RICHARDSON ELECTRONICS REPORTS 22% INCREASE IN FISCAL 2001 SALES

LaFOX, Ill.

Richardson Electronics Ltd. announces record sales and earnings for fiscal year 2001 ending May 31.

Net earnings were $18 million, or $1.21 per share, up 21 percent over the prior period. Sales were $502 million, a 22-percent gain over the prior year. Net earnings in the fourth quarter were $4 million, or 26 cents per share, on sales of $123 million, compared to net earnings of $5 million, or 32 cents per share, on sales of $116 million in the prior period.

RF and Wireless Communications, Richardson’s largest business segment, finished the year with sales of $244 million, up 58 percent for the year and 21 percent for the fourth quarter. Operating profits for the year improved by 40 percent, as the company’s cost-control program succeeded in reducing operating expenses as a percentage of sales to 18 percent from 20 percent in the prior year, company officials say.

“Richardson’s reorganization to a market-focused strategy—completed at the end of last year—and our commitment to offering our customers engineered solutions in niche product areas fueled our growth,” says Edward Richardson, chairman and CEO. “While the telecommunications area and the overall economy softened during the latter part of our fiscal 2001, we achieved substantial sales gains and retained our strong gross margins. We believe we are well positioned to capitalize on growth in our markets as they strengthen to more normal levels of activity during the coming fiscal year.”

Richardson Electronics is a full-line distributor of CCTV, fire, burglary, access control, sound and communications products, and accessories specializing in design-in support.

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