Net loss for fiscal 2019 was $7.3 million, compared to a net income of $3.8 million inclusive of the tax refund for fiscal 2018.

CASH DIVIDEND

The Company also announced today that its Board of Directors declared a $0.06 quarterly dividend per share to holders of common stock and a $0.054 cash dividend per share to holders of Class B common stock. The dividend will be payable on August 23, 2019, to common stockholders of record as of August 7, 2019.

Cash and investments at the end of fiscal 2019 were $50.0 million compared to $49.4 million at the end of the third quarter of fiscal 2019 and $60.5 million at the end of fiscal 2018. The Company spent $0.7 million during the quarter on capital expenditures primarily relating to equipment for Richardson Healthcare and our IT system versus $1.0 million during the fourth quarter of fiscal 2018. During the fourth quarter of fiscal 2019, the Company did not repurchase any shares of its common stock. Currently, there are 11.0 million outstanding shares of common stock and 2.1 million outstanding shares of Class B common stock.

CONFERENCE CALL INFORMATION

On Thursday, July 25, 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 fourth quarter and fiscal year 2019 results.  A question and answer session will be included as part of the call’s agenda.

Step 1:	Dial into the conference
	Dial-in: 1-877-369-5230 or 1-617-668-3632
	Access Code: 0421707##
	Need an international dial-in number?
Step 2:	Join the conference on your computer
	Entry Link: https://ems8.intellor.com/login/816581

When you access the entry link above, you will be provided a choice - to install the WebEx plug-in for your preferred browser or to join the web conference using a temporary path. Either option is acceptable.

Need urgent assistance? Call 1-301-250-7202

A replay of the call will be available beginning at 11:00 a.m. CDT on July 26, 2019.  The toll-free telephone number for the replay is (877) 774-0327 or (302) 202-4127.

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)
		June 1, 2019				June 2, 2018
Assets
Current assets:
Cash and cash equivalents		$	42,019			$	60,465
Accounts receivable, less allowance of $339 and $309, respectively			24,296				22,892
Inventories, net			53,232				50,720
Prepaid expenses and other assets			3,067				3,747
Investments - current			8,000				—
Total current assets			130,614				137,824
Non-current assets:
Property, plant and equipment, net			19,111				18,232
Goodwill			—				6,332
Intangible assets, net			2,763				3,014
Non-current deferred income taxes			529				927
Total non-current assets			22,403				28,505
Total assets		$	153,017			$	166,329
Liabilities and Stockholders ’ Equity
Current liabilities:
Accounts payable		$	16,943			$	19,603
Accrued liabilities			11,273				10,343
Total current liabilities			28,216				29,946
Non-current liabilities:
Non-current deferred income tax liabilities			212				281
Other non-current liabilities			832				921
Total non-current liabilities			1,044				1,202
Total liabilities			29,260				31,148
Commitments and Contingencies
Stockholders ’ equity
Common stock, $0.05 par value; issued and outstanding 10,957 shares at June 1, 2019 and 10,806			547				540
shares at June 2, 2018
Class B common stock, convertible, $0.05 par value; issued and outstanding 2,097 shares at June 1, 2019 and 2,137			105				107
shares at June 2, 2018
Preferred stock, $1.00 par value, no shares issued			—				—
Additional paid-in-capital			61,012				60,061
Common stock in treasury, at cost, no shares at June 1, 2019 and at June 2, 2018			—				—
Retained earnings			59,703				70,107
Accumulated other comprehensive income			2,390				4,366
Total stockholders ’ equity			123,757				135,181
Total liabilities and stockholders ’ equity		$	153,017			$	166,329

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