Richardson Senses Improvement in Q2 Numbers

Richardson Electronics officials see something to be pleased about in the company’s latest financial numbers, despite earning substantially less than a year ago.
The company, which is traded on NASDAQ, reported results for the second quarter of fiscal 2002, which ended Nov. 30. Net earnings were $1.3 million compared to $5.2 million for the same quarter last year. Earnings per diluted share were $.10, compared to $.34 in the prior year comparable quarter. Revenues were $115.5 million vs. $132 million last year.
For the six-month period, net earnings were $1.4 million compared with $9.9 million a year ago. For the six months, Richardson reported earnings per share of $.10, compared to $.66 in the prior year. The company recorded sales of $220.2 million in the six months vs. $253.1 million in the prior year.
“We believe the business hit bottom in our first fiscal quarter, as we saw strengthening throughout the second quarter, particularly in our wireless business unit,” said Chairman and CEO Edward J. Richardson.