Richardson Electronics Reports Fourth Quarter Results; Declares Quarterly Cash Dividend
Richardson Electronics (NASDAQ: RELL) reported Q4 FY25 results with net sales of $51.9 million, up 9.5% year-over-year, marking the fourth consecutive quarter of growth. The company achieved a gross margin of 31.6% and non-GAAP operating income of $0.8 million.
Key highlights include: FY25 annual net sales growth of 6.3%, led by a 23.6% increase in Green Energy Solutions, positive operating cash flow for the fifth consecutive quarter, and a stable backlog of $134.2 million. The Board declared a quarterly cash dividend of $0.06 per share.
The company maintained a strong financial position with cash and cash equivalents of $35.9 million as of May 31, 2025. Notable segment performance included PMT sales increasing 17.8%, GES sales up 14.1%, and Canvys sales growing 9.1% year-over-year.
Richardson Electronics (NASDAQ: RELL) ha riportato i risultati del quarto trimestre dell'anno fiscale 2025 con vendite nette di 51,9 milioni di dollari, in aumento del 9,5% rispetto all'anno precedente, segnando il quarto trimestre consecutivo di crescita. L'azienda ha raggiunto un margine lordo del 31,6% e un utile operativo non-GAAP di 0,8 milioni di dollari.
I punti salienti includono: una crescita annua delle vendite nette del 6,3% nel FY25, trainata da un aumento del 23,6% nelle Soluzioni per l'Energia Verde, un flusso di cassa operativo positivo per il quinto trimestre consecutivo e un portafoglio ordini stabile di 134,2 milioni di dollari. Il Consiglio di Amministrazione ha dichiarato un dividendo trimestrale in contanti di 0,06 dollari per azione.
L'azienda ha mantenuto una solida posizione finanziaria con 35,9 milioni di dollari in contanti e equivalenti al 31 maggio 2025. Le performance di segmento degne di nota includono un aumento delle vendite PMT del 17,8%, delle vendite GES del 14,1% e delle vendite Canvys del 9,1% su base annua.
Richardson Electronics (NASDAQ: RELL) informó los resultados del cuarto trimestre del año fiscal 2025 con ventas netas de 51,9 millones de dólares, un aumento del 9,5% interanual, marcando el cuarto trimestre consecutivo de crecimiento. La compañía alcanzó un margen bruto del 31,6% y un ingreso operativo no-GAAP de 0,8 millones de dólares.
Los aspectos destacados incluyen: un crecimiento anual de ventas netas del 6,3% en el FY25, impulsado por un aumento del 23,6% en Soluciones de Energía Verde, flujo de caja operativo positivo por quinto trimestre consecutivo y una cartera de pedidos estable de 134,2 millones de dólares. La Junta declaró un dividendo trimestral en efectivo de 0,06 dólares por acción.
La compañía mantuvo una posición financiera sólida con 35,9 millones de dólares en efectivo y equivalentes al 31 de mayo de 2025. El desempeño notable por segmento incluyó ventas de PMT aumentando un 17,8%, ventas de GES subiendo un 14,1% y ventas de Canvys creciendo un 9,1% interanual.
Richardson Electronics (NASDAQ: RELL)는 2025 회계연도 4분기 실적을 발표하며 순매출 5,190만 달러를 기록해 전년 동기 대비 9.5% 증가하며 4분기 연속 성장세를 이어갔습니다. 회사는 매출총이익률 31.6%와 비-GAAP 영업이익 80만 달러를 달성했습니다.
주요 내용으로는: 2025 회계연도 연간 순매출 6.3% 성장, 그린 에너지 솔루션 부문에서 23.6% 증가, 5분기 연속 긍정적인 영업 현금 흐름, 그리고 안정적인 1억 3,420만 달러의 수주 잔고가 포함됩니다. 이사회는 주당 0.06달러 현금 분기 배당을 선언했습니다.
회사는 2025년 5월 31일 기준 현금 및 현금성 자산 3,590만 달러로 견고한 재무 상태를 유지했습니다. 부문별 주요 실적으로는 PMT 매출이 17.8%, GES 매출이 14.1%, Canvys 매출이 전년 대비 9.1% 증가했습니다.
