Richardson Electronics Reports Fourth Quarter Fiscal 2021 Net Income of $1.9 Million; Fiscal 2021 Net Income of $1.7 Million and Non-GAAP Net Income* of $3.3 Million; