Richardson Electronics Reports Third Quarter Fiscal 2024 Results

Richardson Electronics Reports Third Quarter Fiscal 2024 Results and Declares Quarterly Cash Dividend


Richardson Electronics, Ltd. Unaudited Consolidated Statements of Comprehensive Income (in thousands, except per share amounts)

	Three Months Ended						Nine Months Ended
	March 2, 2024			February 25, 2023			March 2, 2024			February 25, 2023
Net sales	$	52,375		$	70,364		$	149,086		$	203,826
Cost of sales		36,939			47,959			103,844			136,543
Gross profit		15,436			22,405			45,242			67,283
Selling, general and administrative expenses		14,430			14,779			44,710			43,704
Loss (gain) on disposal of assets		—			13			70			(12	)
Operating income		1,006			7,613			462			23,591
Other expense (income):
Investment/interest income		(67	)		(76	)		(224	)		(179	)
Foreign exchange loss (gain)		101			(292	)		347			305
Other, net		(7	)		(14	)		43			(29	)
Total other expense (income)		27			(382	)		166			97
Income before income taxes		979			7,995			296			23,494
Income tax provision		229			1,655			116			5,281
Net income		750			6,340			180			18,213
Foreign currency translation (loss) gain, net of tax		(205	)		629			385			(710	)
Comprehensive income	$	545		$	6,969		$	565		$	17,503

Net income per share:
Common shares - Basic	$	0.05		$	0.46		$	0.01		$	1.33
Class B common shares - Basic		0.05			0.41			0.01			1.19
Common shares - Diluted		0.05			0.44			0.01			1.27
Class B common shares - Diluted		0.05			0.40			0.01			1.15

Weighted average number of shares:
Common shares – Basic		12,227			12,047			12,208			11,893
Class B common shares – Basic		2,052			2,052			2,052			2,053
Common shares – Diluted		12,445			12,666			12,480			12,524
Class B common shares – Diluted		2,052			2,052			2,052			2,053

Dividends per share:
Common share	$	0.060		$	0.060		$	0.180		$	0.180
Class B common share		0.054			0.054			0.162			0.162

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