[April 06, 2016] |
|
Richardson Electronics Reports Third Quarter Fiscal 2016 Results and Declares Quarterly Cash Dividend
Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial
results for its third quarter ended February 27, 2016. The Company also
announced that its Board of Directors declared a $0.06 per share
quarterly cash dividend.
Net sales for the third quarter of fiscal 2016 were $31.3 million, a
6.5% decrease, compared to net sales of $33.5 million in the prior year.
The sales decrease primarily reflects declines in the PMT business due
to uncontrollable delays in shipping backlog, and in Canvys. The decline
was partially offset by a 52.5% increase in the Healthcare business,
which includes net sales for International Medical Equipment Systems
("IMES"), acquired early this fiscal year. Gross margin was $9.8
million, or 31.2% of net sales during the third quarter of fiscal 2016,
flat to $9.8 million, or 29.3% of net sales during the third quarter of
fiscal 2015. Margin improved as a percent of sales primarily due to
higher margins associated with the sale of diagnostic imaging
replacement parts in the Healthcare business.
Operating expenses decreased slightly to $12.5 million for the third
quarter of fiscal 2016, compared to $12.6 million for the third quarter
of fiscal 2015. The $0.1 million decrease in expenses is due to
decreases in IT costs, partially offset by increases in expenses related
to IMES and continued investments in the Company's long term growth
strategy.
As a result, operating loss for the third quarter of fiscal 2016 was
$2.7 million, flat as compared to the prior year's third quarter.
Other expense for the third quarter of fiscal 2016, including foreign
exchange, was $0.1 million, compared to $0.5 million in other income in
the third quarter of fiscal 2015.
The income tax provision of $0.1 million during the third quarter of
fiscal 2016 reflects the provision for estimated foreign taxes as well
as the valuation allowance recorded against the net operating loss in
the U.S.
Net loss for the third quarter of fiscal 2016 was $2.9 million, compared
to net loss of $2.2 million during the third quarter of last year.
FINANCIAL SUMMARY - NINE MONTHS ENDED FEBRUARY 27,
2016
-
Net sales for the first nine months of fiscal 2016 were $102.4
million, an increase of 0.4%, compared to net sales of $102.0 million
during the first nine months of fiscal 2015. Net sales for the first
nine months of fiscal 2016 have been negatively impacted by
unfavorable exchange rates in both Europe and Brazil.
-
Gross margin increased to $31.4 million, or 30.7% of net sales during
the first nine months of fiscal 2016, compared to $30.9 million, or
30.3% of net sales from the first nine months of fiscal 2015.
-
Selling, general, and administrative expenses increased to $37.9
million, or 37.0% of net sales for the first nine months of fiscal
2016, compared to $36.4 million, or 35.6% of net sales, for the first
nine months of fiscal 2015. The majority of the increase supports the
Company's investment in Richardson Healthcare and its long term growth
initiatives partially offset by a decline in IT support and other
administrative costs.
-
Operating loss during the first nine months of fiscal 2016 was $6.2
million, compared to operating loss of $5.4 million during the first
nine months of fiscal 2015.
-
Net loss for the first nine months of fiscal 2016 was $6.6 million,
compared to net loss of $3.3 million during the first nine months of
fiscal 2015.
CASH DIVIDEND
The Company also announced today that its Board of Directors declared a
$0.06 quarterly dividend per share to holders of common stock and a
$0.054 cash dividend per share to holders of Class B common stock. The
dividend will be payable on May 24, 2016, to common stockholders of
record on May 10, 2016.
Cash and investments at the end of the third quarter of fiscal 2016 were
$71.5 million. During the third quarter of fiscal 2016, the Company did
not repurchase any shares of its common stock under the existing share
repurchase authorization. Since the sale of RFPD, the Company has spent
$65.6 million on share repurchases and currently has 10.7 million
outstanding shares of common stock and 2.1 million outstanding shares of
Class B common stock.
OUTLOOK
"As we begin to close out our fiscal year 2016, we recognize the
significant investments that have been made to implement our long term
growth strategy and remain focused on growing sales within all of our
businesses. We believe our investments in Richardson Healthcare will
help provide long term growth and profitability. Our backlog in PMT,
including our power conversion business continues to increase and we
have several large orders we expect to ship during our fourth quarter,"
said Edward J. Richardson, Chairman, Chief Executive Officer, and
President. "We remain focused on top line growth, while we carefully
manage our expenses and investments in working capital," Mr. Richardson
concluded.
