EX-99.1 2 rell-ex991_36.htm EX-99.1 rell-ex991_36.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 FISCAL 2021 NET INCOME OF $1.9 MILLION; FISCAL 2021 NET INCOME OF $1.7 MILLION AND NON-GAAP NET INCOME* OF $3.3 MILLION; DECLARES QUARTERLY CASH DIVIDEND

 

Healthcare, PMG, Canvys and Semiconductor Wafer Fab Revenues Grow Versus Q4 FY20;

Higher ALTA750 TM Tube Sales

Q4 and FY21 Highlights

 

Net sales of $50.5 million were up 35.1% from last year’s fourth quarter and up 11.6% over the third quarter of fiscal 2021.

 

Sales increased for Healthcare, PMG, Canvys and Semiconductor Wafer Fabrication Equipment products in the fourth quarter of fiscal 2021 versus the fourth quarter of fiscal 2020.

 

Gross margin improved to 32.4% of net sales for the fourth quarter of fiscal 2021 versus 30.4% of net sales in the prior year’s fourth quarter due to a favorable product mix and improved manufacturing performance for Richardson Healthcare.

 

Operating expenses increased $1.3 million to $14.0 million compared to the prior year’s fourth quarter. Employee incentive expense increased due to the substantially improved performance, which was partially offset by decreased legal fees of $0.2 million.

 

Operating income was $2.3 million for the fourth quarter of fiscal 2021.

 

Earnings per common share (diluted) were $0.14 for the fourth quarter of fiscal 2021.

 

For fiscal year 2021, net sales increased 13.5% to $176.9 million.

 

Operating income was $2.9 million for fiscal year 2021, and Non-GAAP operating income* was $4.5 million for fiscal year 2021.

 

Earnings per common share (diluted) were $0.13 for fiscal year 2021, and Non-GAAP earnings per common share (diluted)* were $0.25 for fiscal year 2021.

 

Cash and investments were $43.3 million as of May 29, 2021 versus $47.4 million on February 27, 2021 and $46.5 million on May 30, 2020.

 

LaFox, IL, JULY 21, 2021: Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its fourth quarter and fiscal year ended May 29, 2021. 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 2021 increased 35.1% to $50.5 million compared to net sales of $37.4 million in the prior year’s fourth quarter primarily due to higher net sales across all three


business units. Richardson Healthcare sales increased $1.3 million or 92.3% primarily due to an increase in demand for the ALTA750 TM Tubes, reflecting the highest quantity sold in any quarter. In addition, parts sales increased, partially offset by lower sales of pre-owned CT scanners in Latin America. PMT sales increased $9.6 million or 32.5% from last year’s fourth quarter because of higher sales of semiconductor wafer fab equipment specialty products as well as power conversion and RF and microwave components. In addition, power grid tube sales increased from the fourth quarter of fiscal 2020. Canvys sales increased by $2.2 million or 33.9% due to increased customer demand in both Europe and North America.

 

Gross margin improved to 32.4% of net sales during the fourth quarter of fiscal 2021 compared to 30.4% of net sales during the fourth quarter of fiscal 2020. Canvys margin as a percent of net sales increased to 35.3% from 31.0% because of its product mix and foreign currency effects. Healthcare margin as a percent of net sales was 29.4% in the fourth quarter of fiscal 2021 compared to minus 28.6% in the prior year’s fourth quarter primarily due to improved manufacturing absorption and lower scrap and inventory reserve expense. PMT margin decreased to 32.0% from 33.2% due to a higher percentage of lower margin PMG sales.

 

Operating expenses were $14.0 million compared to $12.7 million in the fourth quarter of fiscal 2020. The increase in operating expenses resulted from higher employee compensation expense, partially offset by lower legal and consulting expenses. Throughout the pandemic, the Company decided to support its employees through regular merit increases and incentive plans, and by avoiding layoffs or furloughs.

 

As a result, the Company reported an operating income of $2.3 million for the fourth quarter of fiscal 2021 compared to an operating loss of $1.3 million in the prior year’s fourth quarter. Other expense for the fourth quarter of fiscal 2021, including interest income and foreign exchange, was less than $0.1 million, compared to other income of $0.2 million in the fourth quarter of fiscal 2020.

