Business
Richardson Electronics Reports Fourth Quarter Fiscal 2022 Net Income of $8.3 Million and Fiscal Year 2022 Net Income of $17.9 Million; Declares Quarterly Cash Dividend
Eighth Consecutive Quarter of Sequential Revenue Growth; Fiscal Year 2022 revenue growth of 26.9% over Fiscal Year 2021 Fourth Quarter Highlights Net sales of
About this update from Richardson Electronics, Ltd.
[{"type":"text","content":"Eighth Consecutive Quarter of Sequential Revenue Growth; Fiscal Year 2022 revenue growth of 26.9% over Fiscal Year 2021 Fourth Quarter Highlights Net sales of $61.6 million were up 22.1% from last year’s fourth quarter with increases in all three business units.Backlog increased to $206.2 million in the fourth quarter versus $175.6 million at the end of the third quarter and $110.0 million at the end of the fourth quarter of last fiscal year.Gross margin was 32.7% of net sales for the fourth quarter of fiscal 2022 versus 32.4% of net sales in the prior year’s fourth quarter.Operating income was $5.0 million for the fourth quarter of fiscal 2022 compared to an operating income of $2.3 million in the fourth quarter of fiscal 2021.A non-cash income tax benefit of $3.5 million for the fourth quarter of fiscal 2022 resulted from the $4.0 million partial reversal of the tax valuation allowance due to evidence of profitability for realizing a portion of the deferred tax assets in the future.Earnings per common share (diluted) were $0.59 for the fourth quarter of fiscal 2022 compared to $0.14 per common share (diluted) in the fourth quarter of fiscal 2021. Excluding the $4.0 million tax valuation allowance adjustment, earnings per common share (diluted) were $0.31 for the fourth quarter of fiscal 2022. Fiscal 2022 Highlights For fiscal 2022, net sales increased 26.9% to $224.6 million.Operating income was $16.0 million for fiscal 2022, compared to $2.9 million for fiscal 2021.An income tax benefit of $2.2 million for fiscal 2022 resulted from the $4.0 million partial reversal of the tax valuation allowance due to evidence of profitability for realizing a portion of the deferred tax assets in the future.Earnings per common share (diluted) were $1.31 for fiscal 2022, compared to $0.13 per common share (diluted) for fiscal 2021. Excluding the $4.0 million tax valuation allowance adjustment, earnings per common share (diluted) were $1.02 for fiscal 2022.Cash and investments were $40.5 million as of May 28, 2022 versus $39.1 million on February 26, 2022 and $43.3 million on May 29, 2021. LAFOX, Ill., July 20, 2022 (GLOBE NEWSWIRE) -- Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its fourth quarter and fiscal year ended May 28, 2022. The Company also announced that its Board of Directors declared a $0.06 per...