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Richardson Electronics Announces Date of First Quarter Fiscal 2018 Conference Call

LAFOX, Ill., October 4, 2017 (GLOBE NEWSWIRE) — Richardson Electronics, Ltd. (NASDAQ: RELL) plans to release its financial results for its first quarter ended September 2, 2017, after the close of business on Wednesday, October 11, 2017. The release will be distributed by NASDAQ GlobeNewswire and will be available on the Company’s website at www.rell.com.

On Thursday, October 12, 2017, at 9:00 a.m. CDT, Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call to discuss the Company’s first quarter results for fiscal year 2018. A question and answer session will be included as part of the call’s agenda. To listen to the call, please dial (888) 419-5570 and enter passcode 51574534 approximately five minutes prior to the start of the call. A replay of the call will be available beginning at 12:00 a.m. CDT on October 13, 2017, for seven days. The telephone numbers for the replay are (USA) (888) 286-8010 and (International) (617) 801-6888; passcode 45382202.

About Richardson Electronics

 Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; flat panel detector solutions and replacement parts for diagnostic imaging equipment; and customized display solutions. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

Richardson Electronics Announces Date of Fourth Quarter Fiscal 2017 Conference Call

 LAFOX, Ill., July 12, 2017 (GLOBE NEWSWIRE) — Richardson Electronics, Ltd. (NASDAQ: RELL) plans to release its financial results for its fourth quarter ended May 27, 2017, after the close of business on Wednesday, July 19, 2017. The release will be distributed by NASDAQ GlobeNewswire and will be available on the Company’s website at www.rell.com.

On Thursday, July 20, 2017, at 9:00 a.m. CT, Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call to discuss the Company’s fourth quarter and fiscal year 2017 results. A question and answer session will be included as part of the call’s agenda. To listen to the call, please dial (888) 419-5570 and enter passcode 85102131 approximately five minutes prior to the start of the call. A replay of the call will be available beginning at 12:00 a.m. CST on July 21, 2017, for seven days. The telephone numbers for the replay are (USA) (888) 286-8010 and (International) (617) 801-6888; passcode 33573773.

About Richardson Electronics

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; flat panel detector solutions and replacement parts for diagnostic imaging equipment; and customized display solutions. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

RICHARDSON ELECTRONICS SELLS ITS PACS DISPLAY BUSINESS TO DOUBLE BLACK IMAGING

LaFox, IL, May 25, 2017 – Richardson Electronics, Ltd. (NASDAQ: RELL) today announced the sale of its picture archiving and communication systems (“PACS”) Display business, including the Image Systems brand, to Double Black Imaging.

The Image Systems brand of diagnostic and clinical imaging displays has been recognized as an industry leading display brand for over 25 years. The Image Systems product portfolio includes 2MP, 3MP, 5MP, and 6MP color and grayscale displays. Included in the sale is Image Systems proprietary calibration software, known as CFS, which is designed to simplify the conformance and calibration of all Image Systems diagnostic and clinical use displays. This ensures DICOM® compliance and proper calibration throughout their life-cycle.

Double Black Imaging is a well-known, industry leading provider of PACS displays for the diagnostic and clinical display market. Double Black Imaging was launched in July of 2002.The company is privately held by the Lloyd family in Colorado and Minnesota.

“Double Black Imaging shares many of the same values as Richardson Electronics including our objective to help lower healthcare costs. We believe the combination of these two PACS display businesses creates a stronger competitive environment and will be good for our diagnostic display customers. At the same time, this sale allows Richardson Healthcare to focus on its key initiative to expand our line of CT and MRI tubes and high value replacement parts for the diagnostic imaging market,” said Edward J. Richardson, chairman and CEO of Richardson Electronics, Ltd.

ABOUT RICHARDSON ELECTRONICS, LTD.

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components, flat panel detector solutions and replacement parts for diagnostic imaging equipment; and customized display solutions. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

FORWARD LOOKING STATEMENTS

This release includes certain “forward-looking” statements as defined by the Securities and Exchange Commission. Statements in this press release regarding the Company’s business which are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” in the Company’s 2016 Annual Report on Form 10-K. The Company assumes no responsibility to update the forward-looking statements in this release as a result of new information, future events, or otherwise.

