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WorkforceTrainingFundGrantsAnnouncementApril92014_FINAL

LaFox, IL, April 9, 2014: Richardson Electronics, Ltd. (NASDAQ: RELL), today reported sales and earningsfor its third quarter ended March 1, 2014. The Company also announced that its Board of Directors declared a $0.06 per share quarterly cash dividend.

Net sales for the third quarter of fiscal 2014 were $32.9 million, a 2.2% decrease compared to net sales of $33.6 million in the prior year. Sales for the company’s EDG business were relatively flat while sales for Canvys were down 6.5%, compared to the prior year’s quarter. Gross margin decreased to $9.7 million, or 29.3% of net sales during the third quarter of fiscal 2014, compared to $9.9 million, or 29.5% of net sales during fiscal 2013. Operating expenses were $10.5 million for the third quarter of fiscal 2014, compared to $9.3 million for the third quarter of fiscal 2013. Operating loss for the third quarter of fiscal 2014 was $0.9 million compared to operating income of $0.6 million for the third quarter of fiscal 2013.

Loss from continuing operations for the third quarter of fiscal 2014 was $0.1 million compared to
income from continuing operations for the third quarter of fiscal 2013 of $0.6 million, or $0.04 per diluted common share.

“We remain committed to profit improvement with growth initiatives that allow us to leverage our global infrastructure. While we are not satisfied with our current financial performance, we are pleased to see pockets of growth in key geographic areas and markets. Sales in both the Asia and European regions improved versus the prior year. In terms of key markets, we are seeing growth in industrial markets as well as the automotive markets which utilize laser cutting equipment,” said Edward J. Richardson, Chairman, Chief Executive Officer and President.

“We believe our fourth quarter sales should be in the range of $34 to $36 million. We continue to
focus on acquisition targets, and to invest in key initiatives such as vacuum capacitors and our new product development team focused on microwave solutions. Both take advantage of our global infrastructure and provide significant opportunity for sustainable growth over the long term,” said Mr. Richardson.

FINANCIAL SUMMARY – THREE MONTHS ENDED MARCH 1, 2014

• Net sales for the third quarter of fiscal 2014 were $32.9 million, down 2.2%, compared to net sales of $33.6 million during the third quarter of fiscal 2013.
• Gross margin decreased to 29.3% during the third quarter of fiscal 2014 compared to 29.5% during last year’s third quarter.
• Selling, general, and administrative expenses increased to $10.5 million, or 32.0% of net sales for the third quarter of fiscal 2014 compared to $9.3 million for the third quarter of fiscal 2013, or 27.7% of net sales. Operating expenses during the third quarter of fiscal 2014 included approximately $0.4 million of expenses associated with evaluating potential acquisitions, $0.1 million for new product development costs, and $0.2 million of increased information technology expenses for a new system implementation.
• Operating loss during the third quarter of fiscal 2014 was $0.9 million compared to operating income of $0.6 million for the third quarter of fiscal 2013.
• Other income for the third quarter of fiscal 2014 was $0.7 million compared to expense of $0.2 million for the third quarter of fiscal 2013. Other income for the third quarter of fiscal 2014 included $0.4 million of proceeds from a class action lawsuit settlement.
• Loss from continuing operations during the third quarter of fiscal 2014 was $0.1 million compared to income from continuing operations for the third quarter of fiscal 2013 of $0.6 million, or $0.04 per diluted common share.
• Loss from discontinued operations, net of tax, was $0.4 million during the third quarter of fiscal 2014 compared to $0.2 million during the third quarter of fiscal 2013.
• Net loss during the third quarter of fiscal 2014 was $0.5 million compared to net income of $0.4 million, or $0.03 per diluted common share, during the third quarter of fiscal 2013.

FINANCIAL SUMMARY – NINE MONTHS ENDED MARCH 1, 2014

• Net sales for the first nine months of fiscal 2014 were $102.6 million, down 3.1%, compared to net sales of $105.9 million during the first nine months of fiscal 2013. Gross margin increased to 30.1% during the first nine months of fiscal 2014 compared to 29.6% during the first nine months of fiscal 2013.
• Selling, general, and administrative expenses increased to $31.1 million, or 30.3% of net sales, for the first nine months of fiscal 2014 compared to $29.7 million, or 28.0% of net sales, for the first nine months of fiscal 2013. Operating expenses during the nine months of fiscal 2014 included $0.8 million of expenses associated with evaluating potential acquisitions, $0.2 million for new product development costs, and $0.5 million of increased information technology expenses for a new system implementation.
• Operating loss during the first nine months of fiscal 2014 was $0.2 million compared to operating income of $1.6 million during the first nine months of fiscal 2013.
• Other income for the first nine months of fiscal 2014 was $3.3 million compared to other income of $0.3 million for the first nine months of fiscal 2013. Other income for the first nine months of fiscal 2014 included $2.5 million of proceeds from a class action lawsuit settlement.
• Income from continuing operations during the first nine months of fiscal 2014 was $2.5 million, or $0.17 per diluted common share, versus $1.9 million, or $0.12 per diluted common share, during the first nine months of fiscal 2013.
• Loss from discontinued operations, net of tax, was $0.5 million during the first nine months of fiscal 2014 and fiscal 2013.
• Net income during the first nine months of fiscal 2014 was $2.0 million, or $0.13 per diluted common share, compared to net income of $1.4 million, or $0.09 per diluted common share, during the first nine months of fiscal 2013.

