Business
Richardson Electronics Reports Fourth Quarter and Fiscal 2020 Results and Declares Quarterly Cash Dividend
North America Display and Semiconductor Wafer Fab Revenues Grow Versus Q4 FY19 Q4 and FY20 Highlights Net sales of $37.4 million were down 11.4% from last
About this update from Richardson Electronics, Ltd.
[{"type":"text","content":"North America Display and Semiconductor Wafer Fab Revenues Grow Versus Q4 FY19\n Q4 and FY20 Highlights Net sales of $37.4 million were down 11.4% from last year’s fourth quarter, primarily due to the COVID-19 impact on all three of our strategic business units.Sales increased for Canvys display solutions in North America and Semiconductor Wafer Fabrication equipment products in the fourth quarter of fiscal 2020.Gross margin increased to 30.4% of net sales versus 29.7% of net sales in the prior year’s fourth quarter due to an improved product mix and manufacturing efficiencies for PMT.Operating expenses increased $0.1 million to $12.7 million compared to the prior year’s fourth quarter.Operating loss was $1.3 million compared to an operating loss of $6.4 million in last year’s fourth quarter, which included a non-cash goodwill impairment charge of $6.3 million.Net sales for fiscal 2020 were $155.9 million, compared to $166.7 million in fiscal 2019, or a decrease of 6.5%.Operating loss for fiscal 2020 was $1.7 million, as compared to $6.8 million, inclusive of the goodwill impairment charge, in fiscal 2019.Cash and investments were $46.5 million as of May 30, 2020 versus $43.9 million at the end of the third quarter of this fiscal year and $50.0 million as of June 1, 2019. The use of cash reflects an improvement in cash from operations and lower capital expenditures in fiscal 2020. LAFOX, Ill., July 22, 2020 (GLOBE NEWSWIRE) -- Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its fourth quarter and fiscal year ended May 30, 2020. The Company also announced that its Board of Directors declared a $0.06 per share quarterly cash dividend. Fourth Quarter Results Net sales for the fourth quarter of fiscal 2020 decreased 11.4% to $37.4 million compared to net sales of $42.2 million in the prior year’s fourth quarter primarily due to COVID-19 and its impact on demand. Richardson Electronics is an “essential business” and continued operating its manufacturing and distribution businesses on a global basis throughout the pandemic under strict safety guidelines. Sales of specialty products for semiconductor wafer fab equipment increased from last year’s fourth quarter, although overall PMT sales decreased $2.7 million or 8.6%. Canvys sales decreased by $0.8 million or 10.2% due to lower sales to medical OEMs i...