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Richardson Electronics Announces Date of Third Quarter Fiscal 2017 Conference Call

LAFOX, Ill., March 29, 2017 (GLOBE NEWSWIRE) — Richardson Electronics, Ltd. (NASDAQ: RELL) plans to release its financial results for its third quarter ended February 25, 2017, after the close of business on Wednesday, April 5, 2017. The release will be distributed by NASDAQ GlobeNewswire and will be available on the Company’s website at www.rell.com.

On Thursday, April 6, 2017, at 9:00 a.m. CT, Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call to discuss the Company’s third quarter results for fiscal 2017. A question and answer session will be included as part of the call’s agenda. To listen to the call, please dial (888) 419-5570 and enter passcode 94661906 approximately five minutes prior to the start of the call. A replay of the call will be available beginning at 12:00 a.m. CT on April 7, 2017, for seven days. The telephone numbers for the replay are (USA) (888) 286-8010 and (International) (617) 801-6888; passcode 69435224.

About Richardson Electronics

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high value displays, flat panel detector solutions and replacement parts for diagnostic imaging equipment; and customized display solutions. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

 

Canvys Announces New True Flat G Series Custom Displays

LaFox, IL – February 20, 2017: Canvys,® a Division of Richardson Electronics, Ltd. (NASDAQ:RELL), expands its product portfolio with the new True Flat G Series. Available in 21.5 inch and 24 inch, the new series features a slim housing design with no (zero) bezel and a flat front surface. These monitors boast a sleek design as well as excellent image quality with full-HD resolution. Features and specifications include:

  • 21.5” housing is 56.5 mm thick
  • 24” housing is 59.5 mm thick
  • Resolution: 1920 x 1080 / Full-HD
  • Energy-saving LED backlight panels
  • Inputs: VGA, DVI-D, HDMI, DisplayPort
  • Approvals: CE, UL, FCC
  • True Flat design with AR protection glass and IP54 (without I/Os)
  • OSD Touch Keys
  • Fanless
  • White plastic housing (RAL 9003)
  • Options: PCap (Proj. Capacitive Touch), Ambient Light Sensor, High-Brightness Panel

There are many customization possibilities with the G Series including an all-in-one version with an integrated PC. The panel PCs feature state-of-the-art CPU and GPU technology. The computers come with a sixth generation, standard Intel Core i5-6300U processor. The housing does not require ventilation slots and includes a rear metal cooling plate, allowing for more power efficiency.

Healthcare and medical users will benefit from the zero bezel design (easily cleaned and disinfected), abundant ports, medical approvals, and DICOM compliance. The display series complies with IEC medical standardizations: IEC/EN 60601-1 Edition 3.1 (Safety, effective 2018) and IEC/EN 60601-1-2 4th Edition (EMC, effective 2019).

The True Flat G Series is ideal for OEMs. The displays are built using durable quality components, and have long-term availability, scalability, and low power consumption. All products are custom-engineered by Canvys at our facility in Marlborough, MA or Donaueschingen, Germany. We are a full-service integrator/manufacturer that provides OEMs with custom display solutions that meet all their needs and business requirements. Some of our capabilities include:

  • Needs assessment, custom engineering and prototyping
  • The latest technologies for touch and protective shield integration
  • Injection molding, deep drawing, SLA prototyping, and strand-casting
  • Various housing designs such as open frame, panel/chassis/rack mount, slim and lightweight to rugged designs
  • A wide range of controller solutions with inputs in many combinations
  • Single Board Controller and PC integration
  • In-depth testing and validation processes applied throughout the product development
  • Regulatory approvals

 

Detailed information on the True Flat G Series is available on the Canvys.com website:

https://www.canvys.com/trueflatg.html

 

