| [July 23, 2014] |
 |
Richardson Electronics Reports Fourth Quarter and Fiscal 2014 Results and Declares Quarterly Cash Dividend
LAFOX, Ill. --(Business Wire)--
Richardson Electronics, Ltd. (NASDAQ: RELL), today reported sales and
earnings for its fourth quarter and fiscal year ended May 31, 2014. The
Company also announced that its Board of Directors declared a $0.06 per
share quarterly cash dividend.
Fiscal 2014 Results
Net sales for fiscal 2014 were $138.0 million, a 2.2% decrease compared
to net sales of $141.1 million in the prior year. Gross margin was $41.0
million, or 29.7% of net sales during fiscal 2014, compared to $41.5
million, or 29.5% of net sales during fiscal 2013.
Operating expenses were $43.5 million for fiscal 2014, compared to $41.5
for fiscal 2013. Operating expenses included employee termination costs
of $1.2 million, $1.1 million related to potential acquisitions, $0.4
million investment in new product development, and system implementation
expenses of $0.8 million.
Operating loss of $4.2 million in fiscal 2014 included a goodwill
impairment charge of $1.7 million.
Loss from continuing operations for fiscal 2014 was $0.3 million,
compared to income of $0.5 million from continuing operations for fiscal
2013.
Cash provided by operating activities totaled $4.6 million for fiscal
2014, compared to cash provided by operating activities of $8.6 million
in fiscal 2013.
Fourth Quarter Results
Net sales for the fourth quarter of fiscal 2014 were $35.4 million, a
0.6% increase compared to net sales of $35.2 million in the prior year.
Sales for the Company's EDG business were up 3.8% while sales for its
Canvys division were down 9.1%, compared to the prior year's quarter.
Gross margin was $10.2 million, or 28.7% of net sales during the fourth
quarter of fiscal 2014, compared to $10.2 million, or 29.1% of net sales
during fiscal 2013.
Operating expenses were $12.4 million for the fourth quarter of fiscal
2014, compared to $11.8 million for the fourth quarter of fiscal 2013.
The fourth quarter of fiscal 2014 operating expenses included employee
termination costs of $1.2 million, $0.5 million related to potential
acquisitions, $0.2 million investment in new product development, and
system implementation expenses of $0.5 million.
Operating loss for the fourth quarter of fiscal 2014 was $3.9 million
compared to operating loss of $1.6 million for the fourth quarter of
fiscal 2013. The fiscal 2014 fourth quarter operating loss included a
$1.7 million goodwill impairment charge.
Loss from continuing operations for the fourth quarter of fiscal 2014
was $2.8 million compared to loss from continuing operations for the
fourth quarter of fiscal 2013 of $1.4 million.
FINANCIAL SUMMARY - FISCAL 2014
-
Net sales for fiscal 2014 were $138.0 million, down 2.2%, compared to
net sales of $141.1 during fiscal 2013.
-
Gross margin increased to 29.7% during fiscal 2014 compared to 29.5%
during fiscal 2013.
-
Selling, general, and administrative expenses increased to $43.5
million, or 31.5% of net sales, for fiscal 2014 compared to $41.5
million, or 29.4% of net sales, for fiscal 2013.
-
Operating loss during fiscal 2014 was $4.2 million compared to
breakeven for fiscal 2013.
-
Other income for fiscal 2014 was $3.5 million compared to other income
of $0.6 million for fiscal 2013. Other income for fiscal 2014 included
$2.5 million of proceeds from a class action lawsuit settlement.
-
Loss from continuing operations during fiscal 2014 was $0.3 million
versus income of $0.5 million during fiscal 2013.
-
Loss from discontinued operations, net of tax, was $0.2 million during
fiscal 2014 compared to income from discontinued operations, net of
tax, of $0.8 million during fiscal 2013, or $0.05 per diluted common
share.
-
Net loss during fiscal 2014 was $0.5 million compared to net income of
$1.2 million, or $0.08 per diluted common share, during fiscal 2013.
FINANCIAL SUMMARY - FOURTH QUARTER
-
Net sales for the fourth quarter of fiscal 2014 were $35.4 million, up
0.6%, compared to net sales of $35.2 million during the fourth quarter
of fiscal 2013.
-
Gross margin decreased to 28.7% during the fourth quarter of fiscal
2014 compared to 29.1% during last year's fourth quarter.
-
Selling, general, and administrative expenses increased to $12.4
million, or 35.1% of net sales for the fourth quarter of fiscal 2014
compared to $11.8 million for the fourth quarter of fiscal 2013, or
33.7% of net sales.
-
Operating loss during the fourth quarter of fiscal 2014 was $3.9
million compared to operating loss of $1.6 million for the fourth
quarter of fiscal 2013.
-
Other income for the fourth quarter of fiscal 2014 was $0.2 million
compared to income of $0.3 million for the fourth quarter of fiscal
2013.
-
Loss from continuing operations during the fourth quarter of fiscal
2014 was $2.8 million compared to loss from continuing operations for
the fourth quarter of fiscal 2013 of $1.4 million.
-
Income from discontinued operations, net of tax, was $0.4 million
during the fourth quarter of fiscal 2014 compared to income from
discontinued operations, net of tax, of $1.2 million during the fourth
quarter of fiscal 2013.
-
Net loss during the fourth quarter of fiscal 2014 was $2.5 million
compared to net loss of $0.2 million during the fourth quarter of
fiscal 2013.
CASH DIVIDEND
The Company also announced today that its Board of Directors 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 August 22, 2014, to common stockholders of
record on August 8, 2014.
"Cash and investments at the end of our fourth quarter were $136.0
million. As of today, the Company currently has 11.8 million outstanding
shares of common stock and 2.2 million outstanding shares of Class B
common stock. With our strong balance sheet, we are committed to
returning value to our shareholders," said Edward Richardson, Chairman,
Chief Executive Officer, and President.
OUTLOOK
"We believe sales for fiscal 2015 will be in the range of $140 to $150
million. We will continue to use our cash and investments to make
strategic acquisitions, invest in growth initiatives, and repurchase our
stock. During the last several years, our small strategic acquisitions
have provided additional resources, customers, and knowledge-based
support to EDG.
"While the market for tubes has been declining, we have been able to
increase our market share and improve our margins. We are taking costs
out of EDG to enable us to dedicate resources to our growth initiatives.
We are developing our own intellectual property and plan to grow sales
in new markets, such as healthcare, while maximizing the use of our
existing global customer base and infrastructure. With an improving
economy and continued attention to operating efficiencies, we are
confident that our investments will result in higher sales growth and
improved financial performance over the long term," concluded Mr.
Richardson.
CONFERENCE CALL INFORMATION
On Thursday, July 24, 2014, at 9:00 a.m. CT, Edward J. Richardson,
Chairman and Chief Executive Officer, and Kathleen S. Dvorak, Chief
Financial Officer, will host a conference call to discuss the Company's
fourth quarter results for fiscal 2014. A question and answer session
will be included as part of the call's agenda. To listen to the call,
please dial (888) 339-2688 and enter passcode 77103118 approximately
five minutes prior to the start of the call. A replay of the call will
be available beginning at 11:59 p.m. CT on July 24, 2014, for seven
days. The telephone numbers for the replay are (USA) (888) 286-8010 and
(International) (617) 801-6888; passcode 82510744.
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 which 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 July 26, 2013. 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, and
customized display solutions serving customers in the alternative
energy, 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. More
information is available online at www.rell.com.
