Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - RICHARDSON ELECTRONICS LTD/DE | Financial_Report.xls |
| 10-Q - FORM 10-Q - RICHARDSON ELECTRONICS LTD/DE | d278243d10q.htm |
| EX-31.1 - SECTION 302 CEO CERTIFICATION - RICHARDSON ELECTRONICS LTD/DE | d278243dex311.htm |
| EX-31.2 - SECTION 302 CFO CERTIFICATION - RICHARDSON ELECTRONICS LTD/DE | d278243dex312.htm |
| EX-3.2 - AMENDED AND RESTATED BY-LAWS - RICHARDSON ELECTRONICS LTD/DE | d278243dex32.htm |
| EX-32 - SECTION 906 CEO AND CFO CERTIFICATION - RICHARDSON ELECTRONICS LTD/DE | d278243dex321.htm |
Exhibit 99.1
| ||||
| For Immediate Release | Corporate Headquarters 40W267 Keslinger Road PO Box 393 | |||
| For Details Contact: | LaFox, IL 60147-0393 | |||
| Edward J. Richardson | Kathleen S. Dvorak | USA | ||
| Chairman and CEO | EVP & CFO | Phone: (630) 208-2200 | ||
| Phone: (630) 208-2340 | (630) 208-2208 | Fax: (630) 208-2550 | ||
| E-mail: info@rell.com
|
||||
RICHARDSON ELECTRONICS REPORTS SECOND QUARTER FISCAL 2012 RESULTS AND DECLARES CASH DIVIDEND
LaFox, IL, January 11, 2012: Richardson Electronics, Ltd. (NASDAQ: RELL) today reported sales and earnings for its second quarter ended December 3, 2011. The Company also announced that its Board of Directors declared a $0.05 quarterly cash dividend.
Net sales for the second quarter of Fiscal 2012 were $39.1 million, down 4.5% from net sales of $41.0 million during the second quarter of last year. Gross profit for the second quarter of Fiscal 2012 was $11.7 million, or 29.9% of net sales, compared to $11.8 million, or 28.8% of net sales, during the second quarter of Fiscal 2011. SG&A expenses for the second quarter of Fiscal 2012 were $10.0 million, or 25.5% of net sales, compared to $11.2 million, or 27.3% of net sales, during the second quarter of Fiscal 2011.
Operating income during the second quarter of fiscal 2012 was $1.7 million, or 4.4% of net sales, compared to operating income of $0.6 million, or 1.5% of net sales, during the second quarter of last year.
Income from continuing operations for the second quarter of Fiscal 2012 was $1.6 million, or $0.09 per diluted common share, compared to income from continuing operations of $0.2 million, or $0.01 per diluted common share during the second quarter of last year.
“While our second quarter sales volume fell short of our expectations, we were pleased that we were able to achieve a 4.4% operating margin. With higher sales expected in the second half of our fiscal year, combined with our fixed cost structure, we anticipate that our operating margin percentage will improve accordingly,” said Edward J. Richardson, Chairman, Chief Executive Officer and President.
