LAFOX, Ill., April 05, 2017 (GLOBE NEWSWIRE) -- Richardson Electronics, Ltd. (NASDAQ:RELL) today reported financial
results for its third quarter ended February 25, 2017. The Company also announced that its Board of Directors declared a $0.06 per
share quarterly cash dividend.
Third Quarter Results
Net sales for the third quarter of fiscal 2017 were $32.3 million, an increase of 3.3%, compared to net sales of
$31.3 million in the prior year’s third quarter. Sales increased $1.8 million for PMT, primarily due to higher sales from new
technology partners in power conversion and RF and microwave components as well as increased sales of specialty products sold into
the semiconductor capital equipment market. This increase was partially offset by decreases of $0.4 million in Richardson
Healthcare and $0.4 million in Canvys over the same period last year.
Gross margin increased to $10.7 million, or 33.1% of net sales during the third quarter of fiscal 2017, compared
to $9.8 million, or 31.2% of net sales during the third quarter of fiscal 2016. Margin improved as a percent of net sales primarily
due to higher PMT and Canvys margins as a result of an improved product mix.
Operating expenses decreased to $12.0 million for the third quarter of fiscal 2017, compared to $12.5 million
for the third quarter of fiscal 2016. The decrease was due to reduced salaries, benefits and incentive compensation expenses. In
addition, IT expenses were lower than in the third quarter of fiscal 2016.
As a result, operating loss for the third quarter of fiscal 2017 was $1.3 million, compared to an operating loss
of $2.7 million in the prior year’s third quarter.
Other expense for the both the third quarter of fiscal 2017 and fiscal 2016, including foreign exchange, was
$0.1 million.
The income tax benefit of less than $0.1 million during the third quarter of fiscal 2017 reflected an adjustment
to the provision for foreign income taxes and no U.S. tax benefit due to the valuation allowance recorded against the net operating
loss.
Net loss for the third quarter of fiscal 2017 was $1.4 million, compared to a net loss of $2.9 million in the
third quarter of 2016.
FINANCIAL SUMMARY – NINE MONTHS ENDED FEBRUARY 25,
2017
- Net sales for the first nine months of fiscal 2017 were $99.5 million, a decrease of 2.9%, compared to net sales of $102.4
million during the first nine months of fiscal 2016. Sales decreased by $2.9 million for Canvys, primarily due to declines in
demand from key customers relating to market conditions.
- Gross margin increased to $31.9 million, or 32.1% of net sales during the first nine months of fiscal 2017, compared to $31.4
million, or 30.7% of net sales during the first nine months of fiscal 2016, mostly as a result of an improved product mix.
- Operating expenses decreased to $37.7 million for the first nine months of fiscal 2017, compared to $37.9 million for the
first nine months of fiscal 2016. The first nine months of fiscal 2017 included $1.3 million in severance expense associated with
the reduction in work force during the second quarter of fiscal 2017, mostly offset by reduced salaries and incentive
compensation expenses. In addition, IT expenses were nearly $0.8 million lower than the first nine months of fiscal 2016.
- Operating loss during the first nine months of fiscal 2017 was $5.8 million, compared to an operating loss of $6.2 million
during the first nine months of fiscal 2016. After excluding the severance expense of $1.3 million, the operating loss would have
been $4.5 million for the first nine months of fiscal year 2017.
- Other expense for the first nine months of fiscal 2017, including foreign exchange, was $0.2 million, compared to other
income of $0.4 million for the first nine months of fiscal 2016.
- The income tax provision of $0.8 million for the first nine months of fiscal 2017 reflected a provision for foreign income
taxes and no U.S. tax benefit due to the valuation allowance recorded against the net operating loss.
- Net loss for the first nine months of fiscal 2017 was $6.8 million, compared to a net loss of $6.6 million during the first
nine months of fiscal 2016.
CASH DIVIDEND
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
May 24, 2017, to common stockholders of record on May 9, 2017.
