Preliminary fourth quarter FY22 net sales are expected to increase 19.9% to 23.8% year-over-year to reach
$60.5 to $62.5 million; total backlog increases to $206.2 million
LaFox, IL, June 6, 2022: Richardson Electronics, Ltd. (NASDAQ: RELL) today announced preliminary net sales and backlog results for its fourth quarter and fiscal year ended May 28, 2022, alongside the company’s presentation at the LD Micro Invitational XII Investor Conference on May 8, 2022. June at 2:30 p.m. PT / 5:30 p.m. ET. The presentation will be broadcast live on https://ldinv12.mysequire.com/ and will also be posted on the Company’s Investor Relations website at https://www.rell.com/investor-relations.
Net sales for the fourth quarter of fiscal 2022 are expected to be between $60.5 and $62.5 million, representing growth of 19.9% to 23.8% compared to the fourth quarter of the year former. On an annual basis, net sales are expected to be between $222.0 and $226.0 million, representing growth of 25.5% to 27.7% from fiscal 2021. Sales increased in the Company’s three business units for the fourth quarter and full year compared to the same periods a year ago due to strong end market demand and successful new product expansion initiatives. Backlog also increased for the fourth quarter to $206.2 million from $175.6 million at the end of the third quarter and $110.0 million at the end of the fourth quarter last year. .
“We are extremely pleased with the company’s performance in the fourth quarter. In fact, we have now experienced eight consecutive quarters of sequential sales growth with a larger backlog showing strong momentum as we head into fiscal 2023,” said Edward J. Richardson, Richardson Chairman and Chief Executive Officer. of Electronic. “During the fourth quarter, we continued to fill orders for our patented ULTRA3000® Stepping Energy Module (PEM), an off-the-shelf ultracapacitor-based replacement for batteries in wind turbine stepping systems. from GE. Sales to our customers of semiconductor wafer fabrication equipment and demand from our power grid and microwave tubes also remained strong. Additionally, Canvys, our custom display business, reported record quarterly sales during the fourth quarter. We look forward to sharing our full financial results and providing an update on our outlook for fiscal 2023 when we release fourth quarter and full year results on July 20, 2022.”
About Richardson Electronics, Ltd.
Richardson Electronics, Ltd. is one of the world’s leading manufacturers of technical solutions, tubes for electrical and microwave networks and related consumables; power conversion and RF and microwave components; high-value spare parts, tubing and maintenance training for diagnostic imaging equipment; and custom display solutions. Over 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts or Donaueschingen, Germany, or by one of our manufacturing partners around the world. All of our partners manufacture to our strict specifications and supplier code of conduct. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, science markets and semiconductors. The company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The company provides solutions and adds value through design support, systems integration, prototype design and manufacturing, testing, logistics and after-sales technical service and to repair via its global infrastructure. More information is available at www.rell.com.
Common stock of Richardson Electronics, Ltd. trade on the NASDAQ Global Select Market under the symbol RELL.
This release includes certain “forward-looking” statements as defined by the Securities and Exchange Commission. Statements in this press release regarding the Company’s business that are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of these risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K. filed August 2, 2021. , and other reports we file with the Securities and Exchange Commission. The Company assumes no responsibility for updating the “forward-looking” statements contained in this press release as a result of new information, future events or otherwise.