 

The income tax provision of $0.4 million for the fourth quarter of fiscal 2021 reflected a provision for foreign income taxes, which was higher than the prior year’s fourth quarter, and the offset of a U.S. tax provision against the valuation allowance. Net income for the fourth quarter of fiscal 2021 was $1.9 million compared to a net loss of $1.3 million in the fourth quarter of fiscal 2020. Earnings per common share (diluted) were $0.14 in the fourth quarter of fiscal 2021.

 

“We are pleased with more than 30% sales growth in each of our strategic business units during an unprecedented pandemic, resulting in our strongest quarterly financial performance in nearly 10 years” said Edward J. Richardson, Chairman, Chief Executive Officer, and President. “We are also excited about the outlook for all of our businesses in fiscal year 2022, including our patent pending ultracapacitor modules for wind turbines and related LED battery replacements,” he concluded.

 

Fiscal 2021 Results

 

Net sales for fiscal 2021 were $176.9 million, an increase of 13.5%, compared to net sales of $155.9 million for fiscal 2020. Sales increased $18.8 million or 15.9% for PMT, $1.8 million or 21.7% for Richardson Healthcare and $0.4 million or 1.4% for Canvys.

 

Gross margin increased to $58.8 million for fiscal 2021, compared to $49.7 million for fiscal 2020. As a percentage of net sales, gross margin increased to 33.2% of net sales for fiscal 2021, compared to 31.9% of net sales for fiscal 2020, primarily because of a favorable product mix in PMT and Canvys, as well as improved manufacturing efficiencies for PMT.

 

Operating expenses increased to $55.9 million and Non-GAAP operating expenses* to $54.3 million for fiscal 2021, compared to $51.3 million for fiscal 2020. This increase included a one-time cost of $1.6 million for a legal settlement with Varex Imaging Corporation in the third quarter of fiscal 2021. In addition, the increase resulted from higher employee compensation expense and legal fees, partially offset by lower travel and consulting expenses.

 


 

Operating income was $2.9 million and Non-GAAP operating income* was $4.5 million for fiscal 2021, compared to an operating loss of $1.7 million for fiscal 2020. Other expense for fiscal 2021, including interest income and foreign exchange, was $0.6 million, compared to other income of $0.4 million for fiscal 2020.

 

The income tax provision of $0.7 million for fiscal 2021 reflected a provision for foreign income taxes, which was higher than in the prior year, and the offset of a U.S. tax provision against the valuation allowance. Net income for fiscal 2021 was $1.7 million and Non-GAAP net income* was $3.3 million, compared to a net loss of $1.8 million for fiscal 2020. Earnings per common share (diluted) for fiscal 2021 were $0.13 and Non-GAAP earnings per common share (diluted)* were $0.25.

 

*Please refer to Unaudited Reconciliation between GAAP and Non-GAAP Financial Measures below for a reconciliation of Non-GAAP items to the comparable GAAP measures.

 

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 25, 2021, to common stockholders of record as of August 6, 2021.

 

Cash and investments at the end of fiscal 2021 were $43.3 million compared to $47.4 million at the end of the third quarter of fiscal 2021 and $46.5 million at the end of fiscal 2020. The Company spent $0.8 million during the quarter on capital expenditures primarily related to its Healthcare business and IT System, versus $0.5 million during the fourth quarter of fiscal 2020. Total capital expenditures in fiscal 2021 were $2.6 million compared to $1.8 million in fiscal 2020.

 

NON-GAAP FINANCIAL MEASURES

 

In addition to the results reported in accordance with accounting principles generally accepted in the United States (GAAP) included throughout this press release, the Company has provided information regarding “Non-GAAP net income,” “Non-GAAP operating income,” “Non-GAAP earnings per common share (diluted)” and “Non-GAAP operating expenses” (each, a Non-GAAP financial measure). These Non-GAAP financial measures exclude a one-time cost in connection with a legal settlement from the most directly comparable financial measures calculated and presented in accordance with GAAP.