Richardson Electronics 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)
|
|
|
|
|
|
|
|
May 31,
2014
|
|
June 1,
2013
|
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
102,752
|
|
|
$
|
102,002
|
|
|
Accounts receivable, less allowance of $581 and $1,092
|
18,354
|
|
|
18,268
|
|
|
Inventories
|
33,869
|
|
|
33,975
|
|
|
Prepaid expenses and other assets
|
1,089
|
|
|
1,155
|
|
|
Deferred income taxes
|
1,537
|
|
|
1,856
|
|
|
Income tax receivable
|
2,888
|
|
|
6,429
|
|
|
Investments - current
|
31,732
|
|
|
38,971
|
|
|
Discontinued operations - assets
|
18
|
|
|
303
|
|
|
Total current assets
|
192,239
|
|
|
202,959
|
|
|
Non-current assets:
|
|
|
|
|
|
|
Property, plant and equipment, net
|
7,223
|
|
|
5,073
|
|
|
Goodwill
|
-
|
|
|
1,519
|
|
|
Other Intangibles
|
843
|
|
|
908
|
|
|
Non-current deferred income taxes
|
1,724
|
|
|
1,398
|
|
|
Investments - non-current
|
1,516
|
|
|
5,461
|
|
|
Total non-current assets
|
11,306
|
|
|
14,359
|
|
|
Total assets
|
$
|
203,545
|
|
|
$
|
217,318
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
$
|
12,337
|
|
|
$
|
14,255
|
|
|
Accrued liabilities
|
9,220
|
|
|
9,566
|
|
|
Discontinued operations - liabilities
|
7
|
|
|
245
|
|
|
Total current liabilities
|
21,564
|
|
|
24,066
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
Non-current deferred income taxes liability
|
5,691
|
|
|
6,726
|
|
|
Other non-current liabilities
|
1,315
|
|
|
1,287
|
|
|
Discontinued operations - non-current liabilities
|
130
|
|
|
-
|
|
|
Total non-current liabilities
|
7,136
|
|
|
8,013
|
|
|
Total liabilities
|
28,700
|
|
|
32,079
|
|
|
Commitments and contingencies
|
-
|
|
|
-
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
Common stock, $0.05 par value; issued 11,835 shares at May 31, 2014,
and 12,263 shares at June 1, 2013
|
592
|
|
|
613
|
|
|
Class B common stock, convertible, $0.05 par value; issued 2,191
shares at May 31, 2014, and 2,491 shares at June 1, 2013
|
110
|
|
|
125
|
|
|
Preferred stock, $1.00 par value, no shares issued
|
-
|
|
|
-
|
|
|
Additional paid-in-capital
|
66,141
|
|
|
73,979
|
|
|
Common stock in treasury, at cost, 1 share at May 31, 2014, and 9
shares at June 1, 2013
|
(14
|
)
|
|
(105
|
)
|
|
Retained earnings
|
97,959
|
|
|
101,816
|
|
|
Accumulated other comprehensive income
|
10,057
|
|
|
8,811
|
|
|
Total stockholders' equity
|
174,845
|
|
|
185,239
|
|
|
Total liabilities and stockholders' equity
|
$
|
203,545
|
|
|
$
|
217,318
|
|
|
|
|
|
|
Richardson Electronics, Ltd.
