Richardson Electronics Reports First Quarter Fiscal 2018 Results and Declares Quarterly Cash Dividend
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Richardson Electronics, Ltd. | |
Unaudited Consolidated Statements of Comprehensive Income (Loss) | | (in thousands, except per share amounts) | |
| |
| |
Three Months Ended | | |
| |
September 2,
2017 | |
August 27,
2016 | | |
Statements of Comprehensive Income (Loss) | | | | | | | | | Net sales | | $ | 36,995 | | $ | 33,373 | | | Cost of sales | | | 24,847 | | | 23,133 | | |
Gross profit |
|
|
12,148 |
|
|
10,240 |
| | Selling, general, and administrative expenses | | | 12,324 | | | 12,327 | | | Gain on disposal of assets | | | (191 | ) | | — | | |
Operating income (loss) | |
|
15 |
|
|
(2,087 |
) | | Other (income) expense: | | | | | | | | | Investment/interest income | | | (134 | ) | | (11 | ) | | Foreign exchange loss | | | 201 | | | 278 | | | Other, net | | | (4 | ) | | (1 | ) | | Total other expense | | | 63 | | | 266 | | | Loss before income taxes | | | (48 | ) | | (2,353 | ) | | Income tax provision | | | 64 | | | 497 | | |
Net loss |
|
|
(112 |
) |
|
(2,850 |
) | | Foreign currency translation gain, net of tax | | | 2,121 | | | 379 | | | Fair value adjustments on investments (loss) gain | | | (14 | ) | | 7 | | |
Comprehensive income (loss) |
|
$ |
1,995 |
|
$ |
(2,464 |
) | |
Loss per share: | | | | | | | | | Common shares - Basic | | $ | (0.01 | ) | $ | (0.23 | ) | | Class B common shares - Basic | | $ | (0.01 | ) | $ | (0.20 | ) | | Common shares - Diluted | | $ | (0.01 | ) | $ | (0.23 | ) | | Class B common shares - Diluted | | $ | (0.01 | ) | $ | (0.20 | ) | |
Weighted average number of shares: | | | | | | | | | Common shares - Basic | | | 10,712 | | | 10,703 | | | Class B common shares - Basic | | | 2,137 | | | 2,141 | | | Common shares - Diluted | | | 10,712 | | | 10,703 | | | Class B common shares - Diluted | | | 2,137 | | | 2,141 | | |
Dividends per common share |
|
$ |
0.060 |
|
$ |
0.060 |
| |
Dividends per Class B common share |
|
$ |
0.054 |
|
$ |
0.054 |
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