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Proc-Type: 2001,MIC-CLEAR
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WASHINGTON, D.C.
20549 Form
8-K CURRENT
REPORT Pursuant to Section
13 or 15(d) of the Securities Exchange Act of
1934 This Current
Report on Form 8-K contains a total of 5 pages. Item 5.
Other. Richardson Posts Sequential Revenue
Growth in the Fourth Quarter And Reports Fiscal Year-end 2002 Results LaFox, IL,
Thursday July 18, 2002: Richardson Electronics, Ltd. (NASDAQ: RELL) today reported results for the fourth quarter of fiscal 2002, which ended May 31, 2002. Revenues in the fourth quarter of 2002 were $113.9 million, a sequential increase of 4.1% from fiscal third quarter, and 7% down from the previous year. Net earnings were $1.2 million, or $0.09 per share, before charges of $10.3 million, compared to net earnings of $3.7 million, or $0.26 for the same quarter last year. The charges are primarily associated with a provision for inventory obsolescence driven by the industry wide decline in sales, a prolonged recovery period, and changes in the Company's mix of business toward higher technology products particularly in the telecom market. The charges also include a provision for uncollectable accounts receivable and severance due to recent management changes.
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Date of Report (Date
of earliest event reported)
July 18, 2002
Exact name of
registrant as specified in its charter
Richardson Electronics, Ltd.
State or other
jurisdiction of incorporation
Delaware
Commission file
Number
0-12906
IRS Employer
Identification No.
36-2096643
Address of principal
executive office
40W267 Keslinger Road, P. O. Box 393, La Fox, IL
Zip Code
60147-0393
Registrant's telephone number, including area code
630-208-2386
About Richardson Electronics
Richardson Electronics, Ltd. is a global provider of "engineered solutions," serving the RF and wireless communications, industrial power conversion, security and display systems markets. The Company delivers engineered solutions for its customers' needs through product manufacturing, systems integration, prototype design and assembly, testing and logistics. Press announcements and other information about Richardson are available on the World Wide Web at http://www.rell.com/investor.asp
Richardson Electronics,
Ltd. Consolidated Condensed Statements of Operations Fourth Quarter Fiscal 2002, Ended May 31, 2002 (in thousands, except per share amounts) | |||||
Three Months
|
Twelve Months
| ||||
2002
|
2001
|
2002
|
2001
| ||
Net sales | $ 113,881 | $ 122,913 | $ 443,492 | $ 502,369 | |
Cost of products sold | 100,850
|
90,654
|
349,326
|
370,819
| |
Gross margin | 13,031 | 32,259 | 94,166 | 131,550 | |
Selling, general and administrative expense | 24,238
|
24,001
|
94,519
|
94,444
| |
Operating (loss) income | (11,207) | 8,258 | (353) | 37,106 | |
Other expenses, net | 2,972
|
2,812
|
17,256
|
10,716
| |
(Loss) income before income taxes | (14,179) | 5,446 | (17,609) | (1) | 26,390 |
Income (benefit) taxes | (5,104)
|
1,756
|
(6,339)
|
8,656
| |
Net (loss) income | $ (9,075)
|
