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Richardson Electronics Ltdde (RELL) SEC Filing 8-K Material Event for the period ending Wednesday, January 5, 2022

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 SECOND QUARTER FISCAL 2022 NET INCOME OF $4.1 MILLION AND DECLARES QUARTERLY CASH DIVIDEND

 

PMT, Canvys and Healthcare Revenues Grow Versus Second Quarter FY21

Second Quarter Highlights

 

Net sales of $54.0 million were up 27.3% from last year’s second quarter.

 

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

 

Backlog increased to $146.9 million in the second quarter versus $126.5 million at the end of the first quarter.

 

Gross margin was 32.7% of net sales for the second quarter of fiscal 2022 versus 33.8% of net sales in the prior year’s second quarter primarily due to product mix and higher global freight costs.

 

Operating expenses decreased $0.4 million to $13.1 million compared to the prior year’s second quarter. This decrease was due to lower legal fees, partially offset by increased employee compensation expense, including higher incentive expense due to the substantially improved performance.

 

Operating income was $4.5 million for the second quarter of fiscal 2022 compared to an operating income of $0.9 million in the second quarter of fiscal 2021.

 

Earnings per common share (diluted) were $0.30 for the second quarter of fiscal 2022 compared to $0.05 per common share (diluted) in the second quarter of fiscal 2021.

 

Cash and investments increased to $39.7 million as of November 27, 2021 versus $36.4 million on August 28, 2021.

 

LaFox, IL, JANUARY 5, 2022: Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its second quarter ended November 27, 2021. The Company also announced that its Board of Directors declared a $0.06 per share quarterly cash dividend.

 

“Our strong second quarter financial and operating performance is encouraging, as we produced our sixth consecutive quarter of increased revenues and our highest quarterly operating profit in 11 years,” said Edward J. Richardson, Chairman, Chief Executive Officer, and President. “Our second quarter results reflect the success of our multiple growth strategies as well as strong performance of new products, including our new ULTRA3000.  In addition, we are experiencing favorable demand trends across many of our global markets.  I am also pleased by the significant improvement in profitability, which we believe

 


 

demonstrates the power of our compelling financial model.  With continued growth in our backlog, we remain confident that fiscal year 2022 will be a strong year of sales growth and improved profitability.”  

Second Quarter Results

 

Net sales for the second quarter of fiscal 2022 increased 27.3% to $54.0 million compared to net sales of $42.4 million in the prior year’s second quarter due to higher net sales across all three business units. PMT sales increased $8.8 million or 26.7% from last year’s second quarter. Demand within PMT was driven by strong growth from our Power and Microwave new technology partners for various Power and Microwave applications including Power Management and 5G infrastructure, as well as increasing shipments of the ULTRA3000. In addition, sales for certain Electron Tube product lines increased from the second quarter of fiscal 2021. Canvys sales increased by $2.4 million or 36.5% due to strong customer demand in North America and Europe. Richardson Healthcare sales increased $0.3 million or 10.9% primarily due to a significant increase in demand for the ALTA750TM Tubes.

 

Gross margin was 32.7% of net sales during the second quarter of fiscal 2022 compared to 33.8% of net sales during the second quarter of fiscal 2021. PMT margin decreased to 33.5% from 34.2% due to a higher mix of lower margin PMG sales. Canvys margin as a percent of net sales decreased to 31.8% from 35.5% because of higher global freight costs. Healthcare gross margin was 24.5% in the second quarter of fiscal 2022 compared to 25.6% in the prior year’s second quarter primarily due to increased component scrap expense.

 

Operating expenses were $13.1 million compared to $13.5 million in the second quarter of fiscal 2021. The decrease in operating expenses resulted from lower legal fees, partially offset by higher employee compensation expenses.

 

The Company reported operating income of $4.5 million for the second quarter of fiscal 2022 compared to an operating income of $0.9 million in the prior year’s second quarter. Other income for the second quarter of fiscal 2022, including interest income and foreign exchange, was $0.2 million, compared to other expense of $0.1 million in the second quarter of fiscal 2021.

