Richardson Electronics Ltd. Declares Quarterly Cash Dividend, Payable on February 24, 2016; Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 28, 2015
January 07, 2016 at 03:47 am IST
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Richardson Electronics Ltd. announced that its Board of Directors declared a $0.06 quarterly dividend per share to holders of common stock and a $0.054 cash dividend per share to holders of Class B common stock. The dividend will be payable on February 24, 2016, to common stockholders of record on February 8, 2016.
The company reported unaudited consolidated earnings results for the second quarter and six months ended November 28, 2015. For the quarter, the company reported net sales of $34,086,000 compared to $33,841,000 a year ago. Operating loss was $2,522,000 compared to $2,159,000 a year ago. Loss from continuing operations before income taxes was $2,023,000 compared to $1,943,000 a year ago. Loss from continuing operations was $2,286,000 compared to $1,144,000 a year ago. Net loss was $2,286,000 compared to $1,057,000 a year ago. Basic and diluted loss per share was $0.18 compared to $0.07 a year ago. Net cash used in operating activities was $2,330,000 compared to $2,008,000 a year ago. Capital expenditures were $792,000 compared to $1,102,000 a year ago.
For the six months, the company reported net sales of $71,157,000 compared to $68,540,000 a year ago. Operating loss was $3,526,000 compared to $2,692,000 a year ago. Loss from continuing operations before income taxes was $3,054,000 compared to $2,161,000 a year ago. Loss from continuing operations was $3,685,000 compared to $1,227,000 a year ago. Net loss was $3,685,000 compared to $1,140,000 a year ago. Basic and diluted loss per share was $0.28 compared to $0.08 a year ago. Net cash used in operating activities was $8,843,000 compared to $2,336,000 a year ago. Capital expenditures were $1,776,000 compared to $1,936,000 a year ago.
Richardson Electronics, Ltd. is a manufacturer of engineered solutions, power grid and microwave tubes and related consumables; power conversion and radio frequency and microwave components; high-value replacement parts, tubes and service training for diagnostic imaging equipment, and customized display solutions. The Company's segments include Power and Microwave Technologies, Green Energy Solutions, Canvys and Healthcare. Healthcare segment manufactures, repairs, refurbishes and distributes high value replacement parts and equipment for the healthcare market, including hospitals, medical centers, asset management companies and others. The Canvys segment provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial and medical original equipment manufacturers markets. Its products include electron tubes and related components, microwave generators, subsystems used in semiconductor manufacturing and visual technology solutions.
Richardson Electronics Ltd. Declares Quarterly Cash Dividend, Payable on February 24, 2016; Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 28, 2015