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Richardson Electronics Ltdde (RELL) SEC Filing 10-K Annual report for the fiscal year ending Saturday, June 1, 2019

Richardson Electronics Ltdde

CIK: 355948 Ticker: RELL

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 FOURTH QUARTER AND FISCAL 2019 RESULTS AND DECLARES QUARTERLY CASH DIVIDEND

 

Fiscal Year 2019 Revenue Increases over Fiscal Year 2018; Growth across all three Business Units

LaFox, IL, July 24, 2019:

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 TM 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.


The following information was filed by Richardson Electronics Ltdde (RELL) on Wednesday, July 24, 2019 as an 8K 2.02 statement, which is an earnings 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Richardson Electronics Ltdde's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Audited Consolidated Balance Sheets
Audited Consolidated Balance Sheets (Parenthetical)
Audited Consolidated Statements Of Cash Flows
Audited Consolidated Statements Of Comprehensive (Loss) Income
Audited Consolidated Statements Of Stockholders' Equity
Audited Consolidated Statements Of Stockholders' Equity (Parenthetical)
Basis Of Presentation
Description Of The Company
Description Of The Company - Additional Information (Details)
Discontinued Operations
Discontinued Operations - Additional Information (Details)
Employee Benefit Plans
Employee Benefit Plans - Additional Information (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Schedule Of Investments Measured At Fair Value On A Recurring Basis (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Schedule Of Intangible Assets Subject To Amortization (Details)
Goodwill And Intangible Assets - Schedule Of The Amortization Expense For The Next Five Years (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Schedule Of Income Before Income Tax, Domestic And Foreign (Details)
Income Taxes - Schedule Of Unrecognized Tax Benefits (Details)
Lease Obligations, Other Commitments, And Contingencies
Lease Obligations, Other Commitments, And Contingencies (Tables)
Lease Obligations, Other Commitments, And Contingencies - Additional Information (Details)
Lease Obligations, Other Commitments, And Contingencies - Schedule Of Future Lease Commitments For Minimum Rentals, Including Common Area Maintenance Charges And Property Taxes (Details)
Litigation
Related Party Transaction
Related Party Transaction - Additional Information (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Details)
Revenue Recognition - Schedule Of Contract Liabilities And Revenue Recognized (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Additional Information (Details)
Segment And Geographic Information - Schedule Of Net Assets By Geographic Region (Details)
Segment And Geographic Information - Schedule Of Net Sales And Gross Profit By Geographic Region (Details)
Segment And Geographic Information - Schedule Of Operating Results By Segment (Details)
Segment And Geographic Information - Schedule Of Reconciliation Of Assets From Segment To Consolidated (Details)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Tables)
Selected Quarterly Financial Data (Unaudited) - Schedule Of Quarterly Financial Information (Details)
Selected Quarterly Financial Data (Unaudited) - Schedule Of Quarterly Financial Information (Parenthetical) (Details)
Significant Accounting Policies And Disclosures
Significant Accounting Policies And Disclosures (Policies)
Significant Accounting Policies And Disclosures (Tables)
Significant Accounting Policies And Disclosures - Additional Information (Details)
Significant Accounting Policies And Disclosures - Schedule Of Accrued Liabilities (Details)
Significant Accounting Policies And Disclosures - Schedule Of Earnings Per Share (Details)
Significant Accounting Policies And Disclosures - Schedule Of Property Plant And Equipment Estimated Useful Lives (Details)
Significant Accounting Policies And Disclosures - Schedule Of Property, Plant And Equipment (Details)
Significant Accounting Policies And Disclosures - Schedule Of Restricted Stock Award Transactions (Details)
Significant Accounting Policies And Disclosures - Schedule Of Share-Based Compensation, Shares Outstanding Under Stock Option Plans, By Exercise Price Range (Details)
Significant Accounting Policies And Disclosures - Schedule Of Share-Based Compensation, Stock Options, Activity (Details)
Significant Accounting Policies And Disclosures - Schedule Of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details)
Significant Accounting Policies And Disclosures - Schedule Of Warranty Reserve (Details)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Tables)
Valuation And Qualifying Accounts - Schedule Of Valuation And Qualifying Accounts Disclosure (Details)
Valuation And Qualifying Accounts - Schedule Of Valuation And Qualifying Accounts Disclosure (Parenthetical) (Details)
Ticker: RELL
CIK: 355948
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-028701
Submitted to the SEC: Mon Aug 05 2019 11:01:49 AM EST
Accepted by the SEC: Mon Aug 05 2019
Period: Saturday, June 1, 2019
Industry: Wholesale Electronic Parts And Equipment

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