 

The income tax provision of $0.6 million for the second quarter of fiscal 2022 reflected a provision for foreign income taxes and the offset of a U.S. tax provision against the valuation allowance. In addition, state income taxes for Illinois increased due to the suspension of net operating loss carryforwards (“NOLs”) until the end of fiscal 2023. Net income for the second quarter of fiscal 2022 was $4.1 million compared to a net income of $0.7 million in the second quarter of fiscal 2021. Earnings per common share (diluted) were $0.30 in the second quarter of fiscal 2022 compared to $0.05 per common share (diluted) in the second quarter of fiscal 2021.

 

Cash and investments at the end of the second quarter of fiscal 2022 were $39.7 million compared to $36.4 million at the end of the first quarter of fiscal 2022 and $46.0 million at the end of the second quarter of fiscal 2021. The Company spent $0.8 million during the quarter on capital expenditures primarily related to its Healthcare and manufacturing businesses as well as its IT System, versus $0.6 million during the second quarter of fiscal 2021.

 

FINANCIAL SUMMARY – SIX MONTHS ENDED NOVEMBER 27, 2021

 

 

Net sales for the first six months of fiscal 2022 were $107.7 million, an increase of 32.6%, compared to net sales of $81.2 million during the first six months of fiscal 2021. Sales increased by $21.6 million or 34.1% for PMT, $4.2 million or 31.1% for Canvys and $0.7 million or 15.3% for Richardson Healthcare.

 

Gross profit increased to $34.0 million during the first six months of fiscal 2022, compared to $26.7 million during the first six months of fiscal 2021. As a percentage of net sales, gross margin

 


 

 

decreased to 31.5% of net sales during the first six months of fiscal 2022, compared to 32.9% of net sales during the first six months of fiscal 2021, primarily because of an unfavorable product mix in PMT and higher global freight costs in Canvys, partially offset by improved manufacturing efficiencies for Healthcare.

 

Operating expenses increased to $26.6 million for the first six months of fiscal 2022, compared to $26.5 million for the first six months of fiscal 2021. The increase in operating expenses resulted from higher employee compensation and travel expenses, partially offset by lower legal expenses.

 

Operating income during the first six months of fiscal 2022 was $7.3 million, compared to an operating income of $0.2 million during the first six months of fiscal 2021.

 

Other income for the first six months of fiscal 2022, including interest income and foreign exchange, was $0.1 million, as compared to other expense of $0.5 million in the first six months of fiscal 2021.

 

The income tax provision of $0.7 million during the first six months of fiscal 2022 reflected a provision for foreign income taxes and the offset of a U.S. tax provision against the valuation allowance. In addition, state income taxes for Illinois increased due to the suspension of NOLs until the end of fiscal 2023.

 

Net income for the first six months of fiscal 2022 was $6.8 million, versus a net loss of $0.5 million during the first six months of fiscal 2021. Earnings per common share (diluted) were $0.50 for the first six months of fiscal 2022 compared to a net loss of $0.04 per common share (diluted) for the first six months of fiscal 2021.

 

CASH DIVIDEND DECLARED

 

The Board of Directors of Richardson Electronics declared a $0.06 quarterly dividend per share to holders of common stock and a $0.054 cash dividend per share to holders of Class B common stock. The dividend will be payable on February 23, 2022, to common stockholders of record as of February 4, 2022.

 

CONFERENCE CALL INFORMATION

 

On Thursday, January 6, 2022, at 9:00 a.m. CST, Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call to discuss the Company’s second quarter fiscal year 2022 results.  A question and answer session will be included as part of the call’s agenda.

 

Participant Instructions

 

To listen to the call, please dial (USA/CANADA) (866) 784-8065 or (International) (602) 563-8684 and enter Conference ID: 2592902 approximately five minutes before the start of the call.  A replay of the call will be available beginning at 1:00 p.m. CST on January 6, 2022, for seven days. The telephone number for the replay is (855) 859-2056; Conference ID: 2592902.