$ 3,690
|
$ (11,270)
|
(1) | $ 17,734
|
Net (loss) income
per share - basic: Net (loss) income per share (Note 2) |
$ (.66) |
$ .28 |
$ (.83) |
(1) | $ 1.33 |
Average shares outstanding | 13,684
|
13,395
|
13,617
|
13,333
| |
Net (loss) income
per share - diluted: Net (loss) income per share (Note 2) |
$ (.66) |
$ .26 |
$ (.83) |
(1) | $ 1.21 |
Average shares outstanding | 13,684
|
17,522
|
13,617
|
17,568
| |
Dividends per common share | $ .04
|
$ .04
|
$ (.16) |
$ .16
| |
Notes:
First Quarter
|
Second Quarter
|
Third Quarter
|
|
(Loss) income before taxes | $ (555) | $ 1,413 | $ (4,288) |
Net (loss) income | (354) | 902 | (2,743) |
Net (loss) income per share basic and diluted | (0.03) | 0.07 | (0.20) |
Three Months
|
Twelve Months
|
|||
Net
|
EPS
|
Net
|
EPS
| |
Reported loss | $ (9,075) | $ (.66) | $ (11,270) | $ (.83) |
Loss on medical business | - | - | 2,913 | .21 |
Inventory obsolescence charge | 9,780 | .71 | 9,780 | .72 |
Accounts Receivable and severance | 509
|
.04
|
509
|
.04
|
Proforma net income | $ 1,214 |
$ 0.09 |
$ 1,932 |
$ .14 |
Richardson Electronics,
Ltd. Sales and Gross Margin Fourth Quarter Fiscal 2002, Ended May 31, 2002 (in thousands, unaudited) | |||||||
By Business Unit: | Sales
|
Gross Margin
| |||||
FY 2002
|
FY 2001
|
% Change
|
FY 2002
|
GM% of Sales
|
FY 2001
|
GM% of Sales
| |
Fourth
Quarter |
$ 55,958 19,558 21,854 14,278 1,787 446 |
$ 58,926 21,996 19,864 15,189 5,919 1,019 |
-5.0% -11.1% 10.0% -6.0% -69.8% |
$ 12,650 6,151 5,244 3,872 312 (15,198) |
22.6% 31.5% 24.0% 27.1% 17.5% |
$ 15,156 7,216 4,503 4,219 1,040 125 |
25.7% 32.8% 22.7% 27.8% 17.6% |
Total | $113,881
|
$122,913
|
-7.3% | $ 13,031
|
11.4% | $ 32,259
|
26.2% |
Full Year
Wireless Industrial Security Display Medical Corporate |
$202,409 74,578 85,087 60,697 17,278 3,443 |
$244,381 89,053 82,352 59,476 23,289 3,818 |
-17.2% -16.3% 3.3% 2.1% -25.8% |
$ 47,467 24,356 20,080 15,864 3,317 (16,918) |
23.5% 32.7% 23.6% 26.1% 19.2% |
$ 63,593 30,650 18,932 14,553 4,780 (958) |
26.0% 34.4% 23.0% 24.5% 20.5% |
Total | $443,492
|
$502,369
|
-11.7% | $ 94,166
|
21.2% | $ 131,550
|
26.2% |
By Area: | Sales
|
Gross Margin
| |||||
FY 2002
|
FY 2001
|
% Change
|
FY 2002
|
GM% of Sales
|
FY 2001
|
GM% of Sales
| |
Fourth Quarter
North America Europe Asia/Pacific Latin America Other Corporate |
$ 61,148 23,971 18,487 8,136 1,693 446 |
$ 71,841 25,979 13,428 8,722 1,924 1,019 |
-14.9% -7.7% 37.7% -6.7% -12.0% |
$ 15,435 6,106 4,064 2,192 432 (15,198) |
25.2% 25.5% 22.0% 26.9% 25.5% |
$ 18,282 7,374 3,518 2,435 525 125 |
25.4% 28.4% 26.2% 27.9% 27.3% |
Total | $ 113,881
|
$122,913
|
-7.3% | $ 13,031
|
11.4% | $ 32,259
|
26.2% |
Full Year
North America Europe Asia/Pacific Latin America Other Corporate |
$ 246,105 92,351 65,534 28,943 7,116 3,443 |
$ 310,211 99,215 51,411 28,012 9,702 3,818 |
-20.7% -6.9% 27.5% 3.3% -26.7% |
$ 62,422 24,261 14,906 7,736 1,759 (16,918) |
25.4% 26.3% 22.7% 26.7% 24.7% |
$ 79,388 28,241 14,488 7,751 2,640 (958) |
25.6% 28.5% 28.2% 27.7% 27.2% |
Total | $ 443,492
|
$ 502,369
|
-11.7% | $ 94,166
|
21.2% | $ 131,550
|
26.2% |
|
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