 

Management believes that the disclosure of these Non-GAAP financial measures provides useful information to investors because the Non-GAAP financial measures are useful measures in assessing the Company’s financial performance by excluding a special item that is not indicative of the Company’s core operating performance or that may obscure trends useful in evaluating the Company’s continuing operating activities. Our management uses these Non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating our operating performance. The Non-GAAP financial measures presented herein, as determined and presented by the Company, may not be comparable to related or similarly titled measures reported by other companies.

 

CONFERENCE CALL INFORMATION

 

On Thursday, July 22, 2021, 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 2021 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: 8618936 approximately five minutes before the start of the call.  A replay of the


call will be available beginning at 1:00 p.m. CDT on July 22, 2021, for seven days.  The telephone number for the replay is (855) 859-2056; Conference ID: 8618936.

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 that 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 3, 2020, 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 Ltd. 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 29, 2021

 

 

May 30, 2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

43,316

 

 

$

30,535

 

Accounts receivable, less allowance of $202 and $334, respectively

 

 

24,451

 

 

 

20,197

 

Inventories, net

 

 

63,508

 

 

 

57,492

 

Prepaid expenses and other assets

 

 

2,385

 

 

 

2,442

 

Investments - current

 

 

 

 

 

16,000

 

Total current assets

 

 

133,660

 

 

 

126,666

 

Non-current assets:

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

17,067

 

 

 

17,674

 

Intangible assets, net

 

 

2,270

 

 

 

2,505

 

Lease ROU asset

 

 

2,570

 

 

 

3,419

 

Non-current deferred income taxes

 

 

541

 

 

 

456

 

Total non-current assets

 

 

22,448

 

 

 

24,054

 

Total assets

 

$

156,108

 

 

$

150,720

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

16,334

 

 

$

17,372

 

Accrued liabilities

 

 

14,626

 

 

 

10,324

 

Lease liability current

 

 

1,066

 

 

 

1,485

 

Total current liabilities

 

 

32,026

 

 

 

29,181

 

Non-current liabilities:

 

 

 

 

 

 

 

 

Non-current deferred income tax liabilities

 

 

242

 

 

 

161

 

Lease liability non-current

 

 

1,358

 

 

 

1,941

 

Other non-current liabilities

 

 

922

 

 

 

777

 

Total non-current liabilities

 

 

2,522

 

 

 

2,879

 

Total liabilities

 

 

34,548

 

 

 

32,060

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Common stock, $0.05 par value; issued and outstanding 11,160 shares

   at May 29, 2021 and 11,038 shares at May 30, 2020

 

 

558

 

 

 

552

 

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

   outstanding 2,097 shares at May 29, 2021 and 2,097 shares at May 30, 2020

 

 

105

 

 

 

105

 

Preferred stock, $1.00 par value, no shares issued

 

 

 

 

 

 

Additional paid-in-capital

 

 

62,707

 

 

 

61,749

 

Retained earnings

 

 

53,297

 

 

 

54,764

 

Accumulated other comprehensive income

 

 

4,893

 

 

 

1,490

 

Total stockholders’ equity

 

 

121,560

 

 

 

118,660

 

Total liabilities and stockholders’ equity

 

$

156,108

 

 

$

150,720

 

 

 


 

Richardson Electronics, Ltd.

 

Consolidated Statements of Comprehensive Income (Loss)

 

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

May 29, 2021

 

 

May 30, 2020

 

 

May 29, 2021

 

 

May 30, 2020

 

Net sales

 

$

50,472

 

 

$

37,362

 

 

$

176,937

 

 

$

155,898

 

Cost of sales

 

 

34,115

 

 

 

25,990

 

 

 

118,112

 

 

 

106,225

 

Gross profit

 

 

16,357

 

 

 

11,372

 

 

 

58,825

 

 

 

49,673

 

Selling, general and administrative expenses

 

 

14,001

 

 

 

12,660

 

 

 

55,925

 

 

 

51,327

 

Loss on disposal of assets

 

 

19

 

 

 

2

 

 

 

13

 

 

 

3

 

Operating income (loss)

 

 

2,337

 

 

 

(1,290

)

 

 

2,887

 

 

 

(1,657

)

Other expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment/interest income

 

 

(28

)

 

 

(37

)

 

 

(76

)

 