Cash and investments at the end of the third quarter of fiscal 2017 were $60.2 million compared to $70.5 million
at the end of the fourth quarter of fiscal 2016. During the third quarter of fiscal 2017, the Company did not repurchase any shares
of its common stock under the existing share repurchase authorization. Since the sale of RFPD, the Company has spent $65.6 million
on share repurchases, nearly $20 million on acquisitions, nearly $19 million on dividends and $5.4 million on purchases of
Richardson Healthcare equipment. Currently, there are 10.7 million outstanding shares of common stock and 2.1 million outstanding
shares of Class B common stock.
OUTLOOK
“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.
CONFERENCE CALL
INFORMATION
On Thursday, April 6, 2017, at 9:00 a.m. CT, 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 third quarter results for fiscal 2017.
A question and answer session will be included as part of the call’s agenda. To listen to the call, please dial (888) 419-5570 and
enter passcode 94661906 approximately five minutes prior to the start of the call. A replay of the call will be available beginning
at 12:00 a.m. CT on April 7, 2017, for seven days. The telephone numbers for the replay are (USA) (888) 286-8010 and
(International) (617) 801-6888; passcode 69435224.
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
July 29, 2016. 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 displays, flat panel detector solutions and replacement
parts 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) |
|
|
|
|
|
|
|
|
|
|
February 25,
2017 |
|
|
May 28,
2016 |
|
Assets |
|
(Unaudited) |
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
51,386 |
|
|
$ |
60,454 |
|
Accounts receivable, less allowance of $375 and $364 |
|
|
21,240 |
|
|
|
24,928 |
|
Inventories, net |
|
|
42,860 |
|
|
|
45,422 |
|
Prepaid expenses and other assets |
|
|
2,647 |
|
|
|
1,758 |
|
Deferred income taxes |
|
|
— |
|
|
|
1,078 |
|
Income tax receivable |
|
|
22 |
|
|
|
17 |
|
Investments - current |
|
|
6,399 |
|
|
|
2,268 |
|
Total current assets |
|
|
124,554 |
|
|
|
135,925 |
|
Non-current assets: |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
15,208 |
|
|
|
12,986 |
|
Goodwill |
|
|
6,332 |
|
|
|
6,332 |
|
Intangible assets, net |
|
|
3,528 |
|
|
|
3,818 |
|
Non-current deferred income taxes |
|
|
1,305 |
|
|
|
1,270 |
|
Investments - non-current |
|
|
2,395 |
|
|
|
7,799 |
|
Total non-current assets |
|
|
28,768 |
|
|
|
32,205 |
|
Total assets |
|
$ |
153,322 |
|
|
$ |
168,130 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
12,328 |
|
|
$ |
14,896 |
|
Accrued liabilities |
|
|
8,736 |
|
|
|
9,135 |
|
Total current liabilities |
|
|
21,064 |
|
|
|
24,031 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
Non-current deferred income tax liabilities |
|
|
275 |
|
|
|
1,457 |
|
Other non-current liabilities |
|
|
696 |
|
|
|
967 |
|
Total non-current liabilities |
|
|
971 |
|
|
|
2,424 |
|
Total liabilities |
|
|
22,035 |
|
|
|
26,455 |
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Common stock, $0.05 par value; issued and outstanding 10,708 shares
at February 25, 2017, and 10,703 shares at May 28, 2016 |
|
|
535 |
|
|
|
535 |
|
Class B common stock, convertible, $0.05 par value; issued and
outstanding 2,141 shares at February 25, 2017, and at May 28, 2016 |
|
|
107 |
|
|
|
107 |
|
Preferred stock, $1.00 par value, no shares issued |
|
|
— |
|
|
|
— |
|
Additional paid-in-capital |
|
|
59,353 |
|
|
|
58,969 |
|
Common stock in treasury, at cost, no shares at February 25, 2017,
and at May 28, 2016 |
|
|
— |
|
|
|
— |
|
Retained earnings |
|
|
70,216 |
|
|
|
79,292 |
|
Accumulated other comprehensive income |
|
|
1,076 |
|
|
|
2,772 |
|
Total stockholders’ equity |
|
|
131,287 |
|
|
|
141,675 |
|
Total liabilities and stockholders’ equity |
|
$ |
153,322 |
|
|
$ |
168,130 |
|
|
|
|
|
|
|
|
|
|
Richardson Electronics, Ltd. |
Unaudited Consolidated Statements of Comprehensive
Loss |
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
|
February 25,
2017 |
|
|
February 27,
2016 |
|
|
February 25,
2017 |
|
|
February 27,
2016 |
|
Statements of Comprehensive Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
32,313 |
|
|
$ |
31,291 |
|
|
$ |
99,513 |
|
|
$ |
102,448 |
|
Cost of sales |
|
|
21,621 |
|
|
|
21,541 |
|
|
|
67,617 |
|
|
|
71,001 |
|
Gross profit |
|
|
10,692 |
|
|
|
9,750 |
|
|
|
31,896 |
|
|
|
31,447 |
|
Selling, general, and administrative expenses |
|
|
12,002 |
|
|
|
12,471 |
|
|
|
37,697 |
|
|
|
37,938 |
|
Gain on disposal of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(244 |
) |
Operating loss |
|
|
(1,310 |
) |
|
|
(2,721 |
) |
|
|
(5,801 |
) |
|
|
(6,247 |
) |
Other (income) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment/interest income |
|
|
(67 |
) |
|
|
(131 |
) |
|
|
(129 |
) |
|
|
(433 |
) |
Foreign exchange loss |
|
|
214 |
|
|
|
265 |
|
|
|
311 |
|
|
|
108 |
|
Other, net |
|
|
(16 |
) |
|
|
(40 |
) |
|
|
— |
|
|
|
(53 |
) |
Total other (income) expense |
|
|
131 |
|
|
|
94 |
|
|
|
182 |
|
|
|
(378 |
) |
Loss before income taxes |
|
|
(1,441 |
) |
|
|
(2,815 |
) |
|
|
(5,983 |
) |
|
|
(5,869 |
) |
Income tax provision (benefit) |
|
|
(10 |
) |
|
|
111 |
|
|
|
820 |
|
|
|
742 |
|
Net loss |
|
|
(1,431 |
) |
|
|
(2,926 |
) |
|
|
(6,803 |
) |
|
|
(6,611 |
) |
Foreign currency translation gain (loss), net of tax |
|
|
508 |
|
|
|
240 |
|
|
|
(1,736 |
) |
|
|
(1,912 |
) |
Fair value adjustments on investments gain (loss) |
|
|
27 |
|
|
|
(47 |
) |
|
|
40 |
|
|
|
(79 |
) |
Comprehensive loss |
|
$ |
(896 |
) |
|
$ |
(2,733 |
) |
|
$ |
(8,499 |
) |
|
$ |
(8,602 |
) |
Loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares - Basic |
|
$ |
(0.11 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.51 |
) |
Class B common shares - Basic |
|
$ |
(0.10 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.48 |
) |
|
$ |
(0.46 |
) |
Common shares - Diluted |
|
$ |
(0.11 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.51 |
) |
Class B common shares - Diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.48 |
) |
