Business
Richardson Electronics Reports Second Quarter Fiscal 2021 Net Income and Declares Quarterly Cash Dividend
Semiconductor Wafer Fab, PMG and Healthcare Revenues Grow Versus Q2 FY20; Record ALTA750™ Tube sales Q2 and FY21 Highlights Net sales of $42.4 million were up
About this update from Richardson Electronics, Ltd.
[{"type":"text","content":"Semiconductor Wafer Fab, PMG and Healthcare Revenues Grow Versus Q2 FY20; Record ALTA750™ Tube sales\nQ2 and FY21 Highlights Net sales of $42.4 million were up 7% from last year’s pre-COVID second quarter.Sales increased for PMG, Healthcare, and Semiconductor Wafer Fabrication equipment products in the second quarter of fiscal 2021 versus the second quarter of fiscal 2020.Gross margin improved to 33.8% of net sales for the second quarter of fiscal 2021 versus 32.0% of net sales in the prior year’s second quarter.Operating expenses increased $0.3 million to $13.5 million compared to the prior year’s second quarter. Legal expenses increased by $0.3 million.Operating income was $0.9 million compared to an operating loss of $0.5 million in last year’s second quarter.Earnings per common share (diluted) for the second quarter of fiscal 2021 was $0.05.Cash and investments were $46.0 million as of November 28, 2020 versus $42.5 million on August 29, 2020 and $46.1 million on November 30, 2019. LAFOX, Ill., Jan. 06, 2021 (GLOBE NEWSWIRE) -- Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its second quarter ended November 28, 2020. The Company also announced that its Board of Directors declared a $0.06 per share quarterly cash dividend. Second Quarter Results Net sales for the second quarter of fiscal 2021 increased 7.0% to $42.4 million compared to net sales of $39.6 million in the prior year’s second quarter primarily due to higher net sales for PMT and Richardson Healthcare, partially offset by lower net sales for Canvys. 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. PMT sales increased by 11.2% from last year’s second quarter as a result of higher sales of semiconductor wafer fab equipment specialty products as well as power conversion and RF and microwave components. Power grid tube sales continued to be negatively impacted by the pandemic, however sales of certain product lines increased from the second quarter of fiscal 2020. Richardson Healthcare sales increased $0.6 million or 28.2% primarily due to a significant increase in demand for the ALTA750™ Tubes, which was the highest quantity sold in any quarter. In addition, equipment sales increased in Lati...