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Richardson Electronics, Ltd. (NASDAQ: RELL) today reported sales and earnings for its fourth quarter and fiscal year ended June 2, 2012. The Company also announced that its Board of Directors increased its share repurchase authorization and increased the quarterly cash dividend from $0.05 to $0.06 per share.
Fiscal 2012 Results
Net sales for fiscal 2012 were $157.8 million, down slightly from net sales of $158.9 million in the prior year. Gross margin increased to 29.6% during fiscal 2012, compared to 29.0% during fiscal 2011. Operating expenses were $40.6 million, compared to $43.3 million during fiscal 2011. The $40.6 million of operating expenses in fiscal 2012 includes approximately $1.4 million of significant items. Operating income for fiscal 2012 was $6.3 million or 4.0% of net sales, compared to operating income for fiscal 2011 of $2.8 million or 1.8%.
Net income for fiscal 2012 was $8.5 million, or $0.50 per diluted common share, compared to net income for fiscal 2011 of $87.9 million or $4.83 per diluted common share. Net income for fiscal 2012 and fiscal 2011 includes income from discontinued operations of $0.5 million and $86.0 million, respectively.
Net sales for the fourth quarter of fiscal 2012 were $38.9 million, down 4.6% from net sales of $40.7 million during the fourth quarter of last year. Gross profit for the fourth quarter of fiscal 2012 was $11.1 million, compared to $11.4 million during the fourth quarter of fiscal 2011. Operating expenses for the fourth quarter of fiscal 2012 were $10.4 million, compared to $10.8 million during the fourth quarter of fiscal 2011.
Operating expenses of $10.4 million, during the fourth quarter, include the following significant items: $0.5 million of bad debt expense associated with one customer; $0.3 million related to a warranty claim; and $0.4 million for employee-related costs.