Richardson Electronics, Ltd., LaFox, Ill., today reported revenues for the first quarter of fiscal 2003, which ended August 31, were $108.6 million, an increase of 3.8% from the previous year.
Revenue from the distributor's continuing operations, excluding the sale of Medical Glassware, increased 7.4% from the prior year.
Net earnings were $300,000, or 2 cents per share, compared to a net loss of $400,000, or a loss of 3 cents per share for the same quarter last year.
Gross margins were 25%, compared to 24.9% in the fourth quarter of fiscal 2002, and 25.3% in the prior year.
"We are pleased with our ability to remain profitable in a difficult economic environment," said Edward J. Richardson, chairman and chief executive officer, in a released statement. "Regional revenue growth, particularly in Asia Pacific, has helped offset declines in other regions.
"Margin pressure in the Wireless market has been mitigated by strength in our other business units, coupled with higher value added from engineered solutions. Bookings in the fiscal first quarter of 2003 were up 3% sequentially, driven primarily by strength in Wireless and Asia Pacific," he added. "Our design wins continue to be strong, but the uncertain outlook forthe economy has delayed volume consumption. We believe our business model will continue to promote stability in the short term, and continued growth, through market share gains."