Richardson Electronics, Ltd. (NASDAQ: RELL) today reported sales and earnings for its fourth quarter and fiscal year ended June 1, 2013. The Company also announced that its Board of Directors declared a $0.06 per share quarterly cash dividend.
Fiscal 2013 Results
Net sales for fiscal 2013 were $141.1 million, a 10.6% decrease compared to net sales of $157.8 million in the prior year. Gross margin was down slightly at 29.5% during fiscal 2013, compared to 29.6% during fiscal 2012. Operating expenses were $41.5 million, compared to $40.6 million during fiscal 2012. Operating income for fiscal 2013 was breakeven, compared to operating income for fiscal 2012 of $6.3 million. The operating income for fiscal 2013 included $1.2 million of employee-related termination costs and $1.0 million of unabsorbed labor and overhead costs.
Net income for fiscal 2013 was $1.2 million, or $0.08 per diluted common share, compared to net income for fiscal 2012 of $8.5 million or $0.50 per diluted common share. Net income for fiscal years 2013 and 2012 includes income from discontinued operations of $0.8 million and $0.5 million, respectively.Q4 Results Net sales for the fourth quarter of fiscal 2013 were $35.2 million, down 9.5% from net sales of $38.9 million during the fourth quarter of last year. Gross profit for the fourth quarter of fiscal 2013 was 29.1% or $10.2 million, compared to 28.5% or $11.1 million during the fourth quarter of fiscal 2012. Operating expenses for the fourth quarter of fiscal 2013 were $11.8 million, compared to $10.4 million during the fourth quarter of fiscal 2012. Fourth quarter fiscal 2013 operating expenses included approximately $0.9 million of employee-related termination costs. Operating loss for the fourth quarter of fiscal 2013 was $1.6 million, compared to operating income of $0.7 million during last year’s fourth quarter. Loss from continuing operations was $1.4 million, compared to income from continuing operations of $3.7 million or $0.22 per share last year.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV