UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________

 

FORM 8-K

________________________

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 22, 2020

 

 

RICHARDSON ELECTRONICS, LTD.

(Exact name of registrant as specified in charter)

_________________________

 

 

Delaware

(State or other jurisdiction of incorporation)

0-12906

(Commission File Number)

36-2096643

(IRS Employer Identification No.)

  

40W267 Keslinger Road, P.O. Box 393, LaFox, Illinois

(Address of principal executive offices)

60147-0393
(Zip Code)

 

Registrant’s telephone number, including area code: (630) 208-2200

(Former name or former address, if changed since last report.)

_________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common stock, $0.05 Par Value per share

RELL

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 


 

Item 2.02.Results of Operation and Financial Condition.

 

On July 22, 2020, Richardson Electronics, Ltd. (the “Company”) issued a press release announcing earnings results for its fourth quarter and fiscal year ended May 30, 2020.  A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

The information contained in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.    Financial Statements and Exhibits.

(d)

Exhibits

99.1

Press release issued July 22, 2020, furnished herewith

 

 

 


 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

Richardson Electronics, Ltd.

 

 

 

Date: July 22, 2020

By:

/s/ Robert J. Ben

 

Name:

Robert J. Ben

 

Title:

Chief Financial Officer and Chief Accounting Officer

 

 

rell-ex991_6.htm

Exhibit 99.1

Press Release

For Immediate Release

 

For Details Contact:

 

40W267 Keslinger Road

Edward J. Richardson

Robert J. Ben

PO BOX 393

Chairman and CEO

EVP & CFO

LaFox, IL 60147-0393 USA

Phone: (630) 208-2205

(630) 208-2203

(630) 208-2200 | Fax: (630) 208-2550

 

 

RICHARDSON ELECTRONICS REPORTS FOURTH QUARTER AND FISCAL 2020 RESULTS AND DECLARES QUARTERLY CASH DIVIDEND

 

North America Display and Semiconductor Wafer Fab Revenues Grow Versus Q4 FY19

Q4 and FY20 Highlights

 

Net sales of $37.4 million were down 11.4% from last year’s fourth quarter, primarily due to the COVID-19 impact on all three of our strategic business units.

 

Sales increased for Canvys display solutions in North America and Semiconductor Wafer Fabrication equipment products in the fourth quarter of fiscal 2020.

 

Gross margin increased to 30.4% of net sales versus 29.7% of net sales in the prior year’s fourth quarter due to an improved product mix and manufacturing efficiencies for PMT.

 

Operating expenses increased $0.1 million to $12.7 million compared to the prior year’s fourth quarter.

 

Operating loss was $1.3 million compared to an operating loss of $6.4 million in last year’s fourth quarter, which included a non-cash goodwill impairment charge of $6.3 million.

 

Net sales for fiscal 2020 were $155.9 million, compared to $166.7 million in fiscal 2019, or a decrease of 6.5%.

 

Operating loss for fiscal 2020 was $1.7 million, as compared to $6.8 million, inclusive of the goodwill impairment charge, in fiscal 2019.

 

Cash and investments were $46.5 million as of May 30, 2020 versus $43.9 million at the end of the third quarter of this fiscal year and $50.0 million as of June 1, 2019. The use of cash reflects an improvement in cash from operations and lower capital expenditures in fiscal 2020.

 

LaFox, IL, JULY 22, 2020: Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its fourth quarter and fiscal year ended May 30, 2020. The Company also announced that its Board of Directors declared a $0.06 per share quarterly cash dividend. 

Fourth Quarter Results

 

Net sales for the fourth quarter of fiscal 2020 decreased 11.4% to $37.4 million compared to net sales of $42.2 million in the prior year’s fourth quarter primarily due to COVID-19 and its impact on demand. Richardson Electronics is an “essential business” and continued operating its manufacturing and distribution businesses on a global basis throughout the pandemic under strict safety guidelines. Sales of specialty products for semiconductor wafer fab equipment increased from last year’s fourth quarter, although overall PMT sales decreased $2.7 million or 8.6%. Canvys sales decreased by $0.8 million or 10.2% due to lower sales to medical OEMs in its European market, partially offset by higher North


American sales. Richardson Healthcare sales decreased $1.3 million or 47.2% due to hospital closures, restrictions on non-emergency procedures, and many people postponing care during shelter in place orders to help stop the spread of the virus. Reduced sales of refurbished CT systems in Latin America also contributed to the revenue decline.