Richardson Electronics (NASDAQ : RELL) a annoncé ses résultats du quatrième trimestre de l'exercice 2025 avec des ventes nettes de 51,9 millions de dollars, en hausse de 9,5 % d'une année sur l'autre, marquant ainsi le quatrième trimestre consécutif de croissance. La société a atteint une marge brute de 31,6 % et un résultat opérationnel non-GAAP de 0,8 million de dollars.
Les points clés comprennent : une croissance annuelle des ventes nettes de 6,3 % pour l'exercice 2025, portée par une augmentation de 23,6 % des solutions d'énergie verte, un flux de trésorerie opérationnel positif pour le cinquième trimestre consécutif, et un carnet de commandes stable de 134,2 millions de dollars. Le conseil d'administration a déclaré un dividende trimestriel en espèces de 0,06 dollar par action.
L'entreprise a maintenu une solide position financière avec 35,9 millions de dollars en liquidités et équivalents au 31 mai 2025. Les performances notables par segment incluent une augmentation des ventes PMT de 17,8 %, des ventes GES en hausse de 14,1 % et des ventes Canvys en croissance de 9,1 % sur un an.
Richardson Electronics (NASDAQ: RELL) meldete die Ergebnisse für das vierte Quartal des Geschäftsjahres 2025 mit Nettoverkäufen von 51,9 Millionen US-Dollar, was einem Anstieg von 9,5 % im Jahresvergleich entspricht und das vierte Quartal in Folge mit Wachstum markiert. Das Unternehmen erzielte eine Bruttomarge von 31,6 % und ein Non-GAAP-Betriebsergebnis von 0,8 Millionen US-Dollar.
Zu den wichtigsten Highlights gehören: ein jährliches Wachstum der Nettoumsätze von 6,3 % im Geschäftsjahr 2025, angetrieben durch einen Anstieg von 23,6 % bei Green Energy Solutions, ein positiver operativer Cashflow im fünften Quartal in Folge und ein stabiler Auftragsbestand von 134,2 Millionen US-Dollar. Der Vorstand erklärte eine vierteljährliche Bardividende von 0,06 US-Dollar je Aktie.
Das Unternehmen behielt eine starke Finanzlage mit 35,9 Millionen US-Dollar an liquiden Mitteln und Zahlungsmitteln zum 31. Mai 2025 bei. Bedeutende Segmentleistungen umfassen einen Umsatzanstieg bei PMT um 17,8 %, bei GES um 14,1 % und bei Canvys um 9,1 % im Jahresvergleich.
- Net sales increased 9.5% YoY to $51.9 million in Q4 FY25
- Gross margin expanded to 31.6% from 31.1% YoY
- Positive operating cash flow for 5 consecutive quarters
- Green Energy Solutions sales grew 23.6% for FY25
- Strong cash position with $35.9 million in cash and cash equivalents
- Stable backlog of $134.2 million at quarter end
- Operating expenses increased to $15.6 million from $14.8 million YoY
- $0.2 million loss on disposal of Healthcare assets in Q4
- Net loss of $1.1 million for full fiscal year 2025
- Healthcare asset sale reduced Q4 sales by $2.4 million
Insights
Richardson Electronics posted revenue growth across segments with improved gross margins, stabilizing after Healthcare asset sale.
Richardson Electronics delivered 9.5% YoY revenue growth in Q4 FY25, reaching
Segment performance shows strategic realignment is bearing fruit. The Power and Microwave Technologies Group led with an impressive
Profitability metrics show meaningful improvement. Gross margin expanded to
Full fiscal year 2025 results reinforce the transition narrative, with revenue up
The stable
Q4 FY25 net sales increased YoY for the 4th consecutive quarter; non-GAAP operating income* at
FY25 annual net sales grew
Ended Q4 FY25 with positive operating cash flow for the 5th consecutive quarter
LAFOX, Ill., July 23, 2025 (GLOBE NEWSWIRE) -- Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its fourth quarter and fiscal year ended May 31, 2025. The Company also announced that its Board of Directors declared a
“Fiscal 2025 was a year of strategic transition and execution,” said Edward J. Richardson, Chairman, CEO, and President. “We ended the year with a stronger and more focused platform. Fourth quarter net sales increased
“While macroeconomic conditions remain dynamic, our focus remains on driving growth by expanding our value-added engineered solutions, scaling our GES business, and identifying opportunities that expand sales and profitability. With a strong balance sheet, deepening and expanding customer and partner relationships, and a highly capable team, we are well positioned to drive sustainable growth,” concluded Mr. Richardson.