|
|
Consolidated Statements of Comprehensive Income (Loss)
|
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
|
May 31,
2014
|
|
June 1,
2013
|
|
May 31,
2014
|
|
June 1,
2013
|
|
Statements of Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
35,383
|
|
|
$
|
35,183
|
|
|
$
|
137,960
|
|
|
$
|
141,066
|
|
|
Cost of sales
|
|
|
25,219
|
|
|
24,936
|
|
|
96,946
|
|
|
99,521
|
|
|
Gross profit
|
|
|
10,164
|
|
|
10,247
|
|
|
41,014
|
|
|
41,545
|
|
|
Selling, general, and administrative expenses
|
|
|
12,417
|
|
|
11,841
|
|
|
43,496
|
|
|
41,536
|
|
|
Impairment of goodwill
|
|
|
1,671
|
|
|
-
|
|
|
1,671
|
|
|
-
|
|
|
Loss on disposal of assets
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2
|
)
|
|
Operating income (loss)
|
|
|
(3,924
|
)
|
|
(1,594
|
)
|
|
(4,153
|
)
|
|
11
|
|
|
Other (income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment/interest income
|
|
|
(221
|
)
|
|
(311
|
)
|
|
(1,018
|
)
|
|
(1,306
|
)
|
|
Foreign exchange (gain) loss
|
|
|
(39
|
)
|
|
40
|
|
|
84
|
|
|
760
|
|
|
Proceeds from legal settlement
|
|
|
-
|
|
|
-
|
|
|
(2,547
|
)
|
|
-
|
|
|
Other, net
|
|
|
16
|
|
|
(23
|
)
|
|
(20
|
)
|
|
(85
|
)
|
|
Total other income
|
|
|
(244
|
)
|
|
(294
|
)
|
|
(3,501
|
)
|
|
(631
|
)
|
|
Income (loss) from continuing operations before income taxes
|
|
|
(3,680
|
)
|
|
(1,300
|
)
|
|
(652
|
)
|
|
642
|
|
|
Income tax provision (benefit)
|
|
|
(837
|
)
|
|
119
|
|
|
(307
|
)
|
|
160
|
|
|
Income (loss) from continuing operations
|
|
|
(2,843
|
)
|
|
(1,419
|
)
|
|
(345
|
)
|
|
482
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
368
|
|
|
1,238
|
|
|
(170
|
)
|
|
766
|
|
|
Net income (loss)
|
|
|
(2,475
|
)
|
|
(181
|
)
|
|
(515
|
)
|
|
1,248
|
|
|
Foreign currency translation gain/(loss), net of tax
|
|
|
664
|
|
|
336
|
|
|
(1,216
|
)
|
|
(1,508
|
)
|
|
Fair value adjustments on investments
|
|
|
(1
|
)
|
|
(16
|
)
|
|
(30
|
)
|
|
(30
|
)
|
|
Comprehensive income (loss)
|
|
|
$
|
(1,812
|
)
|
|
$
|
139
|
|
|
$
|
(1,761
|
)
|
|
$
|
(290
|
)
|
|
Net income (loss) per Common share - Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
(0.21
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
0.03
|
|
|
Income (loss) from discontinued operations
|
|
|
0.03
|
|
|
0.08
|
|
|
(0.01
|
)
|
|
0.05
|
|
|
Total net income (loss) per Common share - Basic:
|
|
|
$
|
(0.18
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
0.08
|
|
|
Net income (loss) per Class B common share -
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
(0.19
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
0.03
|
|
|
Income (loss) from discontinued operations
|
|
|
0.02
|
|
|
0.08
|
|
|
(0.01
|
)
|
|
0.05
|
|
|
Total net income (loss) per Class B common share - Basic:
|
|
|
$
|
(0.17
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
0.08
|
|
|
Net income (loss) per Common share - Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
(0.21
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
0.03
|
|
|
Income (loss) from discontinued operations
|
|
|
0.03
|
|
|
0.08
|
|
|
(0.01
|
)
|
|
0.05
|
|
|
Total net income (loss) per Common share - Diluted:
|
|
|
$
|
(0.18
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
0.08
|
|
|
Net income (loss) per Class B common share -
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
(0.19
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
0.03
|
|
|
Income (loss) from discontinued operations
|
|
|
0.02
|
|
|
0.08
|
|
|
(0.01
|
)
|
|
0.05
|
|
|
Total net income (loss) per Class B common share - Diluted:
|
|
|
$
|
(0.17
|
)
|
|
$
|
-
|
|
|
$
|
(0.03
|
)
|
|
$
|
0.08
|
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares - Basic
|
|
|
11,833
|
|
|
12,293
|
|
|
11,915
|
|
|
12,448
|
|
|
Class B common shares - Basic
|
|
|
2,191
|
|
|
2,696
|
|
|
2,250
|
|
|
2,790
|
|
|
Common shares - Diluted
|
|
|
11,833
|
|
|
15,122
|
|
|
11,915
|
|
|
15,372
|
|
|
Class B common shares - Diluted
|
|
|
2,191
|
|
|
2,696
|
|
|
2,250
|
|
|
2,790
|
|
|
Dividends per common share
|
|
|
$
|
0.060
|
|
|
$
|
0.060
|
|
|
$
|
0.240
|
|
|
$
|
0.240
|
|
|
Dividends per Class B common share
|
|
|
$
|
0.054
|
|
|
$
|
0.054
|
|
|
$
|
0.220
|
|
|
$
|
0.220
|
|
|
|
|
|
|
Richardson Electronics, Ltd.
