Richardson Electronics Reports Fourth Quarter and Fiscal 2019 Results and Declares Quarterly Cash Dividend
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Richardson Electronics, Ltd. |
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Consolidated Statements of Comprehensive (Loss) Income |
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Three Months Ended |
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Twelve Months Ended |
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June 1, 2019 |
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June 2, 2018 |
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June 1, 2019 |
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June 2, 2018 |
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Statements of Comprehensive (Loss) Income |
| | | | | | | | | | | | | | | | | Net sales | | $ | 42,163 | | | $ | 45,490 | | | $ | 166,652 | | | $ | 163,212 | | | Cost of sales | | | 29,651 | | | | 29,997 | | | | 114,917 | | | | 108,130 | | |
Gross profit |
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12,512 |
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15,493 |
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51,735 |
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55,082 |
| | Selling, general and administrative expenses | | | 12,535 | | | | 13,706 | | | | 52,156 | | | | 51,729 | | | Impairment of goodwill | | | 6,332 | | | | — | | | | 6,332 | | | | — | | | Gain on disposal of business | | | — | | | | (88 | ) | | | — | | | | — | | | Loss (gain) on disposal of assets | | | 23 | | | | — | | | | 23 | | | | (276 | ) | |
Operating (loss) income |
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(6,378 |
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1,875 |
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(6,776 |
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3,629 |
| | Other (income) expense: | | | | | | | | | | | | | | | | | | Investment/interest income | | | (138 | ) | | | (54 | ) | | | (540 | ) | | | (432 | ) | | Foreign exchange (gain) loss | | | (121 | ) | | | (251 | ) | | | 84 | | | | 224 | | | Other, net | | | (5 | ) | | | (9 | ) | | | (9 | ) | | | (23 | ) | | Total other income | | | (264 | ) | | | (314 | ) | | | (465 | ) | | | (231 | ) | | (Loss) income from continuing operations before income taxes | | | (6,114 | ) | | | 2,189 | | | | (6,311 | ) | | | 3,860 | | | Income tax provision | | | 263 | | | | 450 | | | | 1,017 | | | | 1,534 | | | (Loss) income from continuing operations | | | (6,377 | ) | | | 1,739 | | | | (7,328 | ) | | | 2,326 | | | Income from discontinued operations | | | — | | | | — | | | | — | | | | 1,496 | | |
Net (loss) income |
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(6,377 |
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1,739 |
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(7,328 |
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3,822 |
| | Foreign currency translation (loss) gain, net of tax | | | (736 | ) | | | (2,417 | ) | | | (1,976 | ) | | | 1,580 | | | Fair value adjustments on investments (loss) gain | | | — | | | | — | | | | — | | | | (130 | ) | |
Comprehensive (loss) income |
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$ |
(7,113 |
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$ |
(678 |
) |
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$ |
(9,304 |
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$ |
5,272 |
| | Net (loss) income per Common share - Basic: | | | | | | | | | | | | | | | | | | (Loss) income from continuing operations | | $ | (0.50 | ) | | $ | 0.14 | | | $ | (0.57 | ) | | $ | 0.18 | | | Income from discontinued operations | | | — | | | | — | | | | — | | | | 0.12 | | |
Total net (loss) income per Common share - Basic: |
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$ |
(0.50 |
) |
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$ |
0.14 |
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$ |
(0.57 |
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$ |
0.30 |
| | Net (loss) income per Class B common share - Basic: | | | | | | | | | | | | | | | | | | (Loss) income from continuing operations | | $ | (0.44 | ) | | $ | 0.12 | | | $ | (0.51 | ) | | $ | 0.16 | | | Income from discontinued operations | | | — | | | | — | | | | — | | | | 0.11 | | |
Total net (loss) income per Class B common share - Basic: |
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$ |
(0.44 |
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$ |
0.12 |
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$ |
(0.51 |
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$ |
0.27 |
| | Net (loss) income per Common share - Diluted: | | | | | | | | | | | | | | | | | | (Loss) income from continuing operations | | $ | (0.50 | ) | | $ | 0.14 | | | $ | (0.57 | ) | | $ | 0.18 | | | Income from discontinued operations | | | — | | | | — | | | | — | | | | 0.12 | | |
Total (loss) income per Common share - Diluted: |
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$ |
(0.50 |
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$ |
0.14 |
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$ |
(0.57 |
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$ |
0.30 |
| | Net (loss) income per Class B common share - Diluted: | | | | | | | | | | | | | | | | | | (Loss) income from continuing operations | | $ | (0.44 | ) | | $ | 0.12 | | | $ | (0.51 | ) | | $ | 0.16 | | | Income from discontinued operations | | | — | | | | — | | | | — | | | | 0.11 | | |
Total net (loss) income per Class B common share - Diluted: |
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$ |
(0.44 |
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$ |
0.12 |
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$ |
(0.51 |
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$ |
0.27 |
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Weighted average number of shares: |
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| | Common shares - Basic | | | 10,957 | | | | 10,800 | | | | 10,923 | | | | 10,765 | | | Class B common shares - Basic | | | 2,097 | | | | 2,137 | | | | 2,106 | | | | 2,137 | | | Common shares - Diluted | | | 10,957 | | | | 10,930 | | | | 10,923 | | | | 10,824 | | | Class B common shares - Diluted | | | 2,097 | | | | 2,137 | | | | 2,106 | | | | 2,137 | | |
Dividends per common share |
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$ |
0.060 |
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$ |
0.060 |
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$ |
0.240 |
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$ |
0.240 |
| | Dividends per Class B common share | | $ | 0.054 | | | $ | 0.054 | | | $ | 0.220 | | | $ | 0.220 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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