About Canvys – Visual Technology Solutions

Canvys, a Division of Richardson Electronics, Ltd. (NASDAQ: RELL) is a global value- added integrator and manufacturer that specializes in creating comprehensive visual technology solutions for Original Equipment Manufacturers (OEMs). Our collaborative approach allows us to evaluate each customer’s unique needs and craft the right solution using custom engineering, value-added outsourcing, or modified off-the-shelf components. In addition, we provide complete post-sale service and support, including installation support, maintenance, troubleshooting, calibration and conformance. For more information, visit us at www.canvys.com

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; high value displays, flat panel solutions and replacement parts for diagnostic imaging equipment; and customized display solutions. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available online at www.rell.com

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

Richardson Electronics Reports Second Quarter Fiscal 2017 Results and Declares Quarterly Cash Dividend

LaFox, IL, January 4, 2017:  Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its second quarter ended November 26, 2016.  The Company also announced that its Board of Directors declared a $0.06 per share quarterly cash dividend.

Second Quarter Results

Net sales for the second quarter of fiscal 2017 were $33.8 million, nearly flat compared to net sales of $34.1 million in the prior year’s second quarter. A sales decrease of $0.5 million for Canvys, primarily due to declines in demand from key OEMs relating to market conditions, was partially offset by increases of $0.1 million in both PMT and Richardson Healthcare.

Gross margin increased to $11.0 million, or 32.4% of net sales during the second quarter of fiscal 2017, compared to $10.4 million, or 30.6% of net sales during the second quarter of fiscal 2016.  Margin improved as a percent of net sales primarily due to higher PMT and Canvys margins as a result of an improved product mix. In addition, the Canvys margin benefitted from cost reductions on selected products sold.

Operating expenses increased to $13.4 million for the second quarter of fiscal 2017, compared to $13.2 million for the second quarter of fiscal 2016. The increase was due to $1.3 million in severance expense associated with the reduction in work force during the second quarter of fiscal 2017, mostly offset by reduced salary, benefits and incentive compensation expenses. In addition, IT expenses were lower than in the second quarter of fiscal 2016.

As a result, operating loss for the second quarter of fiscal 2017 was $2.4 million, compared to an operating loss of $2.5 million in the prior year’s second quarter. However, excluding the $1.3 million severance expense, the operating loss would have been $1.1 million for the second quarter of fiscal 2017.

Other income for the second quarter of fiscal 2017, including foreign exchange, was $0.2 million, compared to $0.5 million in the second quarter of fiscal 2016.

The income tax provision of $0.3 million during the second quarter of fiscal 2017 reflects a provision for foreign income taxes and no U.S. tax benefit due to the valuation allowance recorded against the net operating loss.

Net loss for the second quarter of fiscal 2017 was $2.5 million, compared to a net loss of $2.3 million in the second quarter of 2016.

FINANCIAL SUMMARY – SIX MONTHS ENDED NOVEMBER 26, 2016

  • Net sales for the first six months of fiscal 2017 were $67.2 million, a decrease of 5.6%, compared to net sales of $71.2 million during the first six months of fiscal 2016. Sales decreased by $1.7 million for PMT and $2.5 million for Canvys, primarily due to declines in demand from key customers relating to market conditions.
  • Gross margin decreased to $21.2 million during the first six months of fiscal 2017, compared to $21.7 million during the first six months of fiscal 2016. However, as a percentage of net sales, gross margin increased to 31.6% of net sales during the first six months of fiscal 2017, compared to 30.5% of net sales during the first six months of fiscal 2016.
  • Operating expenses increased to $25.7 million for the first six months of fiscal 2017, compared to $25.5 million for the first six months of fiscal 2016. The increase was due to the $1.3 million in severance expense associated with the reduction in work force during the second quarter of fiscal 2017, mostly offset by reduced salary, benefits and incentive compensation expenses. In addition, IT expenses were lower than the first six months of fiscal 2016.
  • Operating loss during the first six months of fiscal 2017 was $4.5 million, compared to an operating loss of $3.5 million during the first six months of fiscal 2016. After excluding the severance expense of $1.3 million, the operating loss would have been $3.2 million for the first six months of fiscal year 2017.
  • Other expense for the first six months of fiscal 2017, including foreign exchange, was less than $0.1 million, compared to other income of $0.5 million for the first six months of fiscal 2016.
  • The income tax provision of $0.8 million for the first six months of fiscal 2017 reflects a provision for foreign income taxes, an estimate for additional tax due from an audit in France and no U.S. tax benefit due to the valuation allowance recorded against the net operating loss.
  • Net loss for the first six months of fiscal 2017 was $5.4 million, compared to a net loss of $3.7 million during the first six months of fiscal 2016.

