Business
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
Healthcare, PMG, Canvys and Semiconductor Wafer Fab Revenues Grow Versus Q4 FY20; Higher ALTA750™ Tube Sales Q4 and FY21 Highlights Net sales of $50.5 million
About this update from Richardson Electronics, Ltd.
[{"type":"text","content":"Healthcare, PMG, Canvys and Semiconductor Wafer Fab Revenues Grow Versus Q4 FY20; Higher ALTA750™ Tube Sales Q4 and FY21 Highlights Net sales of $50.5 million were up 35.1% from last year’s fourth quarter and up 11.6% over the third quarter of fiscal 2021.Sales increased for Healthcare, PMG, Canvys and Semiconductor Wafer Fabrication Equipment products in the fourth quarter of fiscal 2021 versus the fourth quarter of fiscal 2020.Gross margin improved to 32.4% of net sales for the fourth quarter of fiscal 2021 versus 30.4% of net sales in the prior year’s fourth quarter due to a favorable product mix and improved manufacturing performance for Richardson Healthcare.Operating expenses increased $1.3 million to $14.0 million compared to the prior year’s fourth quarter. Employee incentive expense increased due to the substantially improved performance, which was partially offset by decreased legal fees of $0.2 million.Operating income was $2.3 million for the fourth quarter of fiscal 2021.Earnings per common share (diluted) were $0.14 for the fourth quarter of fiscal 2021.For fiscal year 2021, net sales increased 13.5% to $176.9 million.Operating income was $2.9 million for fiscal year 2021, and Non-GAAP operating income* was $4.5 million for fiscal year 2021.Earnings per common share (diluted) were $0.13 for fiscal year 2021, and Non-GAAP earnings per common share (diluted)* were $0.25 for fiscal year 2021.Cash and investments were $43.3 million as of May 29, 2021 versus $47.4 million on February 27, 2021 and $46.5 million on May 30, 2020. LAFOX, Ill., July 21, 2021 (GLOBE NEWSWIRE) -- Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its fourth quarter and fiscal year ended May 29, 2021. 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 2021 increased 35.1% to $50.5 million compared to net sales of $37.4 million in the prior year’s fourth quarter primarily due to higher net sales across all three business units. Richardson Healthcare sales increased $1.3 million or 92.3% primarily due to an increase in demand for the ALTA750 TM Tubes, reflecting the highest quantity sold in any quarter. In addition, parts sales increased, partially offset by lower sales of pre-owned CT scanners in...