Richardson Electronics, Ltd (RELL) saw its loss narrow to $1.43 million, or $0.11 a share for the quarter ended Feb. 25, 2017. In the previous year period, the company reported a loss of $2.93 million, or $0.23 a share. Revenue during the quarter grew 3.27 percent to $32.31 million from $31.29 million in the previous year period. Gross margin for the quarter expanded 193 basis points over the previous year period to 33.09 percent. Operating margin for the quarter stood at negative 4.05 percent as compared to a negative 8.70 percent for the previous year period.
Operating loss for the quarter was $1.31 million, compared with an operating loss of $2.72 million in the previous year period.
“We are pleased with the increase in net sales and gross margin as well as a decrease in operating expenses in the third quarter of fiscal 2017 as compared to the third quarter of fiscal 2016,” said Edward J. Richardson, Chairman, Chief Executive Officer, and President. “We continue to focus on initiatives to grow revenue in the healthcare and power and microwave technologies markets, permanently take cost out of the organization, improve cash flow, and return the Company to profitability,” Mr. Richardson concluded.
Operating cash flow remains negative
Richardson Electronics, Ltd has spent $3.20 million cash to meet operating activities during the nine month period as against cash outgo of $14.55 million in the last year period. The company has spent $2.63 million cash to meet investing activities during the nine month period as against cash inflow of $8.57 million in the last year period
The company has spent $2.24 million cash to carry out financing activities during the nine month period as against cash outgo of $7.20 million in the last year period.
Cash and cash equivalents stood at $51.39 million as on Feb. 25, 2017, down 14.65 percent or $8.82 million from $60.20 million on Feb. 27, 2016.
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