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Richardson Earnings Down Sharply

Richardson Earnings Down Sharply

Richardson Electronics Ltd. reported earnings of $75,000 for its fiscal third quarter, before a one-time net charge of $2.9 million relating to the sale of its medical glassware business.
That compared with net earnings of $4.2 million in the same quarter last year. Revenues were $109.4 million vs. $126.3 million the previous year.
For the nine-month period, net earnings before the charge were a tenth of what they had been, $1.4 million compared with $14.0 million a year ago. The company recorded sales of $329.6 million in the nine months vs. $379.5 million in the prior year.
Chairman/CEO Edward Richardson said, “Despite a marked pickup in orders in February, continued weak economic conditions in the U.S. and the year-end holiday slowdown adversely affected revenues and profitability. That notwithstanding, our performance during this difficult period was measurably better than our peers.”
Richardson serves the RF and wireless communications, industrial power conversion, security and display systems markets.