From GlobeNewswire:

Richardson Electronics, Ltd. reported a 33.0% decrease in net sales for the second quarter of fiscal 2024, resulting in an operating loss of $2.0 million. The company also declared a $0.06 per share quarterly cash dividend. Additionally, they have implemented new ownership requirements for outside directors, including owning a minimum of $150,000 of the company’s stock after a three-year period.

The company’s second quarter results indicate a challenging economic environment with a decrease in net sales across multiple business segments, including a 22.9% decrease in PMT sales and a 66.3% decrease in GES sales. Gross margin was 28.4% of net sales, and operating expenses amounted to $14.5 million. The net loss for the quarter was $1.8 million.

Net sales for the first six months of fiscal 2024 were $96.7 million, a decrease of 27.5% compared to the first six months of fiscal 2023. Gross profit decreased to $29.8 million as operating expenses increased to $30.3 million, resulting in an operating loss of $0.5 million.

Despite the challenging economic conditions, the Board of Directors declared a $0.06 quarterly cash dividend per share to holders of common stock and a $0.054 cash dividend per share to holders of Class B common stock. The dividend will be payable on February 28, 2024, to common stockholders of record as of February 9, 2024.

Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call on January 11, 2024, at 9:00 a.m. Central Time to discuss the company’s second quarter fiscal 2024 results. Participants may register for the call and a replay will be available on the company’s website.



Read more: Richardson Electronics Reports Second Quarter Fiscal 2024