FINANCIAL SUMMARY — THREE MONTHS ENDED DECEMBER 3, 2011
| • | Net sales for the second quarter of fiscal 2012 were $39.1 million, down 4.5%, compared to net sales of $41.0 million during the second quarter of last year. |
| • | Gross margin as a percentage of net sales increased to 29.9% during the second quarter of fiscal 2012 compared to 28.8% during the second quarter of last year. |
1
| • | SG&A expenses during the second quarter of fiscal 2012 were $10.0 million, or 25.5% of net sales, compared to $11.2 million, or 27.3% of net sales, during the second quarter of last year. |
| • | Operating income during the second quarter of fiscal 2012 was $1.7 million, or 4.4% of net sales, compared to operating income of $0.6 million, or 1.5% of net sales, during the second quarter of last year. |
| • | Income from continuing operations during the second quarter of fiscal 2012 was $1.6 million, compared to income from continuing operations of $0.2 million during the second quarter of last year. |
| • | Loss from discontinued operations, net of tax, was $0.8 million during the second quarter of fiscal 2012 compared to income from discontinued operations, net of tax, of $7.3 million during the second quarter of last year. |
| • | Net income during the second quarter of fiscal 2012 was $0.8 million, or $0.04 per diluted common share, compared to net income of $7.5 million, or $0.41 per diluted common share, during the second quarter of last year. |
FINANCIAL SUMMARY — SIX MONTHS ENDED DECEMBER 3, 2011
| • | Net sales for the first six months of fiscal 2012 were $80.6 million, up 2.8%, compared to net sales of $78.5 million during the first six months of last year. |
| • | Gross margin as a percentage of net sales increased to 30.2% during the first six months of fiscal 2012, compared to 29.5% during the first six months of last year. |
| • | SG&A expenses during the first six months of fiscal 2012 were $20.7 million, or 25.7% of net sales, compared to $21.7 million, or 27.7% of net sales, during the first six months of last year. |
| • | Operating income during the first six months of fiscal 2012 was $3.7 million, or 4.6% of net sales, compared to operating income of $1.4 million, or 1.8% of net sales, during the first six months of last year. |
| • | Income from continuing operations during the first six months of fiscal 2012 was $2.7 million, compared to income from continuing operations of $0.6 million during the first six months of last year. |
| • | Income from discontinued operations, net of tax, was $1.8 million, during the first six months of fiscal 2012, compared to $15.2 million during the first six months of last year. |
| • | Net income during the first six months of fiscal 2012 was $4.5 million, or $0.25 per diluted common share, compared to net income of $15.8 million, or $0.87 per diluted common share, during the first six months of last year. |
2
CASH USED FOR SHARE REPURCHASES
“Total cash and investments at the end of the second quarter was $176.7 million. We used $4.2 million in cash to repurchase 311,786 shares during the second quarter of fiscal 2012, bringing our total number of shares repurchased to 1.5 million using $20.6 million under our existing share repurchase authorization. With our strong balance sheet, we are committed to returning value to our shareholders through a combination of cash dividends, continued share repurchases and investments in our growth initiatives. Our Board will continue to evaluate the alternatives and appropriate timing in light of the current economic environment,” said Mr. Richardson.
As of today, approximately $29.4 million remains under the existing share repurchase authorization. Share repurchases may be made on the open market or in privately negotiated transactions, subject to market conditions and trading restrictions. This authorization has no expiration and may be cancelled at any time.
OUTLOOK
“We are pleased with our progress during the first half of this fiscal year. While the economy remains challenging, we have re-directed our EDG sales team to focus on applications within the global manufacturing sector that are experiencing stronger growth. The recent acquisition of Powerlink is also opening the door to new customers as we now can provide technical assistance for both microwave and power grid tubes. Secondly, Canvys has continued to focus on OEMs and is capitalizing on our existing customer relationships to generate new, long-term opportunities. Finally, we have successfully reduced our cost structure from continuing operations by almost a million dollars for the first six months of this fiscal year,” said Mr. Richardson.
“We expect that sales for EDG and Canvys for the third quarter will be in the range of $40 million to $42 million. Sales for Fiscal 2012 should be in the range of $165 to $170 million, up 4% to 7% over Fiscal 2011. We remain confident that we will be able to achieve our 5% operating margin target by the end of the year,” concluded Mr. Richardson.
CASH DIVIDEND
The Company also announced today that its Board of Directors voted to declare a $0.05 dividend per share to all holders of common stock and a $0.045 cash dividend per share to all holders of Class B common stock. The dividend will be payable on February 28, 2012, to all common stockholders of record on February 14, 2012. The Company currently has 14.0 million outstanding shares of common stock and 2.9 outstanding shares of Class B common stock.
