Richardson Electronics meets conditions of technical default waiver

By Ted A. Knutson

Washington, Jan. 21 - Richardson Electronics, Ltd. said it has satisfied conditions of a waiver issued by lenders when the company violated debt covenants by failing to file its second quarter Securities and Exchange Commission 10-Q report on time.

That filing was registered Jan. 21 with the SEC.

LaFox, Ill.-based Richardson, a maker of electronics components, said it was late with the filing because an outside auditor found errors in foreign exchange gains and losses reported in Fiscal 2001 and 2002.

The company said correcting the error amounts to $580,000 on a cumulative, net of tax basis.

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