Business Services Industry
Richardson CEO sets bold goal; 4-year sales target defies tech slump, recent earnings.(News)(Richardson Electronics Ltd.)
Crain's Chicago Business, October, 2002 by Murphy, H. Lee
Byline: H. LEE MURPHY When Bruce Johnson joined Richardson Electronics Ltd. as president in 1996, CEO Edward Richardson predicted that the company would double sales within four years. By fiscal 2001, sales indeed had risen 100%, topping $500 million. Then came the recession and the telecom slump, which accounts for nearly 30% of the LaFox-based company's business.
As demand for the antennas and microwaves it distributes faltered, Richardson's revenues in the fiscal year ended May 31 declined 12% to $443.5 million, while the company lost $11.3 million, or 83 cents per diluted share, compared with year-earlier net income of $17.7 million, or $1.21 per share. Before last week's annual meeting, Mr. Richardson was ready with another surprise forecast: ``We...
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