 

Gross margin increased to 30.4% of net sales during the fourth quarter of fiscal 2020 compared to 29.7% of net sales during the fourth quarter of fiscal 2019 due to a favorable product mix and improved manufacturing efficiencies in PMT. PMT margin increased to 33.2% from 30.3%. Canvys margin as a percent of net sales decreased from 32.1% to 31.0% and Healthcare margin as a percent of net sales was minus 28.6% in the fourth quarter of fiscal 2020 due to higher manufacturing under absorption, scrap and inventory reserve costs related to tube development and production improvements on significantly lower net sales.

 

Operating expenses were $12.7 million in the fourth quarter of fiscal 2020 compared to $12.5 million in the fourth quarter of fiscal 2019. The increase in operating expenses resulted from higher salaries and severance expenses, partially offset by lower travel and IT expenses.

 

As a result, the Company reported an operating loss of $1.3 million for the fourth quarter of fiscal 2020 compared to an operating loss of $6.4 million in the prior year’s fourth quarter, which included a non-cash goodwill impairment of $6.3 million. Other income for the fourth quarter of fiscal 2020, including interest income and foreign exchange, was $0.2 million, compared to other income of $0.3 million in the fourth quarter of fiscal 2019.

 

The income tax provision of $0.2 million for the fourth quarter of fiscal 2020 reflected a provision for foreign income taxes, which was lower than the prior year’s fourth quarter provision and no U.S. tax benefit due to the valuation allowance recorded against the net operating loss. Net loss for the fourth quarter of fiscal 2020 was $1.3 million compared to a net loss of $6.4 million in the fourth quarter of fiscal 2019.

 

“While our overall results were negatively impacted by the coronavirus, the Richardson team demonstrated its resourcefulness and resilience through superior support to our customers and suppliers. We were pleased to see continued sales growth in Canvys North America and in semiconductor wafer fab equipment specialty products,” said Edward J. Richardson, Chairman, Chief Executive Officer, and President. “Given the ever changing situation in the global economy, we will continue to closely manage expenses and cash flow. It is difficult to predict what the new ‘normal’ will look like, but I am convinced our business will be stronger with the ongoing investments we are making in our growth initiatives,” he concluded.

 

Fiscal 2020 Results

 

Net sales for fiscal 2020 were $155.9 million, a decrease of 6.5% compared to net sales of $166.7 million for fiscal 2019. Sales decreased by $10.4 million or 8.1% for PMT, but increased by $0.9 million or 3.4% for Canvys. Sales for Richardson Healthcare decreased by $1.3 million or 13.2% due to lower sales in the fourth quarter of fiscal 2020 resulting from the impact of the coronavirus.

 

Gross profit decreased to $49.7 million for fiscal 2020, compared to $51.7 million for fiscal 2019. As a percentage of net sales, gross margin increased to 31.9% of net sales for fiscal 2020, compared to 31.0% of net sales for fiscal 2019, primarily due to a favorable product mix and improved manufacturing efficiencies for PMT.

 

Operating expenses decreased to $51.3 million for fiscal 2020, compared to $52.2 million for fiscal 2019. The decrease was due to lower travel, severance, legal and IT expenses, partially offset by higher employee compensation expenses. Throughout the pandemic, the Company decided to support its employees through regular merit increases and incentive plans, and by avoiding layoffs or furloughs.

 


Operating loss for fiscal 2020 was $1.7 million, as compared to an operating loss of $6.8 million, inclusive of the non-cash goodwill impairment, in fiscal 2019. Other income in fiscal 2020, including interest income and foreign exchange, was $0.4 million, versus $0.5 million in fiscal 2019.

The income tax provision of $0.6 million for fiscal 2020 reflected a provision for foreign income taxes, which was lower than in the prior year and no U.S. tax benefit due to the valuation allowance recorded against the net operating loss. Net loss for fiscal 2020 was $1.8 million, compared to a net loss of $7.3 million for fiscal 2019.

