Richardson Electronics Ltd. (RELL) Wednesday reported a decline in first-quarter profit, due mainly to lower revenues.
Net income for the latest first quarter dropped to $647 thousand or $0.04 per share from $3.6 million or $0.21 per share in the year-earlier quarter.
Net revenues were $35.65 million, down 14.1 percent from $41.51 million in the comparable quarter last year.
On average, two analysts polled by Thomson Reuters expected the company to earn $0.06 per share on revenues of $37.52 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to the second quarter, the company expects sales to be in the range of $36 to $38 million. Analysts currently expect second quarter revenues of $41.37 million.
Further, the company also announced that its Board of Directors declared a $0.06 dividend per share to all holders of common stock and a $0.054 cash dividend per share to all holders of Class B common stock. The dividend will be payable on November 27, 2012, to all common stockholders of record on November 13, 2012.
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