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Richardson Electronics Ltd. (RELL) filed Quarterly Report for the period ended 2011-12-03.
Richardson Electronics Ltd. has a market cap of $205.1 million; its shares were traded at around $12.06 with a P/E ratio of 92.8 and P/S ratio of 1.3. The dividend yield of Richardson Electronics Ltd. stocks is 1.7%.
This is the annual revenues and earnings per share of RELL over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of RELL.
Highlight of Business Operations:
Net sales for EDG were $28.0 million, down 2.2%, during the second quarter of fiscal 2012 compared to $28.7 million during the second quarter of fiscal 2011. The decrease in net sales is primarily due to a slowdown in the semiconductor fabrication equipment sector as well as declines in both the textile and broadcast industries. Gross margin as a percentage of net sales decreased to 30.5% during the second quarter of fiscal 2012, compared to 31.2% during the second quarter of fiscal 2011 reflecting the lower-margin business under terms of a strategic distribution agreement in addition to a shift in sales mix between product lines and geographic regions.Net sales for EDG were $58.8 million, up 4.6%, during the first six months of fiscal 2012 compared to $56.1 million during the first six months of fiscal 2011. The increase in net sales is primarily due to sales growth for our industrial tube products, due to a strategic distribution agreement, and an increase in our sales to end users globally. Gross margin as a percentage of net sales decreased to 31.0% during the first six months of fiscal 2012, compared to 32.1% during the first six months of fiscal 2011 reflecting the lower-margin business under terms of a strategic distribution agreement in addition to a shift in sales mix between product lines and geographic regions.
Net sales for Canvys were $21.9 million, down 2.0%, during the first six months of fiscal 2012 compared to $22.3 million during the first six months of fiscal 2011. The decrease in net sales is primarily due to a decline in demand from our European OEM customers. Gross margin as a percentage of net sales for the first six months of fiscal 2012 increased to 28.2%, compared to 23.2% in the prior year’s first six months. The increase in gross margin was due to continued growth and focus on the more profitable OEM business in both North America and Europe, in addition to a decline in inbound freight costs during the first six months of fiscal 2012, compared to the first six months of fiscal 2011.
Cash used in operating activities, including our discontinued operations, during the first six months of fiscal 2012 was $47.0 million. The $47.0 million of cash used in operating activities primarily reflects a decrease of $42.9 million in accrued liabilities, a $7.0 million decrease in long-term tax liabilities, a $5.6 million increase in income tax receivable, and an increase of $5.6 million in inventory, offset by an $8.4 million decrease in prepaid expenses and other assets. The $42.9 million decrease in accrued liabilities, excluding the impact of foreign exchange of $0.4 million, was due primarily to our tax payment related to the sale of RFPD during the first six months of fiscal 2012. The $7.0 million decrease in long-term tax liabilities, excluding the impact of foreign exchange of less than $0.1 million, relates primarily to estimated tax payments for the fiscal 2012 tax returns. The $5.6 million in income tax receivable relates to an overpayment in our estimated tax during the first six months of fiscal 2012. The $5.6 million in inventory, excluding the impact of foreign exchange of $0.1 million, was due primarily to increased purchasing to support future sales growth. The $8.4 million decrease in prepaid expenses and other assets, excluding the impact of foreign exchange of less than $0.1 million, was due primarily to the final payment received of $4.2 million from Arrow for the sale of RFPD and a $4.1 million decrease of discontinued assets.
Cash provided by operating activities, including our discontinued operations, during the first six months of fiscal 2011 was $3.2 million. The $3.2 million of cash provided by operating activities includes increases in accounts receivable and inventory, partially offset by increases in accounts payable and accrued liabilities. The increase in accounts receivable of $11.2 million, excluding the impact of foreign exchange of $3.5 million, was due primarily to increased sales volume during the first six months of fiscal 2011. The increase in inventory of $10.0 million, excluding the impact of foreign currency exchange of $0.6 million, during the first six months of fiscal 2011, was due primarily to increased purchasing to support future sales growth. The increase in accrued liabilities of $2.0 million, excluding the impact of foreign currency exchange of
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