|
|
Consolidated Statements of Cash Flows
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
|
May 31,
2014
|
|
June 1,
2013
|
|
May 31,
2014
|
|
June 1,
2013
|
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
(2,475
|
)
|
|
$
|
(181
|
)
|
|
$
|
(515
|
)
|
|
$
|
1,248
|
|
|
Adjustments to reconcile net income to cash provided by (used in)
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
298
|
|
|
274
|
|
|
1,094
|
|
|
1,057
|
|
|
Gain on sale of investments
|
|
|
(4
|
)
|
|
(2
|
)
|
|
(27
|
)
|
|
(28
|
)
|
|
Loss on disposal of assets
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
16
|
|
|
Share-based compensation expense
|
|
|
174
|
|
|
206
|
|
|
759
|
|
|
619
|
|
|
Deferred income taxes
|
|
|
(900
|
)
|
|
161
|
|
|
(1,005
|
)
|
|
145
|
|
|
Impairment of goodwill
|
|
|
1,671
|
|
|
-
|
|
|
1,671
|
|
|
-
|
|
|
Change in assets and liabilities, net of effect of acquired
businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
1,693
|
|
|
1,337
|
|
|
195
|
|
|
1,814
|
|
|
Income tax receivable
|
|
|
752
|
|
|
371
|
|
|
3,541
|
|
|
143
|
|
|
Inventories
|
|
|
1,384
|
|
|
930
|
|
|
1,517
|
|
|
3,097
|
|
|
Prepaid expenses and other assets
|
|
|
230
|
|
|
(5
|
)
|
|
96
|
|
|
(329
|
)
|
|
Accounts payable
|
|
|
1,098
|
|
|
1,227
|
|
|
(2,072
|
)
|
|
1,482
|
|
|
Accrued liabilities
|
|
|
1,805
|
|
|
1,255
|
|
|
(723
|
)
|
|
960
|
|
|
Other non-current liabilities
|
|
|
435
|
|
|
(1,792
|
)
|
|
133
|
|
|
(1,918
|
)
|
|
Other
|
|
|
(111
|
)
|
|
(29
|
)
|
|
(51
|
)
|
|
319
|
|
|
Net cash provided by operating activities
|
|
|
6,050
|
|
|
3,752
|
|
|
4,613
|
|
|
8,625
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash consideration paid for acquired businesses
|
|
|
-
|
|
|
-
|
|
|
(973
|
)
|
|
(2,557
|
)
|
|
Capital expenditures
|
|
|
(960
|
)
|
|
(571
|
)
|
|
(2,781
|
)
|
|
(1,640
|
)
|
|
Proceeds from sale of assets
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4
|
|
|
Proceeds from maturity of investments
|
|
|
83,990
|
|
|
26,686
|
|
|
342,279
|
|
|
154,228
|
|
|
Purchases of investments
|
|
|
(82,150
|
)
|
|
(377
|
)
|
|
(331,023
|
)
|
|
(82,898
|
)
|
|
Proceeds from sales of available-for-sale securities
|
|
|
24
|
|
|
27
|
|
|
176
|
|
|
188
|
|
|
Purchases of available-for-sale securities
|
|
|
(24
|
)
|
|
(27
|
)
|
|
(176
|
)
|
|
(188
|
)
|
|
Other
|
|
|
1
|
|
|
68
|
|
|
98
|
|
|
68
|
|
|
Net cash provided by investing activities
|
|
|
881
|
|
|
25,806
|
|
|