CONFERENCE CALL INFORMATION
On Thursday, April 7, 2016, at 9:00 a.m. CT, Edward J. Richardson,
Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial
Officer, will host a conference call to discuss the Company's third
quarter results for fiscal 2016. A question and answer session will be
included as part of the call's agenda. To listen to the call, please
dial (888) 339-2688 and enter passcode 92903258 approximately five
minutes prior to the start of the call. A replay of the call will be
available beginning at 12:00 a.m. CT on April 8, 2016, for seven days.
The telephone numbers for the replay are (USA) (888) 286-8010 and
(International) (617) 801-6888; passcode 88120014.
FORWARD-LOOKING STATEMENTS
This release includes certain "forward-looking" statements as defined by
the Securities and Exchange Commission. Statements in this press release
regarding the Company's business which are not historical facts
represent "forward-looking" statements that involve risks and
uncertainties. For a discussion of such risks and uncertainties, which
could cause actual results to differ from those contained in the
forward-looking statements, see Item 1A, "Risk Factors" in the Company's
Annual Report on Form 10-K filed on July 28, 2015. The Company assumes
no responsibility to update the "forward-looking" statements in this
release as a result of new information, future events, or otherwise.
ABOUT RICHARDSON ELECTRONICS, LTD.
Richardson Electronics, Ltd. is a leading global provider of engineered
solutions, power grid and microwave tubes and related consumables; power
conversion and RF and microwave components; high value displays, flat
panel detector solutions and replacement parts for diagnostic imaging
equipment; and customized display solutions. We serve customers in the
alternative energy, healthcare, aviation, broadcast, communications,
industrial, marine, medical, military, scientific and semiconductor
markets. The Company's strategy is to provide specialized technical
expertise and "engineered solutions" based on our core engineering and
manufacturing capabilities. The Company provides solutions and adds
value through design-in support, systems integration, prototype design
and manufacturing, testing, logistics, and aftermarket technical service
and repair through its global infrastructure. More information is
available at www.rell.com.
Richardson Electronics common stock trades on the NASDAQ Global Select
Market under the ticker symbol RELL.
|
|
Richardson Electronics, Ltd.
|
Consolidated Balance Sheets
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
Audited
|
|
|
|
|
February 27,
|
|
|
May 30,
|
|
|
|
|
2016
|
|
|
2015
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
60,205
|
|
|
$
|
74,535
|
Accounts receivable, less allowance of $362 and $283
|
|
|
|
|
20,881
|
|
|
|
20,753
|
Inventories, net
|
|
|
|
|
45,533
|
|
|
|
38,769
|
Prepaid expenses and other assets
|
|
|
|
|
2,143
|
|
|
|
1,696
|
Deferred income taxes
|
|
|
|
|
792
|
|
|
|
804
|
Income tax receivable
|
|
|
|
|
78
|
|
|
|
929
|
Investments - current
|
|
|
|
|
3,537
|
|
|
|
23,692
|
Total current assets
|
|
|
|
|
133,169
|
|
|
|
