Business
Richardson Electronics Reports Third Quarter Fiscal 2021 Net Income of $0.2 Million and Non-GAAP Net Income* of $1.8 Million; Declares Quarterly Cash Dividend
Healthcare, PMG and Semiconductor Wafer Fab Revenues Grow Versus Q3 FY20; Higher ALTA750™ Tube Sales Q3 and FY21 Highlights Net sales of $45.2 million were up
About this update from Richardson Electronics, Ltd.
[{"type":"text","content":"Healthcare, PMG and Semiconductor Wafer Fab Revenues Grow Versus Q3 FY20; Higher ALTA750™ Tube Sales Q3 and FY21 Highlights Net sales of $45.2 million were up 18.3% from last year’s third quarter and up 6.6% over the second quarter of fiscal 2021.Sales increased for Healthcare, PMG and Semiconductor Wafer Fabrication Equipment products in the third quarter of fiscal 2021 versus the third quarter of fiscal 2020.Gross margin improved to 34.9% of net sales for the third quarter of fiscal 2021 versus 33.1% of net sales in the prior year’s third quarter due to a favorable product mix.Operating expenses increased $2.8 million to $15.5 million compared to the prior year’s third quarter. This increase included a one-time cost of $1.6 million for a legal settlement with Varex Imaging Corporation. Richardson did not admit liability, but wanted to move forward selling its ALTA750™ tubes and avoid further legal expenses. Employee incentive expense also increased due to the substantially improved performance and legal fees increased by $0.3 million.Operating income was $0.3 million and Non-GAAP operating income* was $1.9 million compared to an operating income of $11,000 in last year’s third quarter.Earnings per common share (diluted) was $0.02 and Non-GAAP earnings per common share (diluted)* was $0.14 for the third quarter of fiscal 2021.Cash and investments were $47.4 million as of February 27, 2021 versus $46.0 million on November 28, 2020 and $43.9 million on February 29, 2020. LAFOX, Ill., April 07, 2021 (GLOBE NEWSWIRE) -- Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its third quarter ended February 27, 2021. The Company also announced that its Board of Directors declared a $0.06 per share quarterly cash dividend. Third Quarter Results Net sales for the third quarter of fiscal 2021 increased 18.3% to $45.2 million compared to net sales of $38.2 million in the prior year’s third quarter primarily due to higher net sales for Richardson Healthcare and PMT, 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 COVID-19 pandemic under strict safety guidelines. Richardson Healthcare sales increased $0.9 million or 41.7% primarily due to an increase in demand fo...