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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 2, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from To

Commission File Number: 0-12906

 

img207181279_0.jpg 

RICHARDSON ELECTRONICS, LTD.

 

(Exact name of registrant as specified in its charter)

 

 

Delaware

36-2096643

(State or other jurisdiction of

     incorporation or organization)

(I.R.S. Employer

     Identification No.)

 

40W267 Keslinger Road, P.O. Box 393

LaFox, Illinois 60147-0393

(Address of principal executive offices)

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

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

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common stock, $0.05 Par Value

 

RELL

 

NASDAQ Global Select Market

 

Securities registered pursuant to Section 12(g) of the Act: None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

 

Accelerated Filer

Non-Accelerated Filer

 

Smaller Reporting Company

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes No

As of April 9, 2024, there were 12,226,953 outstanding shares of Common Stock, $0.05 par value and 2,051,488 outstanding shares of Class B Common Stock, $0.05 par value, which are convertible into Common Stock of the registrant on a share for share basis.

 


 

TABLE OF CONTENTS

 

Page

 

 

 

 

 

 

 

 

Part I.

Financial Information

 

 

Item 1.

Financial Statements

2

Unaudited Consolidated Balance Sheets

2

Unaudited Consolidated Statements of Comprehensive Income

3

Unaudited Consolidated Statements of Cash Flows

4

Unaudited Consolidated Statement of Stockholders’ Equity

5

Notes to Unaudited Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

25

Item 4.

Controls and Procedures

25

 

Part II.

Other Information

 

 

Item 1.

Legal Proceedings

26

Item 1A.

Risk Factors

26

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

26

Item 5.

Other Information

26

Item 6.

Exhibits

27

Exhibit Index

27

Signatures

28

 

1


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Richardson Electronics, Ltd.

Consolidated Balance Sheets

(in thousands, except per share amounts)

 

 

 

Unaudited

 

 

Audited

 

 

 

March 2, 2024

 

 

May 27, 2023

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

18,880

 

 

$

24,981

 

Accounts receivable, less allowance of $233 and $191, respectively

 

 

29,131

 

 

 

30,067

 

Inventories, net

 

 

112,635

 

 

 

110,402

 

Prepaid expenses and other assets

 

 

2,741

 

 

 

2,633

 

Total current assets

 

 

163,387

 

 

 

168,083

 

Non-current assets:

 

 

 

 

 

 

Property, plant and equipment, net

 

 

20,723

 

 

 

20,823

 

Intangible assets, net

 

 

1,704

 

 

 

1,892

 

Right of use lease asset

 

 

3,120

 

 

 

2,457

 

Deferred income taxes

 

 

4,471

 

 

 

4,526

 

Other non-current assets

 

 

200

 

 

 

267

 

Total non-current assets

 

 

30,218

 

 

 

29,965

 

Total assets

 

$

193,605

 

 

$

198,048

 

Liabilities

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

18,393

 

 

$

23,535

 

Accrued liabilities

 

 

12,660

 

 

 

12,026

 

Lease liability current

 

 

1,234

 

 

 

1,028

 

Total current liabilities

 

 

32,287

 

 

 

36,589

 

Non-current liabilities:

 

 

 

 

 

 

Non-current deferred income tax liabilities

 

 

96

 

 

 

98

 

Lease liability non-current

 

 

1,886

 

 

 

1,429

 

Other non-current liabilities

 

 

715

 

 

 

612

 

Total non-current liabilities

 

 

2,697

 

 

 

2,139

 

Total liabilities

 

 

34,984

 

 

 

38,728

 

Stockholders’ Equity

 

 

 

 

 

 

Common stock, $0.05 par value; 12,227 shares issued and outstanding on
    March 2, 2024 and
12,140 shares issued and outstanding on May 27, 2023

 

 

611

 

 

 

607

 

Class B common stock, convertible, $0.05 par value; 2,052 shares issued
    and outstanding on March 2, 2024 and
2,052 shares issued and
    outstanding on May 27, 2023

 

 

103

 

 

 

103

 

Preferred stock, $1.00 par value, no shares issued

 

 

 

 

 

 

Additional paid-in-capital

 

 

72,215

 

 

 

70,951

 

Retained earnings

 

 

84,692

 

 

 

87,044

 

Accumulated other comprehensive income

 

 

1,000

 

 

 

615

 

Total stockholders' equity

 

 

158,621

 

 

 

159,320

 

Total liabilities and stockholders’ equity

 

$

193,605

 

 

$

198,048

 

 

2


 

Richardson Electronics, Ltd.

Unaudited Consolidated Statements of Comprehensive Income

(in thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 2, 2024

 

 

February 25, 2023

 

 

March 2, 2024

 

 

February 25, 2023

 

Net sales

 

$

52,375

 

 

$

70,364

 

 

$

149,086

 

 

$

203,826

 

Cost of sales

 

 

36,939

 

 

 

47,959

 

 

 

103,844

 

 

 

136,543

 

Gross profit

 

 

15,436

 

 

 

22,405

 

 

 

45,242

 

 

 

67,283

 

Selling, general and administrative expenses

 

 

14,430

 

 

 

14,779

 

 

 

44,710

 

 

 

43,704

 

Loss (gain) on disposal of assets

 

 

 

 

 

13

 

 

 

70

 

 

 

(12

)

Operating income

 

 

1,006

 

 

 

7,613

 

 

 

462

 

 

 

23,591

 

Other expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

Investment/interest income

 

 

(67

)

 

 

(76

)

 

 

(224

)

 

 

(179

)

Foreign exchange loss (gain)

 

 

101

 

 

 

(292

)

 

 

347

 

 

 

305

 

Other, net

 

 

(7

)

 

 

(14

)

 

 

43

 

 

 

(29

)

Total other expense (income)

 

 

27

 

 

 

(382

)

 

 

166

 

 

 

97

 

Income before income taxes

 

 

979

 

 

 

7,995

 

 

 

296

 

 

 

23,494

 

Income tax provision

 

 

229

 

 

 

1,655

 

 

 

116

 

 

 

5,281

 

Net income

 

 

750

 

 

 

6,340

 

 

 

180

 

 

 

18,213

 

Foreign currency translation (loss) gain, net of tax

 

 

(205

)

 

 

629

 

 

 

385

 

 

 

(710

)

Comprehensive income

 

$

545

 

 

$

6,969

 

 

$

565

 

 

$

17,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Common shares - Basic

 

$

0.05

 

 

$

0.46

 

 

$

0.01

 

 

$

1.33

 

Class B common shares - Basic

 

 

0.05

 

 

 

0.41

 

 

 

0.01

 

 

 

1.19

 

Common shares - Diluted

 

 

0.05

 

 

 

0.44

 

 

 

0.01

 

 

 

1.27

 

Class B common shares - Diluted

 

 

0.05

 

 

 

0.40

 

 

 

0.01

 

 

 

1.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares:

 

 

 

 

 

 

 

 

 

 

 

 

Common shares – Basic

 

 

12,227

 

 

 

12,047

 

 

 

12,208

 

 

 

11,893

 

Class B common shares – Basic

 

 

2,052

 

 

 

2,052

 

 

 

2,052

 

 

 

2,053

 

Common shares – Diluted

 

 

12,445

 

 

 

12,666

 

 

 

12,480

 

 

 

12,524

 

Class B common shares – Diluted

 

 

2,052

 

 

 

2,052

 

 

 

2,052

 

 

 

2,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share:

 

 

 

 

 

 

 

 

 

 

 

 

Common share

 

$

0.060

 

 

$

0.060

 

 

$

0.180

 

 

$

0.180

 

Class B common share

 

 

0.054

 

 

 

0.054

 

 

 

0.162

 

 

 

0.162

 

 

3


 

Richardson Electronics, Ltd.

Unaudited Consolidated Statements of Cash Flows

(in thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 2, 2024

 

 

February 25, 2023

 

 

March 2, 2024

 

 

February 25, 2023

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

750

 

 

$

6,340

 

 

$

180

 

 

$

18,213

 

Adjustments to reconcile net income to cash used in operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1,104

 

 

 

912

 

 

 

3,218

 

 

 

2,688

 

Inventory provisions

 

 

173

 

 

 

115

 

 

 

450

 

 

 

310

 

Share-based compensation expense

 

 

279

 

 

 

206

 

 

 

1,045

 

 

 

730

 

Loss (gain) on disposal of assets

 

 

 

 

 

13

 

 

 

70

 

 

 

(12

)

Deferred income taxes

 

 

(4

)

 

 

(1

)

 

 

42

 

 

 

27

 

Change in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(5,254

)

 

 

(7,189

)

 

 

998

 

 

 

(12,694

)

Inventories

 

 

3,974

 

 

 

(3,638

)

 

 

(2,246

)

 

 

(21,764

)

Prepaid expenses and other assets

 

 

151

 

 

 

(153

)

 

 

(58

)

 

 

(578

)

Accounts payable

 

 

(4,072

)

 

 

(12

)

 

 

(5,204

)

 

 

784

 

Accrued liabilities

 

 

247

 

 

 

(661

)

 

 

625

 

 

 

486

 

Other

 