161,178
|
Non-current assets:
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
|
11,624
|
|
|
|
10,081
|
Goodwill
|
|
|
|
|
6,332
|
|
|
|
-
|
Intangible assets, net
|
|
|
|
|
3,897
|
|
|
|
743
|
Non-current deferred income taxes
|
|
|
|
|
1,198
|
|
|
|
1,443
|
Investments - non-current
|
|
|
|
|
7,772
|
|
|
|
11,549
|
Total non-current assets
|
|
|
|
|
30,823
|
|
|
|
23,816
|
Total assets
|
|
|
|
$
|
163,992
|
|
|
$
|
184,994
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
12,732
|
|
|
|
15,768
|
Accrued liabilities
|
|
|
|
|
8,053
|
|
|
|
10,144
|
Total current liabilities
|
|
|
|
|
20,785
|
|
|
|
25,912
|
Non-current liabilities:
|
|
|
|
|
|
|
|
Non-current deferred income tax liabilities
|
|
|
|
|
1,170
|
|
|
|
1,209
|
Other non-current liabilities
|
|
|
|
|
831
|
|
|
|
1,221
|
Total non-current liabilities
|
|
|
|
|
2,001
|
|
|
|
2,430
|
Total liabilities
|
|
|
|
|
22,786
|
|
|
|
28,342
|
Stockholders' equity
|
|
|
|
|
|
|
|
Common stock, $0.05 par value; issued 10,703 shares at February 27,
2016, and 11,530 shares at May 30, 2015
|
|
|
|
|
535
|
|
|
|
577
|
Class B common stock, convertible, $0.05 par value; issued and
outstanding 2,141 shares at February 27, 2016, and at May 30, 2015
|
|
|
|
|
107
|
|
|
|
107
|
Preferred stock, $1.00 par value, no shares issued
|
|
|
|
|
-
|
|
|
|
-
|
Additional paid-in-capital
|
|
|
|
|
58,775
|
|
|
|
63,252
|
Common stock in treasury, at cost, no shares at February 27, 2016,
and at May 30, 2015
|
|
|
|
|
-
|
|
|
|
-
|
Retained earnings
|
|
|
|
|
80,205
|
|
|
|
89,141
|
Accumulated other comprehensive income
|
|
|
|
|
1,584
|
|
|
|
3,575
|
Total stockholders' equity
|
|
|
|
|
141,206
|
|
|
|
156,652
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
163,992
|
|
|
$
|
184,994
|
|
|
Richardson Electronics, Ltd.
|
Unaudited Consolidated Statements of Comprehensive Loss
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
February 27,
|
|
|
February 28,
|
|
|
February 27,
|
|
|
February 28,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
Statements of Comprehensive Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
31,291
|
|
|
|
$
|
33,471
|
|
|
|
$
|
102,448
|
|
|
|
$
|
102,011
|
|
Cost of sales
|
|
|
|
21,541
|
|
|
|
|
23,671
|
|
|
|
|
71,001
|
|
|
|
|
71,091
|
|
Gross profit
|
|
|
|
9,750
|
|
|
|
|
9,800
|
|
|
|
|
31,447
|
|
|
|
|
30,920
|
|
Selling, general, and administrative expenses
|
|
|
|
12,471
|
|
|
|
|
12,563
|
|
|
|
|
37,938
|
|
|
|
|
36,366
|
|
Gain on disposal of assets
|
|
|
|
-
|
|
|
|
|
(14
|
)
|
|
|
|
(244
|
)
|
|
|
|
(5
|
)
|
Operating loss
|
|
|
|
(2,721
|
)
|
|
|
|
(2,749
|
)
|
|
|
|
(6,247
|
)
|
|
|
|
(5,441
|
)
|
Other (income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment/interest income
|
|
|
|
(131
|
)
|
|
|
|
(239
|
)
|
|
|
|
(433
|
)
|
|
|
|
(744
|
)
|
Foreign exchange (gain) loss
|
|
|
|
265
|
|
|
|
|
(275
|
)
|
|
|
|
108
|
|
|
|
|
(285
|
)
|
Other, net
|
|
|
|
(40
|
)
|
|
|
|
(6
|
)
|
|
|
|
(53
|
)
|
|
|
|
(22
|
)
|
Total other (income) expense
|
|
|
|
94
|
|
|
|
|
(520
|
)
|
|
|
|
(378
|
)
|
|
|
|
(1,051
|
)
|
Loss from continuing operations before income taxes
|
|
|
|
(2,815
|
)
|
|
|
|
(2,229
|
)