CASH DIVIDEND AND SHARE REPURCHASES
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 May 23, 2014, to common stockholders of record on May 9, 2014.

“Cash and investments at the end of our third quarter were $132.2 million. As of today, the Company currently has 11.8 million outstanding shares of common stock and 2.2 million outstanding shares of Class B common stock. With our strong balance sheet, we are committed to returning value to our shareholders,” said Mr. Richardson.

CONFERENCE CALL INFORMATION
On Thursday, April 10, 2014, at 9:00 a.m. CT, Edward J. Richardson, Chairman and Chief Executive Officer, and Kathleen S. Dvorak, Chief Financial Officer, will host a conference call to discuss the Company’s third quarter results for fiscal 2014. A question and answer session will be included as part of the call’s agenda. To listen to the call, please dial (888) 339-2688 and enter passcode 13408790 approximately five minutes prior to the start of the call. A replay of the call will be available beginning at 11:59 p.m. CT on April 10, 2014, for seven days. The telephone numbers for the replay are (USA) (888) 286-8010 and (International) (617) 801-6888; passcode 35522088.

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 26, 2013. 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, and customized display solutions serving customers in the alternative energy, 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. 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.

LaFox, IL, Wednesday, April 2, 2014: Richardson Electronics, Ltd. (NASDAQ: RELL) plans to release its financial results for its third quarter ended March 1, 2014, after the close of business on Wednesday, April 9, 2014. The release will be distributed by Business Wire and will be available on the Company’s website at www.rell.com.

On Thursday, April 10, 2014, at 9:00 a.m. CT, Edward J. Richardson, Chairman, Chief Executive Officer and President, and Kathleen S. Dvorak, Chief Financial Officer, will host a conference call to discuss the Company’s third quarter fiscal 2014 results. A question and answer session will be included as part of the call’s agenda. To listen to the call, please dial (888) 339-2688 and enter passcode 13408790 approximately five minutes prior to the start of the call. A replay of the call will be available beginning at 11:59 p.m. CT on April 10, 2014, for seven days. The telephone numbers for the replay are (USA) (888) 286-8010 and (International) (617) 801-6888; passcode 35522088.

About Richardson Electronics

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables, and customized display solutions serving customers in the alternative energy, 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. 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.

LaFox, Illinois – Richardson Electronics, a leading global manufacturer and supplier of the highest quality replacement RF tubes since 1947, is now offering driver stage repair and exchange for industrial CO₂ laser systems. Richardson Electronics will be showcasing high quality replacement bellows and consumable products at the FABTECH Canada show – Booth 147. Stop by our booth to see our bellows in motion!

Designed and manufactured in Europe, our laser bellows are made with heat resistant, flame retardant materials and are able to withstand high operating temperatures while providing years of service. Our tight fitting laser bellows keep unwanted particles out of the laser beam and protect machine rails, racks and bearings to keep your laser machine running smoothly.

Claudio Schutz, VP and General Manager of the Industrial Services Group for Richardson Electronics, Ltd., noted, “After careful selection of an experienced European manufacturer and strict adherence to our quality assurance processes, I am excited to bring this tested product to market to help our laser customers reduce their cost of operation. Bellows and other parts for additional machine models will be available throughout the year.”

In addition to an expanded product offering, Richardson Electronics continues to supply the tubes that are used in Trumpf^® and other laser systems. The reliability and performance of THALES RS3021CJ and RS2048CJC are of the highest quality and competitively priced. Combined with our expanded portfolio of high quality aftermarket parts, Richardson reduces the cost of ownership to help laser users around the world become more competitive. To complement its products, Richardson Electronics provides installation support and service in select countries. To learn more, visit us at FABTECH Canada – Booth 147 or online at www.rellaser.com

ABOUT RICHARDSON ELECTRONICS, LTD.

