9/21...RELL Reports 52 Percent Increase in EPS On Record Quarterly Sales
(32c vs 25c first call)
LAFOX, Ill., Sept. 21 /PRNewswire/ -- Richardson Electronics, Ltd. today reported a 73 percent improvement in net earnings to $4.7 million for the first quarter of fiscal 2001, ended August 31, 2000, compared to $2.7 million a year earlier. On a per share basis, the net earnings increased 52 percent to $.32 per share compared to $.21 per share in the prior year.
Sales for the quarter set a new record at $120.1 million compared to $95.6 million last year, representing a 26 percent gain. Comparisons are based on a 13-week reporting period versus 14 weeks in the prior year. Adjusted for the difference in time periods, sales were up 35 percent.
The RF & Wireless Communications unit posted the strongest sales gains, with revenues of $57.1 million, representing a 96 percent increase, adjusted for the difference in time periods reported.
Commenting on results, Edward J. Richardson, Chairman and Chief Executive Officer, said, ``This is the sixth consecutive quarter a new sales record was set. The reorganization of our businesses to a market focused strategy has been extremely well received by our customers.''
``In particular, the RF & Wireless Communications business unit achieved extraordinary growth in the quarter with all signs pointing to continued strength. We are particularly well positioned in the wireless market with a superior organization of RF & wireless engineers, meeting the growing demand for engineering support and design services,'' Mr. Richardson continued.
``We also made further significant progress in improving our operating efficiencies, with selling, general and administrative costs, as a percent of sales, reduced to 18.6 percent from 20.5 percent in the prior year,'' Mr. Richardson concluded.
Note: Except for historical information contained herein, the matters discussed are forward-looking statements relating to future events which involve certain risk and uncertainties.
Richardson Electronics, Ltd. is a global provider of ``engineered solutions'', serving the RF and wireless communications, industrial power conversion, medical imaging, security and display systems markets. The Company delivers engineered solutions for its customers' needs through product manufacturing, systems integration, prototype design and manufacture, testing, and logistics. Press announcements and other information about Richardson are available on the World Wide Web at rell.com .
Richardson Electronics, Ltd.
Consolidated Condensed Statements of Income
First Quarter Fiscal 2001, Ended August 31, 2000
(in thousands, except per share amounts) (unaudited)
First Quarter
FY 2001 FY 2000
Net sales $120,106 $95,564
Cost of products sold 88,473 69,896
Gross margin 31,633 25,668
Selling, general and administrative expenses 22,294 19,587
Operating income 9,339 6,081
Other expenses, net 2,459 2,230
Income before income taxes 6,880 3,851
Income taxes 2,200 1,150
Net income $4,680 $2,701
Net income per share - basic:
Net income per share $.35 $.21
Average shares outstanding 13,200 12,624
Net income per share - diluted:
Net income per share $.32 $.21
Average shares outstanding 17,528 12,686
Dividends per common share $.04 $.04
The Company accounts for its results of operations on a 52/53 week period ending on the Saturday nearest May 31 each year. Quarterly results for the first quarter include 13 weeks in fiscal 2001 and 14 weeks in fiscal 2000.
Calculation of net income per share - diluted: Assumes conversion of the Company's outstanding convertible debentures for the fiscal 2001 first quarter. Assumed conversion results in 3,680 additional common shares and the elimination of interest expense, net of tax, of $865 for the quarter. Bond conversion is not considered in the fiscal 2000 calculation as it is anti-dilutive.
Richardson Electronics, Ltd.
Sales and Gross Margin
First Quarter Fiscal 2001, Ended August 31, 2000
(In thousands of dollars, unaudited)
Sales
%
FY 2001 FY 2000 Change
Business Unit
Wireless $ 57,106 $ 31,381 82.0%
Industrial 22,531 21,114 6.7%
Medical 9,896 10,416 -5.0%
Security 20,665 20,606 0.3%
Display 9,908 12,047 -17.8%
Corporate - -
Total $ 120,106 $ 95,564 25.7%
Gross Margin
GM% of GM% of
FY 2001 Sales FY 2000 Sales
Business Unit
Wireless $ 15,052 26.4% $ 8,453 26.9%
Industrial 7,994 35.5% 7,582 35.9%
Medical 2,207 22.3% 1,958 18.8%
Security 4,807 23.3% 4,881 23.7%
Display 2,344 23.7% 3,277 27.2%
Corporate (771) (483)
Total $ 31,633 26.3% $ 25,668 26.9%
Sales
%
FY 2001 FY 2000 Change
Area
North America $ 77,947 $ 62,594 24.5%
Europe 21,130 18,450 14.5%
Asia / Pacific 11,710 7,375 58.8%
Latin America 6,114 4,965 23.1%
Other 3,205 2,180 47.0%
Corporate - -
Total $ 120,106 $ 95,564 25.7%
Gross Margin
GM% of GM% of
FY 2001 Sales FY 2000 Sales
Area
North America $ 20,440 26.2% $ 16,259 26.0%
Europe 5,958 28.2% 5,567 30.2%
Asia / Pacific 3,451 29.5% 2,310 31.3%
Latin America 1,719 28.1% 1,451 29.2%
Other 836 26.1% 564 25.9%
Corporate (771) (483)
Total $ 31,633 26.3% $ 25,668 26.9%
Fiscal 2000 historical data has been restated to conform to the fiscal 2001 reporting classifications.
SOURCE: Richardson Electronics, Ltd.
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