Richardson Electronics Reports Third Quarter Fiscal 2022 Net

Richardson Electronics Reports Third Quarter Fiscal 2022 Net Income of $2.9 Million and Declares Quarterly Cash Dividend

Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Comprehensive Income
(in thousands, except per share amounts)

	Three Months Ended						Nine Months Ended
	February 26, 2022			February 27, 2021			February 26, 2022			February 27, 2021
Net sales	$	55,308		$	45,235		$	162,991		$	126,465
Cost of sales		37,739			29,469			111,468			83,997
Gross profit		17,569			15,766			51,523			42,468
Selling, general and administrative expenses		13,946			15,457			40,550			41,924
Loss (gain) on disposal of assets		—			(6	)		2			(6	)
Operating income		3,623			315			10,971			550
Other expense (income):
Investment/interest income		(11	)		(15	)		(36	)		(48	)
Foreign exchange loss (gain)		121			65			(2	)		650
Other, net		17			(25	)		39			(61	)
Total other expense		127			25			1			541
Income before income taxes		3,496			290			10,970			9
Income tax provision		609			62			1,326			239
Net income (loss)		2,887			228			9,644			(230	)
Foreign currency translation gain (loss), net of tax		69			353			(2,353	)		2,966
Comprehensive income	$	2,956		$	581		$	7,291		$	2,736

Net income (loss) per share:
Common shares - Basic	$	0.22		$	0.02		$	0.73		$	(0.02	)
Class B common shares - Basic		0.19			0.02			0.66			(0.02	)
Common shares - Diluted		0.21			0.02			0.71			(0.02	)
Class B common shares - Diluted		0.19			0.02			0.64			(0.02	)

Weighted average number of shares:
Common shares – Basic		11,497			11,111			11,320			11,097
Class B common shares – Basic		2,074			2,097			2,089			2,097
Common shares – Diluted		12,027			11,183			11,724			11,097
Class B common shares – Diluted		2,074			2,097			2,089			2,097

Dividends per share:
Common share	$	0.060		$	0.060		$	0.180		$	0.180
Class B common share		0.054			0.054			0.162			0.162

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