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Richardson Electronics Ltdde (RELL) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, May 29, 2021

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 FISCAL 2021 NET INCOME OF $1.9 MILLION; FISCAL 2021 NET INCOME OF $1.7 MILLION AND NON-GAAP NET INCOME* OF $3.3 MILLION; DECLARES QUARTERLY CASH DIVIDEND

 

Healthcare, PMG, Canvys and Semiconductor Wafer Fab Revenues Grow Versus Q4 FY20;

Higher ALTA750 TM Tube Sales

Q4 and FY21 Highlights

 

Net sales of $50.5 million were up 35.1% from last year’s fourth quarter and up 11.6% over the third quarter of fiscal 2021.

 

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

 

Gross margin improved to 32.4% of net sales for the fourth quarter of fiscal 2021 versus 30.4% of net sales in the prior year’s fourth quarter due to a favorable product mix and improved manufacturing performance for Richardson Healthcare.

 

Operating expenses increased $1.3 million to $14.0 million compared to the prior year’s fourth quarter. Employee incentive expense increased due to the substantially improved performance, which was partially offset by decreased legal fees of $0.2 million.

 

Operating income was $2.3 million for the fourth quarter of fiscal 2021.

 

Earnings per common share (diluted) were $0.14 for the fourth quarter of fiscal 2021.

 

For fiscal year 2021, net sales increased 13.5% to $176.9 million.

 

Operating income was $2.9 million for fiscal year 2021, and Non-GAAP operating income* was $4.5 million for fiscal year 2021.

 

Earnings per common share (diluted) were $0.13 for fiscal year 2021, and Non-GAAP earnings per common share (diluted)* were $0.25 for fiscal year 2021.

 

Cash and investments were $43.3 million as of May 29, 2021 versus $47.4 million on February 27, 2021 and $46.5 million on May 30, 2020.

 

LaFox, IL, JULY 21, 2021: Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its fourth quarter and fiscal year ended May 29, 2021. 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 2021 increased 35.1% to $50.5 million compared to net sales of $37.4 million in the prior year’s fourth quarter primarily due to higher net sales across all three


The following information was filed by Richardson Electronics Ltdde (RELL) on Wednesday, July 21, 2021 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
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
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)
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 (Loss) 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)
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 Contract Liabilities And Revenue Recognized (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: 0001564590-21-039728
Submitted to the SEC: Mon Aug 02 2021 2:08:05 PM EST
Accepted by the SEC: Mon Aug 02 2021
Period: Saturday, May 29, 2021
Industry: Wholesale Electronic Parts And Equipment

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