CASH DIVIDEND

The Company also announced today 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, 2017, to common stockholders of record on February 7, 2017.

Cash and investments at the end of the second quarter of fiscal 2017 were $62.8 million compared to $70.5 million at the end of the fourth quarter of fiscal 2016.  During the second quarter of fiscal 2017, the Company did not repurchase any shares of its common stock under the existing share repurchase authorization. Since the sale of RFPD, the Company has spent $65.6 million on share repurchases, nearly $20 million on acquisitions, more than $18 million on dividends and $5.1 million on purchases of Richardson Healthcare equipment. Currently, there are 10.7 million outstanding shares of common stock and 2.1 million outstanding shares of Class B common stock.

OUTLOOK

“While we are disappointed with flat net sales in the second quarter of fiscal 2017 as compared to the second quarter of fiscal 2016, we are pleased with the significantly higher gross margin and the substantially lower operating expenses after excluding the $1.3 million in severance expense that was incurred in the second quarter of fiscal year 2017,” said Edward J. Richardson, Chairman, Chief Executive Officer, and President. “We are beginning to see revenue growth in our Power Management Technologies group and we are making good progress in CT Tube development. We are focused on increasing net sales in all of our businesses and continue to make progress on additional initiatives to permanently take cost out of the organization, improve cash flow, and return the Company to profitability,” Mr. Richardson concluded.

CONFERENCE CALL INFORMATION

On Thursday, January 5, 2017, at 9:00 a.m. CST, Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call to discuss the Company’s second quarter results for fiscal 2017. A question and answer session will be included as part of the call’s agenda. To listen to the call, please dial (888) 419-5570 and enter passcode 96522530 approximately five minutes prior to the start of the call. A replay of the call will be available beginning at 12:00 a.m. CST on January 6, 2017, for seven days. The telephone numbers for the replay are (USA) (888) 286-8010 and (International) (617) 801-6888; passcode 66294883.

FORWARD-LOOKING STATEMENTS

This release includes certain “forward-looking” statements as defined by the Securities and Exchange Commission.  Statements in this press release regarding the Company’s business which are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K filed on July 29, 2016. The Company assumes no responsibility to update the “forward-looking” statements in this release as a result of new information, future events, or otherwise.

ABOUT RICHARDSON ELECTRONICS, LTD.

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high value displays, flat panel detector solutions and replacement parts for diagnostic imaging equipment; and customized display solutions.  We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

Richardson Electronics Announces Date of Second Quarter Fiscal 2017 Conference Call

LaFox, IL, Wednesday, December 28, 2016: Richardson Electronics, Ltd. (NASDAQ: RELL) plans to release its financial results for its second quarter ended November 26, 2016, after the close of business on Wednesday, January 4, 2017. The release will be distributed by NASDAQ GlobalNewswire and will be available on the Company’s website at www.rell.com.

On Thursday, January 5, 2017, at 9:00 a.m. CST, Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call to discuss the Company’s second quarter results for fiscal 2017. A question and answer session will be included as part of the call’s agenda. To listen to the call, please dial (888) 419-5570 and enter passcode 96522530 approximately five minutes prior to the start of the call. A replay of the call will be available beginning at 12:00 a.m. CST on January 6, 2017, for seven days. The telephone numbers for the replay are (USA) (888) 286-8010 and (International) (617) 801-6888; passcode 66294883.

About Richardson Electronics

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high value displays, flat panel detector solutions and replacement parts for diagnostic imaging equipment; and customized display solutions. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.