Richardson Electronics Reports Second Quarter Fiscal 2022 Net Income Of $4.1 Million And Declares Quarterly Cash Dividend

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  

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