32.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD |
|
% of Net Sales |
|
YTD |
|
% of Net Sales |
FY 2018 |
FY 2017 |
PMT |
|
$ |
43,254 |
|
|
|
33.7 |
% |
|
$ |
33,382 |
|
|
|
32.0 |
% |
Canvys |
|
|
8,410 |
|
|
|
31.5 |
% |
|
|
5,752 |
|
|
|
28.0 |
% |
Healthcare |
|
|
3,418 |
|
|
|
41.5 |
% |
|
|
4,749 |
|
|
|
39.2 |
% |
Total |
|
$ |
55,082 |
|
|
|
33.7 |
% |
|
$ |
43,883 |
|
|
|
32.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For Details
Contact: |
|
|
Edward J.
Richardson |
|
Robert J.
Ben |
Chairman and CEO
|
|
EVP &
CFO |
Phone: (630)
208-2205 |
|
(630) 208-2203
|
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