|
|
|
|
(5,869
|
)
|
|
|
|
(4,390
|
)
|
Income tax provision (benefit)
|
|
|
|
111
|
|
|
|
|
(31
|
)
|
|
|
|
742
|
|
|
|
|
(965
|
)
|
Loss from continuing operations
|
|
|
|
(2,926
|
)
|
|
|
|
(2,198
|
)
|
|
|
|
(6,611
|
)
|
|
|
|
(3,425
|
)
|
Income from discontinued operations, net of tax
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
87
|
|
Net loss
|
|
|
|
(2,926
|
)
|
|
|
|
(2,198
|
)
|
|
|
|
(6,611
|
)
|
|
|
|
(3,338
|
)
|
Foreign currency translation gain (loss), net of tax
|
|
|
|
240
|
|
|
|
|
(2,188
|
)
|
|
|
|
(1,912
|
)
|
|
|
|
(6,149
|
)
|
Fair value adjustments on investments gain (loss)
|
|
|
|
(47
|
)
|
|
|
|
5
|
|
|
|
|
(79
|
)
|
|
|
|
30
|
|
Comprehensive loss
|
|
|
$
|
(2,733
|
)
|
|
|
$
|
(4,381
|
)
|
|
|
$
|
(8,602
|
)
|
|
|
$
|
(9,457
|
)
|
Net income (loss) per Common share - Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations
|
|
|
$
|
(0.23
|
)
|
|
|
$
|
(0.16
|
)
|
|
|
$
|
(0.51
|
)
|
|
|
$
|
(0.25
|
)
|
Income from discontinued operations
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.01
|
|
Total loss per Common share - Basic:
|
|
|
$
|
(0.23
|
)
|
|
|
$
|
(0.16
|
)
|
|
|
$
|
(0.51
|
)
|
|
|
$
|
(0.24
|
)
|
Net income (loss) per Class B common share -
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations
|
|
|
$
|
(0.21
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
$
|
(0.46
|
)
|
|
|
$
|
(0.22
|
)
|
Income from discontinued operations
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.01
|
|
Total loss per Class B common share - Basic:
|
|
|
$
|
(0.21
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
$
|
(0.46
|
)
|
|
|
$
|
(0.21
|
)
|
Net income (loss) per Common share - Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations
|
|
|
$
|
(0.23
|
)
|
|
|
$
|
(0.16
|
)
|
|
|
$
|
(0.51
|
)
|
|
|
$
|
(0.25
|
)
|
Income from discontinued operations
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.01
|
|
Total loss per Common share - Diluted:
|
|
|
$
|
(0.23
|
)
|
|
|
$
|
(0.16
|
)
|
|
|
$
|
(0.51
|
)
|
|
|
$
|
(0.24
|
)
|
Net income (loss) per Class B common share -
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations
|
|
|
$
|
(0.21
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
$
|
(0.46
|
)
|
|
|
$
|
(0.22
|
)
|
Income from discontinued operations
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.01
|
|
Total loss per Class B common share - Diluted:
|
|
|
$
|
(0.21
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
$
|
(0.46
|
)
|
|
|
$
|
(0.21
|
)
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares - Basic
|
|
|
|
10,701
|
|
|
|
|
11,604
|
|
|
|
|
10,976
|
|
|
|
|
11,733
|
|
Class B common shares - Basic
|
|
|
|
2,141
|
|
|
|
|
2,141
|
|
|
|
|
2,141
|
|
|
|
|
2,154
|
|
Common shares - Diluted
|
|
|
|
12,842
|
|
|
|
|
13,745
|
|
|
|
|
13,117
|
|
|
|
|
13,887
|
|
Class B common shares - Diluted
|
|
|
|
2,141
|
|
|
|
|
2,141
|
|
|
|
|
2,141
|
|
|
|
|
2,154
|
|
Dividends per common share
|
|
|
$
|
0.060
|
|
|
|
$
|
0.060
|
|
|
|
$
|
0.180
|
|
|
|
$
|
0.180
|
|
Dividends per Class B common share
|
|
|
$
|
0.054
|
|
|
|
$
|
0.054
|
|
|
|
$
|
0.162
|
|
|
|
$
|
0.162
|
|
|
|
Richardson Electronics, Ltd.
