RICHARDSON ELECTRONICS REPORTS 16.9% REVENUE GROWTH AND A 56.6% INCREASE IN OPERATING INCOME FOR FISCAL 2023; DECLARES QUARTERLY CASH DIVIDEND

Green Energy Solutions net sales increase 61.7% over Q4 FY22 and 110.5% over Fiscal 2022

Fiscal 2023 Highlights

  • For fiscal 2023, net sales increased 16.9% to $262.7 million.
  • Operating income was $25.0 million for fiscal 2023, compared to $16.0 million for fiscal 2022.
  • An income tax expense of $2.7 million and Non-GAAP income tax expense* of $5.0 million for fiscal 2023. The income tax expense was reduced by a one-time $1.8 million reversal of the foreign tax credit valuation allowance and total R&D Tax Credits of $0.9 million for fiscal years 2020 through 2023, which included a one-time total of $0.6 million related to fiscal years 2020 through 2022.
  • Earnings per common share (diluted) were $1.55 and Non-GAAP earnings per common share (diluted)* were $1.39 for fiscal 2023 compared to earnings per common share (diluted) of $1.31 and Non-GAAP earnings per common share (diluted) of $1.02 for fiscal 2022.
  • Cash and investments were $25.0 million as of May 27, 2023, versus $24.6 million on February 25, 2023 and $40.5 million on May 28, 2022. The use of cash in fiscal 2023 was primarily due to higher working capital to support the Company‚Äôs growth initiatives.

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