Richardson Electronics, Ltd. Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended November 26, 2016
January 04, 2017 at 05:00 pm EST
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Richardson Electronics, Ltd. reported unaudited consolidated financial results for the second quarter and six months ended November 26, 2016. Net sales for the second quarter of fiscal 2017 were $33.8 million, nearly flat compared to net sales of $34.1 million in the prior year’s second quarter. A sales decrease of $0.5 million for Canvys, primarily due to declines in demand from key OEMs relating to market conditions, was partially offset by increases of $0.1 million in both PMT and Richardson Healthcare. As a result, operating loss for the second quarter of fiscal 2017 was $2.4 million, compared to an operating loss of $2.5 million in the prior year’s second quarter. Net loss for the second quarter of fiscal 2017 was $2.5 million or $0.20 diluted per share compared to a net loss of $2.3 million or $0.18 diluted per share in the second quarter of 2016. Loss before income taxes was $2.189 million against $2.023 million a year ago. Net cash used in operating activities was $0.265 million against $2.330 million a year ago. Capital expenditures were $1.235 million against $0.792 million a year ago.
Net sales for the first six months of fiscal 2017 were $67.2 million, a decrease of 5.6%, compared to net sales of $71.2 million during the first six months of fiscal 2016. Sales decreased by $1.7 million for PMT and $2.5 million for Canvys, primarily due to declines in demand from key customers relating to market conditions. Operating loss during the first six months of fiscal 2017 was $4.5 million, compared to an operating loss of $3.5 million during the first six months of fiscal 2016. Net loss for the first six months of fiscal 2017 was $5.4 million or $0.43 diluted per share compared to a net loss of $3.7 million or $0.28 diluted per share during the first six months of fiscal 2016. Loss before income taxes was $4.542 million against $3.054 million a year ago. Net cash used in operating activities was $1.940 million against $8.843 million a year ago. Capital expenditures were $3.299 million against $1.776 million 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. 