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables, and customized display solutions serving customers in the RF and microwave communications, military, marine, aviation, industrial, scientific and medical markets. Utilizing its core engineering and manufacturing capabilities, the Company’s strategy is to provide specialized technical expertise and “engineered solutions.” 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.

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.

Trumpf® is a registered trademark of Trumpf GmbH & Co. KG. Richardson Electronics, Ltd. Is an unaffiliated distributor of replacement parts for use in Trumpf® laser systems.

Richardson Electronics Reports Second Quarter Fiscal 2014 Results

LaFox, IL, Thursday, January 2, 2014: Richardson Electronics, Ltd. (NASDAQ: RELL) plans to release its financial results for its second quarter ended November 30, 2013, after the close of business on Wednesday, January 8, 2014. The release will be distributed by Business Wire and will be available on the Company’s website at www.rell.com.

On Thursday, January 9, 2014, at 9:00 a.m. CT, Edward J. Richardson, Chairman and Chief Executive Officer, and Kathleen S. Dvorak, Chief Financial Officer, will host a conference call to discuss the Company’s second quarter fiscal 2014 results. A question and answer session will be included as part of the call’s agenda. To listen to the call, please dial (888) 339-2688 and enter passcode 24209746 approximately five minutes prior to the start of the call. A replay of the call will be available beginning at 11:59 p.m. CT on January 9, 2014, for seven days. The telephone numbers for the replay are (USA) (888) 286-8010 and (International) (617) 801-6888; passcode 34766989.

About Richardson Electronics

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables, and customized display solutions serving customers in the alternative energy, 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. 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.

LaFox, Illinois – Canvys^®, a division of Richardson Electronics announces the new Image Systems XLED series of diagnostic LED backlit displays at RSNA 2013 (North Building, Hall B, Booth 6707). The product family includes 2MP, 3MP, and 6MP color, and 2MP, 3MP, and 5MP grayscale displays.

“The XLED series is the next logical step for hospitals looking to upgrade their diagnostic and clinic displays used in medical imaging. The new 6MP color XLED display in particular will appeal to radiologists and clinicians who are looking for diagnostic quality in a wide-screen format,” commented David Sorensen, Director of Operations/Healthcare for Canvys.

All of the displays in the XLED series feature longer-lasting, more efficient, mercury-free LED backlights that provide a high return on your investment and are more environmentally responsible.

Ensure diagnostic quality…. all the time.

Four types of integrated sensors in the XLED displays including front-of-screen, backlight, ambient light, and temperature work in conjunction with the included CFS calibration software to ensure diagnostic quality images are presented all the time. The 6MP is the first display to feature dual-front sensors for more accurate luminance control. CFS WebManager provides administrators enterprise-wide visibility, predictability, and control over the displays used in medical imaging.

See all of these products and more of the latest in display technology for medical imaging professionals at Canvys, Booth 6707 at RSNA 2013.

About Canvys

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 healthcare and 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, and customized display solutions serving customers in the alternative energy, 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. 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.

LaFox, Illinois – Richardson Electronics, a leading global supplier of the highest quality replacement RF tubes since 1947, is now offering driver stage repair and exchange for industrial CO2 laser systems. Richardson Electronics will be showcasing high quality replacement end stage tubes and consumable products at this year’s FABTECH show – Booth S2018.

Through our global service network, Richardson Electronics now offers remanufactured driver stages that are used in Trumpf® CO2 lasers. Each unit undergoes a thorough 38-point inspection process and is tested and burned in for 24 hours before delivery.

Claudio Schutz, VP and General Manager of the Industrial Services Group for Richardson Electronics, Ltd., noted, “Our ability to offer reliable driver stages is another great example of our engineered solutions. Richardson Electronics has the most extensive global network of sales, service and experience in RF generators, and we are very pleased to share this expertise with our laser customers.”

The Richardson Electronics service team has the knowledge and experience to evaluate the reparability of defective driver stages. We diagnose, test and repair a driver stage at a fraction of the cost of purchasing a new part.

New to our product line are vacuum pumps and bellows for additional laser machine models. “By offering more laser spare parts from stock for immediate delivery, we can deliver what our laser users are looking for to remain competitive: OEM-quality parts at an affordable price with minimum downtime”, added Mr. Schutz.

In addition to our expanded service offering, we continue to supply the tubes that are used in Trumpf® and other laser systems. The reliability and performance of THALES RS3021CJ and RS2048CJC are of the highest quality and competitively priced. With our expanded portfolio of high quality aftermarket parts, we ensure the lowest cost of ownership to help laser users around the world become more competitive. To complement our products, Richardson Electronics provides installation support and service in select countries. To learn more, visit us at FABTECH – Booth S2018 or online at www.rellaser.com

Q1FY14 Earnings Release Final