| Specifications | goldfine |
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| Specifications | goldfine |
| Business section |
| Specifications | goldfine |
| Outline | For Immediate Release For Details Contact: |
| Suggested Link Details/Purchase | |
| Content | 1 For Immediate Release For Details Contact: Edward J. Richardson Kathleen S. Dvorak Chairman and CEO EVP & CFO Phone: (630) 208-2340 (630) 208-2208 E-mail: info@rell.com RICHARDSON ELECTRONICS REPORTS FOURTH QUARTER AND FULL-YEAR FISCAL 2009 RESULTS AND DECLARES CASH DIVIDEND LaFox, IL, July 22, 2009: Richardson Electronics, Ltd. (NASDAQ: RELL) today reported net sales during the fourth quarter ended May 30, 2009, of $114.6 million, a 26.1% decrease from net sales of $155.1 million during the fourth quarter last year. Operating loss and net loss during the fourth quarter of fiscal 2009 were $7.8 million and $10.4 million, respectively, including $11.2 million of significant charges. Excluding these charges, on a non-GAAP basis, operating income was $3.4 million and net income was $0.2 million during the fourth quarter of fiscal 2009. Significant charges included in the fourth quarter of fiscal 2009 were $7.5 million of inventory reserves related to a decline in projected future sales for certain products due to the downturn in the economy; $2.2 million of severance expense related to headcount reductions; and $1.5 million of non-cash goodwill impairment charges. Full-Year Fiscal 2009 Net sales during fiscal 2009 were $496.4 million, a 12.7% decrease from net sales of $568.4 million during fiscal 2008. Operating loss for fiscal 2009 and fiscal 2008 was $8.1 million and $1.3 million, respectively. Net loss for fiscal 2009 and fiscal 2008 was $12.2 million and $8.4 million, respectively. The Company’s results for fiscal years 2009 and 2008 include significant charges that impact the comparability of the results from operations. Excluding these significant charges, on a non-GAAP basis, operating income was $14.1 million during fiscal 2009, compared to $16.3 million during fiscal 2008. Net income was $8.7 million during fiscal 2009, compared to net income of $6.6 million during fiscal 2008, excluding these significant charges. A complete reconciliation of these items is provided within this press release under the heading “Certain Non-GAAP Financial Information.” Gross profit for fiscal 2009 was $109.6 million as compared to $135.6 million for fiscal 2008. Excluding inventory reserves, on a non-GAAP basis, gross margin as a percent of net sales declined to 24.0% during fiscal 2009, compared to 24.3% during fiscal 2008. Selling, general, and administrative (“SG&A”) costs during fiscal 2009 were $110.4 million, or 22.3% of net sales, compared to $125.3 million, or 22.0% of net sales during Corporate Headquarters 40W267 Keslinger Road PO Box 393 LaFox, IL 60147-0393 USA Phone: (630) 208-2200 Fax: (630) 208-2550 |
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