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8-K - 8-K - RICHARDSON ELECTRONICS LTD/DErell-8k_20210407.htm

Exhibit 99.1

Press Release

For Immediate Release

 

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

 

 

RICHARDSON ELECTRONICS REPORTS THIRD QUARTER FISCAL 2021 NET INCOME OF $0.2 MILLION AND NON-GAAP NET INCOME* OF $1.8 MILLION; DECLARES QUARTERLY CASH DIVIDEND

 

        Healthcare, PMG and Semiconductor Wafer Fab Revenues Grow Versus Q3 FY20; Higher

     ALTA750 TM Tube Sales

Q3 and FY21 Highlights

 

Net sales of $45.2 million were up 18.3% from last year’s third quarter and up 6.6% over the second quarter of fiscal 2021.

 

Sales increased for Healthcare, PMG and Semiconductor Wafer Fabrication Equipment products in the third quarter of fiscal 2021 versus the third quarter of fiscal 2020.

 

Gross margin improved to 34.9% of net sales for the third quarter of fiscal 2021 versus 33.1% of net sales in the prior year’s third quarter due to a favorable product mix.

 

Operating expenses increased $2.8 million to $15.5 million compared to the prior year’s third quarter. This increase included a one-time cost of $1.6 million for a legal settlement with Varex Imaging Corporation. Richardson did not admit liability, but wanted to move forward selling its ALTA750 TM tubes and avoid further legal expenses. Employee incentive expense also increased due to the substantially improved performance and legal fees increased by $0.3 million.

 

Operating income was $0.3 million and Non-GAAP operating income* was $1.9 million compared to an operating income of $11,000 in last year’s third quarter.

 

Earnings per common share (diluted) was $0.02 and Non-GAAP earnings per common share (diluted)* was $0.14 for the third quarter of fiscal 2021.

 

Cash and investments were $47.4 million as of February 27, 2021 versus $46.0 million on November 28, 2020 and $43.9 million on February 29, 2020.

 

LaFox, IL, APRIL 7, 2021: 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 TM 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 Profit

For 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

)