RICHARDSON ELECTRONICS REPORTS FOURTH QUARTER
AND FISCAL 2010 RESULTS AND DECLARES CASH DIVIDEND
Fourth quarter sales growth of 27%
Annual operating cash flows of over $24 million
LaFox, IL, July 21, 2010 – Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its fourth
quarter and fiscal year ended May 29, 2010. The Company also declared its regular quarterly dividend.
Net sales for the fourth quarter were $145.1 million, up 26.6% from net sales of $114.6 million during the fourth quarter of
last year. Operating income improved to $7.6 million or 5.2% of net sales for the fourth quarter of Fiscal 2010, compared to a $7.8
million loss in the fourth quarter of Fiscal 2009. Net income was $6.6 million or $0.36 per diluted share, compared to a $10.4
million loss in the prior year’s fourth quarter.
Net sales for Fiscal 2010 were $491.8 million, down approximately 1.0% from net sales of $496.4 million for Fiscal 2009. Gross
margin increased to 24.0% during Fiscal 2010, compared to 22.1% during Fiscal 2009. Expenses declined to 19.5% of net sales,
compared to 22.3% of net sales during Fiscal 2009. Operating income for Fiscal 2010 was $22.2 million or 4.5% of net sales,
compared to an operating loss in Fiscal 2009 of $8.1 million. Income from continuing operations for Fiscal 2010 was $17.3 million
or $0.96 per diluted share, compared to a net loss of $12.2 million in Fiscal 2009.
“We were pleased to finish the year with a strong fourth quarter and many notable accomplishments. Operating margin
showed sequential improvement as we progressed through the year and cash flow from operating activities reached $24 million.
In addition, we were able to redeem $32.8 million of our convertible notes,” said Edward Richardson, Chairman and Chief
FOURTH QUARTER FINANCIAL SUMMARY
For Immediate Release
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