|
Unaudited Consolidated Statements of Cash Flows
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
February 27,
|
|
|
February 28,
|
|
|
February 27,
|
|
|
February 28,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
$
|
(2,926
|
)
|
|
|
$
|
(2,198
|
)
|
|
|
$
|
(6,611
|
)
|
|
|
$
|
(3,338
|
)
|
Adjustments to reconcile net loss to cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
583
|
|
|
|
|
418
|
|
|
|
|
1,865
|
|
|
|
|
1,227
|
|
Loss (gain) on sale of investments
|
|
|
|
|
21
|
|
|
|
|
(6
|
)
|
|
|
|
2
|
|
|
|
|
(15
|
)
|
Gain on disposal of assets
|
|
|
|
|
-
|
|
|
|
|
(4
|
)
|
|
|
|
(244
|
)
|
|
|
|
(30
|
)
|
Share-based compensation expense
|
|
|
|
|
119
|
|
|
|
|
143
|
|
|
|
|
434
|
|
|
|
|
529
|
|
Deferred income taxes
|
|
|
|
|
(82
|
)
|
|
|
|
(498
|
)
|
|
|
|
173
|
|
|
|
|
(665
|
)
|
Change in assets and liabilities, net of effect of acquired business:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
282
|
|
|
|
|
(2,361
|
)
|
|
|
|
311
|
|
|
|
|
(2,655
|
)
|
Income tax receivable
|
|
|
|
|
187
|
|
|
|
|
-
|
|
|
|
|
851
|
|
|
|
|
2,888
|
|
Inventories, net
|
|
|
|
|
(2,164
|
)
|
|
|
|
(105
|
)
|
|
|
|
(5,636
|
)
|
|
|
|
(4,366
|
)
|
Prepaid expenses and other assets
|
|
|
|
|
1
|
|
|
|
|
176
|
|
|
|
|
(443
|
)
|
|
|
|
(727
|
)
|
Accounts payable
|
|
|
|
|
(986
|
)
|
|
|
|
(1,878
|
)
|
|
|
|
(2,976
|
)
|
|
|
|
(389
|
)
|
Accrued liabilities
|
|
|
|
|
(871
|
)
|
|
|
|
632
|
|
|
|
|
(2,071
|
)
|
|
|
|
(469
|
)
|
Long-term liabilities-accrued pension
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(465
|
)
|
|
|
|
-
|
|
Other
|
|
|
|
|
125
|
|
|
|
|
(25
|
)
|
|
|
|
256
|
|
|
|
|
(32
|
)
|
Net cash used in operating activities
|
|
|
|
|
(5,711
|
)
|
|
|
|
(5,706
|
)
|
|
|
|
(14,554
|
)
|
|
|
|
(8,042
|
)
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash consideration paid for acquired business
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(12,209
|
)
|
|
|
|
-
|
|
Capital expenditures
|
|
|
|
|
(1,267
|
)
|
|
|
|
(1,314
|
)
|
|
|
|
(3,043
|
)
|
|
|
|
(3,250
|
)
|
Proceeds from sales of assets
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
402
|
|
|
|
|
-
|
|
Proceeds from maturity of investments
|
|
|
|
|
-
|
|
|
|
|
750
|
|
|
|
|
25,584
|
|
|
|
|
31,957
|
|
Purchases of investments
|
|
|
|
|
-
|
|
|
|
|
(750
|
)
|
|
|
|
(2,151
|
)
|
|
|
|
(34,093
|
)
|
Proceeds from sales of available-for-sale securities
|
|
|
|
|
106
|
|
|
|
|
112
|
|
|
|
|
250
|
|
|
|
|
186
|
|
Purchases of available-for-sale securities
|
|
|
|
|
(106
|
)
|
|
|
|
(112
|
)
|
|
|
|
(250
|
)
|
|
|
|
(186
|
)
|
Other
|
|
|
|
|
(49
|
)
|
|
|
|
(98
|
)
|
|
|
|
(17
|
)
|
|
|
|
(128
|
)
|
Net cash provided by (used in) investing activities
|
|
|
|
|
(1,316
|
)
|
|
|
|
(1,412
|
)
|
|
|
|
8,566
|
|
|
|
|
(5,514
|
)
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of common stock
|
|
|
|
|
-
|
|
|
|
|
(1,305
|
)
|
|
|
|
(5,015
|
)
|
|
|
|
(3,945
|
)
|
Proceeds from issuance of common stock
|
|
|
|
|
21
|
|
|
|
|
13
|
|
|
|
|
142
|
|
|
|
|
301
|
|
Cash dividends paid
|
|
|
|
|
(758
|
)
|
|
|
|
(808
|
)
|
|
|
|
(2,321
|
)
|
|
|
|
(2,453
|
)
|
Other
|
|
|
|
|
-
|
|
|
|
|
2
|
|
|
|
|
(4
|
)
|
|
|
|
-
|
|
Net cash used in financing activities
|
|
|
|
|
(737
|
)
|
|
|
|
(2,098
|
)
|
|
|
|
(7,198
|
)
|
|
|
|
(6,097
|
)
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
106
|
|
|
|
|
(2,272
|
)
|
|
|
|
(1,144
|
)
|
|
|
|
(4,701
|
)
|
Decrease in cash and cash equivalents
|
|
|
|
|
(7,658
|
)
|
|
|
|
(11,488
|
)
|
|
|
|
(14,330
|
)
|
|
|
|
(24,354
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
67,863
|
|
|
|
|
89,886
|
|
|
|
|
74,535
|
|
|
|
|
102,752
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
60,205
|
|
|
|
$
|
78,398
|
|
|
|
$
|
60,205
|
|
|
|
$
|
78,398
|
|
|
|
|
|
Richardson Electronics, Ltd.
|
Consolidated Balance Sheets
|
For the Third Quarter and First Nine Months of Fiscal 2016 and
Fiscal 2015
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Strategic Business Unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
|
|
|
|
|
|
Q3
|
|
|
|
|
Net Sales
|
|
|
|
|
|
FY 2016
|
|
|
|
|
|
FY 2015
|
|
|
% Change
|
|
PMT
|
|
|
|
|
|
$
|
23,008
|
|
|
|
|
|
$
|
25,207
|
|
|
-8.7
|
%
|
|
Canvys
|
|
|
|
|
|
|
5,190
|
|
|
|
|
|
|
6,236
|
|
|
-16.8
|
%
|
|
Healthcare
|
|
|
|
|
|
|
3,093
|
|
|
|
|
|
|
2,028
|
|
|
52.5
|
%
|
|
Total
|
|
|
|
|
|
$
|
31,291
|
|
|
|
|
|
$
|
33,471
|
|
|
-6.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD
|
|
|
|
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
FY 2016
|
|
|
|
|
|
FY 2015
|
|
|
% Change
|
|
PMT
|
|
|
|
|
|
$
|
75,365
|
|
|
|
|
|
$
|
79,432
|
|
|
-5.1
|
%
|
|
Canvys
|
|
|
|
|
|
|
17,773
|
|
|
|
|
|
|
18,110
|
|
|
-1.9
|
%
|
|
Healthcare
|
|
|
|
|
|
|
9,310
|
|
|
|
|
|
|
4,469
|
|
|
108.3
|
%
|
|
Total
|
|
|
|
|
|
$
|
102,448
|
|
|
|
|
|
$
|
102,011
|
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
|
|
|
|
|
|
Q3
|
|
|
|
|
Gross Profit
|
|
|
|
|
|
FY 2016
|
|
|
% of Net Sales
|
|
|
FY 2015
|
|
|
% of Net Sales
|
|
PMT
|
|
|
|
|
|
$
|
7,140
|
|
|
31.0
|
%
|
|
|
$
|
7,680
|
|
|
30.5
|
%
|
|
Canvys
|
|
|
|
|
|
|
1,204
|
|
|
23.2
|
%
|
|
|
|
1,621
|
|
|
26.0
|
%
|
|
Healthcare
|
|
|
|
|
|
|
1,406
|
|
|
45.5
|
%
|
|
|
|
499
|
|
|
24.6
|
%
|
|
Total
|
|
|
|
|
|
$
|
9,750
|
|
|
31.2
|
%
|
|
|
$
|
9,800
|
|
|
29.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD
|
|
|
|
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
FY 2016
|
|
|
% of Net Sales
|
|
|
FY 2015
|
|
|
% of Net Sales
|
|
PMT
|
|
|
|
|
|
$
|
22,793
|
|
|
30.2
|
%
|
|
|
$
|
24,904
|
|
|
31.4
|
%
|
|
Canvys
|
|
|
|
|
|
|
4,439
|
|
|
25.0
|
%
|
|
|
|
4,929
|
|
|
27.2
|
%
|
|
Healthcare
|
|
|
|
|
|
|
4,215
|
|
|
45.3
|
%
|
|
|
|
1,087
|
|
|
24.3
|
%
|
|
Total
|
|
|
|
|
|
$
|
31,447
|
|
|
30.7
|
%
|
|
|
$
|
30,920
|
|
|
30.3
|
%
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160406006459/en/
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