Richardson Electronics Reports Fourth Quarter and Fiscal 2019 Results and Declares Quarterly Cash Dividend


Richardson Electronics, Ltd.  
Consolidated Statements of Comprehensive (Loss) Income  
(in thousands, except per share amounts) 
                         
    Three Months Ended     Twelve Months Ended  
    June 1, 2019     June 2, 2018     June 1, 2019     June 2, 2018  
Statements of Comprehensive (Loss) Income                 
Net sales $42,163  $45,490  $166,652  $163,212 
Cost of sales  29,651   29,997   114,917   108,130 
Gross profit     12,512       15,493       51,735       55,082  
Selling, general and administrative expenses  12,535   13,706      52,156       51,729  
Impairment of goodwill     6,332             6,332        
Gain on disposal of business           (88 )            
Loss (gain) on disposal of assets     23             23       (276 )
Operating (loss) income     (6,378 )     1,875       (6,776 )     3,629  
Other (income) expense:                                
Investment/interest income     (138 )     (54 )     (540 )     (432 )
Foreign exchange (gain) loss     (121 )     (251 )     84       224  
Other, net     (5 )     (9 )     (9 )     (23 )
Total other income     (264 )     (314 )     (465 )     (231 )
(Loss) income from continuing operations before income taxes     (6,114 )     2,189       (6,311 )     3,860  
Income tax provision     263       450       1,017       1,534  
(Loss) income from continuing operations     (6,377 )     1,739       (7,328 )     2,326  
Income from discontinued operations                       1,496  
Net (loss) income     (6,377 )     1,739       (7,328 )     3,822  
Foreign currency translation (loss) gain, net of tax     (736 )     (2,417 )     (1,976 )     1,580  
Fair value adjustments on investments (loss) gain                       (130 )
Comprehensive (loss) income   $ (7,113 )   $ (678 )   $ (9,304 )   $ 5,272  
Net (loss) income per Common share - Basic:                                
(Loss) income from continuing operations   $ (0.50 )   $ 0.14     $ (0.57 )   $ 0.18  
Income from discontinued operations                       0.12  
Total net (loss) income per Common share - Basic:   $ (0.50 )   $ 0.14     $ (0.57 )   $ 0.30  
Net (loss) income per Class B common share - Basic:                                
(Loss) income from continuing operations   $ (0.44 )   $ 0.12     $ (0.51 )   $ 0.16  
Income from discontinued operations                       0.11  
Total net (loss) income per Class B common share - Basic:   $ (0.44 )   $ 0.12     $ (0.51 )   $ 0.27  
Net (loss) income per Common share - Diluted:                                
(Loss) income from continuing operations   $ (0.50 )   $ 0.14     $ (0.57 )   $ 0.18  
Income from discontinued operations                       0.12  
Total (loss) income per Common share - Diluted:   $ (0.50 )   $ 0.14     $ (0.57 )   $ 0.30  
Net (loss) income per Class B common share - Diluted:                                
(Loss) income from continuing operations   $ (0.44 )   $ 0.12     $ (0.51 )   $ 0.16  
Income from discontinued operations                       0.11  
Total net (loss) income per Class B common share - Diluted:   $ (0.44 )   $ 0.12     $ (0.51 )   $ 0.27  
Weighted average number of shares:                                
Common shares - Basic     10,957       10,800       10,923       10,765  
Class B common shares - Basic     2,097       2,137       2,106       2,137  
Common shares - Diluted     10,957       10,930       10,923       10,824  
Class B common shares - Diluted     2,097       2,137       2,106       2,137  
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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