CONFERENCE CALL INFORMATION
On Thursday, January 12, 2012, at 9:00 a.m. CT, Edward J. Richardson, Chairman and Chief Executive Officer, and Kathleen S. Dvorak,
Chief Financial Officer, will host a conference call to discuss the Company’s second quarter results for fiscal 2012. A question and answer session will be included as part of the call’s agenda. To listen to the call, please dial
888-481-7939 and enter passcode 77056334 approximately five minutes prior to the start of the call. A replay of the call will be available beginning
at 11:00 a.m. CT on January 12, 2012, for seven days. The telephone numbers for the replay
are (USA) 888-286-8010 and
(International) 617-801-6888; access code 19105772.
3
FORWARD-LOOKING STATEMENTS
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 which are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of such 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 on July 22, 2011, and in the Company’s Proxy Statement on Schedule 14A filed on August 23, 2011. The Company assumes no responsibility to update the forward-looking statements in this release as a result of new information, future events, or otherwise.
ABOUT RICHARDSON ELECTRONICS, LTD.
Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables, and customized display solutions serving customers in the RF and microwave communications, military, marine, aviation, industrial, scientific and medical markets. Utilizing its core engineering and manufacturing capabilities, the Company’s strategy is to provide specialized technical expertise and “engineered solutions.” The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair. More information is available online at www.rell.com.
Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.
4
Richardson Electronics, Ltd.
Unaudited Consolidated Balance Sheets
(in thousands, except per share amounts)
| December 3, 2011 |
May 28, 2011 |
|||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 25,182 | $ | 170,975 | ||||
| Accounts receivable, less allowance of $528 and $438 |
22,255 | 22,374 | ||||||
| Inventories |
35,325 | 30,853 | ||||||
| Prepaid expenses and other assets |
1,282 | 5,768 | ||||||
| Deferred income taxes |
2,066 | 2,084 | ||||||
| Income tax receivable |
5,584 | — | ||||||
| Investments - current |
136,084 | 52,116 | ||||||
| Discontinued operations - assets |
1,669 | 4,018 | ||||||
|
|
|
|
|
|||||
| Total current assets |
229,447 | 288,188 | ||||||
|
|
|
|
|
|||||
| Non-current assets: |
||||||||
| Property, plant and equipment, net |
4,739 | 5,216 | ||||||
| Goodwill |
1,733 | — | ||||||
| Non-current deferred income taxes |
1,801 | 3,994 | ||||||
| Investments - non-current |
15,429 | 16,656 | ||||||
|
|
|
|
|
|||||
| Total non-current assets |
23,702 | 25,866 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 253,149 | $ | 314,054 | ||||
|
|
|
|
|
|||||
| Liabilities and Stockholders’ Equity |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 14,569 | $ | 17,814 | ||||
| Accrued liabilities |
11,476 | 43,719 | ||||||
| Discontinued operations - liabilities |
4,881 | 15,897 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
30,926 | 77,430 | ||||||
|
|
|
|
|
|||||
| Non-current liabilities: |
||||||||
| Long-term income tax liabilities |
7,136 | 12,568 | ||||||
| Other non-current liabilities |
1,204 | 387 | ||||||
| Discontinued operations - non-current liabilities |
1,572 | 1,622 | ||||||
|
|
|
|
|
|||||
| Total non-current liabilities |
9,912 | 14,577 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
40,838 | 92,007 | ||||||
|
|
|
|
|
|||||
| Commitments and contingencies |
— | — | ||||||
| Stockholders’ equity |
||||||||
| Common stock, $0.05 par value; issued 13,993 shares at December 3, 2011, and 14,921 shares at May 28, 2011 |
700 | 746 | ||||||
| Class B common stock, convertible, $0.05 par value; issued 2,940 shares at December 3, 2011, and 2,952 shares at May 28, 2011 |
147 | 147 | ||||||
| Preferred stock, $1.00 par value, no shares issued |
— | — | ||||||
| Additional paid-in-capital |
99,507 | 112,179 | ||||||
| Common stock in treasury, at cost, 3 shares at December 3, 2011, and 112 shares at May 28, 2011 |
(36 | ) | (1,493 | ) | ||||
| Retained earnings |
101,708 | 98,927 | ||||||
| Accumulated other comprehensive income |
10,285 | 11,541 | ||||||
|
|
|
|
|
|||||
| Total stockholders’ equity |
212,311 | 222,047 | ||||||
|
|
|
|
|
|||||
| Total liabilities and stockholders’ equity |
$ | 253,149 | $ | 314,054 | ||||
|
|
|
|
|
|||||
5
Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Income and Comprehensive Income (Loss)
(in thousands, except per share amounts)
| Three Months Ended | Six Months Ended | |||||||||||||||
| December 3, 2011 |
November 27, 2010 |
December 3, 2011 |
November 27, 2010 |
|||||||||||||
| Statements of Income |
||||||||||||||||
| Net sales |
$ | 39,138 | $ | 40,980 | $ | 80,649 | $ | 78,490 | ||||||||
| Cost of sales |
27,448 | 29,185 | 56,257 | 55,304 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Gross profit |
11,690 | 11,795 | 24,392 | 23,186 | ||||||||||||
| Selling, general, and administrative expenses |
9,973 | 11,198 | 20,745 | 21,743 | ||||||||||||
| Loss (gain) on disposal of assets |
— | 2 | (70 | ) | 2 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income |
1,717 | 595 | 3,717 | 1,441 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Other (income) expense: |
||||||||||||||||
| Interest expense |
1 | 39 | 1 | 106 | ||||||||||||
| Investment/interest income |
(282 | ) | — | (646 | ) | — | ||||||||||
| Foreign exchange (gain) loss |
(486 | ) | 197 | 295 | 316 | |||||||||||
| Loss on retirement of short-term debt |
— | — | — | 60 | ||||||||||||
| Other, net |
19 | (79 | ) | (2 | ) | (70 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total other (income) expense |
(748 | ) | 157 | (352 | ) | 412 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income from continuing operations before income taxes |
2,465 | 438 | 4,069 | 1,029 | ||||||||||||
| Income tax provision |
836 | 270 | 1,411 | 408 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income from continuing operations |
1,629 | 168 | 2,658 | 621 | ||||||||||||
| Income (loss) from discontinued operations, net of tax |
(799 | ) | 7,291 | 1,803 | 15,214 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income |
$ | 830 | $ | 7,459 | $ | 4,461 | $ | 15,835 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income per Common share - Basic: |
||||||||||||||||
| Income from continuing operations |
$ | 0.10 | $ | 0.01 | $ | 0.16 | $ | 0.04 | ||||||||
| Income (loss) from discontinued operations |
(0.05 | ) | 0.42 | 0.11 | 0.87 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net income per Common share - Basic: |
$ | 0.05 | $ | 0.43 | $ | 0.27 | $ | 0.91 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income per Class B common share - Basic: |
||||||||||||||||
| Income from continuing operations |
$ | 0.09 | $ | 0.01 | $ | 0.14 | $ | 0.03 | ||||||||
| Income (loss) from discontinued operations |
(0.04 | ) | 0.38 | 0.10 | 0.78 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net income per Class B common share - Basic: |
$ | 0.05 | $ | 0.39 | $ | 0.24 | $ | 0.81 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income per Common share - Diluted: |
