Richardson Electronics Reports Fourth Quarter and Fiscal 2020 Results and Declares Quarterly Cash Dividend


  
Richardson Electronics, Ltd.
Consolidated Statements of Comprehensive Loss
(in thousands, except per share amounts)
                         
    Three Months Ended     Twelve Months Ended  
    May 30, 2020     June 1, 2019     May 30, 2020     June 1, 2019  
Statements of Comprehensive Loss                 
Net sales $37,362  $42,163  $155,898  $166,652 
Cost of sales  25,990   29,651   106,225   114,917 
Gross profit     11,372       12,512       49,673       51,735  
Selling, general and administrative expenses  12,660   12,535    51,327       52,156  
Impairment of goodwill           6,332             6,332  
Loss on disposal of assets     2       23       3       23  
Operating loss     (1,290 )     (6,378 )     (1,657 )     (6,776 )
Other (income) expense:                                
Investment/interest income     (37 )     (138 )     (377 )     (540 )
Foreign exchange (gain) loss     (132 )     (121 )     (15 )     84  
Other, net     (27 )     (5 )     (51 )     (9 )
Total other income     (196 )     (264 )     (443 )     (465 )
Loss before income taxes     (1,094 )     (6,114 )     (1,214 )     (6,311 )
Income tax provision     186       263       624       1,017  
Net loss     (1,280 )     (6,377 )     (1,838 )     (7,328 )
Foreign currency translation loss, net of tax     (346 )     (736 )     (900 )     (1,976 )
Comprehensive loss   $ (1,626 )   $ (7,113 )   $ (2,738 )   $ (9,304 )
Net loss per share                                
Common shares - Basic   $ (0.10 )   $ (0.50 )   $ (0.14 )   $ (0.57 )
Class B common shares - Basic:   $ (0.09 )   $ (0.44 )   $ (0.13 )   $ (0.51 )
Common shares - Diluted   $ (0.10 )   $ (0.50 )   $ (0.14 )   $ (0.57 )
Class B common shares - Diluted:   $ (0.09 )   $ (0.44 )   $ (0.13 )   $ (0.51 )
Weighted average number of shares:                                
Common shares - Basic     11,038       10,957       11,026       10,923  
Class B common shares - Basic     2,097       2,097       2,097       2,106  
Common shares - Diluted     11,038       10,957       11,026       10,923  
Class B common shares - Diluted     2,097       2,097       2,097       2,106  
Dividends per common share   $ 0.060     $ 0.060     $ 0.240     $ 0.240  
Dividends per Class B common share   $ 0.054     $ 0.054     $ 0.220     $ 0.220  
                                 

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