Richardson Electronics Reports Fourth Quarter Fiscal 2021 Net Income of $1.9 Million; Fiscal 2021 Net Income of $1.7 Million and Non-GAAP Net Income* of $3.3 Million; Declares Quarterly Cash Dividend
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Richardson Electronics, Ltd. | | |
Consolidated Statements of Comprehensive Income (Loss) | | | (in thousands, except per share amounts) | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended | | |
Twelve Months Ended | | | | |
May 29, 2021 | | |
May 30, 2020 | | |
May 29, 2021 | | |
May 30, 2020 | | | Net sales | | $ | 50,472 | | | $ | 37,362 | | | $ | 176,937 | | | $ | 155,898 | | | Cost of sales | | | 34,115 | | | | 25,990 | | | | 118,112 | | | | 106,225 | | |
Gross profit | | |
16,357 | | | |
11,372 | | | |
58,825 | | | |
49,673 | | | Selling, general and administrative expenses | | | 14,001 | | | | 12,660 | | | | 55,925 | | | | 51,327 | | | Loss on disposal of assets | | | 19 | | | | 2 | | | | 13 | | | | 3 | | |
Operating income (loss) | | |
2,337 | | | |
(1,290 |
) | | |
2,887 | | | |
(1,657 |
) | | Other expense (income): | | | | | | | | | | | | | | | | | | Investment/interest income | | | (28 | ) | | | (37 | ) | | | (76 | ) | | | (377 | ) | | Foreign exchange loss (gain) | | | 109 | | | | (132 | ) | | | 759 | | | | (15 | ) | | Other, net | | | (43 | ) | | | (27 | ) | | | (104 | ) | | | (51 | ) | | Total other expense (income) | | | 38 | | | | (196 | ) | | | 579 | | | | (443 | ) | | Income (loss) before income taxes | | | 2,299 | | | | (1,094 | ) | | | 2,308 | | | | (1,214 | ) | | Income tax provision | | | 414 | | | | 186 | | | | 653 | | | | 624 | | |
Net income (loss) | | |
1,885 | | | |
(1,280 |
) | | |
1,655 | | | |
(1,838 |
) | | Foreign currency translation gain (loss), net of tax | | | 437 | | | | (346 | ) | | | 3,403 | | | | (900 | ) | |
Comprehensive income (loss) | |
$ |
2,322 | | |
$ |
(1,626 |
) | |
$ |
5,058 | | |
$ |
(2,738 |
) | |
Net income (loss) per share: | | | | | | | | | | | | | | | | | | Common shares - Basic | | $ | 0.14 | | | $ | (0.10 | ) | | $ | 0.13 | | | $ | (0.14 | ) | | Class B common shares - Basic | | $ | 0.13 | | | $ | (0.09 | ) | | $ | 0.11 | | | $ | (0.13 | ) | | Common shares - Diluted | | $ | 0.14 | | | $ | (0.10 | ) | | $ | 0.13 | | | $ | (0.14 | ) | | Class B common shares - Diluted | | $ | 0.13 | | | $ | (0.09 | ) | | $ | 0.11 | | | $ | (0.13 | ) | |
Weighted average number of shares: | | | | | | | | | | | | | | | | | | Common shares - Basic | | | 11,130 | | | | 11,038 | | | | 11,105 | | | | 11,026 | | | Class B common shares - Basic | | | 2,097 | | | | 2,097 | | | | 2,097 | | | | 2,097 | | | Common shares - Diluted | | | 11,352 | | | | 11,038 | | | | 11,164 | | | | 11,026 | | | Class B common shares - Diluted | | | 2,097 | | | | 2,097 | | | | 2,097 | | | | 2,097 | | |
Dividends per common share | |
$ |
0.060 | | |
$ |
0.060 | | |
$ |
0.240 | | |
$ |
0.240 | | |
Dividends per Class B common share | |
$ |
0.054 | | |
$ |
0.054 | | |
$ |
0.220 | | |
$ |
0.220 | | | | | | | | | | | | | | | | | | | |
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