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

Stocks in this article: RELL

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.

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