CONFERENCE CALL INFORMATION
On Wednesday, April 10, 2019, at 9:00 a.m. CDT, Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call to discuss the Company’s third quarter results for fiscal year 2019. A question and answer session will be included as part of the call’s agenda. The entry link to join the conference on your computer: http://ems8.intellor.com/login/814035 and then dial into the conference: 1-877-369-5230 or for International calls 1-617-668-3632; Access Code: 0530219##. A replay of the call will be available beginning at 10:00 a.m. CDT on April 11, 2019, for seven days. The toll-free telephone number for the replay is (844) 399-9561 and International replay is 302-721-6879. If you need technical assistance, please call the AT&T Help Desk at 1-888-796-6118 or 1-847-562-7015.
FORWARD-LOOKING STATEMENTS
This release includes certain “forward-looking” statements as defined by the Securities and Exchange Commission. Statements in this press release regarding the Company’s business which are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K filed on August 2, 2018. The Company assumes no responsibility to update the “forward-looking” statements in this release as a result of new information, future events, or otherwise.
ABOUT RICHARDSON ELECTRONICS, LTD.
Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high value flat panel detector solutions, replacement parts, tubes and service training for diagnostic imaging equipment; and customized display solutions. 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. More information is available at www.rell.com.
Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.
Richardson Electronics, Ltd.
Consolidated Balance Sheets
(in thousands, except per share amounts)
| Unaudited | Audited | |||||||
| March 2, 2019 | June 2, 2018 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 33,869 | $ | 60,465 | ||||
| Accounts receivable, less allowance of $422 and $309, respectively | 23,102 | 22,892 | ||||||
| Inventories, net | 53,094 | 50,720 | ||||||
| Prepaid expenses and other assets | 3,365 | 3,747 | ||||||
| Investments - current | 15,500 | — | ||||||
| Total current assets | 128,930 | 137,824 | ||||||
| Non-current assets: | ||||||||
| Property, plant and equipment, net | 19,316 | 18,232 | ||||||
| Goodwill | 6,332 | 6,332 | ||||||
| Intangible assets, net | 2,829 | 3,014 | ||||||
| Non-current deferred income taxes | 641 | 927 | ||||||
| Total non-current assets | 29,118 | 28,505 | ||||||
| Total assets | $ | 158,048 | $ | 166,329 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 14,052 | $ | 19,603 | ||||
| Accrued liabilities | 11,292 | 10,343 | ||||||
| Total current liabilities | 25,344 | 29,946 | ||||||
| Non-current liabilities: | ||||||||
| Non-current deferred income tax liabilities | 281 | 281 | ||||||
| Other non-current liabilities | 948 | 921 | ||||||
| Total non-current liabilities | 1,229 | 1,202 | ||||||
| Total liabilities | 26,573 | 31,148 | ||||||
| Stockholders’ equity | ||||||||
| Common stock, $0.05 par value; issued and outstanding 10,956 shares at March 2, 2019 and 10,806 shares at June 2, 2018 | 547 | 540 | ||||||
| Class B common stock, convertible, $0.05 par value; issued and outstanding 2,097
shares at March 2, 2019 and 2,137 shares at June 2, 2018 | 105 | 107 | ||||||
| Preferred stock, $1.00 par value, no shares issued | — | — | ||||||
| Additional paid-in-capital | 60,846 | 60,061 | ||||||
| Common stock in treasury, at cost, no shares at March 2, 2019 and June 2, 2018 | — | — | ||||||
| Retained earnings | 66,851 | 70,107 | ||||||
| Accumulated other comprehensive income | 3,126 | 4,366 | ||||||
| Total stockholders’ equity | 131,475 | 135,181 | ||||||
| Total liabilities and stockholders’ equity | $ | 158,048 | $ | 166,329 | ||||
Richardson Electronics, Ltd.
