Richardson Is Down for the Quarter, Up for the Year

Electronic News, June 18, 2001 by Rob Spiegel

RICHARDSON ELECTRONICS Ltd. OF LAFOX, ILL., LAST WEEK reported that sales for its fiscal year ended May 31, 2001 were up 20 percent over the prior year, while down slightly from the preceding quarter. Revenues for the year are expected to exceed $500 million, when the full-year results are released on July 19. For the quarter, Richardson (nasdaq: RELL) expects to exceed $122 million, down from the previous quarter's $125.2 million, though up 5 percent from the fourth quarter in fiscal 2000. The company statement did not address the anticipated earning for the quarter or the year.

For the coming fiscal year, Edward J. Richardson, Richard son's chairman and chief executive officer, said he was cautiously optimistic. Richardson touted the company's fiscal 2001 expansion into Europe, the Middle East, Latin America and Asia. He also explained the distributor company will continue to focus on niche markets. As for the growth over fiscal year 2000, much was attributed to Richardson's RF & wireless group, which ended the year with sales approximating $250 million, up more than 50 percent for the year.