Richardson Electronics Announces Fiscal 2006 Results; Posts New Company Record
Richardson Electronics announced sales for the fiscal year ending June 3 of $637.9 million are up more than 10 percent from the previous year, establishing a new record for the company. The company reported fourth quarter sales climbed to $171.8 million, a 16.7-percent increase from the same period a year earlier, and 8.7-percent higher than any other quarter company’s history.
The company said sales growth was led by its RF, Wireless & Power Division (RFPD), which had annual sales of $334.1 million, up 12.8 percent from the previous year. The Display Systems Group (DSG) also posted sales growth at $95 million, up 21.7 percent from the previous year, including a full year’s contribution from ACT Kern in Germany, which was acquired in June 2005.
The Security Systems Division’s (SSD) annual sales increased to $108.8 million, up 3.1 percent from the previous year. The Electron Device Group (EDG) had annual sales of $94.4 million, up 2.5 percent from the previous year. The majority of EDG’s sales come from the company’s legacy electron tube business. The gross margin for EDG continues to be the highest in the company at 32.2 percent for fiscal 2006. Overall, gross margin for the company increased to 24.4 percent in fiscal 2006 from 23.5 percent in the previous year.
Edward J. Richardson, chairman and CEO, said the company’s top line growth in all its markets continues to outpace the industry.
“In addition, our gross margin continues to improve as the percentage of engineered solutions business increases annually,” Richardson said.
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