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Richardson Electronics, Ltd. (RELL) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, May 28, 2022

SEC Filings

RELL Annual Reports

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 FOURTH QUARTER FISCAL 2022 NET INCOME    OF $8.3 MILLION AND FISCAL YEAR 2022 NET INCOME OF $17.9 MILLION; DECLARES QUARTERLY CASH DIVIDEND

 

Eighth Consecutive Quarter of Sequential Revenue Growth; Fiscal Year 2022 revenue growth of 26.9% over Fiscal Year 2021

Fourth Quarter Highlights

 

Net sales of $61.6 million were up 22.1% from last year’s fourth quarter with increases in all three business units.

 

Backlog increased to $206.2 million in the fourth quarter versus $175.6 million at the end of the third quarter and $110.0 million at the end of the fourth quarter of last fiscal year.

 

Gross margin was 32.7% of net sales for the fourth quarter of fiscal 2022 versus 32.4% of net sales in the prior year’s fourth quarter.

 

Operating income was $5.0 million for the fourth quarter of fiscal 2022 compared to an operating income of $2.3 million in the fourth quarter of fiscal 2021.

 

A non-cash income tax benefit of $3.5 million for the fourth quarter of fiscal 2022 resulted from the $4.0 million partial reversal of the tax valuation allowance due to evidence of profitability for realizing a portion of the deferred tax assets in the future.

 

Earnings per common share (diluted) were $0.59 for the fourth quarter of fiscal 2022 compared to $0.14 per common share (diluted) in the fourth quarter of fiscal 2021. Excluding the $4.0 million tax valuation allowance adjustment, earnings per common share (diluted) were $0.31 for the fourth quarter of fiscal 2022.

Fiscal 2022 Highlights

 

For fiscal 2022, net sales increased 26.9% to $224.6 million.

 

Operating income was $16.0 million for fiscal 2022, compared to $2.9 million for fiscal 2021.

 

An income tax benefit of $2.2 million for fiscal 2022 resulted from the $4.0 million partial reversal of the tax valuation allowance due to evidence of profitability for realizing a portion of the deferred tax assets in the future.

 

Earnings per common share (diluted) were $1.31 for fiscal 2022, compared to $0.13 per common share (diluted) for fiscal 2021. Excluding the $4.0 million tax valuation allowance adjustment, earnings per common share (diluted) were $1.02 for fiscal 2022.

 

Cash and investments were $40.5 million as of May 28, 2022 versus $39.1 million on February 26, 2022 and $43.3 million on May 29, 2021.

 


The following information was filed by Richardson Electronics Ltdde (RELL) on Wednesday, July 20, 2022 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 (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)
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)
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: 0001564590-22-027238
Submitted to the SEC: Mon Aug 01 2022 3:01:22 PM EST
Accepted by the SEC: Mon Aug 01 2022
Period: Saturday, May 28, 2022
Industry: Wholesale Electronic Parts And Equipment

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