FORWARD-LOOKING STATEMENTS

 

This release includes certain “forward-looking” statements as defined by the Securities and Exchange Commission. Statements in this press release regarding the Company’s business that are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K filed on August 2, 2021, and other reports we file with the Securities and Exchange Commission. The Company assumes no responsibility to update the “forward-looking” statements in this release as a result of new information, future events or otherwise.

 


 

ABOUT RICHARDSON ELECTRONICS, LTD.

 

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high value flat panel detector solutions, replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

 

Richardson Electronics, Ltd. common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

 

 


 

 

Richardson Electronics, Ltd. 

Consolidated Balance Sheets

(in thousands, except per share amounts)

 

 

Unaudited

 

 

Audited

 

 

 

November 27, 2021

 

 

May 29, 2021

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

39,665

 

 

$

43,316

 

Accounts receivable, less allowance of $259 and $202, respectively

 

 

27,489

 

 

 

25,096

 

Inventories, net

 

 

70,741

 

 

 

63,508

 

Prepaid expenses and other assets

 

 

3,380

 

 

 

2,385

 

Total current assets

 

 

141,275

 

 

 

134,305

 

Non-current assets:

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

17,091

 

 

 

17,067

 

Intangible assets, net

 

 

2,139

 

 

 

2,270

 

Lease ROU asset

 

 

3,841

 

 

 

2,570

 

Non-current deferred income taxes

 

 

503

 

 

 

541

 

Total non-current assets

 

 

23,574

 

 

 

22,448

 

Total assets

 

$

164,849

 

 

$

156,753

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

18,871

 

 

$

16,979

 

Accrued liabilities

 

 

15,411

 

 

 

14,182

 

Lease liability current

 

 

1,252

 

 

 

1,066

 

Total current liabilities

 

 

35,534

 

 

 

32,227

 

Non-current liabilities:

 

 

 

 

 

 

 

 

Non-current deferred income tax liabilities

 

 

235

 

 

 

242

 

Lease liability non-current

 

 

2,388

 

 

 

1,358

 

Other non-current liabilities

 

 

1,279

 

 

 

1,366

 

Total non-current liabilities

 

 

3,902

 

 

 

2,966

 

Total liabilities

 

 

39,436

 

 

 

35,193

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Common stock, $0.05 par value; issued and outstanding 11,338 shares on

   November 27, 2021 and 11,160 shares on May 29, 2021

 

 

567

 

 

 

558

 

Class B common stock, convertible, $0.05 par value; issued and outstanding

   2,097 shares on November 27, 2021 and May 29, 2021

 

 

105

 

 

 

105

 

Preferred stock, $1.00 par value, no shares issued

 

 

 

 

 

 

Additional paid-in-capital

 

 

63,794

 

 

 

62,707

 

Retained earnings

 

 

58,476

 

 

 

53,297

 

Accumulated other comprehensive income

 

 

2,471

 

 

 

4,893

 

                    Total stockholders’ equity

 

 

125,413

 

 

 

121,560

 

Total liabilities and stockholders’ equity

 

$

164,849

 

 

$

156,753

 

 

 


 

 

Richardson Electronics, Ltd. 

Unaudited Consolidated Statements of Comprehensive Income

(in thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

November 27, 2021

 

 

November 28, 2020

 

 

November 27, 2021

 

 

November 28, 2020

 

Net sales

 

$

53,979

 

 

$

42,418

 

 

$

107,683

 

 

$

81,230

 

Cost of sales

 

 

36,322

 

 

 

28,075

 

 

 

73,729

 

 

 

54,528

 

Gross profit

 

 

17,657

 

 

 

14,343

 

 

 

33,954

 

 

 

26,702

 

Selling, general and administrative expenses

 

 

13,135

 

 

 

13,491

 

 

 

26,604

 

 

 

26,467

 

Loss on disposal of assets

 

 

2

 

 

 

 

 

 

2

 

 

 

 

Operating income

 

 

4,520

 

 

 

852

 

 

 

7,348

 

 

 

235

 

Other expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment/interest income

 

 

(8

)

 

 

(15

)

 

 

(25

)

 

 

(33

)

Foreign exchange (gain) loss

 

 

(150

)

 

 

143

 

 

 

(123

)

 

 

585

 