Fourth Quarter Results
Net sales for the fourth quarter of fiscal 2025 were
Year-over-year net sales growth was due to higher sales in the Company’s three continuing business segments. Sales for the Power and Microwave Technologies Group (PMT) increased
Backlog totaled
Gross margin for the fourth quarter was
Operating expenses were
Loss on disposal of assets of
Operating income was
Income tax provision was
Net income was
EBITDA* for the fourth quarter of fiscal 2025 was
The Company maintained its solid financial position and had cash and cash equivalents of
Fiscal Year Ended May 31, 2025
Net sales for fiscal 2025 were
Gross profit increased to
Operating expenses increased to
Loss on disposal of assets of
Operating loss was
Other income for fiscal 2025, including interest income and foreign exchange, was
The income tax benefit was
Net loss was
EBITDA* for fiscal 2025 was
* Please refer to Unaudited Reconciliation between GAAP and non-GAAP Financial Measures below for a reconciliation of non-GAAP items to the comparable GAAP measures.
CASH DIVIDEND DECLARED
The Board of Directors of Richardson Electronics declared a
NON-GAAP FINANCIAL MEASURES
In addition to financial measures (“GAAP financial measures”) prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), we have included financial measures in this press release that are not defined by or calculated in accordance with GAAP (collectively, “non-GAAP financial measures”). For each of the non-GAAP financial measures referenced in this release, we are providing below a reconciliation of differences between the non-GAAP financial measure and the most directly comparable GAAP financial measure. We also provide an explanation of why the Company believes these non-GAAP financial measures provide useful information to investors, and any additional material purposes for which our management or Board of Directors use these non-GAAP financial measures.
Non-GAAP Operating Income: Non-GAAP operating income is GAAP operating income (loss), adjusted to exclude a one-time loss on the sale of assets of the Company’s Healthcare business. The following table represents the Company’s calculation of non-GAAP Operating Income for the periods presented and a reconciliation to the most directly comparable GAAP financial measure:
| Unaudited ($ in thousands) Three Months Ended | Unaudited ($ in thousands) Twelve Months Ended | |||||||||||||||
| May 31, 2025 | June 1, 2024 | May 31, 2025 | June 1, 2024 | |||||||||||||
| Operating income (loss) reconciliation | ||||||||||||||||
| Income (loss) from operations | $ | 631 | $ | (114 | ) | $ | (2,463 | ) | $ | 348 | ||||||
| Loss on disposal of healthcare assets and other charges | 158 | — | 5,074 | — | ||||||||||||
| Non-GAAP operating income (loss) | $ | 789 | $ | (114 | ) | $ | 2,611 | $ | 348 | |||||||
Non-GAAP Income Before Taxes: Non-GAAP Income Before Taxes is income before taxes, adjusted to exclude a one-time loss on the sale of assets of the Company’s Healthcare business. The following table represents the Company’s calculation of non-GAAP Income Before Taxes for the periods presented and a reconciliation to the most directly comparable GAAP financial measure:
| Unaudited ($ in thousands) Three Months Ended | Unaudited ($ in thousands) Twelve Months Ended | |||||||||||||||
| May 31, 2025 | June 1, 2024 | May 31, 2025 | June 1, 2024 | |||||||||||||
| Income (loss) before income taxes reconciliation | ||||||||||||||||
| Income (loss) before income taxes | $ | 1,964 | $ | (139 | ) | $ | (1,531 | ) | $ | 157 | ||||||
| Loss on disposal of healthcare assets and other charges | 158 | — | 5,074 | — | ||||||||||||
| Non-GAAP income (loss) before taxes | $ | 2,122 | $ | (139 | ) | $ | 3,543 | $ | 157 | |||||||
