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Richardson Electronics Ltdde (RELL) SEC Filing 10-Q Quarterly report for the period ending Saturday, February 29, 2020

SEC Filings

RELL Quarterly Reports

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 THIRD QUARTER FISCAL 2020 OPERATING PROFIT AND DECLARES QUARTERLY CASH DIVIDEND

 

Canvys, PMG and CT Tube Revenues Grow Versus Q3 FY19

Q3 FY20 Highlights

 

Net sales of $38.2 million were down 2.0% from last year’s third quarter, primarily a result of lower sales in PMT from softness in the power grid tube business and the effect of the coronavirus on our China shipments. In addition, Healthcare sales were down overall due to continued lower equipment sales in Latin America.

 

Sales increased for PMG and Semiconductor Wafer Fabrication equipment products. Canvys sales increased by 3.5% and Healthcare CT tube revenues were up by 134.7%.

 

Gross margin increased to 33.1% of net sales versus 31.5% of net sales for the prior year’s third quarter due to product mix and manufacturing efficiencies.

 

Operating expenses decreased $0.4 million to $12.7 million compared to prior year.

 

Operating income was $11,000 compared to an operating loss of $0.8 million in last year’s third quarter.

 

Cash and investments were $43.9 million at February 29, 2020 versus $46.1 million at the end of the second quarter of this fiscal year.

 

Manufacturing and distribution operations considered “essential businesses” under current coronavirus shelter-in-place directives; minimal disruption to manufacturing and distribution capacity.

 

LaFox, IL, APRIL 8, 2020: Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its third quarter ended February 29, 2020. 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 2020 decreased 2.0% to $38.2 million compared to net sales of $39.0 million in the prior year’s third quarter. Canvys sales increased by $0.3 million or 3.5% due to higher demand in its North American market. Sales of semiconductor wafer fab equipment specialty products also increased from last year’s third quarter. Although PMT sales benefited from higher sales of power conversion and RF and microwave components, overall sales for PMT decreased $0.7 million or 2.5%. This was primarily due to economic softness in the power grid tube market and lower sales in China

 


The following information was filed by Richardson Electronics Ltdde (RELL) on Wednesday, April 8, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Richardson Electronics Ltdde's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Richardson Electronics Ltdde's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Unaudited Consolidated Statement Of Stockholders' Equity
Unaudited Consolidated Statement Of Stockholders' Equity (Parenthetical)
Unaudited Consolidated Statements Of Cash Flows
Unaudited Consolidated Statements Of Comprehensive Loss
Basis Of Presentation
Calculation Of Earnings Per Share
Calculation Of Earnings Per Share (Tables)
Calculation Of Earnings Per Share - Additional Information (Details)
Calculation Of Earnings Per Share - Schedule Of Earnings Per Share (Details)
Critical Accounting Policies And Estimates
Critical Accounting Policies And Estimates (Policies)
Critical Accounting Policies And Estimates (Tables)
Critical Accounting Policies And Estimates - Additional Information (Details)
Critical Accounting Policies And Estimates - Schedule Of Accrued Liabilities (Details)
Description Of The Company
Description Of The Company - Additional Information (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Schedule Of Investment Measured At Fair Value On A Recurring Basis (Details)
Income Taxes
Income Taxes - Additional Information (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Details)
Intangible Assets - Schedule Of Intangible Assets Subject To Amortization (Details)
Intangible Assets - Schedule Of The Amortization Expense For The Next Five Years (Details)
Investments
Investments - Additional Information (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 - Components Of Lease Costs (Details)
Lease Obligations, Other Commitments, And Contingencies - Schedule Of Cash Outflows Of Leasing Activity (Details)
Lease Obligations, Other Commitments, And Contingencies - Schedule Of Future Minimum Lease Payments Under Operating And Financing Leases (Details)
Lease Obligations, Other Commitments, And Contingencies - Schedule Of Gross Amount Assets And Liabilities Related To Operating And Financing Leases (Details)
Lease Obligations, Other Commitments, And Contingencies - Schedule Of Weighted Average Lease Terms And Interest Rates Of Leases (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 Reporting
Segment Reporting (Tables)
Segment Reporting - Additional Information (Details)
Segment Reporting - Schedule Of Net Sales And Gross Profit By Geographic Region (Details)
Segment Reporting - Schedule Of Operating Results By Segment (Details)
Subsequent Event
Warranties
Warranties - Additional Information (Details)

Material Contracts, Statements, Certifications & more

Richardson Electronics Ltdde provided additional information to their SEC Filing as exhibits

Ticker: RELL
CIK: 355948
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-016045
Submitted to the SEC: Thu Apr 09 2020 12:02:41 PM EST
Accepted by the SEC: Thu Apr 09 2020
Period: Saturday, February 29, 2020
Industry: Wholesale Electronic Parts And Equipment

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