|
$ |
(0.46 |
) |
Weighted average number of shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares - Basic |
|
|
10,706 |
|
|
|
10,701 |
|
|
|
10,704 |
|
|
|
10,976 |
|
Class B common shares - Basic |
|
|
2,141 |
|
|
|
2,141 |
|
|
|
2,141 |
|
|
|
2,141 |
|
Common shares - Diluted |
|
|
10,706 |
|
|
|
10,701 |
|
|
|
10,704 |
|
|
|
10,976 |
|
Class B common shares - Diluted |
|
|
2,141 |
|
|
|
2,141 |
|
|
|
2,141 |
|
|
|
2,141 |
|
Dividends per common share |
|
$ |
0.060 |
|
|
$ |
0.060 |
|
|
$ |
0.180 |
|
|
$ |
0.180 |
|
Dividends per Class B common share |
|
$ |
0.054 |
|
|
$ |
0.054 |
|
|
$ |
0.162 |
|
|
$ |
0.162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richardson Electronics, Ltd. |
Unaudited Consolidated Statements of Cash
Flows |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
February 25,
2017 |
|
|
February 27,
2016 |
|
|
February 25,
2017 |
|
|
February 27,
2016 |
|
Operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,431 |
) |
|
$ |
(2,926 |
) |
|
$ |
(6,803 |
) |
|
$ |
(6,611 |
) |
Adjustments to reconcile net loss to cash used in operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
703 |
|
|
|
583 |
|
|
|
2,020 |
|
|
|
1,865 |
|
(Gain) loss on sale of investments |
|
|
(8 |
) |
|
|
21 |
|
|
|
(2 |
) |
|
|
2 |
|
Gain on disposal of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(244 |
) |
Share-based compensation expense |
|
|
75 |
|
|
|
119 |
|
|
|
354 |
|
|
|
434 |
|
Deferred income taxes |
|
|
121 |
|
|
|
(82 |
) |
|
|
(188 |
) |
|
|
173 |
|
Change in assets and liabilities, net of effect of acquired
business: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(717 |
) |
|
|
282 |
|
|
|
3,217 |
|
|
|
311 |
|
Income tax receivable |
|
|
— |
|
|
|
187 |
|
|
|
(5 |
) |
|
|
851 |
|
Inventories |
|
|
306 |
|
|
|
(2,164 |
) |
|
|
1,898 |
|
|
|
(5,636 |
) |
Prepaid expenses and other assets |
|
|
80 |
|
|
|
1 |
|
|
|
(961 |
) |
|
|
(443 |
) |
Accounts payable |
|
|
849 |
|
|
|
(986 |
) |
|
|
(2,372 |
) |
|
|
(2,976 |
) |
Accrued liabilities |
|
|
(1,118 |
) |
|
|
(871 |
) |
|
|
(256 |
) |
|
|
(2,071 |
) |
Long-term liabilities-accrued pension |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(465 |
) |
Other |
|
|
(125 |
) |
|
|
125 |
|
|
|
(107 |
) |
|
|
256 |
|
Net cash used in operating activities |
|
|
(1,265 |
) |
|
|
(5,711 |
) |
|
|
(3,205 |
) |
|
|
(14,554 |
) |
Investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash consideration paid for acquired business |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12,209 |
) |
Capital expenditures |
|
|
(764 |
) |
|
|
(1,267 |
) |
|
|
(4,063 |
) |
|
|
(3,043 |
) |
Proceeds from sale of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
402 |
|
Proceeds from maturity of investments |
|
|
— |
|
|
|
— |
|
|
|
3,582 |
|
|
|
25,584 |
|
Purchases of investments |
|
|
— |
|
|
|
— |
|
|
|
(2,136 |
) |
|
|
(2,151 |
) |
Proceeds from sales of available-for-sale securities |
|
|
78 |
|
|
|
106 |
|
|
|
225 |
|
|
|
250 |
|
Purchases of available-for-sale securities |
|
|
(78 |
) |
|
|
(106 |
) |
|