Other, net

 

 

6

 

 

 

(18

)

 

 

22

 

 

 

(36

)

Total other (income) expense

 

 

(152

)

 

 

110

 

 

 

(126

)

 

 

516

 

Income (loss) before income taxes

 

 

4,672

 

 

 

742

 

 

 

7,474

 

 

 

(281

)

Income tax provision

 

 

550

 

 

 

53

 

 

 

717

 

 

 

177

 

Net income (loss)

 

 

4,122

 

 

 

689

 

 

 

6,757

 

 

 

(458

)

Foreign currency translation (loss) gain, net of tax

 

 

(1,420

)

 

 

477

 

 

 

(2,422

)

 

 

2,613

 

Comprehensive income

 

$

2,702

 

 

$

1,166

 

 

$

4,335

 

 

$

2,155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares - Basic

 

$

0.31

 

 

$

0.05

 

 

$

0.52

 

 

$

(0.04

)

Class B common shares - Basic

 

 

0.28

 

 

 

0.05

 

 

 

0.46

 

 

 

(0.03

)

Common shares - Diluted

 

 

0.30

 

 

 

0.05

 

 

 

0.50

 

 

 

(0.04

)

Class B common shares - Diluted

 

 

0.27

 

 

 

0.05

 

 

 

0.45

 

 

 

(0.03

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares – Basic

 

 

11,270

 

 

 

11,111

 

 

 

11,232

 

 

 

11,090

 

Class B common shares – Basic

 

 

2,097

 

 

 

2,097

 

 

 

2,097

 

 

 

2,097

 

Common shares – Diluted

 

 

11,697

 

 

 

11,128

 

 

 

11,568

 

 

 

11,090

 

Class B common shares – Diluted

 

 

2,097

 

 

 

2,097

 

 

 

2,097

 

 

 

2,097

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common share

 

$

0.060

 

 

$

0.060

 

 

$

0.120

 

 

$

0.120

 

Class B common share

 

 

0.054

 

 

 

0.054

 

 

 

0.108

 

 

 

0.108

 

 

 


 

 

Richardson Electronics, Ltd. 

Unaudited Consolidated Statements of Cash Flows

(in thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

November 27, 2021

 

 

November 28, 2020

 

 

November 27, 2021

 

 

November 28, 2020

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

4,122

 

 

$

689

 

 

$

6,757

 

 

$

(458

)

Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

859

 

 

 

873

 

 

 

1,688

 

 

 

1,746

 

Inventory provisions

 

 

57

 

 

 

215

 

 

 

140

 

 

 

452

 

Share-based compensation expense

 

 

153

 

 

 

178

 

 

 

372

 

 

 

379

 

Loss on disposal of assets

 

 

2

 

 

 

 

 

 

2

 

 

 

 

Deferred income taxes

 

 

(23

)

 

 

(55

)

 

 

12

 

 

 

(53

)

Change in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

1,862

 

 

 

687

 

 

 

(3,146

)

 

 

(167

)

Inventories

 

 

(4,225

)

 

 

613

 

 

 

(9,182

)

 

 

(1,008

)

Prepaid expenses and other assets

 

 

(994

)

 

 

(381

)

 

 

(1,056

)

 

 

(272

)

Accounts payable

 

 

1,695

 

 

 

211

 

 

 

2,302

 

 

 

(2,523

)

Accrued liabilities

 

 

1,032

 

 

 

1,633

 

 

 

1,512

 

 

 

3,412

 

Other

 

 

91

 

 

 

(236

)

 

 

357

 

 

 

(438

)

Net cash provided by (used in) operating activities

 

 

4,631

 

 

 

4,427

 

 

 

(242

)

 

 

1,070

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(770

)

 

 

(562

)

 

 

(1,607

)

 

 

(1,280

)

Proceeds from maturity of investments

 

 

 

 

 

 

 

 

 

 

 

16,000

 

Purchases of investments

 

 

 

 

 

 

 

 

 

 

 

(9,000

)

Net cash (used in) provided by investing activities

 

 

(770

)

 

 

(562

)

 

 

(1,607

)

 

 

