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 First Quarter Fiscal 2012 Results And Declares Cash Dividend

Richardson Electronics, Ltd. (NASDAQ: RELL) today reported sales and earnings for its first quarter ended September 3, 2011. The Company also announced that its Board of Directors declared a $0.05 quarterly cash dividend.

Q1 Sales Up 10.7%

Net sales for the first quarter of Fiscal 2012 were $41.5 million, up 10.7% from net sales of $37.5 million during the first quarter of last year. Gross profit for the first quarter of Fiscal 2012 was $12.7 million, compared to $11.4 million during the first quarter of Fiscal 2011. Operating expenses for the first quarter of Fiscal 2012 were $10.8 million, compared to $10.5 million during the first quarter of Fiscal 2011.

Operating income during the first quarter of fiscal 2012 was $2.0 million, or 4.8% of net sales, compared to operating income of $0.8 million, during the first quarter of last year.

Income from continuing operations for the first quarter of Fiscal 2012 was $1.0 million, or $.06 per diluted common share, compared to income from continuing operations of $0.5 million, or $.03 per diluted common share during the first quarter of last year.

“We have taken the appropriate actions to reduce our cost structure. We anticipate our sales volume will continue to grow throughout the balance of the year enabling us to better leverage our costs. Historically first quarter sales volume is the lowest quarter in our fiscal year and are pleased that we achieved a 4.8% operating margin. We expect our operating margin rate to improve as we progress through Fiscal 2012,” said Edward J. Richardson, Chairman, Chief Executive Officer and President.

FINANCIAL SUMMARY ─ FIRST QUARTER

  • Net sales for the first quarter of fiscal 2012 were $41.5 million, up 10.7%, compared to net sales of $37.5 million during the first quarter of last year.
  • Gross margin as a percentage of net sales increased to 30.6% during the first quarter of fiscal 2012 compared to 30.4% during the first quarter of last year.
  • SG&A expenses during the first quarter of fiscal 2012 were $10.8 million, 25.9% of sales, compared to $10.5 million, or 28.1% of net sales, during the first quarter of fiscal 2011.
  • Operating income during the first quarter of fiscal 2012 was $2.0 million, or 4.8% of net sales, compared to operating income of $0.8 million, during the first quarter of last year.
  • Income from continuing operations during the first quarter of fiscal 2012 was $1.0 million, compared to income from continuing operations of $0.5 million during the first quarter of last year.
  • Income from discontinued operations, net of tax, was $2.6 million, compared to $7.9 million during the first quarter of fiscal 2011.
  • Net income for the first quarter of fiscal 2012 was $3.6 million, or $0.21 per diluted common share, compared to net income of $8.4 million, or $0.47 per diluted common share, in the prior year’s first quarter.

CASH USED FOR SHARE REPURCHASES

“Total cash and investments at the end of the first quarter was $184.7 million, plus an additional $8.3 million in prepaid taxes. We used $7.7 million in cash to repurchase 577,297 shares during the first quarter of fiscal 2012, bringing our total number of shares repurchased to 1.4 million under our existing share repurchase authorization. With our strong balance sheet, we are committed to returning value to our shareholders through a combination of cash dividends, continued share repurchases and investments in our growth initiatives,” said Mr. Richardson.

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs