Richardson Electronics Reports Fourth Quarter Fiscal 2018 Profit and Declares Quarterly Cash Dividend

Richardson Electronics, Ltd.
Consolidated Statements of Comprehensive Income (Loss)
(in thousands, except per share amounts)

    Three Months Ended    Twelve Months Ended 
      June 2,
  2018
    May 27,
  2017
   June 2,
2018
  May 27,
2017
 
Statements of Comprehensive Income (Loss)          
Net sales $45,490  $37,359  $163,212  $136,872 
Cost of sales  29,997   25,372   108,130   92,989 
Gross profit     15,493       11,987      55,082       43,883  
Selling, general and administrative expenses  13,706   12,157   51,729   49,854 
Gain on disposal of business     (209)     (209)
Gain on disposal of assets  (88     (276)   
Operating income (loss)     1,875      39     3,629      (5,762 )
Other (income) expense:                
Investment/interest income  (54)  (105)  (432)  (234)
Foreign exchange (gain) loss  (251  301   224   612 
Other, net  (9  (24  (23  (24
Total other (income) expense  (314    172       (231 )     354  
Income (loss) from continuing operations before income taxes     2,189       (133 )     3,860       (6,116 )
Income tax provision (benefit)     450       (8 )     1,534       812  
Income (loss) from continuing operations     1,739       (125 )     2,326       (6,928 )
Income from discontinued operations                 1,496        
Net income (loss)     1,739       (125 )     3,822       (6,928 )
Foreign currency translation gain (loss), net of tax     (2,417     1,826       1,580       90  
Fair value adjustments on investments gain (loss)           14       (130 )     54  
Comprehensive (loss) income   $ (678   $ 1,715     $ 5,272     $ (6,784 )
Net income (loss) per Common share - Basic:                                
Income (loss) from continuing operations   $ 0.14     $ (0.01 )   $ 0.18     $ (0.55 )
Income from discontinued operations                 0.12        
Total net income (loss) per Common share - Basic:   $ 0.14     $ (0.01 )   $ 0.30     $ (0.55 )
Net income (loss) per Class B common share - Basic:                                
Income (loss) from continuing operations   $ 0.12     $ (0.01 )   $ 0.16     $ (0.49 )
Income from discontinued operations                 0.11        
Total net income (loss) per Class B common share - Basic:   $ 0.12     $ (0.01 )   $ 0.27     $ (0.49 )
Net income (loss) per Common share - Diluted:                                
Income (loss) from continuing operations   $ 0.14     $ (0.01 )   $ 0.18     $ (0.55 )
Income from discontinued operations                 0.12        
Total income (loss) per Common share - Diluted:   $ 0.14     $ (0.01 )   $ 0.30     $ (0.55 )
Net income (loss) per Class B common share - Diluted:                                
Income (loss) from continuing operations   $ 0.12     $ (0.01 )   $ 0.16     $ (0.49 )
Income from discontinued operations                 0.11        
Total net income (loss) per Class B common share - Diluted:   $ 0.12     $ (0.01 )   $ 0.27     $ (0.49 )
Weighted average number of shares:                                
Common shares – Basic     10,800       10,709       10,765       10,705  
Class B common shares – Basic     2,137       2,140       2,137       2,140  
Common shares – Diluted     10,930       10,709       10,824       10,705  
Class B common shares – Diluted     2,137       2,140       2,137       2,140  
Dividends per common share   $ 0.060     $ 0.060     $ 0.240     $ 0.240  
Dividends per Class B common share   $ 0.054     $ 0.054     $ 0.220     $ 0.220  
                                 

 

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