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Richardson Electronics Ltdde (RELL) SEC Filing 10-Q Quarterly report for the period ending Saturday, August 29, 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 FIRST QUARTER FISCAL 2021 RESULTS AND DECLARES QUARTERLY CASH DIVIDEND

 

PMG, North America Display and Semiconductor Wafer Fab Revenues Grow Versus Q1 FY20; All SBUs Grow Versus Q4 FY20

Q1 and FY21 Highlights

 

Net sales of $38.8 million were down less than 5% from last year’s first quarter despite the COVID-19 impact on all three of our strategic business units.

 

Sales increased for PMG, Canvys display solutions in North America and Semiconductor Wafer Fabrication equipment products in the first quarter of fiscal 2021 versus the first quarter of fiscal 2020.

 

Gross margin was 31.8% of net sales for the first quarter of fiscal 2021 versus 31.9% of net sales in the prior year’s first quarter.

 

Operating expenses increased $0.2 million to $13.0 million compared to the prior year’s first quarter. Legal expenses increased by $0.4 million.

 

Operating loss was $0.6 million compared to an operating income of $0.1 million in last year’s first quarter.

 

Cash and investments were $42.5 million as of August 29, 2020 versus $46.5 million at both May 30, 2020 and August 31, 2019.

 

LaFox, IL, OCTOBER 7, 2020: Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its first quarter ended August 29, 2020. The Company also announced that its Board of Directors declared a $0.06 per share quarterly cash dividend. 

First Quarter Results

 

Net sales for the first quarter of fiscal 2021 decreased 4.5% to $38.8 million compared to net sales of $40.7 million in the prior year’s first quarter primarily due to the impact on demand from COVID-19. 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 semiconductor wafer fab equipment specialty products as well as power conversion and RF and microwave components increased from last year’s first quarter, although overall PMT sales decreased $0.3 million or 1.0%. Power grid tube sales were negatively impacted by the pandemic and economic softness. Canvys sales decreased by $0.6 million or 7.8% due to COVID-related pushouts from its European medical OEMs, partially offset by higher North American sales. Richardson Healthcare sales decreased $1.0 million or 34.2% due to reduced or frozen capital expenditure budgets, difficulty reaching


The following information was filed by Richardson Electronics Ltdde (RELL) on Wednesday, October 7, 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 Income (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 Investments 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 And Other Commitments
Lease Obligations And Other Commitments (Tables)
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 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)
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: 0001564590-20-046071
Submitted to the SEC: Thu Oct 08 2020 11:45:33 AM EST
Accepted by the SEC: Thu Oct 08 2020
Period: Saturday, August 29, 2020
Industry: Wholesale Electronic Parts And Equipment

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