Non-GAAP Income Tax Benefit or Expense: Non-GAAP Income Tax Benefit or Expense is income tax (benefit) provision, adjusted to exclude a one-time loss on the sale of assets of the Company’s Healthcare business and to exclude a state tax valuation allowance adjustment. The following table represents the Company’s calculation of non-GAAP Income Tax (Benefit) Expense for the periods presented and a reconciliation to the most directly comparable GAAP financial measure:
| Unaudited ($ in thousands) Three Months Ended | (Unaudited ($ in thousands) Twelve Months Ended | ||||||||||||||||
| May 31, 2025 | June 1, 2024 | May 31, 2025 | June 1, 2024 | ||||||||||||||
| Income tax provision (benefit) reconciliation | |||||||||||||||||
| Income tax provision (benefit) | $ | 889 | $ | (20 | ) | $ | (388 | ) | $ | 96 | |||||||
| Loss on sale of healthcare assets and other charges | 41 | — | 1,319 | — | |||||||||||||
| Prior years' R&D credit | — | 462 | — | 462 | |||||||||||||
| Valuation allowance adjustment | (617 | ) | (861 | ) | (617 | ) | (861 | ) | |||||||||
| Non-GAAP income tax provision (benefit) | $ | 313 | $ | (419 | ) | $ | 314 | $ | (303 | ) | |||||||
NON-GAAP FINANCIAL MEASURES
(continued)
Non-GAAP Net Income: Non-GAAP Net Income is net (loss) income, adjusted to exclude a one-time loss on the sale of assets of the Company’s Healthcare business and to exclude a state tax valuation allowance adjustment. The following table represents the Company’s calculation of non-GAAP Net Income for the periods presented and a reconciliation to the most directly comparable GAAP financial measure:
| Unaudited ($ in thousands) Three Months Ended | Unaudited ($ in thousands) Twelve Months Ended | |||||||||||||||
| May 31, 2025 | June 1, 2024 | May 31, 2025 | June 1, 2024 | |||||||||||||
| Net income (loss) reconciliation | ||||||||||||||||
| Net income (loss) | $ | 1,075 | $ | (119 | ) | $ | (1,143 | ) | $ | 61 | ||||||
| Loss on sale of healthcare assets and other charges | 117 | — | 3,755 | — | ||||||||||||
| Prior years' R&D credit | — | (462 | ) | — | (462 | ) | ||||||||||
| Valuation allowance adjustment | 617 | 861 | 617 | 861 | ||||||||||||
| Non-GAAP net income | $ | 1,809 | $ | 280 | $ | 3,229 | $ | 460 | ||||||||
Non-GAAP Earnings Per Common Share (Diluted): Non-GAAP Earnings Per Common Share (Diluted) is net (loss) income per share (diluted), adjusted to exclude a one-time loss on the sale of assets of the Company’s Healthcare business and to exclude a state tax valuation allowance adjustment. The following table represents the Company’s calculation of non-GAAP Earnings Per Common Share (diluted) for the periods presented and a reconciliation to the most directly comparable GAAP financial measure:
| Unaudited ($ in thousands) Three Months Ended | Unaudited ($ in thousands) Twelve Months Ended | |||||||||||||||
| May 31, 2025 | June 1, 2024 | May 31, 2025 | June 1, 2024 | |||||||||||||
| Net income (loss) per share (diluted) reconciliation | ||||||||||||||||
| Net income (loss) per share (diluted) | $ | 0.08 | $ | (0.01 | ) | $ | (0.08 | ) | $ | — | ||||||
| Loss on sale of healthcare assets and other charges | — | — | 0.26 | — | ||||||||||||
| VA adjustment and prior years' R&D credit | 0.04 | 0.03 | 0.04 | 0.03 | ||||||||||||
| Non-GAAP net income per share (diluted) | $ | 0.12 | $ | 0.02 | $ | 0.22 | $ | 0.03 | ||||||||
EBITDA: EBITDA is net (loss) income, plus income tax expense (benefit) and depreciation and amortization expense. The following table represents the Company’s calculation of EBITDA for the periods presented and a reconciliation to the most directly comparable GAAP financial measure:
| Unaudited ($ in thousands) Three Months Ended | Unaudited ($ in thousands) Twelve Months Ended | ||||||||||||||||||||||||
| May 31, 2025 | June 1, 2024 | May 31, 2025 | June 1, 2024 | ||||||||||||||||||||||
| Net income (loss) | $ | 1,075 | $ | (119 | ) | $ | (1,143 | ) | $ | 61 | |||||||||||||||
| Income tax provision (benefit) | 889 | (20 | ) | (388 | ) | 96 | |||||||||||||||||||
| Depreciation & amortization | 965 | 1,089 | 4,002 | 4,307 | |||||||||||||||||||||
| EBITDA | $ | 2,929 | $ | 950 | $ | 2,471 | $ | 4,464 | |||||||||||||||||
NON-GAAP FINANCIAL MEASURES
(continued)
Adjusted EBITDA: Adjusted EBITDA is EBITDA (a non-GAAP financial measure defined and calculated in accordance with the above), adjusted to exclude a one-time loss on the sale of assets of the Company’s Healthcare business. The following table represents the Company’s calculation of Adjusted EBITDA for the periods presented and a reconciliation to the most directly comparable GAAP financial measure:
| Unaudited ($ in thousands) Three Months Ended | Unaudited ($ in thousands) Twelve Months Ended | |||||||||||||||||||||||
| May 31, 2025 | June 1, 2024 | May 31, 2025 | June 1, 2024 | |||||||||||||||||||||
| Net income (loss) | $ | 1,075 | $ | (119 | ) | $ | (1,143 | ) | $ | 61 | ||||||||||||||
| Income tax provision (benefit) | 889 | (20 | ) | (388 | ) | 96 | ||||||||||||||||||
| Depreciation & amortization | 965 | 1,089 | 4,002 | 4,307 | ||||||||||||||||||||
| EBITDA | 2,929 | 950 | 2,471 | 4,464 | ||||||||||||||||||||
| Disposal of healthcare assets | 158 | — | 5,074 | — | ||||||||||||||||||||
| Adjusted EBITDA | $ | 3,087 | $ | 950 | $ | 7,545 | $ | 4,464 | ||||||||||||||||
Management believes the non-GAAP financial measures referenced herein provide useful information to investors in assessing the Company’s financial performance because items that are not considered by the Company to be indicative of the Company’s ongoing results, such as the one-time loss on the sale of assets of the Company’s Healthcare business, are excluded.
Our management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating our financial performance and when planning, forecasting and analyzing future periods.
The non-GAAP financial measures presented herein, as determined and presented by the Company, may not be comparable to related or similarly titled measures reported by other companies. These non-GAAP financial measures are not intended to be used as a substitute for the related GAAP financial measures. The non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with GAAP.
CONFERENCE CALL INFORMATION
The Company will host a conference call and question-and-answer session on Thursday, July 24, 2025, at 9:00 a.m. Central Time, to discuss its fourth quarter and fiscal-year 2025 results.
Participants may register for the call here. While not required, it is recommended you join 10 minutes prior to the event start. A replay of the call will be available beginning at 1:00 p.m. Central Time on July 25, 2025, for seven days. Registration instructions are also on our website at www.rell.com.
In addition, the webcast link is available here.
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 that 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 August 5, 2024, and other reports we file with the Securities and Exchange Commission. 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 manufacturer of engineered solutions, green energy products, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; tubes for diagnostic imaging equipment; and customized display solutions. More than
Richardson Electronics’ common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.
| Richardson Electronics, Ltd. Unaudited Consolidated Balance Sheets (in thousands, except per share amounts) | ||||||||
| May 31, 2025 | June 1, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 35,901 | $ | 24,263 | ||||
