Richardson Electronics Reports Third Quarter Fiscal 2020

Richardson Electronics Reports Third Quarter Fiscal 2020 Operating Profit and Declares Quarterly Cash Dividend

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 5, 2019 and other reports we file with the Securities and Exchange Commission. 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
	February 29, 2020		June 1, 2019
Assets
Current assets:
Cash and cash equivalents	$	30,875	$	42,019
Accounts receivable, less allowance of $194 and $339, respectively		23,074		24,296
Inventories, net		56,677		53,232
Prepaid expenses and other assets		2,910		3,067
Investments - current		13,000		8,000
Total current assets		126,536		130,614
Non-current assets:
Property, plant and equipment, net		17,999		19,111
Intangible assets, net		2,572		2,763
Lease ROU asset		3,727		—
Non-current deferred income taxes		574		529
Total non-current assets		24,872		22,403
Total assets	$	151,408	$	153,017
Liabilities and Stockholders ’ Equity
Current liabilities:
Accounts payable	$	14,675	$	16,943
Accrued liabilities		11,002		11,273
Lease liability current		1,566		—
Total current liabilities		27,243		28,216
Non-current liabilities:
Non-current deferred income tax liabilities		314		212
Lease liability non-current		2,204		—
Other non-current liabilities		742		832
Total non-current liabilities		3,260		1,044
Total liabilities		30,503		29,260
Stockholders ’ equity
Common stock, $0.05 par value; issued and outstanding 11,038 shares at February 29, 2020 and 10,957 shares at June 1, 2019		552		547
Class B common stock, convertible, $0.05 par value; issued and outstanding 2,097 shares at February 29, 2020 and June 1, 2019		105		105
Preferred stock, $1.00 par value, no shares issued		—		—
Additional paid-in-capital		61,593		61,012
Common stock in treasury, at cost, no shares at February 29, 2020 and June 1, 2019		—		—
Retained earnings		56,819		59,703
Accumulated other comprehensive income		1,836		2,390
Total stockholders ’ equity		120,905		123,757
Total liabilities and stockholders ’ equity	$	151,408	$	153,017

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