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Richardson Electronics Ltdde (RELL) SEC Filing 10-K Annual report for the fiscal year ending Saturday, May 30, 2020

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 2020 RESULTS AND DECLARES QUARTERLY CASH DIVIDEND

 

North America Display and Semiconductor Wafer Fab Revenues Grow Versus Q4 FY19

Q4 and FY20 Highlights

 

Net sales of $37.4 million were down 11.4% from last year’s fourth quarter, primarily due to the COVID-19 impact on all three of our strategic business units.

 

Sales increased for Canvys display solutions in North America and Semiconductor Wafer Fabrication equipment products in the fourth quarter of fiscal 2020.

 

Gross margin increased to 30.4% of net sales versus 29.7% of net sales in the prior year’s fourth quarter due to an improved product mix and manufacturing efficiencies for PMT.

 

Operating expenses increased $0.1 million to $12.7 million compared to the prior year’s fourth quarter.

 

Operating loss was $1.3 million compared to an operating loss of $6.4 million in last year’s fourth quarter, which included a non-cash goodwill impairment charge of $6.3 million.

 

Net sales for fiscal 2020 were $155.9 million, compared to $166.7 million in fiscal 2019, or a decrease of 6.5%.

 

Operating loss for fiscal 2020 was $1.7 million, as compared to $6.8 million, inclusive of the goodwill impairment charge, in fiscal 2019.

 

Cash and investments were $46.5 million as of May 30, 2020 versus $43.9 million at the end of the third quarter of this fiscal year and $50.0 million as of June 1, 2019. The use of cash reflects an improvement in cash from operations and lower capital expenditures in fiscal 2020.

 

LaFox, IL, JULY 22, 2020: Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its fourth quarter and fiscal year ended May 30, 2020. 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 2020 decreased 11.4% to $37.4 million compared to net sales of $42.2 million in the prior year’s fourth quarter primarily due to COVID-19 and its impact on demand. Richardson Electronics is an “essential business” and continued operating its manufacturing and distribution businesses on a global basis throughout the pandemic under strict safety guidelines. Sales of specialty products for semiconductor wafer fab equipment increased from last year’s fourth quarter, although overall PMT sales decreased $2.7 million or 8.6%. Canvys sales decreased by $0.8 million or 10.2% due to lower sales to medical OEMs in its European market, partially offset by higher North


The following information was filed by Richardson Electronics Ltdde (RELL) on Wednesday, July 22, 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-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)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (Loss) Income
Consolidated Statements Of Stockholders' Equity
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 And Other Commitments
Lease Obligations And Other Commitments (Tables)
Lease Obligations And Other Commitments - Additional Information (Details)
Lease Obligations And Other Commitments - Components Of Lease Costs (Details)
Lease Obligations And Other Commitments - Schedule Of Cash Outflows Of Leasing Activity (Details)
Lease Obligations And Other Commitments - Schedule Of Future Minimum Lease Payments Under Operating And Financing Leases (Details)
Lease Obligations And Other Commitments - Schedule Of Gross Amount Assets And Liabilities Related To Operating And Financing Leases (Details)
Lease Obligations And Other Commitments - Schedule Of Weighted Average Lease Terms And Interest Rates Of Leases (Details)
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)
Risks And Uncertainties
Risks And Uncertainties - Additional Information (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)
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: 0001564590-20-035424
Submitted to the SEC: Mon Aug 03 2020 1:59:46 PM EST
Accepted by the SEC: Mon Aug 03 2020
Period: Saturday, May 30, 2020
Industry: Wholesale Electronic Parts And Equipment

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