||||||||||||||||
| Income from continuing operations |
$ | 0.09 | $ | 0.01 | $ | 0.15 | $ | 0.03 | ||||||||
| Income (loss) from discontinued operations |
(0.05 | ) | 0.40 | 0.10 | 0.84 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net income per Common share - Diluted: |
$ | 0.04 | $ | 0.41 | $ | 0.25 | $ | 0.87 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income per Class B common share - Diluted: |
||||||||||||||||
| Income from continuing operations |
$ | 0.09 | $ | 0.01 | $ | 0.14 | $ | 0.03 | ||||||||
| Income (loss) from discontinued operations |
(0.04 | ) | 0.37 | 0.10 | 0.77 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net income per Class B common share - Diluted: |
$ | 0.05 | $ | 0.38 | $ | 0.24 | $ | 0.80 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted average number of shares: |
||||||||||||||||
| Common shares - Basic |
14,069 | 14,768 | 14,206 | 14,725 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Class B common shares - Basic |
2,940 | 3,028 | 2,946 | 3,038 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Common shares - Diluted |
17,161 | 18,099 | 17,319 | 18,010 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Class B common shares - Diluted |
2,940 | 3,028 | 2,946 | 3,038 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Dividends per common share |
$ | 0.05 | $ | 0.020 | $ | 0.100 | $ | 0.040 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Dividends per Class B common share |
$ | 0.045 | $ | 0.018 | $ | 0.090 | $ | 0.036 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Statements of Comprehensive Income (loss) |
||||||||||||||||
| Net income |
$ | 830 | $ | 7,459 | $ | 4,461 | $ | 15,835 | ||||||||
| Foreign currency translation |
(2,573 | ) | 2,422 | (1,205 | ) | 4,440 | ||||||||||
| Fair value adjustments on investments |
(3 | ) | 32 | (51 | ) | 29 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Comprehensive income (loss) |
$ | (1,746 | ) | $ | 9,913 | $ | 3,205 | $ | 20,304 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
6
Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Cash Flows
(in thousands)
| Three Months Ended | Six Months Ended | |||||||||||||||
| December 3, 2011 |
November 27, 2010 |
December 3, 2011 |
November 27, 2010 |
|||||||||||||
| Operating activities: |
||||||||||||||||
| Net income |
$ | 830 | $ | 7,459 | $ | 4,461 | $ | 15,835 | ||||||||
| Adjustments to reconcile net income to cash provided by (used in) operating activities: |
||||||||||||||||
| Depreciation and amortization |
280 | 490 | 564 | 1,385 | ||||||||||||
| Loss on retirement of short-term debt |
— | — | — | 60 | ||||||||||||
| Loss on sale of investments |
11 | — | 1 | — | ||||||||||||
| Stock compensation expense |
107 | 160 | 262 | 308 | ||||||||||||
| Current and non-current deferred income taxes |
(3,514 | ) | (85 | ) | 1,815 | (31 | ) | |||||||||
| Accounts receivable |
161 | (9,536 | ) | (64 | ) | (11,212 | ) | |||||||||
| Income tax receivable |
2,686 | — | (5,584 | ) | — | |||||||||||
| Inventories |
(1,978 | ) | (3,473 | ) | (5,592 | ) | (10,016 | ) | ||||||||
| Prepaid expenses and other assets |
5,631 | (862 | ) | 8,426 | (1,704 | ) | ||||||||||
| Accounts payable |
(503 | ) | 7,361 | (3,084 | ) | 6,651 | ||||||||||
| Accrued liabilities |
(9,230 | ) | 1,762 | (42,866 | ) | 2,021 | ||||||||||
| Long-term income tax liabilities |
4,396 | — | (7,015 | ) | — | |||||||||||
| Other |
1,744 | (481 | ) | 1,678 | (61 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash provided by (used in) operating activities |
