Richardson Electronics Q1 2021 Earnings Report

Richardson Electronics reported first quarter fiscal 2021 results and declared quarterly cash dividend.

Key Takeaways

Richardson Electronics' net sales for the first quarter of fiscal 2021 decreased 4.5% to $38.8 million compared to $40.7 million in the prior year's first quarter, primarily due to the impact on demand from COVID-19. The company reported an operating loss of $0.6 million compared to an operating income of $0.1 million in the prior year’s first quarter. Net loss for the first quarter of fiscal 2021 was $1.1 million compared to a net income of $0.2 million in the first quarter of fiscal 2020.

Net sales of $38.8 million were down less than 5% from last year’s first quarter despite the COVID-19 impact.

Sales increased for PMG, Canvys display solutions in North America and Semiconductor Wafer Fabrication equipment products versus Q1 FY20.

Gross margin was 31.8% of net sales versus 31.9% of net sales in the prior year’s first quarter.

Operating loss was $0.6 million compared to an operating income of $0.1 million in last year’s first quarter.

Total Revenue

$38.8M

Previous year: $40.7M