This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Richardson Electronics Reports Fourth Quarter And Fiscal 2011 Results, Increases Share Repurchase Authorization And Declares Cash Dividend

Richardson Electronics, Ltd. (NASDAQ: RELL) today reported sales and earnings for its fourth quarter and fiscal year ended May 28, 2011. The Company also announced that its Board of Directors increased its share repurchase authorization and declared a $.05 quarterly cash dividend.

Fiscal 2011 Results

Net sales for Fiscal 2011 were $158.9 million, up 17.4% from net sales of $135.4 million for Fiscal 2010. Gross margin decreased to 29.0% during Fiscal 2011, compared to 30.5% during Fiscal 2010. Operating expenses were $43.3 million, compared to $43.2 million during Fiscal 2010. Operating income for Fiscal 2011 was $2.8 million or 1.8% of net sales, compared to an operating loss in Fiscal 2010 of $1.9 million.

Net income for Fiscal 2011 was $90.1 million, or $4.95 per diluted common share, compared to net income for Fiscal 2010 of $16.1 million or $0.92 per diluted common share. Net income for Fiscal 2011 includes income from discontinued operations of $88.1 million, which includes the net gain on sale of $111.4 million.

Q4 Sales Up 4.9%

Net sales for the fourth quarter of Fiscal 2011 were $40.7 million, up 4.9% from net sales of $38.8 million during the fourth quarter of last year. Gross profit for the fourth quarter of Fiscal 2011 was $11.4 million, compared to $10.9 million during the fourth quarter of Fiscal 2010. Operating expenses for the fourth quarter of Fiscal 2011 was $10.8 million, respectively, compared to $11.5 million during the fourth quarter of Fiscal 2010.

Gross profit of $11.4 million during the fourth quarter includes approximately $1.0 million of expense related to additional inventory reserve provisions. Operating expenses of $10.8 million includes non-recurring costs related to a strategic distribution agreement of approximately $1.0 million. Reported operating income for the fourth quarter of Fiscal 2011 was $0.6 million, compared to an operating loss of $0.6 million during last year’s fourth quarter.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 18,285.74 +0.34 0.00%
S&P 500 2,130.82 +4.97 0.23%
NASDAQ 5,090.7940 +19.0510 0.38%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs