Richey Electronics Inc.: The Garden Grove electronic...

Richey Electronics Inc.: The Garden Grove electronic components distributor reported profit for 1995 of $2.9 million, or 36 cents a share, which included a pretax charge of $1.5 million in the fourth quarter for restructuring costs related to the acquisition of Deanco Inc. That compares with net income of $1.9 million, or 32 cents a share, for 1994. Sales rose 30% to $117.1 million from $90.3 million. Net income for the fourth quarter was $209,000, or 2 cents a share, down from $535,000, or 9 cents a share, for the fourth quarter of 1994. Sales increased 39% to $33.4 million from $24.1 million.

Richey also announced a $50-million proposed private offering of convertible debt and that it signed a letter of intent to acquire privately held MS Electronics Inc., a Maryland-based distributor of electronic components.