Richardson Electronics Reports First Quarter Fiscal 2021 Results and Declares Quarterly Cash Dividend

Richardson Electronics, Ltd.
Unaudited Consolidated Statement s of Comprehensive Income (Loss)
(in thousands, except per share amounts)
 
   Three Months Ended 
   August 29, 2020   August 31, 2019 
Statements of Comprehensive Income (Loss)        
Net sales $38,812  $40,653 
Cost of sales  26,453   27,702 
Gross profit   12,359    12,951 
Selling, general and administrative expenses  12,976   12,847 
Loss on disposal of assets     1 
Operating (loss) income   (617 )   103 
Other expense (income):        
Investment/interest income  (18)  (120)
Foreign exchange loss (income)  442   (110)
Other, net  (18)  (1)
Total other expense (income)  406    (231 )
(Loss) income before income taxes     (1,023 )     334  
Income tax provision     124       177  
Net (loss) income     (1,147 )     157  
Foreign currency translation gain (loss), net of tax     2,136       (716 )
Comprehensive income (loss)   $ 989     $ (559 )
Net (loss) income per share                
Common shares - Basic   $ (0.09 )   $ 0.01  
Class B common shares - Basic   $ (0.08 )   $ 0.01  
Common shares - Diluted   $ (0.09 )   $ 0.01  
Class B common shares - Diluted   $ (0.08 )   $ 0.01  
Weighted average number of shares:                
Common shares – Basic     11,070       10,990  
Class B common shares – Basic     2,097       2,097  
Common shares – Diluted     11,070       10,990  
Class B common shares – Diluted     2,097       2,097  
Dividends per common share   $ 0.060     $ 0.060  
Dividends per Class B common share   $ 0.054     $ 0.054  
                 



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