 

121

 

 

 

(192

)

 

 

164

 

 

 

397

 

Net cash used in operating activities

 

 

(2,531

)

 

 

(4,260

)

 

 

(716

)

 

 

(11,413

)

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(401

)

 

 

(2,230

)

 

 

(3,057

)

 

 

(4,973

)

Proceeds from maturity of investments

 

 

 

 

 

5,000

 

 

 

 

 

 

5,000

 

Proceeds from sale of property, plant & equipment

 

 

 

 

 

 

 

 

 

 

 

193

 

Net cash (used in) provided by investing activities

 

 

(401

)

 

 

2,770

 

 

 

(3,057

)

 

 

220

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

 

 

 

 

511

 

 

 

342

 

 

 

3,413

 

Cash dividends paid on Common and Class B Common shares

 

 

(844

)

 

 

(834

)

 

 

(2,532

)

 

 

(2,484

)

Proceeds from short-term borrowing

 

 

3,744

 

 

 

 

 

 

3,744

 

 

 

 

Repayment of short-term borrowing

 

 

(3,744

)

 

 

 

 

 

(3,744

)

 

 

 

Other

 

 

 

 

 

 

 

 

(119

)

 

 

(69

)

Net cash (used in) provided by financing activities

 

 

(844

)

 

 

(323

)

 

 

(2,309

)

 

 

860

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(113

)

 

 

352

 

 

 

(19

)

 

 

(517

)

Decrease in cash and cash equivalents

 

 

(3,889

)

 

 

(1,461

)

 

 

(6,101

)

 

 

(10,850

)

Cash and cash equivalents at beginning of period

 

 

22,769

 

 

 

26,106

 

 

 

24,981

 

 

 

35,495

 

Cash and cash equivalents at end of period

 

$

18,880

 

 

$

24,645

 

 

$

18,880

 

 

$

24,645

 

 

4


 

Richardson Electronics, Ltd.

Unaudited Consolidated Statement of Stockholders’ Equity

(in thousands, except per share amounts)

 

 

 

Common

 

 

Class B
Common

 

 

Par
Value

 

 

Additional
Paid In
Capital

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total

 

Balance December 2, 2023

 

 

12,227

 

 

 

2,052

 

 

$

714

 

 

$

71,936

 

 

$

84,786

 

 

$

1,205

 

 

$

158,641

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

750

 

 

 

 

 

 

750

 

Foreign currency translation, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(205

)

 

 

(205

)

Share-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock

 

 

 

 

 

 

 

 

 

 

 

172

 

 

 

 

 

 

 

 

 

172

 

Stock options

 

 

 

 

 

 

 

 

 

 

 

107

 

 

 

 

 

 

 

 

 

107

 

Dividends paid to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common ($0.060 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(733

)

 

 

 

 

 

(733

)

Class B Common ($0.054 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(111

)

 

 

 

 

 

(111

)

Balance March 2, 2024

 

 

12,227

 

 

 

2,052

 

 

$

714

 

 

$

72,215

 

 

$

84,692

 

 

$

1,000

 

 

$

158,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance May 27, 2023

 

 

12,140

 

 

 

2,052

 

 

$

710

 

 

$

70,951

 

 

$

87,044

 

 

$

615

 

 

$

159,320

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

180

 

 

 

 

 

 

180

 

Foreign currency translation, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

385

 

 

 

385

 

Share-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock

 

 

 

 

 

 

 

 

 

 

 

513

 

 

 

 

 

 

 

 

 

513

 

Stock options

 

 

 

 

 

 

 

 

 

 

 

532

 

 

 

 

 

 

 

 

 

532

 

Common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercised

 

 

50

 

 

 

 

 

 

2

 

 

 

340

 

 

 

 

 

 

 

 

 

342

 

Restricted stock issuance

 

 

37

 

 

 

 

 

 

2

 

 

 

(121

)

 

 

 

 

 

 

 

 

(119

)

Dividends paid to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common ($0.180 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,199

)

 

 

 

 

 

(2,199

)

Class B Common ($0.162 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(333

)

 

 

 

 

 

(333

)

Balance March 2, 2024

 

 

12,227

 

 

 

2,052

 

 

$

714

 

 

$

72,215

 

 

$

84,692

 

 

$

1,000

 

 

$

158,621

 

 

 

 

5


 

 

 

Common

 

 

Class B
Common

 

 

Par
Value

 

 

Additional
Paid In
Capital

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total

 

Balance November 26, 2022:

 

 

12,022

 

 

 

2,052

 

 

$

704

 

 

$

69,669

 

 

$

78,254

 

 

$

(539

)

 

