Richardson Electronics Reports Third Quarter Fiscal 2017 Results and Declares Quarterly Cash Dividend


Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Comprehensive Loss
(in thousands, except per share amounts)
         
    Three Months Ended
    Nine Months Ended
 
    February 25,
2017
    February 27,
2016
    February 25,
2017
    February 27,
2016
 
Statements of Comprehensive Loss                
Net sales $32,313  $31,291  $99,513  $102,448 
Cost of sales  21,621   21,541   67,617   71,001 
Gross profit     10,692       9,750       31,896       31,447  
Selling, general, and administrative expenses  12,002   12,471   37,697   37,938 
Gain on disposal of assets           (244)
Operating loss   (1,310 )     (2,721 )     (5,801 )     (6,247 )
Other (income) expense:                
Investment/interest income  (67)  (131)  (129)  (433)
Foreign exchange loss  214   265   311   108 
Other, net  (16)  (40)     (53)
Total other (income) expense  131      94       182       (378 )
Loss before income taxes     (1,441 )     (2,815 )     (5,983 )     (5,869 )
Income tax provision (benefit)     (10 )     111       820       742  
Net loss     (1,431 )     (2,926 )     (6,803 )     (6,611 )
Foreign currency translation gain (loss), net of tax     508       240       (1,736 )     (1,912 )
Fair value adjustments on investments gain (loss)     27       (47 )     40       (79 )
Comprehensive loss   $ (896 )   $ (2,733 )   $ (8,499 )   $ (8,602 )
Loss per share:                                
Common shares - Basic   $ (0.11 )   $ (0.23 )   $ (0.54 )   $ (0.51 )
Class B common shares - Basic   $ (0.10 )   $ (0.21 )   $ (0.48 )   $ (0.46 )
Common shares - Diluted   $ (0.11 )   $ (0.23 )   $ (0.54 )   $ (0.51 )
Class B common shares - Diluted   $ (0.10 )   $ (0.21 )   $ (0.48 )   $ (0.46 )
Weighted average number of shares:                                
Common shares - Basic     10,706       10,701       10,704       10,976  
Class B common shares - Basic     2,141       2,141       2,141       2,141  
Common shares - Diluted     10,706       10,701       10,704       10,976  
Class B common shares - Diluted     2,141       2,141       2,141       2,141  
Dividends per common share   $ 0.060     $ 0.060     $ 0.180     $ 0.180  
Dividends per Class B common share   $ 0.054     $ 0.054     $ 0.162     $ 0.162  
                                 

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