Business
Richardson Electronics Reports 16.9% Revenue Growth and a 56.6% Increase in Operating Income for Fiscal 2023; Declares Quarterly Cash Dividend
Green Energy Solutions net sales increase 61.7% over Q4 FY22 and 110.5% over Fiscal 2022 Fiscal 2023 Highlights For fiscal 2023, net sales increased 16.9% to
About this update from Richardson Electronics, Ltd.
[{"type":"text","content":"Green Energy Solutions net sales increase 61.7% over Q4 FY22 and 110.5% over Fiscal 2022 Fiscal 2023 Highlights For fiscal 2023, net sales increased 16.9% to $262.7 million.Operating income was $25.0 million for fiscal 2023, compared to $16.0 million for fiscal 2022.An income tax expense of $2.7 million and Non-GAAP income tax expense* of $5.0 million for fiscal 2023. The income tax expense was reduced by a one-time $1.8 million reversal of the foreign tax credit valuation allowance and total R&D Tax Credits of $0.9 million for fiscal years 2020 through 2023, which included a one-time total of $0.6 million related to fiscal years 2020 through 2022.Earnings per common share (diluted) were $1.55 and Non-GAAP earnings per common share (diluted)* were $1.39 for fiscal 2023 compared to earnings per common share (diluted) of $1.31 and Non-GAAP earnings per common share (diluted) of $1.02 for fiscal 2022.Cash and investments were $25.0 million as of May 27, 2023, versus $24.6 million on February 25, 2023 and $40.5 million on May 28, 2022. The use of cash in fiscal 2023 was primarily due to higher working capital to support the Company’s growth initiatives. Fourth Quarter Highlights Net sales of $58.8 million were down 4.5% from last year’s fourth quarter driven by decreases in Power and Microwave Technologies (“PMT”) and Canvys business units. Green Energy Solutions (“GES”) net sales increased 61.7% versus the prior year’s fourth quarter.Backlog totaled $160.4 million in the fourth quarter versus $175.1 million at the end of the third quarter of fiscal 2023.Gross margin was 27.9% of net sales for the fourth quarter of fiscal 2023, compared to 32.7% in the prior year’s fourth quarter. The decrease was driven primarily by product mix.Operating income was $1.4 million in the fourth quarter of fiscal 2023 compared to $5.0 million for the fourth quarter of fiscal 2022.Income tax benefit was $2.6 million and Non-GAAP income tax benefit* was $0.2 million for the fourth quarter of fiscal 2023, versus income tax benefit of $3.5 million and Non-GAAP income tax expense* of $0.5 million in the prior year’s fourth quarter. The fourth quarter of fiscal 2023 included $0.4 million for an R&D Tax Credit for the current fiscal year and a one-time total credit of $0.6 million for fiscal years 2020 through 2022. In addition, the income tax benefit for the...