$

148,088

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,340

 

 

 

 

 

 

6,340

 

Foreign currency translation, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

629

 

 

 

629

 

Share-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock

 

 

 

 

 

 

 

 

 

 

 

140

 

 

 

 

 

 

 

 

 

140

 

Stock options

 

 

 

 

 

 

 

 

 

 

 

66

 

 

 

 

 

 

 

 

 

66

 

Common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercised

 

 

63

 

 

 

 

 

 

3

 

 

 

508

 

 

 

 

 

 

 

 

 

511

 

Dividends paid to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common ($0.060 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(724

)

 

 

 

 

 

(724

)

Class B Common ($0.054 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(110

)

 

 

 

 

 

(110

)

Balance February 25, 2023

 

 

12,085

 

 

 

2,052

 

 

$

707

 

 

$

70,383

 

 

$

83,760

 

 

$

90

 

 

$

154,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance May 28, 2022:

 

 

11,649

 

 

 

2,053

 

 

$

685

 

 

$

66,331

 

 

$

68,031

 

 

$

800

 

 

$

135,847

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,213

 

 

 

 

 

 

18,213

 

Foreign currency translation, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(710

)

 

 

(710

)

Share-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock

 

 

 

 

 

 

 

 

 

 

 

402

 

 

 

 

 

 

 

 

 

402

 

Stock options

 

 

 

 

 

 

 

 

 

 

 

328

 

 

 

 

 

 

 

 

 

328

 

Common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercised

 

 

386

 

 

 

 

 

 

20

 

 

 

3,393

 

 

 

 

 

 

 

 

 

3,413

 

Restricted stock issuance

 

 

49

 

 

 

 

 

 

2

 

 

 

(71

)

 

 

 

 

 

 

 

 

(69

)

Class B converted to Common

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common ($0.180 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,152

)

 

 

 

 

 

(2,152

)

Class B Common ($0.162 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(332

)

 

 

 

 

 

(332

)

Balance February 25, 2023

 

 

12,085

 

 

 

2,052

 

 

$

707

 

 

$

70,383

 

 

$

83,760

 

 

$

90

 

 

$

154,940

 

 

6


 

RICHARDSON ELECTRONICS, LTD.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. DESCRIPTION OF THE COMPANY

Richardson Electronics, Ltd. (the "Company", "we", "our") is a leading global manufacturer of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high-value replacement parts, tubes and service training for diagnostic imaging equipment; and customized display solutions. Nearly 55% of our products are manufactured at our facilities located in LaFox, Illinois, Marlborough, Massachusetts and Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All our partners manufacture to our strict specifications and per our supplier code of conduct. 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.

Our products include electron tubes and related components, microwave generators, subsystems used in semiconductor manufacturing and visual technology solutions. These products are used to control, switch or amplify electrical power signals, or are used as display devices in a variety of industrial, commercial, medical and communication applications.

The Company reports its financial performance for the following operating and reportable segments:

Power and Microwave Technologies ("PMT") combines our core engineered solutions capabilities, power grid and microwave tube business with new disruptive RF, Wireless and Power technologies. As a designer, manufacturer, technology partner and authorized distributor, PMT’s strategy is to provide specialized technical expertise and engineered solutions based on our core engineering and manufacturing capabilities on a global basis. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair - all through our existing global infrastructure. PMT’s focus is on products for power, RF and microwave applications for customers in 5G, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. PMT focuses on various applications including broadcast transmission, CO2 laser cutting, diagnostic imaging, dielectric and induction heating, high energy transfer, high voltage switching, plasma, power conversion, radar and radiation oncology. PMT also offers its customers technical services for both microwave and industrial equipment.

Green Energy Solutions ("GES") combines our key technology partners and engineered solutions capabilities to design and manufacture innovative products for the fast-growing energy storage market and power management applications. As a designer, manufacturer, technology partner and authorized distributor, GES’s strategy is to provide specialized technical expertise and engineered solutions using our core design engineering and manufacturing capabilities on a global basis. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair - all through our existing global infrastructure. GES’s focus is on products for numerous green energy applications such as wind, solar, hydrogen and Electric Vehicles, and other power management applications that support green solutions such as synthetic diamond manufacturing.

Canvys provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial and medical original equipment manufacturers markets. Our engineers design, manufacture, source and support a full spectrum of solutions to match the needs of our customers. We offer long-term availability and proven custom display solutions that include touch screens, protective panels, custom enclosures, All-In-One computers, specialized cabinet finishes and application specific software packages and certification services. We partner with both private label manufacturing companies and leading branded hardware vendors to offer the highest quality display and touch solutions and customized computing platforms.