Richardson Reports 4.4% Increase in Revenue
Richardson Electronics Ltd. reports its revenue for the
fiscal fourth quarter ending May 31, 2003 reached $118.9
million, up 4.4 percent compared to the same quarter of the
previous fiscal year. Revenue for the full fiscal year also
rose to $464.5 million from $443.4 million the year before.
Sales in the security systems division grew to $92.1
million in fiscal 2003, up 8.2 percent compared to 2002.
Additionally, the security systems division increased its
gross margin from 23.6 percent last year to 24.9 percent.
In a conference call to company shareholders, CEO Ed
Richardson attributed much of this growth Richardson’s
strong presence in the Canadian and European markets. “We
basically have about a third of the CCTV and security
distribution market in Canada,” says Richardson. “Our sales
were up 19 percent there to $45.4 million, which is nearly
half of our total security business.” According to
Richardson, the company’s Canadian sector also increased
its gross margin from 25.3 percent to 26.7 percent.
Richardson’s European sales were up 34 percent.
“We’re really working hard to see how we can take the
Canadian strategy and get that to happen in the United
States,” says Richardson.
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