 

(377

)

Foreign exchange loss (gain)

 

 

109

 

 

 

(132

)

 

 

759

 

 

 

(15

)

Other, net

 

 

(43

)

 

 

(27

)

 

 

(104

)

 

 

(51

)

Total other expense (income)

 

 

38

 

 

 

(196

)

 

 

579

 

 

 

(443

)

Income (loss) before income taxes

 

 

2,299

 

 

 

(1,094

)

 

 

2,308

 

 

 

(1,214

)

Income tax provision

 

 

414

 

 

 

186

 

 

 

653

 

 

 

624

 

Net income (loss)

 

 

1,885

 

 

 

(1,280

)

 

 

1,655

 

 

 

(1,838

)

Foreign currency translation gain (loss), net of tax

 

 

437

 

 

 

(346

)

 

 

3,403

 

 

 

(900

)

Comprehensive income (loss)

 

$

2,322

 

 

$

(1,626

)

 

$

5,058

 

 

$

(2,738

)

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares - Basic

 

$

0.14

 

 

$

(0.10

)

 

$

0.13

 

 

$

(0.14

)

Class B common shares - Basic

 

$

0.13

 

 

$

(0.09

)

 

$

0.11

 

 

$

(0.13

)

Common shares - Diluted

 

$

0.14

 

 

$

(0.10

)

 

$

0.13

 

 

$

(0.14

)

Class B common shares - Diluted

 

$

0.13

 

 

$

(0.09

)

 

$

0.11

 

 

$

(0.13

)

Weighted average number of shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares - Basic

 

 

11,130

 

 

 

11,038

 

 

 

11,105

 

 

 

11,026

 

Class B common shares - Basic

 

 

2,097

 

 

 

2,097

 

 

 

2,097

 

 

 

2,097

 

Common shares - Diluted

 

 

11,352

 

 

 

11,038

 

 

 

11,164

 

 

 

11,026

 

Class B common shares - Diluted

 

 

2,097

 

 

 

2,097

 

 

 

2,097

 

 

 

2,097

 

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 29, 2021

 

 

May 30, 2020

 

Operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

1,655

 

 

$

(1,838

)

Adjustments to reconcile net  income (loss) to cash provided by

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,424

 

 

 

3,386

 

Inventory provisions

 

 

1,041

 

 

 

1,013

 

Loss on disposal of assets

 

 

13

 

 

 

3

 

Share-based compensation expense

 

 

675

 

 

 

683

 

Deferred income taxes

 

 

(1

)

 

 

(7

)

Change in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(3,553

)

 

 

3,895

 

Inventories

 

 

(4,861

)

 

 

(5,452

)

Prepaid expenses and other assets

 

 

103

 

 

 

620

 

Accounts payable

 

 

(1,210

)

 

 

631

 

Accrued liabilities

 

 

4,016

 

 

 

(889

)

Other

 

 

(470

)

 

 

(122

)

Net cash provided by operating activities

 

 

832

 

 

 

1,923

 

Investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(2,632

)

 

 

(1,776

)

Proceeds from maturity of investments

 

 

25,000

 

 

 

21,000

 

Purchases of investments

 

 

(9,000

)

 

 

(29,000

)

Net cash provided by (used in) investing activities

 

 

13,368

 

 

 

(9,776

)

Financing activities:

 

 

 

 

 

 

 

 

Payment of financing lease principal

 

 

(181

)

 

 

(166

)

Proceeds from issuance of common stock

 

 

289

 

 

 

59

 

Cash dividends paid on Common and Class B Common shares

 

 

(3,122

)

 

 

(3,101

)

Net cash used in financing activities

 

 

(3,014

)

 

 

(3,208

)

Effect of exchange rate changes on cash and cash equivalents

 

 

1,595

 

 

 

(423

)

Increase (decrease) in cash and cash equivalents

 

 

12,781

 

 

 

(11,484

)

Cash and cash equivalents at beginning of period

 

 

30,535

 

 

 

42,019

 

Cash and cash equivalents at end of period

 

$

43,316

 

 

$

30,535

 

 

 

 

 

 

 

 

 


 

Richardson Electronics, Ltd.