| Accounts receivable, less allowance for credit losses of | 24,117 | 24,845 | ||||||
| Inventories, net | 102,799 | 110,149 | ||||||
| Prepaid expenses and other assets | 3,509 | 2,397 | ||||||
| Total current assets | 166,326 | 161,654 | ||||||
| Non-current assets: | ||||||||
| Property, plant and equipment, net | 17,916 | 20,681 | ||||||
| Intangible assets, net | 345 | 1,641 | ||||||
| Right of use lease assets | 2,276 | 2,760 | ||||||
| Deferred income taxes | 8,744 | 5,500 | ||||||
| Other non-current assets | 228 | 209 | ||||||
| Total non-current assets | 29,509 | 30,791 | ||||||
| Total assets | $ | 195,835 | $ | 192,445 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 21,339 | $ | 15,458 | ||||
| Accrued liabilities | 14,276 | 15,404 | ||||||
| Lease liabilities current | 1,171 | 1,169 | ||||||
| Total current liabilities | 36,786 | 32,031 | ||||||
| Non-current liabilities: | ||||||||
| Deferred income tax liabilities | 81 | 90 | ||||||
| Lease liabilities non-current | 1,105 | 1,591 | ||||||
| Other non-current liabilities | 1,204 | 781 | ||||||
| Total non-current liabilities | 2,390 | 2,462 | ||||||
| Total liabilities | 39,176 | 34,493 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ Equity | ||||||||
| Common stock, and outstanding on May 31, 2025 and June 1, 2024, respectively | 618 | 613 | ||||||
| Class B common stock, convertible, issued and outstanding on May 31, 2025 and June 1, 2024 | 102 | 102 | ||||||
| Additional paid-in-capital | 74,445 | 72,744 | ||||||
| Retained earnings | 79,340 | 83,729 | ||||||
| Accumulated other comprehensive income | 2,154 | 764 | ||||||
| Total stockholders’ equity | 156,659 | 157,952 | ||||||
| Total liabilities and stockholders’ equity | $ | 195,835 | $ | 192,445 | ||||
| Richardson Electronics, Ltd. Unaudited Consolidated Statements of Comprehensive Income (Loss) (in thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| May 31, 2025 | June 1, 2024 | May 31, 2025 | June 1, 2024 | |||||||||||||
| Net sales | $ | 51,889 | $ | 47,374 | $ | 208,909 | $ | 196,460 | ||||||||
| Cost of sales | 35,514 | 32,650 | 144,109 | 136,494 | ||||||||||||
| Gross profit | 16,375 | 14,724 | 64,800 | 59,966 | ||||||||||||
| Selling, general and administrative expenses | 15,566 | 14,838 | 62,173 | 59,548 | ||||||||||||
| Loss on disposal of property, plant and equipment | 20 | — | 16 | 70 | ||||||||||||
| Loss on disposal of healthcare assets and other charges | 158 | — | 5,074 | — | ||||||||||||
| Operating income (loss) | 631 | (114 | ) | (2,463 | ) | 348 | ||||||||||
| Other (income) expense: | ||||||||||||||||
| Interest income | (205 | ) | (60 | ) | (392 | ) | (284 | ) | ||||||||
| Foreign exchange | (1,112 | ) | 89 | (496 | ) | 436 | ||||||||||
| Other, net | (16 | ) | (4 | ) | (44 | ) | 39 | |||||||||
| Total other (income) expense | (1,333 | ) | 25 | (932 | ) | 191 | ||||||||||
| Income (loss) before income taxes | 1,964 | (139 | ) | (1,531 | ) | 157 | ||||||||||
| Income tax provision (benefit) | 889 | (20 | ) | (388 | ) | 96 | ||||||||||
| Net income (loss) | 1,075 | (119 | ) | (1,143 | ) | 61 | ||||||||||
| Foreign currency translation gain (loss), net of tax | 3,204 | (236 | ) | 1,390 | 149 | |||||||||||
| Comprehensive income (loss) | $ | 4,279 | $ | (355 | ) | $ | 247 | $ | 210 | |||||||
| Net income (loss) per share: | ||||||||||||||||
| Common stocks - Basic | $ | 0.08 | $ | (0.01 | ) | $ | (0.08 | ) | $ | 0.00 | ||||||
| Class B common stock - Basic | 0.07 | (0.01 | ) | (0.07 | ) | 0.00 | ||||||||||
| Common stock - Diluted | 0.08 | (0.01 | ) | (0.08 | ) | 0.00 | ||||||||||
| Class B common stock - Diluted | 0.07 | (0.01 | ) | (0.07 | ) | 0.00 | ||||||||||
| Weighted average number of shares: | ||||||||||||||||
| Common stock - Basic | 12,341 | 12,233 | 12,298 | 12,214 | ||||||||||||