CASH DIVIDEND AND POSITION

 

The Company also announced today that its Board of Directors declared a $0.06 quarterly dividend per share to holders of common stock and a $0.054 cash dividend per share to holders of Class B common stock. The dividend will be payable on August 27, 2020, to common stockholders of record as of August 6, 2020.

 

Cash and investments at the end of fiscal 2020 were $46.5 million compared to $43.9 million at the end of the third quarter of fiscal 2020 and $50.0 million at the end of fiscal 2019. The Company spent $0.5 million during the quarter on capital expenditures primarily related to our LaFox manufacturing and Healthcare businesses as well as our IT System, versus $0.7 million during the fourth quarter of fiscal 2019. Total capital expenditures in fiscal 2020 were $1.8 million compared to $3.9 million in fiscal 2019.

 

CONFERENCE CALL INFORMATION

 

On Thursday, July 23, 2020, at 9:00 a.m. CDT, Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call to discuss the Company’s fourth quarter and fiscal year 2020 results.  A question and answer session will be included as part of the call’s agenda.

 

Participant Instructions

 

To listen to the call, please dial (USA/CANADA) (866) 784-8065 or (International) (602) 563-8684 and enter Conference ID: 2958443 approximately five minutes prior to the start of the call.  A replay of the call will be available beginning at 1:00 p.m. CDT on July 23, 2020, for seven days.  The telephone number for the replay is (800) 585-8367; Conference ID: 2958443.

FORWARD-LOOKING STATEMENTS

 

This release includes certain “forward-looking” statements as defined by the Securities and Exchange Commission. Statements in this press release regarding the Company’s business which are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K filed on August 5, 2019 and other reports we file with the Securities and Exchange Commission. The Company assumes no responsibility to update the “forward-looking” statements in this release as a result of new information, future events, or otherwise.

ABOUT RICHARDSON ELECTRONICS, LTD.

 

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high value flat panel detector solutions, replacement parts, tubes and service training for diagnostic imaging equipment; and customized display solutions. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing,


logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.


Richardson Electronics, Ltd. 

Consolidated Balance Sheets

(in thousands, except per share amounts)

 

May 30, 2020

 

 

June 1, 2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

30,535

 

 

$

42,019

 

Accounts receivable, less allowance of $334 and $339, respectively

 

 

20,197

 

 

 

24,296

 

Inventories, net

 

 

57,492

 

 

 

53,232

 

Prepaid expenses and other assets

 

 

2,442

 

 

 

3,067

 

Investments - current

 

 

16,000

 

 

 

8,000

 

Total current assets

 

 

126,666

 

 

 

130,614

 

Non-current assets:

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

17,674

 

 

 

19,111

 

Intangible assets, net

 

 

2,505

 

 

 

2,763

 

Lease ROU asset

 

 

3,419

 

 

 

 

Non-current deferred income taxes

 

 

456

 

 

 

529

 

Total non-current assets

 

 

24,054

 

 

 

22,403

 

Total assets

 

$

150,720

 

 

$

153,017

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

17,372

 

 

$

16,943

 

Accrued liabilities

 

 

10,324

 

 

 

11,273

 

Lease liability current

 

 

1,485

 

 

 

 

Total current liabilities

 

 

29,181

 

 

 

28,216

 

Non-current liabilities:

 

 

 

 

 

 

 

 

Non-current deferred income tax liabilities

 

 

161

 

 

 

212

 

Lease liability non-current

 

 

1,941

 

 

 

 

Other non-current liabilities

 

 

777

 

 

 

832

 

Total non-current liabilities

 

 

2,879

 

 

 

1,044

 

Total liabilities

 

 

32,060

 

 

 

29,260

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Common stock, $0.05 par value; issued and outstanding 11,038 shares

   at May 30, 2020 and 10,957 shares at June 1, 2019

 

 

552

 

 

 

547

 

Class B common stock, convertible, $0.05 par value; issued and

   outstanding 2,097 shares at May 30, 2020 and 2,097 shares at June 1, 2019

 

 

105

 

 

 

105

 

Preferred stock, $1.00 par value, no shares issued

 

 

 

 

 

 

Additional paid-in-capital

 

 

61,749

 

 

 

61,012

 

Retained earnings

 

 

54,764

 

 

 

59,703

 

Accumulated other comprehensive income

 

 

1,490

 

 

 

2,390

 

Total stockholders’ equity

 

 

118,660

 

 

 

123,757

 

Total liabilities and stockholders’ equity

 

$

150,720

 

 

$

153,017

 

 


Richardson Electronics, Ltd.

