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RICHARDSON ELECTRONICS, LTD. REPORTS THIRD QUARTER FISCAL 1992 RESULTS

RICHARDSON ELECTRONICS, LTD. REPORTS THIRD QUARTER FISCAL 1992 RESULTS
 LAFOX, Ill., March 20 /PRNewswire/ -- Richardson Electronics, Ltd. (NASDAQ: RELL) reported revenues and earnings results for the third quarter and nine months ended Feb. 29, 1992.
 The company announced sales for the quarter of $40,045,000, down 6 percent from last year's total of $42,616,000. Sales for the nine- month period were $117,668,000, down 2 percent from $120,268,000 for the prior year. The sales declines were in line with expectations, resulting from the dissolution of VASCO, the company's joint venture with Varian Associates, as required by the agreement with the Department of Justice. The sales of products not affected by the dissolution of VASCO continue to increase as projected.
 The net income for the third quarter was $222,000, or $.02 per share, compared with a net loss of $(1,899,000) or $(.17) per share for the same period last year. Net income for the nine months ended Feb. 29, 1992, was $778,000 or $.07 per share, compared to a loss before extraordinary item of $(2,206,000) or $(.20) per share. Net income for the prior year included an extraordinary gain of $2,290,000 or $.21 per share, on the repurchase of a portion of the company's bonds, resulting in net income of $84,000 or $.01 per share.
 Edward Richardson, chairman and CEO of Richardson, commented, "The company's improvement in earnings and cash flows is encouraging. It reflects higher gross margins on sales and shows the initial results of the company's efforts to resolve manufacturing underabsorption issues as well as S,G&A reductions implemented as part of the reorganization into the Strategic Business Unit concept."
 Richardson Electronics, Ltd. is a leading international distributor and manufacturer of electron tubes and power semiconductors with 21 offices throughout the world.
 RICHARDSON ELECTRONICS, LTD.
 Consolidated Condensed Statements of Income
 (in thousands, except per share amounts):
 Three Months Ended Nine Months Ended
 2-29-92 2-28-91 2-29-92 2-28-91
 Net sales $ 40,045 $ 42,616 $117,668 $120,268
 Costs and expenses:
 Cost of products sold 27,707 31,609 81,786 85,227
 S,G&A expenses 10,154 11,233 30,058 31,091
 Other expenses, net 1,567 1,497 4,266 6,156
 Total $ 39,428 $ 44,339 $116,110 $122,474
 Income (loss) before
 income taxes and extra-
 ordinary item 617 (1,723) 1,558 (2,206)
 Income taxes 395 176 780 --
 Income (loss) before
 extraordinary item 222 (1,899) 778 (2,206)
 Extraordinary gain on
 repurchase of bonds, net
 of income taxes of $1,464 -- -- -- 2,290
 Net income $ 222 $ (1,899) $ 778 $ 84
 Net income (loss) per share:
 Before extraordinary item $.02 $(.17) $.07 $(.20)
 Extraordinary gain on
 repurchase of bonds - - - $.21
 Net income (loss) per share $.02 $(.17) $.07 $.01
 Dividends declared per
 common share $.04 $.04 $.12 $.12
 Average shares outstng. 11,263 11,088 11,211 11,080
 -0- 3/20/92
 /CONTACT: Edward J. Richardson, president and CEO, of Richardson Electronics, 708-208-2200/
 (RELL) CO: Richardson Electronics Ltd. ST: Illinois IN: CPR SU: ERN


AH -- NY042 -- 0114 03/20/92 12:50 EST
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Publication:PR Newswire
Date:Mar 20, 1992
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Richardson Electronics, Ltd./.

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