Richardson Electronics Reports First Quarter Fiscal 2021 Results and Declares Quarterly Cash Dividend
Richardson Electronics, Ltd.
Unaudited Consolidated S
tatements of Cash Flows
(in thousands) |
| |
| | |
Three Months Ended | |
| | |
August 29, 2020 | | |
August 31, 2019 | |
|
Operating activities: | | | | | | | | |
|
Net (loss) income | | $ | (1,147 | ) | | $ | 157 | |
| Adjustments to reconcile net (loss) income to cash used in operating activities: | | | | | | | | |
| Depreciation and amortization | | | 873 | | | | 833 | |
| Inventory provisions | | | 237 | | | | 161 | |
| Loss on disposal of assets | | | — | | | | 1 | |
| Share-based compensation expense | | | 201 | | | | 188 | |
| Deferred income taxes | | | 2 | | | | (48 | ) |
| Change in assets and liabilities: | | | | | | | | |
| Accounts receivable | | | (854 | ) | | | 2,161 | |
| Inventories | | | (1,621 | ) | | | (1,357 | ) |
| Prepaid expenses and other assets | | | 109 | | | | 625 | |
| Accounts payable | | | (2,734 | ) | | | (3,955 | ) |
| Accrued liabilities | | | 1,779 | | | | (876 | ) |
| Other | | | (202 | ) | | | 56 | |
|
Net cash used in operating activities | | |
(3,357 |
) | | |
(2,054 |
) |
|
Investing activities: | | | | | | | | |
| Capital expenditures | | | (718 | ) | | | (339 | ) |
| Proceeds from maturity of investments | | | 16,000 | | | | 8,000 | |
| Purchases of investments | | | (9,000 | ) | | | — | |
|
Net cash provided by investing activities | | |
6,282 | | | |
7,661 | |
|
Financing activities: | | | | | | | | |
| Cash dividends paid | | | (780 | ) | | | (775 | ) |
| Payment of financing lease principal | | | (45 | ) | | | (30 | ) |
| Other | | | — | | | | 4 | |
|
Net cash used in financing activities | | |
(825 |
) | | |
(801 |
) |
| Effect of exchange rate changes on cash and cash equivalents | | | 860 | | | | (368 | ) |
|
Increase in cash and cash equivalents | | |
2,960 | | | |
4,438 | |
| Cash and cash equivalents at beginning of period | | | 30,535 | | | | 42,019 | |
|
Cash and cash equivalents at end of period | |
$ |
33,495 | | |
$ |
46,457 | |