7,600
|
|
|
67,205
|
|
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of common stock
|
|
|
(14
|
)
|
|
(3,474
|
)
|
|
(8,739
|
)
|
|
(15,024
|
)
|
|
Proceeds from issuance of common stock
|
|
|
6
|
|
|
50
|
|
|
190
|
|
|
198
|
|
|
Cash dividends paid
|
|
|
(827
|
)
|
|
(886
|
)
|
|
(3,341
|
)
|
|
(3,571
|
)
|
|
Other
|
|
|
62
|
|
|
-
|
|
|
37
|
|
|
-
|
|
|
Net cash used in financing activities
|
|
|
(773
|
)
|
|
(4,310
|
)
|
|
(11,853
|
)
|
|
(18,397
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(566
|
)
|
|
(269
|
)
|
|
390
|
|
|
676
|
|
|
Increase in cash and cash equivalents
|
|
|
5,592
|
|
|
24,979
|
|
|
750
|
|
|
58,109
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
97,160
|
|
|
77,023
|
|
|
102,002
|
|
|
43,893
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
102,752
|
|
|
$
|
102,002
|
|
|
$
|
102,752
|
|
|
$
|
102,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richardson Electronics, Ltd.
|
|
Net Sales and Gross Profit
|
|
For the Fourth Quarter and Fiscal 2014 and Fiscal 2013
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Strategic Business Unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 FY 2014
|
|
|
|
|
Q4 FY 2013
|
|
|
% Change
|
|
|
|
|
|
EDG
|
|
|
$
|
27,439
|
|
|
|
|
|
$
|
26,447
|
|
|
|
3.8%
|
|
|
|
|
|
Canvys
|
|
|
7,944
|
|
|
|
|
|
8,736
|
|
|
|
(9.1)%
|
|
|
|
|
|
Total
|
|
|
$
|
35,383
|
|
|
|
|
|
$
|
35,183
|
|
|
|
0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2014
|
|
|
|
|
FY 2013
|
|
|
% Change
|
|
|
|
|
|
EDG
|
|
|
$
|
103,274
|
|
|
|
|
|
$
|
102,593
|
|
|
|
0.7%
|
|
|
|
|
|
Canvys
|
|
|
34,686
|
|
|
|
|
|
38,473
|
|
|
|
(9.8)%
|
|
|
|
|
|
Total
|
|
|
$
|
137,960
|
|
|
|
|
|
$
|
141,066
|
|
|
|
(2.2)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 FY 2014
|
|
% of Net Sales
|
|
|
Q4 FY 2013
|
|
|
% of Net Sales
|
|
|
|
|
|
EDG
|
|
|
$
|
8,105
|
|
|
29.5%
|
|
|
$
|
8,094
|
|
|
|
30.6%
|
|
|
|
|
|
Canvys
|
|
|
2,059
|
|
|
25.9%
|
|
|
2,153
|
|
|
|
24.6%
|
|
|
|
|
|
Total
|
|
|
$
|
10,164
|
|
|
28.7%
|
|
|
$
|
10,247
|
|
|
|
29.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2014
|
|
% of Net Sales
|
|
|
FY 2013
|
|
|
% of Net Sales
|
|
|
|
|
|
EDG
|
|
|
$
|
31,610
|
|
|
30.6%
|
|
|
$
|
31,431
|
|
|
|
30.6%
|
|
|
|
|
|
Canvys
|
|
|
9,404
|
|
|
27.1%
|
|
|
10,114
|
|
|
|
26.3%
|
|
|
|
|
|
Total
|
|
|
$
|
41,014
|
|
|
29.7%
|
|
|
$
|
41,545
|
|
|
|
29.5%
|
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