|
(225 |
) |
|
|
(250 |
) |
Other |
|
|
(3 |
) |
|
|
(49 |
) |
|
|
(9 |
) |
|
|
(17 |
) |
Net cash (used in) provided by investing
activities |
|
|
(767 |
) |
|
|
(1,316 |
) |
|
|
(2,626 |
) |
|
|
8,566 |
|
Financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,015 |
) |
Proceeds from issuance of common stock |
|
|
30 |
|
|
|
21 |
|
|
|
30 |
|
|
|
142 |
|
Cash dividends paid |
|
|
(758 |
) |
|
|
(758 |
) |
|
|
(2,273 |
) |
|
|
(2,321 |
) |
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
Net cash used in financing activities |
|
|
(728 |
) |
|
|
(737 |
) |
|
|
(2,243 |
) |
|
|
(7,198 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
35 |
|
|
|
106 |
|
|
|
(994 |
) |
|
|
(1,144 |
) |
Decrease in cash and cash equivalents |
|
|
(2,725 |
) |
|
|
(7,658 |
) |
|
|
(9,068 |
) |
|
|
(14,330 |
) |
Cash and cash equivalents at beginning of period |
|
|
54,111 |
|
|
|
67,863 |
|
|
|
60,454 |
|
|
|
74,535 |
|
Cash and cash equivalents at end of period |
|
$ |
51,386 |
|
|
$ |
60,205 |
|
|
$ |
51,386 |
|
|
$ |
60,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richardson Electronics, Ltd. |
Net Sales and Gross Profit |
For the Third Quarter and First Nine Months of
Fiscal 2017 and Fiscal 2016
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Strategic Business Unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
|
Q3 |
|
|
|
|
|
|
Q3 |
|
|
|
|
|
|
FY 2017 |
|
|
|
|
|
|
FY 2016 |
|
|
% Change |
|
PMT |
|
$ |
24,763 |
|
|
|
|
|
|
$ |
23,008 |
|
|
7.6 |
% |
Canvys |
|
|
4,824 |
|
|
|
|
|
|
|
5,190 |
|
|
-7.1 |
% |
Healthcare |
|
|
2,726 |
|
|
|
|
|
|
|
3,093 |
|
|
-11.9 |
% |
Total |
|
$ |
32,313 |
|
|
|
|
|
|
$ |
31,291 |
|
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD |
|
|
|
|
|
|
YTD |
|
|
|
|
|
|
FY 2017 |
|
|
|
|
|
|
FY 2016 |
|
|
% Change |
|
PMT |
|
$ |
75,373 |
|
|
|
|
|
|
$ |
75,365 |
|
|
0.0 |
% |
Canvys |
|
|
14,883 |
|
|
|
|
|
|
|
17,773 |
|
|
-16.3 |
% |
Healthcare |
|
|
9,257 |
|
|
|
|
|
|
|
9,310 |
|
|
-0.6 |
% |
Total |
|
$ |
99,513 |
|
|
|
|
|
|
$ |
102,448 |
|
|
-2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
Q3 |
|
|
% of Net |
|
|
|
Q3 |
|
|
% of Net |
|
|
|
FY 2017 |
|
|
Sales |
|
|
|
FY 2016 |
|
|
Sales |
|
PMT |
|
$ |
8,075 |
|
|
32.6 |
% |
|
|
$ |
7,140 |
|
|
31.0 |
% |
Canvys |
|
|
1,331 |
|
|
27.6 |
% |
|
|
|
1,204 |
|
|
23.2 |
% |
Healthcare |
|
|
1,286 |
|
|
47.2 |
% |
|
|
|
1,406 |
|
|
45.5 |
% |
Total |
|
$ |
10,692 |
|
|
33.1 |
% |
|
|
$ |
9,750 |
|
|
31.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
YTD |
|
|
% of Net |
|
|
|
YTD |
|
|
% of Net |
|
|
|
FY 2017 |
|
|
Sales |
|
|
|
FY 2016 |
|
|
Sales |
|
PMT |
|
$ |
23,803 |
|
|
31.6 |
% |
|
|
$ |
22,793 |
|
|
30.2 |
% |
Canvys |
|
|
4,222 |
|
|
28.4 |
% |
|
|
|
4,439 |
|
|
25.0 |
% |
Healthcare |
|
|
3,871 |
|
|
41.8 |
% |
|
|
|
4,215 |
|
|
45.3 |
% |
Total |
|
$ |
31,896 |
|
|
32.1 |
% |
|
|
$ |
31,447 |
|
|
30.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For Details Contact: Edward J. Richardson Chairman and CEO Phone: (630) 208-2205 Robert J. Ben EVP & CFO (630) 208-2203