RICHARDSON ELECTRONICS LTDDE (RELL) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 2, 2017
|For Immediate Release||40W267 Keslinger Road|
|PO Box 393|
|For Details Contact:||LaFox, IL 60147-0393|
|Ed Richardson||David J. DeNeve||USA|
|Chairman and Chief Executive Officer||Senior Vice President and||Phone: (630) 208-2200|
|Richardson Electronics, Ltd.||Chief Financial Officer||Fax: (630) 208-2550|
|Phone: (630) 208-2340||Richardson Electronics, Ltd.|
Richardson Reports Record Second Quarter Sales, a 6.4% Increase over Prior Year
LaFox, IL, Wednesday, January 10, 2007: Richardson Electronics, Ltd. (NASDAQ: RELL) announced today results for its fiscal second quarter ended December 2, 2006. Sales in the quarter were $165.8 million, an increase of 6.4% from the second quarter of fiscal 2006. Gross profit improved 2.7% to $40.6 million, or 24.5% of net sales in the second quarter of fiscal 2007 as compared with $39.5 million in the same quarter last year. The prior years second quarter included a $0.9 million favorable adjustment to warranty expense which improved gross margin from 24.7% to 25.4% last fiscal year.
SG&A expenses in the second quarter of fiscal 2007 included restructuring expense of $0.6 million related to the implementation of the fiscal 2007 global restructuring plan and stock compensation expense of $0.3 million related to Statement of Financial Accounting Standards No. 123(R) which was adopted in the first quarter of fiscal 2007. Operating income decreased to $4.1 million in the second quarter of fiscal 2007 from $7.2 million in the prior year period. SG&A as a percentage of net sales increased to 21.8% of sales in the second quarter of fiscal 2007 as compared with 20.7% of sales in the same quarter last year. Other expense included a foreign exchange gain of $0.2 million during the second quarter of fiscal 2007 as compared to a foreign exchange loss of $3.8 million last year. The foreign exchange variance was due to the weakening of the U.S. dollar, primarily related to receivables due from foreign subsidiaries to the U.S. parent company and denominated in foreign currencies.
Net income was $1.1 million in the second quarter of fiscal 2007, or $0.06 per diluted common share, as compared with net income of $0.3 million, or $0.02 per diluted common share, in the second quarter last fiscal year. Excluding the restructuring expense of $0.6 million and the stock compensation expense of $0.3 million, net income was $2.0 million in the second quarter of fiscal 2007, or $0.11 per diluted common share. We present these adjusted net income figures because we did not incur restructuring or stock compensation expenses in the second quarter of fiscal 2006 and believe that such presentation is useful for comparative purposes.
The following information was filed by RICHARDSON ELECTRONICS LTDDE on Tuesday, January 16, 2007 as an 8K 2.02 statement, which is a press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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- Form Type: Quarterly
- Number of times amended: 0
- Accession Number: 0001387131-17-005033
- Submitted to the SEC: Thursday, October 12, 2017
- Accepted by the SEC: Thursday, October 12, 2017
- Period Ending: September 2017
RICHARDSON ELECTRONICS LTDDE
$6.53 to $6.71
$5.31 to $6.87
Earnings per Share:
PEG / Short / PE Ratios:
-2.20 / 2.58 / N/A