Richardson Electronics (RELL) Misses Q1 EPS by 1c, Revenues Miss
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Richardson Electronics (NASDAQ: RELL) reported Q1 EPS of $0.01, $0.01 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $40.7 million versus the consensus estimate of $42 million.
- Net sales for the first quarter of fiscal 2020 of $40.7 million, down 7.9% from last year’s first quarter, primarily from the decline in the PMT semiconductor wafer fab equipment business.
- Richardson Healthcare and Canvys net sales increased by 26.8% and 1.4%, respectively.
- Gross margin increased to 31.9% of net sales for the first quarter of fiscal 2020 versus 31.6% of net sales for the prior year’s first quarter.
- Operating expenses decreased $0.3 million to $12.8 million for the first quarter of fiscal 2020.
- Net income of $0.2 million for the first quarter of fiscal 2020 compared to $0.4 million for last year’s first quarter and a net loss in the fourth quarter of fiscal 2019.
- Earnings per common (diluted) share of $0.01 for the first quarter of fiscal 2020 compared to $0.03 per common (diluted) share for the first quarter of fiscal 2019.
- Cash and investments of $46.5 million at August 31, 2019 versus $50.0 million at June 1, 2019.
“We are pleased with the quarter over quarter growth in our Healthcare business. We are optimistic this trend will continue with increasing customer confidence in the ALTA750 TM CT tube as well as the recent approval to use the CE Mark opening up sales opportunities throughout Europe,“ said Edward J. Richardson, Chairman, Chief Executive Officer, and President. “Revenues resulting from our investments in new power and microwave technologies also continue to increase and Canvys is providing consistent growth helping offset the soft semiconductor wafer fab equipment market,” he concluded.
For earnings history and earnings-related data on Richardson Electronics (RELL) click here.
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