Richardson Electronics(RELL) - 2025 Q1 - Quarterly Results

Financial Performance - Q1 FY25 net sales were $53.7 million, a 2.2% increase from $52.6 million in Q1 FY24[3] - Net sales for the three months ended August 31, 2024, were $53,725,000, representing a 2.2% increase from $52,581,000 for the same period in 2023[16] - GES sales increased by $3.7 million, or 84.0% year-over-year, driven by electric locomotive and wind turbine battery module sales[2] - Healthcare sales rose by $1.2 million, or 48.7% year-over-year, due to higher demand for CT tubes and parts[3] - The PMT segment reported net sales of $34,202,000, a decrease of 4.3% from $35,744,000 in the previous year[19] - The GES segment saw a significant increase in net sales, rising 84.0% to $8,086,000 from $4,394,000 year-over-year[19] - The Healthcare segment experienced a 48.7% increase in net sales, reaching $3,799,000 compared to $2,554,000 in the prior year[19] Profitability - Gross margin for Q1 FY25 was 30.6%, down from 32.8% in Q1 FY24[5] - Gross profit decreased to $16,426,000, which is 30.6% of net sales, down from $17,264,000 or 32.8% of net sales in the prior year[20] - Operating income was $0.3 million, compared to $1.5 million in the prior year's first quarter[6] - Operating income for the three months ended August 31, 2024, was $316,000, a significant decrease from $1,472,000 in the same period last year[16] - Net income for Q1 FY25 was $0.6 million, down from $1.2 million in Q1 FY24[6] - Net income for the three months ended August 31, 2024, was $590,000, a decline of 52.1% compared to $1,227,000 in the same period last year[18] - EBITDA for the three months ended August 31, 2024, was $1,692,000, down from $2,606,000 in the prior year[21] Cash and Dividends - Cash and cash equivalents at the end of Q1 FY25 were $23.0 million, down from $24.3 million at the end of Q4 FY24[7] - Cash and cash equivalents at the end of the period were $23,035,000, down from $24,124,000 at the end of the previous year[18] - The Board declared a quarterly cash dividend of $0.06 per share, payable on November 27, 2024[8] Backlog and Foreign Currency - Backlog totaled $137.4 million at the end of Q1 FY25, down from $147.8 million at the end of Q4 FY24[4] - The company reported a foreign currency translation gain of $636,000 for the period, compared to a loss of $41,000 in the previous year[16]