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 that 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 3, 2020, 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 | |||||||
|
November 28,
2020 |
May 30,
2020 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 37,023 | $ | 30,535 | ||||
| Accounts receivable, less allowance of $256 and $334, respectively | 21,077 | 20,197 | ||||||
| Inventories, net | 59,538 | 57,492 | ||||||
| Prepaid expenses and other assets | 2,798 | 2,442 | ||||||
| Investments - current | 9,000 | 16,000 | ||||||
| Total current assets | 129,436 | 126,666 | ||||||
| Non-current assets: | ||||||||
| Property, plant and equipment, net | 17,358 | 17,674 | ||||||
| Intangible assets, net | 2,388 | 2,505 | ||||||
| Lease ROU asset | 2,857 | 3,419 | ||||||
| Non-current deferred income taxes | 529 | 456 | ||||||
| Total non-current assets | 23,132 | 24,054 | ||||||
| Total assets | $ | 152,568 | $ | 150,720 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 15,089 | $ | 17,372 | ||||
| Accrued liabilities | 13,998 | 10,324 | ||||||
| Lease liability current | 1,280 | 1,485 | ||||||
| Total current liabilities | 30,367 | 29,181 | ||||||
| Non-current liabilities: | ||||||||
| Non-current deferred income tax liabilities | 171 | 161 | ||||||
| Lease liability non-current | 1,512 | 1,941 | ||||||
| Other non-current liabilities | 884 | 777 | ||||||
| Total non-current liabilities | 2,567 | 2,879 | ||||||
| Total liabilities | 32,934 | 32,060 | ||||||
| Stockholders’ equity | ||||||||
| Common stock, $0.05 par value; issued and outstanding 11,111 shares on
November 28, 2020 and 11,038 shares on May 30, 2020 | 556 | 552 | ||||||
| Class B common stock, convertible, $0.05 par value; issued and outstanding
2,097 shares on November 28, 2020 and May 30, 2020 | 105 | 105 | ||||||
| Preferred stock, $1.00 par value, no shares issued | — | — | ||||||
| Additional paid-in-capital | 62,124 | 61,749 | ||||||
| Retained earnings | 52,746 | 54,764 | ||||||
| Accumulated other comprehensive income | 4,103 | 1,490 | ||||||
| Total stockholders’ equity | 119,634 | 118,660 | ||||||
| Total liabilities and stockholders’ equity | $ | 152,568 | $ | 150,720 | ||||
Richardson Electronics, Ltd.
