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RICHARDSON ELECTRONICS, LTD., REPORTS FIRST QUARTER FISCAL 1994 RESULTS

 LA FOX, Ill., Sept. 16 /PRNewswire/ -- Richardson Electronics, Ltd. (NASDAQ-NMS: RELL), reported revenues and earnings results for the first quarter ended Aug. 31, 1993.
 The company announced sales for the quarter of $35,846,000, down 2 percent from last year's total of $36,593,000. Net income for the first quarter decreased to $60,000, or 1 cent per share, compared with net income of $950,000, or 8 cent per share, for the same period last year. Sales gains of nearly 4 percent in the United States were not sufficient to offset declines in other areas of the world. Markets in Europe and Latin America continue to be impacted by weak local economic conditions.
 Edward J. Richardson, chairman and CEO of Richardson commented: "While sales declined slightly, gross margins were down 4 percent to 28 percent. The decline is directly attributable to continuing underabsorption due to performance problems in the Brive manufacturing facility. The company continues to seek solutions to the persistent problems of reaching full


absorption."
 Richardson further commented: "In the current quarter the company implemented plans to redeploy the sales force on a specialty basis. In the future, the sales staff will function as specialists responsible for the sale of products for specific strategic business units. A number of additions will be made to the sales force to support the technical requirements of all strategic business units."
 Richardson Electronics, Ltd., is a leading international distributor and manufacturer of electron tubes and power semiconductors with 20 locations throughout the world. Its stock is traded on the NASDAQ National Market System under the symbol "RELL."
 RICHARDSON ELECTRONICS, LTD.
 Consolidated Condensed Statements of Income
 (In thousands, except per share amounts)
 Three Months Ended Aug. 31,
 1993 1992
 Net Sales $ 35,846 $ 36,593
 Costs and Expenses:
 Cost of products sold 25,883 24,922
 Selling, general and
 administrative expenses 8,874 8,695
 Other expenses, net 989 1,426
 Total 35,746 35,043
 Income Before Income Taxes 100 1,550
 Income taxes 40 600
 Net Income $ 60 $ 950
 Net Income per Share $.01 $.08
 Dividends declared per common share $.04 $.04
 Average shares outstanding 11,308 11,286
 -0- 9/16/93
 /CONTACT: Edward J. Richardson, president and CEO of Richardson Electronics, Ltd., 708-208-2200/
 (RELL)


CO: Richardson Electronics, Ltd. ST: Illinois IN: CPR SU: ERN

TW -- NY085 -- 2893 09/16/93 18:32 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
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