 

Consolidated Statements of Comprehensive Loss

 

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

May 30, 2020

 

 

June 1, 2019

 

 

May 30, 2020

 

 

June 1, 2019

 

Statements of Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

37,362

 

 

$

42,163

 

 

$

155,898

 

 

$

166,652

 

Cost of sales

 

 

25,990

 

 

 

29,651

 

 

 

106,225

 

 

 

114,917

 

Gross profit

 

 

11,372

 

 

 

12,512

 

 

 

49,673

 

 

 

51,735

 

Selling, general and administrative expenses

 

 

12,660

 

 

 

12,535

 

 

 

51,327

 

 

 

52,156

 

Impairment of goodwill

 

 

 

 

 

6,332

 

 

 

 

 

 

6,332

 

Loss on disposal of assets

 

 

2

 

 

 

23

 

 

 

3

 

 

 

23

 

Operating loss

 

 

(1,290

)

 

 

(6,378

)

 

 

(1,657

)

 

 

(6,776

)

Other (income) expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment/interest income

 

 

(37

)

 

 

(138

)

 

 

(377

)

 

 

(540

)

Foreign exchange (gain) loss

 

 

(132

)

 

 

(121

)

 

 

(15

)

 

 

84

 

Other, net

 

 

(27

)

 

 

(5

)

 

 

(51

)

 

 

(9

)

Total other income

 

 

(196

)

 

 

(264

)

 

 

(443

)

 

 

(465

)

Loss before income taxes

 

 

(1,094

)

 

 

(6,114

)

 

 

(1,214

)

 

 

(6,311

)

Income tax provision

 

 

186

 

 

 

263

 

 

 

624

 

 

 

1,017

 

Net loss

 

 

(1,280

)

 

 

(6,377

)

 

 

(1,838

)

 

 

(7,328

)

Foreign currency translation loss, net of tax

 

 

(346

)

 

 

(736

)

 

 

(900

)

 

 

(1,976

)

Comprehensive loss

 

$

(1,626

)

 

$

(7,113

)

 

$

(2,738

)

 

$

(9,304

)

Net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares - Basic

 

$

(0.10

)

 

$

(0.50

)

 

$

(0.14

)

 

$

(0.57

)

Class B common shares - Basic:

 

$

(0.09

)

 

$

(0.44

)

 

$

(0.13

)

 

$

(0.51

)

Common shares - Diluted

 

$

(0.10

)

 

$

(0.50

)

 

$

(0.14

)

 

$

(0.57

)

Class B common shares - Diluted:

 

$

(0.09

)

 

$

(0.44

)

 

$

(0.13

)

 

$

(0.51

)

Weighted average number of shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares - Basic

 

 

11,038

 

 

 

10,957

 

 

 

11,026

 

 

 

10,923

 

Class B common shares - Basic

 

 

2,097

 

 

 

2,097

 

 

 

2,097

 

 

 

2,106

 

Common shares - Diluted

 

 

11,038

 

 

 

10,957

 

 

 

11,026

 

 

 

10,923

 

Class B common shares - Diluted

 

 

2,097

 

 

 

2,097

 

 

 

2,097

 

 

 

2,106

 

Dividends per common share

 

$

0.060

 

 

$

0.060

 

 

$

0.240

 

 

$

0.240

 

Dividends per Class B common share

 

$

0.054

 

 

$

0.054

 

 

$

0.220

 

 

$

0.220

 

 


Richardson Electronics, Ltd.

