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Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Cash Flows (in thousands) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
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February 29,
2020 |
March 2,
2019 |
February 29,
2020 |
March 2,
2019 | |||||||||||||
| Operating activities: | ||||||||||||||||
| Net loss | $ | (93 | ) | $ | (1,078 | ) | $ | (558 | ) | $ | (951 | ) | ||||
| Adjustments to reconcile net loss to cash used in operating activities: | ||||||||||||||||
| Depreciation and amortization | 856 | 794 | 2,514 | 2,350 | ||||||||||||
| Inventory provisions | 221 | 203 | 502 | 568 | ||||||||||||
| Loss on disposal of assets | — | — | 1 | — | ||||||||||||
| Share-based compensation expense | 157 | 176 | 527 | 571 | ||||||||||||
| Deferred income taxes | 76 | 113 | 51 | 268 | ||||||||||||
| Change in assets and liabilities: | ||||||||||||||||
| Accounts receivable | (760 | ) | (478 | ) | 1,066 | (576 | ) | |||||||||
| Inventories | (754 | ) | (1,484 | ) | (4,173 | ) | (3,315 | ) | ||||||||
| Prepaid expenses and other assets | (56 | ) | 614 | 146 | 332 | |||||||||||
| Accounts payable | (726 | ) | (1,561 | ) | (2,091 | ) | (5,442 | ) | ||||||||
| Accrued liabilities | 152 | 309 | (238 | ) | 880 | |||||||||||
| Other | 2 | (86 | ) | (107 | ) | 88 | ||||||||||
| Net cash used in operating activities | (925 | ) | (2,478 | ) | (2,360 | ) | (5,227 | ) | ||||||||
| Investing activities: | ||||||||||||||||
| Capital expenditures | (430 | ) | (974 | ) | (1,244 | ) | (3,166 | ) | ||||||||
| Proceeds from maturity of investments | — | 2,300 | 8,000 | 2,300 | ||||||||||||
| Purchases of investments | — | (12,500 | ) | (13,000 | ) | (17,800 | ) | |||||||||
| Net cash used in investing activities | (430 | ) | (11,174 | ) | (6,244 | ) | (18,666 | ) | ||||||||
| Financing activities: | ||||||||||||||||
| Proceeds from issuance of common stock | — | 16 | 59 | 219 | ||||||||||||
| Cash dividends paid | (776 | ) | (771 | ) | (2,326 | ) | (2,305 | ) | ||||||||
| Payment of financing lease principal | (46 | ) | — | (121 | ) | — | ||||||||||
| Net cash used in financing activities | (822 | ) | (755 | ) | (2,388 | ) | (2,086 | ) | ||||||||
| Effect of exchange rate changes on cash and cash equivalents | (2 | ) | 417 | (152 | ) | (617 | ) | |||||||||
| Decrease in cash and cash equivalents | (2,179 | ) | (13,990 | ) | (11,144 | ) | (26,596 | ) | ||||||||
| Cash and cash equivalents at beginning of period | 33,054 | 47,859 | 42,019 | 60,465 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 30,875 | $ | 33,869 | $ | 30,875 | $ | 33,869 | ||||||||
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Richardson Electronics Reports Third Quarter Fiscal 2020 Operating Profit and Declares Quarterly Cash Dividend
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