| Class B common stock - Basic | 2,049 | 2,050 | 2,049 | 2,051 | ||||||||||||
| Common shares - Diluted | 12,515 | 12,406 | 12,298 | 12,464 | ||||||||||||
| Class B common stock - Diluted | 2,049 | 2,050 | 2,049 | 2,051 | ||||||||||||
| Richardson Electronics, Ltd. Unaudited Consolidated Statements of Cash Flows (in thousands) | ||||||||
| Fiscal Year Ended | ||||||||
| May 31, 2025 | June 1, 2024 | |||||||
| Operating activities: | ||||||||
| Net (loss) income | $ | (1,143 | ) | $ | 61 | |||
| Adjustments to reconcile net (loss) income to cash provided by operating activities: | ||||||||
| Unrealized foreign currency gain | (1,002 | ) | (304 | ) | ||||
| Depreciation and amortization | 4,002 | 4,307 | ||||||
| Inventory provisions | 550 | 606 | ||||||
| Loss on disposal of property, plant and equipment | 16 | 70 | ||||||
| Share-based compensation expense | 1,545 | 1,326 | ||||||
| Deferred income taxes | (3,242 | ) | (1,004 | ) | ||||
| Loss on disposal of healthcare assets and other charges | 5,074 | — | ||||||
| Change in assets and liabilities: | ||||||||
| Accounts receivable | 130 | 5,297 | ||||||
| Inventories | 459 | 66 | ||||||
| Prepaid expenses and other assets | (433 | ) | 250 | |||||
| Accounts payable | 5,525 | (8,124 | ) | |||||
| Accrued liabilities | (1,255 | ) | 3,396 | |||||
| Other | 326 | 577 | ||||||
| Net cash provided by operating activities | 10,552 | 6,524 | ||||||
| Investing activities: | ||||||||
| Capital expenditures | (2,811 | ) | (4,041 | ) | ||||
| Proceeds from the sale of property, plant and equipment | 7 | — | ||||||
| Proceeds from disposal of healthcare assets | 6,827 | — | ||||||
| Net cash provided by (used in) investing activities | 4,023 | (4,041 | ) | |||||
| Financing activities: | ||||||||
| Proceeds from issuance of common stock | 320 | 591 | ||||||
| Cash dividends paid on common and Class B common stock | (3,407 | ) | (3,376 | ) | ||||
| Proceeds from revolving credit facility | 1,000 | 3,744 | ||||||
| Repayment of revolving credit facility | (1,000 | ) | (3,744 | ) | ||||
| Other | (159 | ) | (120 | ) | ||||
| Net cash used in financing activities | (3,246 | ) | (2,905 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | 309 | (296 | ) | |||||
| Increase (decrease) in cash and cash equivalents | 11,638 | (718 | ) | |||||
| Cash and cash equivalents at beginning of period | 24,263 | 24,981 | ||||||
| Cash and cash equivalents at end of period | $ | 35,901 | $ | 24,263 | ||||
| Richardson Electronics, Ltd. Unaudited Net Sales and Gross Profit For the Fourth Quarter and Fiscal 2025 and 2024 ($ in thousands) | ||||||||||||||||
| Net Sales | ||||||||||||||||
| Three Months Ended | FY25 vs. FY24 | |||||||||||||||
| May 31, 2025 | June 1, 2024 | % Change | ||||||||||||||
| PMT | $ | 35,937 | $ | 30,498 | 17.8 | % | ||||||||||
| GES | 5,360 | 4,699 | 14.1 | % | ||||||||||||
| Canvys | 9,461 | 8,674 | 9.1 | % | ||||||||||||
| Healthcare | 1,131 | 3,503 | -67.7 | % | ||||||||||||
| Total | $ | 51,889 | $ | 47,374 | 9.5 | % | ||||||||||
| Twelve Months Ended | FY25 vs. FY24 | |||||||||||||||
| May 31, 2025 | June 1, 2024 | % Change | ||||||||||||||
| PMT | $ | 137,752 | $ | 128,697 | 7.0 | % | ||||||||||
| GES | 28,719 | 23,233 | 23.6 | % | ||||||||||||
| Canvys | 33,145 | 32,444 | 2.2 | % | ||||||||||||
| Healthcare | 9,293 | 12,086 | -23.1 | % | ||||||||||||
| Total | $ | 208,909 | $ | 196,460 | 6.3 | % | ||||||||||
| Gross Profit | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| May 31, 2025 | % of Net Sales | June 1, 2024 | % of Net Sales | |||||||||||||
| PMT | $ | 11,680 | 32.5 | % | $ | 9,486 | 31.1 | % | ||||||||
| GES | 1,693 | 31.6 | % | 1,196 | 25.5 | % | ||||||||||
| Canvys | 3,041 | 32.1 | % | 2,903 | 33.5 | % | ||||||||||