 

Net Sales and Gross Profit

 

For the Fourth Quarter and Fiscal 2021 and Fiscal 2020

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By Strategic Business Unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4 FY 2021

 

 

 

 

 

 

Q4 FY 2020

 

 

% Change

 

PMT

 

$

38,862

 

 

 

 

 

 

$

29,322

 

 

 

32.5

%

Canvys

 

 

8,828

 

 

 

 

 

 

 

6,593

 

 

 

33.9

%

Healthcare

 

 

2,782

 

 

 

 

 

 

 

1,447

 

 

 

92.3

%

Total

 

$

50,472

 

 

 

 

 

 

$

37,362

 

 

 

35.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD FY 2021

 

 

 

 

 

 

YTD FY 2020

 

 

% Change

 

PMT

 

$

137,280

 

 

 

 

 

 

$

118,480

 

 

 

15.9

%

Canvys

 

 

29,319

 

 

 

 

 

 

 

28,926

 

 

 

1.4

%

Healthcare

 

 

10,338

 

 

 

 

 

 

 

8,492

 

 

 

21.7

%

Total

 

$

176,937

 

 

 

 

 

 

$

155,898

 

 

 

13.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

Q4 FY 2021

 

 

% of Net Sales

 

 

Q4 FY 2020

 

 

% of Net Sales

 

PMT

 

$

12,421

 

 

 

32.0

%

 

$

9,741

 

 

 

33.2

%

Canvys

 

 

3,118

 

 

 

35.3

%

 

 

2,045

 

 

 

31.0

%

Healthcare

 

 

818

 

 

 

29.4

%

 

 

(414

)

 

 

-28.6

%

Total

 

$

16,357

 

 

 

32.4

%

 

$

11,372

 

 

 

30.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD FY 2021

 

 

% of Net Sales

 

 

YTD FY 2020

 

 

% of Net Sales

 

PMT

 

$

45,951

 

 

 

33.5

%

 

$

38,288

 

 

 

32.3

%

Canvys

 

 

10,274

 

 

 

35.0

%

 

 

9,313

 

 

 

32.2

%

Healthcare

 

 

2,600

 

 

 

25.1

%

 

 

2,072

 

 

 

24.4

%

Total

 

$

58,825

 

 

 

33.2

%

 

$

49,673

 

 

 

31.9

%


 

Richardson Electronics, Ltd.

Unaudited Reconciliation between GAAP and Non-GAAP Financial Measures

(in thousands, except per share amounts)

 

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

May 29, 2021

 

 

May 30, 2020

 

 

May 29, 2021

 

 

May 30, 2020

 

Selling, general and administrative expenses reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Selling, general and administrative expenses

 

$

14,001

 

 

$

12,660

 

 

$

55,925

 

 

$

51,327

 

Legal settlement

 

 

 

 

 

 

 

 

(1,600

)

 

 

 

Non-GAAP selling, general and administrative expenses

 

$

14,001

 

 

$

12,660

 

 

$

54,325

 

 

$

51,327

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss) reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Operating income (loss)

 

$

2,337

 

 

$

(1,290

)

 

$

2,887

 

 

$

(1,657

)

Legal settlement

 

 

 

 

 

 

 

 

1,600

 

 

 

 

Non-GAAP operating income (loss) reconciliation

 

$

2,337

 

 

$

(1,290

)

 

$

4,487

 

 

$

(1,657

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net income (loss)

 

$

1,885

 

 

$

(1,280

)

 

$

1,655

 

 

$

(1,838

)

Legal settlement

 

 

 

 

 

 

 

 

1,600

 

 

 

 

Non-GAAP net income (loss) reconciliation

 

$

1,885

 

 

$

(1,280

)

 

$

3,255

 

 

$

(1,838

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share (diluted) reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net income (loss) per share (diluted)

 

$

0.14

 

 

$

(0.10

)

 

$

0.13

 

 

$

(0.14

)

Legal settlement

 

 

 

 

 

 

 

 

0.12

 

 

 

 

Non-GAAP net income (loss) per share (diluted) reconciliation

 

$

0.14

 

 

$

(0.10

)

 

$

0.25

 

 

$

(0.14

)