5,720

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

 

672

 

 

 

 

 

 

724

 

 

 

 

Cash dividends paid

 

 

(792

)

 

 

(780

)

 

 

(1,578

)

 

 

(1,560

)

Payment of financing lease principal

 

 

(46

)

 

 

(46

)

 

 

(91

)

 

 

(91

)

Net cash used in financing activities

 

 

(166

)

 

 

(826

)

 

 

(945

)

 

 

(1,651

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(448

)

 

 

489

 

 

 

(857

)

 

 

1,349

 

Increase (decrease) in cash and cash equivalents

 

 

3,247

 

 

 

3,528

 

 

 

(3,651

)

 

 

6,488

 

Cash and cash equivalents at beginning of period

 

 

36,418

 

 

 

33,495

 

 

 

43,316

 

 

 

30,535

 

Cash and cash equivalents at end of period

 

$

39,665

 

 

$

37,023

 

 

$

39,665

 

 

$

37,023

 

 


 

 

Richardson Electronics, Ltd. 

Unaudited Net Sales and Gross Profit

For the Second Quarter and First Six Months of Fiscal 2022 and 2021

($ in thousands)

 

 

By Strategic Business Unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q2 FY 2022

 

 

 

 

 

 

Q2 FY 2021

 

 

% Change

 

PMT

 

$

41,737

 

 

 

 

 

 

$

32,929

 

 

 

26.7

%

Canvys

 

 

9,150

 

 

 

 

 

 

 

6,701

 

 

 

36.5

%

Healthcare

 

 

3,092

 

 

 

 

 

 

 

2,788

 

 

 

10.9

%

Total

 

$

53,979

 

 

 

 

 

 

$

42,418

 

 

 

27.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD FY 2022

 

 

 

 

 

 

YTD FY 2021

 

 

% Change

 

PMT

 

$

84,746

 

 

 

 

 

 

$

63,181

 

 

 

34.1

%

Canvys

 

 

17,591

 

 

 

 

 

 

 

13,413

 

 

 

31.1

%

Healthcare

 

 

5,346

 

 

 

 

 

 

 

4,636

 

 

 

15.3

%

Total

 

$

107,683

 

 

 

 

 

 

$

81,230

 

 

 

32.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

Q2 FY 2022

 

 

% of Net Sales

 

 

Q2 FY 2021

 

 

% of Net Sales

 

PMT

 

$

13,986

 

 

 

33.5

%

 

$

11,251

 

 

 

34.2

%

Canvys

 

 

2,912

 

 

 

31.8

%

 

 

2,379

 

 

 

35.5

%

Healthcare

 

 

759

 

 

 

24.5

%

 

 

713

 

 

 

25.6

%

Total

 

$

17,657

 

 

 

32.7

%

 

$

14,343

 

 

 

33.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD FY 2022

 

 

% of Net Sales

 

 

YTD FY 2021

 

 

% of Net Sales

 

PMT

 

$

26,917

 

 

 

31.8

%

 

$

21,222

 

 

 

33.6

%

Canvys

 

 

5,730

 

 

 

32.6

%

 

 

4,663

 

 

 

34.8

%

Healthcare

 

 

1,307

 

 

 

24.4

%

 

 

817

 

 

 

17.6

%

Total

 

$

33,954

 

 

 

31.5

%

 

$

26,702

 

 

 

32.9

%

 

 

View differences made from one to another to evaluate Richardson Electronics Ltdde's financial trajectory

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Assess how Richardson Electronics Ltdde's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
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Richardson Electronics Ltdde's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Financial Statements, Disclosures and Schedules

Inside this 8-K Corporate News

Material Contracts, Statements, Certifications & more

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

Ticker: RELL
CIK: 355948
Form Type: 8-K Corporate News
Accession Number: 0001564590-22-000422
Submitted to the SEC: Wed Jan 05 2022 4:31:38 PM EST
Accepted by the SEC: Wed Jan 05 2022
Period: Wednesday, January 5, 2022
Industry: Wholesale Electronic Parts And Equipment
Events:
  1. Earnings Release
  2. Financial Exhibit

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