Richardson Electronics Reports Third Quarter Fiscal 2012 Results And Declares Cash Dividend
Richardson Electronics, Ltd. (NASDAQ: RELL) today reported sales and earnings for its third quarter ended March 3, 2012. The Company also announced that its Board of Directors declared a $0.05 quarterly cash dividend.
Net sales for the third quarter of Fiscal 2012 were $38.3 million, down 3.3% from net sales of $39.7 million during the third quarter of last year. Gross profit for the third quarter of Fiscal 2012 was $11.3 million, or 29.5% of net sales, compared to $11.6 million, or 29.1% of net sales, during the third quarter of Fiscal 2011. SG&A expenses for the third quarter of Fiscal 2012 were $9.5 million, or 24.7% of net sales, compared to $10.7 million, or 27.1% of net sales, during the third quarter of Fiscal 2011.
Operating income during the third quarter of fiscal 2012 was $1.8 million, or 4.8% of net sales, compared to operating income of $0.8 million, or 2.1% of net sales, during the third quarter of last year.
Income from continuing operations for the third quarter of Fiscal 2012 was $1.6 million, or $0.09 per diluted common share, compared to income from continuing operations of $0.2 million, or $0.01 per diluted common share during the third quarter of last year.
FINANCIAL SUMMARY ─ THREE MONTHS ENDED MARCH 3, 2012- Net sales for the third quarter of fiscal 2012 were $38.3 million, down 3.3%, compared to net sales of $39.7 million during the third quarter of last year.
- Gross margin as a percentage of net sales increased to 29.5% during the third quarter of fiscal 2012 compared to 29.1% during the third quarter of last year.
- SG&A expenses during the third quarter of fiscal 2012 were $9.5 million, or 24.7% of net sales, compared to $10.7 million, or 27.1% of net sales, during the third quarter of last year.
- Operating income during the third quarter of fiscal 2012 was $1.8 million, or 4.8% of net sales, compared to operating income of $0.8 million, or 2.1% of net sales, during the third quarter of last year.
- Income from continuing operations during the third quarter of fiscal 2012 was $1.6 million, compared to income from continuing operations of $0.2 million during the third quarter of last year.
- Loss from discontinued operations, net of tax, was $0.3 million during the third quarter of fiscal 2012 compared to income from discontinued operations, net of tax, of $8.0 million during the third quarter of last year.
- Net income during the third quarter of fiscal 2012 was $1.3 million, or $0.08 per diluted common share, compared to net income of $8.2 million, or $0.44 per diluted common share, during the third quarter of last year.
- Net sales for the first nine months of fiscal 2012 were $119.0 million, up 0.7%, compared to net sales of $118.1 million during the first nine months of last year.
- Gross margin as a percentage of net sales increased to 30.0% during the first nine months of fiscal 2012, compared to 29.4% during the first nine months of last year.
- SG&A expenses during the first nine months of fiscal 2012 were $30.2 million, or 25.4% of net sales, compared to $32.5 million, or 27.5% of net sales, during the first nine months of last year.
- Operating income during the first nine months of fiscal 2012 was $5.6 million, or 4.7% of net sales, compared to operating income of $2.3 million, or 1.9% of net sales, during the first nine months of last year.
- Income from continuing operations during the first nine months of fiscal 2012 was $4.2 million, compared to income from continuing operations of $0.9 million during the first nine months of last year.
- Income from discontinued operations, net of tax, was $1.6 million, during the first nine months of fiscal 2012, compared to $23.2 million during the first nine months of last year.
- Net income during the first nine months of fiscal 2012 was $5.8 million, or $0.34 per diluted common share, compared to net income of $24.1 million, or $1.33 per diluted common share, during the first nine months of last year.
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