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Richardson Electronics Q3 Profit Plunges

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Richardson Electronics Ltd. (RELL: Quote) Wednesday reported a decline in third-quarter profit, due mainly to lower revenues.

Net income for the period plunged to $1.3 million or $0.08 per share from $8.2 million or $0.44 per share in the year-earlier quarter.

Net revenues were $38.3 million, down 3.3 percent from $39.7 million last year.

Third-quarter gross margin, gross profit as a percentage of net sales, advanced to 29.5 percent from 29.1 percent last year.

Looking ahead to the fiscal year 2012, the company expects sales for EDG and Canvys to be in the range of $160 million to $163 million, up 1 percent to 4 percent over fiscal 2011.

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by RTT Staff Writer

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