Richardson Electronics, Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 2, 2017
January 10, 2018 at 05:00 pm EST
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Richardson Electronics, Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended December 2, 2017. For the quarter, the company reported net sales of $39,082,000 against $33,827,000 a year ago. Operating income was $772,000 against operating loss of $2,404,000 a year ago. Income from continuing operations before income taxes was $704,000 against loss from continuing operations before income taxes of $2,189,000 a year ago. Income from continuing operations was $172,000 against loss from continuing operations of $2,522,000 a year ago. Net income was $1,668,000 against net loss of $2,522,000 a year ago. Net income per common share diluted was $0.01 against net loss per common share diluted of $0.20 a year ago. Total net income per common share diluted was $0.13 against total net loss per common share diluted of $0.20 a year ago. Total net income per class B common share diluted was $0.12 against total net loss per class B common share of $0.18 share a year ago. Net cash provided by operating activities was $194,000 against net cash used in operating activities of $265,000 a year ago. Capital expenditures were $1,720,000 against $1,235,000 a year ago.
For the six months, the company reported net sales of $76,077,000 against $67,200,000 a year ago. Operating income was $787,000 against operating loss of $4,491,000 a year ago. Income from continuing operations before income taxes was $656,000 against loss from continuing operations before income taxes of $4,542,000 a year ago. Income from continuing operations was $60,000 against loss from continuing operations of $5,372,000 a year ago. Net income was $1,556,000 against net loss of $5,372,000 a year ago. Total net income per common share diluted was $0.12 against total net loss per common share diluted of $0.43 a year ago. Total net income per class B common share diluted was $0.11 against total net loss per class B common share of $0.38 share a year ago. Net cash used in operating activities was $2,263,000 against $1,940,000 a year ago. Capital expenditures were $2,735,000 against $3,299,000 a year ago.
Richardson Electronics, Ltd. is a manufacturer of engineered solutions, power grid and microwave tubes and related consumables; power conversion and radio frequency and microwave components; high-value replacement parts, tubes and service training for diagnostic imaging equipment, and customized display solutions. The Company's segments include Power and Microwave Technologies, Green Energy Solutions, Canvys and Healthcare. Healthcare segment manufactures, repairs, refurbishes and distributes high value replacement parts and equipment for the healthcare market, including hospitals, medical centers, asset management companies and others. The Canvys segment provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial and medical original equipment manufacturers markets. Its products include electron tubes and related components, microwave generators, subsystems used in semiconductor manufacturing and visual technology solutions.
RICHARDSON ELECTRONICS, LTD. 
