Richardson Electronics Reports First Quarter Fiscal 2018 Results and Declares Quarterly Cash Dividend


Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Comprehensive Income (Loss)
(in thousands, except per share amounts)
 
   Three Months Ended 
   September 2,
2017
  August 27,
2016
 
Statements of Comprehensive Income (Loss)       
Net sales $36,995 $33,373 
Cost of sales  24,847  23,133 
Gross profit     12,148     10,240  
Selling, general, and administrative expenses  12,324  12,327 
Gain on disposal of assets  (191)  
Operating income (loss)    15     (2,087 )
Other (income) expense:       
Investment/interest income  (134) (11)
Foreign exchange loss  201  278 
Other, net  (4) (1)
Total other expense  63  266 
Loss before income taxes  (48) (2,353)
Income tax provision  64  497 
Net loss     (112 )   (2,850 )
Foreign currency translation gain, net of tax  2,121  379 
Fair value adjustments on investments (loss) gain  (14) 7 
Comprehensive income (loss)   $ 1,995   $ (2,464 )
Loss per share:       
Common shares - Basic $(0.01)$(0.23)
Class B common shares - Basic $(0.01)$(0.20)
Common shares - Diluted $(0.01)$(0.23)
Class B common shares - Diluted $(0.01) $ (0.20 )
Weighted average number of shares:                
Common shares - Basic     10,712     10,703  
Class B common shares - Basic     2,137     2,141  
Common shares - Diluted     10,712     10,703  
Class B common shares - Diluted     2,137     2,141  
Dividends per common share   $ 0.060   $ 0.060  
Dividends per Class B common share   $ 0.054   $ 0.054  
               
               

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