| Healthcare | (39 | ) | -3.4 | % | 1,139 | 32.5 | % | |||||||||
| Total | $ | 16,375 | 31.6 | % | $ | 14,724 | 31.1 | % | ||||||||
| Twelve Months Ended | ||||||||||||||||
| May 31, 2025 | % of Net Sales | June 1, 2024 | % of Net Sales | |||||||||||||
| PMT | $ | 42,555 | 30.9 | % | $ | 38,717 | 30.1 | % | ||||||||
| GES | 9,030 | 31.4 | % | 6,607 | 28.4 | % | ||||||||||
| Canvys | 10,889 | 32.9 | % | 10,973 | 33.8 | % | ||||||||||
| Healthcare | 2,326 | 25.0 | % | 3,669 | 30.4 | % | ||||||||||
| Total | $ | 64,800 | 31.0 | % | $ | 59,966 | 30.5 | % | ||||||||
| Richardson Electronics, Ltd. Unaudited Reconciliation Between GAAP and Non-GAAP Financial Measures For the Fourth Quarter and Fiscal 2025 and 2024 ($ in thousands, except per share amounts) | |||||||||||||||||
| NON-GAAP INCOME (LOSS) | |||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| May 31, 2025 | June 1, 2024 | May 31, 2025 | June 1, 2024 | ||||||||||||||
| Operating income (loss) reconciliation | |||||||||||||||||
| Income (loss) from operations | $ | 631 | $ | (114 | ) | $ | (2,463 | ) | $ | 348 | |||||||
| Loss on disposal of healthcare assets and other charges | 158 | — | 5,074 | — | |||||||||||||
| Non-GAAP operating income (loss) | $ | 789 | $ | (114 | ) | $ | 2,611 | $ | 348 | ||||||||
| Income (loss) before income taxes reconciliation | |||||||||||||||||
| Income (loss) before income taxes | $ | 1,964 | $ | (139 | ) | $ | (1,531 | ) | $ | 157 | |||||||
| Loss on disposal of healthcare assets and other charges | 158 | — | 5,074 | — | |||||||||||||
| Non-GAAP income (loss) before taxes | $ | 2,122 | $ | (139 | ) | $ | 3,543 | $ | 157 | ||||||||
| Income tax provision (benefit) reconciliation | |||||||||||||||||
| Income tax provision (benefit) | $ | 889 | $ | (20 | ) | $ | (388 | ) | $ | 96 | |||||||
| Loss on sale of healthcare assets and other charges | 41 | — | 1,319 | — | |||||||||||||
| Prior years' R&D credit | — | 462 | — | 462 | |||||||||||||
| Valuation allowance adjustment | (617 | ) | (861 | ) | (617 | ) | (861 | ) | |||||||||
| Non-GAAP income tax provision (benefit) | $ | 313 | $ | (419 | ) | $ | 314 | $ | (303 | ) | |||||||
| Net income (loss) reconciliation | |||||||||||||||||
| Net income (loss) | $ | 1,075 | $ | (119 | ) | $ | (1,143 | ) | $ | 61 | |||||||
| Loss on sale of healthcare assets and other charges | 117 | — | 3,755 | — | |||||||||||||
| Prior years' R&D credit | — | (462 | ) | — | (462 | ) | |||||||||||
| Valuation allowance adjustment | 617 | 861 | 617 | 861 | |||||||||||||
| Non-GAAP net income | $ | 1,809 | $ | 280 | $ | 3,229 | $ | 460 | |||||||||
| Net income (loss) per share (diluted) reconciliation | |||||||||||||||||
| Net income (loss) per share (diluted) | $ | 0.08 | $ | (0.01 | ) | $ | (0.08 | ) | $ | — | |||||||
| Loss on sale of healthcare assets and other charges | — | — | 0.26 | — | |||||||||||||
| VA adjustment and prior years' R&D credit | 0.04 | 0.03 | 0.04 | 0.03 | |||||||||||||
| Non-GAAP net income per share (diluted) | $ | 0.12 | $ | 0.02 | $ | 0.22 | $ | 0.03 | |||||||||
| EBITDA | ||||||||||||||||
| Net income (loss) | $ | 1,075 | $ | (119 | ) | $ | (1,143 | ) | $ | 61 | ||||||
| Income tax provision (benefit) | 889 | (20 | ) | (388 | ) | 96 | ||||||||||
| Depreciation & amortization | 965 | 1,089 | 4,002 | 4,307 | ||||||||||||
| EBITDA | 2,929 | 950 | 2,471 | 4,464 | ||||||||||||
| Disposal of healthcare assets | 158 | — | 5,074 | — | ||||||||||||
| Adjusted EBITDA | $ | 3,087 | $ | 950 | $ | 7,545 | $ | 4,464 |
| For Details Contact: | 40W267 Keslinger Road | |
| Edward J. Richardson | Robert J. Ben | PO BOX 393 |
| Chairman and CEO | EVP & CFO | LaFox, IL 60147-0393 USA |
| Phone: (630) 208-2320 | (630) 208-2203 | (630) 208-2200 | Fax: (630) 208-2550 |
FAQ
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