621 | 2,795 | (46,998 | ) | 3,236 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investing activities: |
||||||||||||||||
| Cash consideration paid for acquired business |
(2,297 | ) | — | (2,297 | ) | — | ||||||||||
| Capital expenditures |
— | (97 | ) | (74 | ) | (496 | ) | |||||||||
| Proceeds from sale of assets |
— | — | 16 | — | ||||||||||||
| Purchase of time deposits/ CDs |
(4,029 | ) | — | (82,780 | ) | — | ||||||||||
| Proceeds from sales of available-for-sale securities |
58 | 73 | 121 | 83 | ||||||||||||
| Purchases of available-for-sale securities |
(58 | ) | (73 | ) | (121 | ) | (83 | ) | ||||||||
| Other |
3 | (40 | ) | 51 | (33 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash used in investing activities |
(6,323 | ) | (137 | ) | (85,084 | ) | (529 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Financing activities: |
||||||||||||||||
| Proceeds from borrowings |
— | 47,300 | — | 109,600 | ||||||||||||
| Payments on debt |
— | (51,300 | ) | — | (91,600 | ) | ||||||||||
| Payments on retirement of short-term debt |
— | — | — | (19,517 | ) | |||||||||||
| Repurchase of common stock |
(4,197 | ) | (162 | ) | (11,888 | ) | (162 | ) | ||||||||
| Proceeds from issuance of common stock |
275 | 1,607 | 362 | 1,771 | ||||||||||||
| Cash dividends paid |
(832 | ) | (351 | ) | (1,678 | ) | (699 | ) | ||||||||
| Other |
(4 | ) | — | 3 | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash used in financing activities |
(4,758 | ) | (2,906 | ) | (13,201 | ) | (607 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Effect of exchange rate changes on cash and cash equivalents |
(1,594 | ) | 1,299 | (510 | ) | 1,895 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Increase (decrease) in cash and cash equivalents |
(12,054 | ) | 1,051 | (145,793 | ) | 3,995 | ||||||||||
| Cash and cash equivalents at beginning of period |
37,236 | 31,982 | 170,975 | 29,038 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cash and cash equivalents at end of period |
$ | 25,182 | $ | 33,033 | $ | 25,182 | $ | 33,033 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
7
Richardson Electronics, Ltd.
Net Sales and Gross Profit
For the Second Quarter and First Six Months of Fiscal 2012 and Fiscal 2011
(in thousands)
By Strategic Business Unit:
| Net Sales |
||||||||||||
| FY 2012 | FY 2011 | % Change | ||||||||||
| Second Quarter |
||||||||||||
| EDG |
$ | 28,022 | $ | 28,655 | (2.2 | %) | ||||||
| Canvys |
11,116 | 12,325 | (9.8 | %) | ||||||||
|
|
|
|
|
|||||||||
| Total |
$ | 39,138 | $ | 40,980 | (4.5 | %) | ||||||
|
|
|
|
|
|||||||||
| FY 2012 | FY 2011 | % Change | ||||||||||
| First Six Months |
||||||||||||
| EDG |
58,751 | 56,148 | 4.6 | % | ||||||||
| Canvys |
21,898 | 22,342 | (2.0 | %) | ||||||||
|
|
|
|
|
|||||||||
| Total |
$ | 80,649 | $ | 78,490 | 2.8 | % | ||||||
|
|
|
|
|
|||||||||
| Gross Profit |
||||||||||||||||
| % of | % of | |||||||||||||||
| FY 2012 | Net Sales | FY 2011 | Net Sales | |||||||||||||
| Second Quarter |
||||||||||||||||
| EDG |
$ | 8,546 | 30.5 | % | $ | 8,942 | 31.2 | % | ||||||||
| Canvys |
3,144 | 28.3 | % | 2,853 | 23.1 | % | ||||||||||
|
|
|
|
|
|||||||||||||
| Total |
$ | 11,690 | 29.9 | % | $ | 11,795 | 28.8 | % | ||||||||
|
|
|
|
|
|||||||||||||
| % of | % of | |||||||||||||||
| FY 2012 | Net Sales | FY 2011 | Net Sales | |||||||||||||
| First Six Months |
||||||||||||||||
| EDG |
18,217 | 31.0 | % | 17,998 | 32.1 | % | ||||||||||
| Canvys |
6,175 | 28.2 | % | 5,188 | 23.2 | % | ||||||||||
|
|
|
|
|
|||||||||||||
| Total |
$ | 24,392 | 30.2 | % | $ | 23,186 | 29.5 | % | ||||||||
|
|
|
|
|
|||||||||||||
8