Richardson Electronics Reports Third Quarter Fiscal 2020 Operating Profit and Declares Quarterly Cash Dividend

Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Comprehensive Loss
(in thousands, except per share amounts)
 
  
    Three Months Ended     Nine Months Ended  
    February 29,
2020
    March 2,
2019
    February 29,
2020
    March 2,
2019
 
Statements of Comprehensive Loss                 
Net sales $38,249  $39,018  $118,536  $124,489 
Cost of sales  25,579   26,719   80,235   85,266 
Gross profit     12,670       12,299       38,301       39,223  
Selling, general and administrative expenses  12,659   13,097   38,667   39,621 
Loss on disposal of assets        1     
Operating income (loss)     11       (798 )     (367 )     (398 )
Other expense (income):                                
Investment/interest income     (97 )     (155 )     (340 )     (402 )
Foreign exchange loss     28       130       117       205  
Other, net     (8 )           (24 )     (4 )
Total other income     (77 )     (25 )     (247 )     (201 )
Income (loss)  before income taxes     88       (773 )     (120 )     (197 )
Income tax provision     181       305       438       754  
Net loss     (93 )     (1,078 )     (558 )     (951 )
Foreign currency translation (loss) gain, net of tax     (60 )     541       (554 )     (1,240 )
Comprehensive loss   $ (153 )   $ (537 )   $ (1,112 )   $ (2,191 )
Net loss per share                                
Common shares - Basic   $ (0.01 )   $ (0.08 )   $ (0.04 )   $ (0.07 )
Class B common shares - Basic   $ (0.01 )   $ (0.08 )   $ (0.04 )   $ (0.07 )
Common shares - Diluted   $ (0.01 )   $ (0.08 )   $ (0.04 )   $ (0.07 )
Class B common shares - Diluted   $ (0.01 )   $ (0.08 )   $ (0.04 )   $ (0.07 )
Weighted average number of shares:                                
Common shares – Basic     11,038       10,953       11,022       10,911  
Class B common shares – Basic     2,097       2,097       2,097       2,108  
Common shares – Diluted     11,038       10,953       11,022       10,911  
Class B common shares – Diluted     2,097       2,097       2,097       2,108  
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  
                                 
                                 



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