Richardson Electronics Reports Fourth Quarter and Fiscal 2020 Results and Declares Quarterly Cash Dividend
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Richardson Electronics, Ltd.
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Consolidated Statements of Comprehensive Loss
| (in thousands, except per share amounts)
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Three Months Ended |
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Twelve Months Ended |
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May 30, 2020 |
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June 1, 2019 |
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May 30, 2020 |
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June 1, 2019 |
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Statements of Comprehensive Loss |
| | | | | | | | | | | | | | | | | Net sales | | $ | 37,362 | | | $ | 42,163 | | | $ | 155,898 | | | $ | 166,652 | | | Cost of sales | | | 25,990 | | | | 29,651 | | | | 106,225 | | | | 114,917 | | |
Gross profit |
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11,372 |
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12,512 |
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49,673 |
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51,735 |
| | Selling, general and administrative expenses | | | 12,660 | | | | 12,535 | | | | 51,327 | | | | 52,156 | | | Impairment of goodwill | | | — | | | | 6,332 | | | | — | | | | 6,332 | | | Loss on disposal of assets | | | 2 | | | | 23 | | | | 3 | | | | 23 | | |
Operating loss |
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(1,290 |
) |
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(6,378 |
) |
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(1,657 |
) |
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(6,776 |
) | | Other (income) expense: | | | | | | | | | | | | | | | | | | Investment/interest income | | | (37 | ) | | | (138 | ) | | | (377 | ) | | | (540 | ) | | Foreign exchange (gain) loss | | | (132 | ) | | | (121 | ) | | | (15 | ) | | | 84 | | | Other, net | | | (27 | ) | | | (5 | ) | | | (51 | ) | | | (9 | ) | | Total other income | | | (196 | ) | | | (264 | ) | | | (443 | ) | | | (465 | ) | | Loss before income taxes | | | (1,094 | ) | | | (6,114 | ) | | | (1,214 | ) | | | (6,311 | ) | | Income tax provision | | | 186 | | | | 263 | | | | 624 | | | | 1,017 | | |
Net loss |
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(1,280 |
) |
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(6,377 |
) |
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(1,838 |
) |
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(7,328 |
) | | Foreign currency translation loss, net of tax | | | (346 | ) | | | (736 | ) | | | (900 | ) | | | (1,976 | ) | |
Comprehensive loss |
|
$ |
(1,626 |
) |
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$ |
(7,113 |
) |
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$ |
(2,738 |
) |
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$ |
(9,304 |
) | | Net loss per share | | | | | | | | | | | | | | | | | | Common shares - Basic |
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$ |
(0.10 |
) |
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$ |
(0.50 |
) |
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$ |
(0.14 |
) |
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$ |
(0.57 |
) | | Class B common shares - Basic: |
|
$ |
(0.09 |
) |
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$ |
(0.44 |
) |
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$ |
(0.13 |
) |
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$ |
(0.51 |
) | | Common shares - Diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.14 |
) |
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$ |
(0.57 |
) | | Class B common shares - Diluted: |
|
$ |
(0.09 |
) |
|
$ |
(0.44 |
) |
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$ |
(0.13 |
) |
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$ |
(0.51 |
) | |
Weighted average number of shares: |
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| | Common shares - Basic | | | 11,038 | | | | 10,957 | | | | 11,026 | | | | 10,923 | | | Class B common shares - Basic | | | 2,097 | | | | 2,097 | | | | 2,097 | | | | 2,106 | | | Common shares - Diluted | | | 11,038 | | | | 10,957 | | | | 11,026 | | | | 10,923 | | | Class B common shares - Diluted | | | 2,097 | | | | 2,097 | | | | 2,097 | | | | 2,106 | | |
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 |
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Dividends per Class B common share | | $ | 0.054 | | | $ | 0.054 | | | $ | 0.220 | | | $ | 0.220 | | | | | | | | | | | | | | | | | | | |
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