Richey Has a Lackluster Quarter Despite Seeing 23% Hike in Sales

Richey Electronics Inc., a distributor of electronic components, posted flat earnings for the fourth quarter, while sales rose 23%.

The company said net income for the three months totaled $1.9 million, or 20 cents a share, unchanged from a year ago. Sales rose to $69 million from $55.9 million. Net income for the year increased 8% to $7 million, or 73 cents a share, from $6.5 million, or 70 cents a share, in 1996. Sales were up 11% to $250.2 million from $226.2 million.

Richey also announced that its board of directors authorized the company to repurchase up to 500,000 shares of its common stock from time to time on the open market.