Richardson Electronics Reports Fourth Quarter Fiscal 2021 Net Income of $1.9 Million; Fiscal 2021 Net Income of $1.7 Million and Non-GAAP Net Income* of $3.3 Million; Declares Quarterly Cash Dividend


Richardson Electronics, Ltd. 
Consolidated Statements of Comprehensive Income (Loss) 
(in thousands, except per share amounts) 
                 
   Three Months Ended   Twelve Months Ended 
   May 29, 2021   May 30, 2020   May 29, 2021   May 30, 2020 
Net sales $50,472  $37,362  $176,937  $155,898 
Cost of sales  34,115   25,990   118,112   106,225 
Gross profit   16,357    11,372    58,825    49,673 
Selling, general and administrative expenses  14,001   12,660   55,925   51,327 
Loss on disposal of assets  19   2    13       3  
Operating income (loss)     2,337       (1,290 )     2,887       (1,657 )
Other expense (income):                                
Investment/interest income     (28 )     (37 )     (76 )     (377 )
Foreign exchange loss (gain)     109       (132 )     759       (15 )
Other, net     (43 )     (27 )     (104 )     (51 )
Total other expense (income)     38       (196 )     579       (443 )
Income (loss) before income taxes     2,299       (1,094 )     2,308       (1,214 )
Income tax provision     414       186       653       624  
Net income (loss)     1,885       (1,280 )     1,655       (1,838 )
Foreign currency translation gain (loss), net of tax     437       (346 )     3,403       (900 )
Comprehensive income (loss)   $ 2,322     $ (1,626 )   $ 5,058     $ (2,738 )
Net income (loss) per share:                                
Common shares - Basic   $ 0.14     $ (0.10 )   $ 0.13     $ (0.14 )
Class B common shares - Basic   $ 0.13     $ (0.09 )   $ 0.11     $ (0.13 )
Common shares - Diluted   $ 0.14     $ (0.10 )   $ 0.13     $ (0.14 )
Class B common shares - Diluted   $ 0.13     $ (0.09 )   $ 0.11     $ (0.13 )
Weighted average number of shares:                                
Common shares - Basic     11,130       11,038       11,105       11,026  
Class B common shares - Basic     2,097       2,097       2,097       2,097  
Common shares - Diluted     11,352       11,038       11,164       11,026  
Class B common shares - Diluted     2,097       2,097       2,097       2,097  
Dividends per common share   $ 0.060     $ 0.060     $ 0.240     $ 0.240  
Dividends per Class B common share   $ 0.054     $ 0.054     $ 0.220     $ 0.220  
                                 

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