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RICHARDSON ELECTRONICS REPORTS FOURTH QUARTER AND FISCAL 1992 RESULTS AND FIRST QUARTER CASH DIVIDEND

RICHARDSON ELECTRONICS REPORTS FOURTH QUARTER AND FISCAL 1992 RESULTS
 AND FIRST QUARTER CASH DIVIDEND
 LAFOX, Ill., July 16 /PRNewswire/ -- Richardson Electronics, Ltd. (NASDAQ-NMS: RELL) reported revenues and earnings results for the fourth quarter and fiscal year ended May 31, 1992.
 The company announced sales for quarter of $41,121,000, up 1 percent from last year's total of $40,878,000. Sales for fiscal 1992 were $158,789,000, down 1 percent from $161,146,000 for the prior year. The sales results were in line with expectations, as the company continues to replace sales lost as a result of the dissolution of VASCO, the company's joint venture with Varian Associates, as required by the agreement with the Department of Justice.
 The net income for the fourth quarter was $929,000 or $.08 per share, compared with a net loss of $(14,007,000) or $(1.26) per share for the same period last year. The fourth quarter of fiscal 1991 included a provision, net of tax, of $12,200,000 for the resolution of the Department of Justice investigation and the related phase-down of domestic manufacturing operations. Net income for the fiscal year ended May 31, 1992 was $1,707,000, or $.15 per share, compared to a net loss for the prior year of $(13,923,000) or $(1.25) per share, which included the $12,200,000 net provision and an extraordinary gain of $2,290,000, or $.21 per share, on the repurchase of a portion of the company's bonds.
 Edward Richardson, chairman & CEO of Richardson commented, "The company, as anticipated, achieved a positive cash flow during the third and fourth quarters. The main sources of cash were inventory reductions, improved earnings and tax recoveries. Manufacturing underabsorption was under $200,000 for the fourth quarter. Our Brive facility had the lowest underabsorption since its inception, and the LaFox facility had favorable absorption for the first time in over two years. We look forward to continued improvement in fiscal 1993."
 The company also announced that its board of directors voted to declare a cash dividend for the first quarter to all holders of common stock. A dividend of $.04 per share will be payable Sept. 15, 1992 to all stockholders of record Aug. 20, 1992. The company currently has 7,987,996 shares of common stock outstanding.
 Richard 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)
 Periods ended May 31: 1992 1991 1992 1991
 Net sales $41,121 $40,878 $158,789 $161,146
 COST AND EXPENSES:
 Cost of products sold 27,814 30,174 109,600 115,401
 Provision for investigation
 resolution and phase-down of
 domestic manuf. operations . -- 20,000 -- 20,000
 Selling, general and ad-
 ministrative expenses 10,889 10,799 40,947 41,890
 Other expenses, net 1,119 2,241 5,385 8,397
 INCOME (LOSS) BEFORE INCOME
 TAXES AND EXTRAORDINARY ITEM 1,299 (22,336) 2,857 (24,542)
 Income taxes 370 (8,329) 1,150 (8,329)
 INCOME (LOSS) BEFORE
 EXTRAORDINARY ITEM 929 (14,007) 1,707 (16,213)
 Extraordinary gain on re-
 purchase of bonds, net of
 income taxes of $1,464 -- -- -- 2,290
 NET INCOME (LOSS) $ 929 $(14,007) $ 1,707 $(13,923)
 Net income (loss) per share:
 Before extraordinary item $ .08 $ (1.26) $ .15 $ (1.46)
 Extraordinary gain on re-
 purchase of bonds -- -- -- .21
 NET INCOME (LOSS) PER SHARE $ .08 $ (1.26) $ .15 $ (1.25)
 Dividends declared per
 common share $ .04 $ .04 $ .16 $ .16
 Average shares outstanding 11,285 11,094 11,230 11,095
 -0- 7/16/92
 /CONTACT: Edward J. Richarson of Richardson Electronics, Ltd., 708-208-2200/
 (RELL) CO: Richardson Electronics Ltd. ST: Illinois IN: CPR SU: ERN


TQ -- NY096 -- 9921 07/16/92 15:58 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
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