 

Consolidated Statements of Cash Flows

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year Ended

 

 

 

May 30, 2020

 

 

June 1, 2019

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(1,838

)

 

$

(7,328

)

Adjustments to reconcile net loss to cash provided by (used in)

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,386

 

 

 

3,173

 

Inventory provisions

 

 

1,013

 

 

 

1,076

 

Loss on disposal of assets

 

 

3

 

 

 

23

 

Share-based compensation expense

 

 

683

 

 

 

697

 

Deferred income taxes

 

 

(7

)

 

 

315

 

Impairment of goodwill

 

 

 

 

 

6,332

 

Change in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

3,895

 

 

 

(2,030

)

Inventories

 

 

(5,452

)

 

 

(4,242

)

Prepaid expenses and other assets

 

 

620

 

 

 

622

 

Accounts payable

 

 

631

 

 

 

(2,424

)

Accrued liabilities

 

 

(889

)

 

 

1,097

 

Other

 

 

(122

)

 

 

126

 

Net cash provided by (used in) operating activities

 

 

1,923

 

 

 

(2,563

)

Investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(1,776

)

 

 

(3,874

)

Proceeds from maturity of investments

 

 

21,000

 

 

 

9,800

 

Purchases of investments

 

 

(29,000

)

 

 

(17,800

)

Net cash used in investing activities

 

 

(9,776

)

 

 

(11,874

)

Financing activities:

 

 

 

 

 

 

 

 

Payment of financing lease principal

 

 

(166

)

 

 

 

Proceeds from issuance of common stock

 

 

59

 

 

 

259

 

Cash dividends paid on Common and Class B Common shares

 

 

(3,101

)

 

 

(3,076

)

Net cash used in financing activities

 

 

(3,208

)

 

 

(2,817

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(423

)

 

 

(1,192

)

Decrease in cash and cash equivalents

 

 

(11,484

)

 

 

(18,446

)

Cash and cash equivalents at beginning of period

 

 

42,019

 

 

 

60,465

 

Cash and cash equivalents at end of period

 

$

30,535

 

 

$

42,019

 

 

 

 


Richardson Electronics, Ltd.

 

Net Sales and Gross Profit

 

For the Fourth Quarter and Fiscal 2020 and Fiscal 2019

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By Strategic Business Unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4 FY 2020

 

 

 

 

 

 

Q4 FY 2019

 

 

% Change

 

PMT

 

$

29,322

 

 

 

 

 

 

$

32,080

 

 

 

-8.6

%

Canvys

 

 

6,593

 

 

 

 

 

 

 

7,343

 

 

 

-10.2

%

Healthcare

 

 

1,447

 

 

 

 

 

 

 

2,740

 

 

 

-47.2

%

Total

 

$

37,362

 

 

 

 

 

 

$

42,163

 

 

 

-11.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD FY 2020

 

 

 

 

 

 

YTD FY 2019

 

 

% Change

 

PMT

 

$

118,480

 

 

 

 

 

 

$

128,902

 

 

 

-8.1

%

Canvys

 

 

28,926

 

 

 

 

 

 

 

27,968

 

 

 

3.4

%

Healthcare

 

 

8,492

 

 

 

 

 

 

 

9,782

 

 

 

-13.2

%

Total

 

$

155,898

 

 

 

 

 

 

$

166,652

 

 

 

-6.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

Q4 FY 2020

 

 

% of Net Sales

 

 

Q4 FY 2019

 

 

% of Net Sales

 

PMT

 

$

9,741

 

 

 

33.2

%

 

$

9,734

 

 

 

30.3

%

Canvys

 

 

2,045

 

 

 

31.0

%

 

 

2,359

 

 

 

32.1

%

Healthcare

 

 

(414

)

 

 

-28.6

%

 

 

419

 

 

 

15.3

%

Total

 

$

11,372

 

 

 

30.4

%

 

$

12,512

 

 

 

29.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD FY 2020

 

 

% of Net Sales

 

 

YTD FY 2019

 

 

% of Net Sales

 

PMT

 

$

38,288

 

 

 

32.3

%

 

$

40,254

 

 

 

31.2

%

Canvys

 

 

9,313

 

 

 

32.2

%

 

 

9,085

 

 

 

32.5

%

Healthcare

 

 

2,072

 

 

 

24.4

%

 

 

2,396

 

 

 

24.5

%

Total

 

$

49,673

 

 

 

31.9

%

 

$

51,735

 

 

 

31.0

%