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Richardson Electronics Ltdde (RELL) SEC Filing 10-Q Quarterly Report for the period ending Saturday, August 28, 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) 208-2320

(630) 208-2203

(630) 208-2200 | Fax: (630) 208-2550

 

RICHARDSON ELECTRONICS REPORTS FIRST QUARTER FISCAL 2022 NET INCOME OF $2.6 MILLION AND DECLARES QUARTERLY CASH DIVIDEND

 

PMT, Canvys and Healthcare Revenues Grow Versus Q1 FY21

Q1 Highlights

 

Net sales of $53.7 million were up 38.4% from last year’s first quarter and up 6.4% over the fourth quarter of fiscal 2021.

 

Sales increased year-over-year for PMG, Canvys, Healthcare and Semiconductor Wafer Fabrication Equipment products in the first quarter of fiscal 2022 versus the first quarter of fiscal 2021.

 

Gross margin was 30.3% of net sales for the first quarter of fiscal 2022 versus 31.8% of net sales in the prior year’s first quarter due to product mix.

 

Operating expenses increased $0.5 million to $13.5 million compared to the prior year’s first quarter. Employee compensation expenses increased, including higher incentive expense due to the substantially improved performance. This increase was partially offset by lower legal fees.

 

Operating income was $2.8 million for the first quarter of fiscal 2022 compared to an operating loss of $0.6 million in the first quarter of fiscal 2021.

 

Earnings per common share (diluted) were $0.20 for the first quarter of fiscal 2022 compared to a loss of $0.09 per common share (diluted) in the first quarter of fiscal 2021.

 

Cash and investments were $36.4 million as of August 28, 2021 versus $43.3 million on May 29, 2021 and $42.5 million on August 29, 2020. The use of cash was related to higher working capital to support sales growth.

 

LaFox, IL, OCTOBER 6, 2021: Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its first quarter ended August 28, 2021. 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 2022 increased 38.4% to $53.7 million compared to net sales of $38.8 million in the prior year’s first quarter due to higher net sales across all three business units. PMT sales increased $12.8 million or 42.2% from last year’s first quarter because of higher sales of power conversion and RF and microwave components as well as specialty products for semiconductor wafer fab equipment. Sales for most of the Electron Tube product lines increased from the first quarter of fiscal 2021. Canvys sales increased by $1.7 million or 25.8% due to strong customer demand in Europe. Richardson Healthcare sales increased $0.4 million or 22.0% primarily due to an increase in demand for the ALTA750TM Tubes, partially offset by lower sales of parts and pre-owned CT scanners in Latin America.


The following information was filed by Richardson Electronics Ltdde (RELL) on Wednesday, October 6, 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-Q Quarterly 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-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
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)
Critical Accounting Policies And Estimates - Schedule Of Contract Liabilities And Revenue Recognized (Details)
Critical Accounting Policies And Estimates - Schedule Of Intangible Assets Subject To Amortization (Details)
Critical Accounting Policies And Estimates - Schedule Of The Amortization Expense For The Next Five Years (Details)
Description Of The Company
Description Of The Company - Additional Information (Details)
Fair Value Measurements
Fair Value Measurements - Additional Information (Details)
Income Taxes
Income Taxes - 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)
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)

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: 0001564590-21-050388
Submitted to the SEC: Thu Oct 07 2021 12:14:25 PM EST
Accepted by the SEC: Thu Oct 07 2021
Period: Saturday, August 28, 2021
Industry: Wholesale Electronic Parts And Equipment

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