Richardson Electronics Reports Fourth Quarter Fiscal 2017 Results and Declares Quarterly Cash Dividend
Richardson Electronics, Ltd.
|
Audited Consolidated Statements of Cash Flows
|
(in thousands)
| | | | | | | |
Fiscal Year
Ended | | |
|
May 27, 2017 |
|
May 28, 2016 | |
Operating activities: | | | | | | | | | |
Net loss | | $ | (6,928 | ) | | $ | (6,766 | ) | | Adjustments to reconcile net loss to cash provided by (used in) operating activities: | | | | | | | | | | Depreciation and amortization | | | 2,740 | | | | 2,381 | | | Inventory provisions | | | 456 | | | | 690 | | | Loss (gain) on sale of investments | | | (6 | ) | | | 1 | | | Gain on disposal of business | | | (209 | ) | | | — | | | Gain on disposal of assets | | | — | | | | (244 | ) | | Share-based compensation expense | | | 437 | | | | 548 | | | Deferred income taxes | | | (55 | ) | | | 201 | | | Change in assets and liabilities, net of effect of acquired business: | | | | | | | | | | Accounts receivable | | | 4,167 | | | | (3,521 | ) | | Income tax receivable | | | 17 | | | | 912 | | | Inventories | | | 2,408 | | | | (5,865 | ) | | Prepaid expenses and other assets | | | (1,318 | ) | | | (16 | ) | | Accounts payable | | | 1,037 | | | | (899 | ) | | Accrued liabilities | | | (699 | ) | | | (1,027 | ) | | Long-term liabilities-accrued pension | | | (249 | ) | | | (465 | ) | | Other | | | 11 | | | | 486 | | |
Net cash provided by (used in) operating activities |
|
|
1,809 | |
|
|
(13,584 |
) | |
Investing activities: | | | | | | | | | | Cash consideration paid for acquired business | | | — | | | | (12,209 | ) | | Capital expenditures | | | (5,221 | ) | | | (4,813 | ) | | Proceeds from sales of assets | | | — | | | | 402 | | | Proceeds from maturity of investments | | | 3,582 | | | | 27,026 | | | Purchases of investments | | | (2,136 | ) | | | (2,151 | ) | | Proceeds from sales of available-for-sale securities | | | 306 | | | | 268 | | | Purchases of available-for-sale securities | | | (306 | ) | | | (268 | ) | | Other | | | (12 | ) | | | (20 | ) | |
Net cash (used in) provided by investing activities |
|
|
(3,787 |
) |
|
|
8,235 | | |
Financing activities: | | | | | | | | | | Repurchase of common stock | | | — | | | | (5,015 | ) | | Proceeds from issuance of common stock | | | 30 | | | | 142 | | | Cash dividends paid | | | (3,031 | ) | | | (3,079 | ) | | Other | | | — | | | | (4 | ) | |
Net cash used in financing activities |
|
|
(3,001 |
) |
|
|
(7,956 |
) | | Effect of exchange rate changes on cash and cash equivalents | | | (148 | ) | | | (776 | ) | |
Decrease in cash and cash equivalents |
|
|
(5,127 |
) |
|
|
(14,081 |
) | | Cash and cash equivalents at beginning of period | | | 60,454 | | | | 74,535 | | |
Cash and cash equivalents at end of period |
|
$ |
55,327 |
|
|
$ |
60,454 |
|
|
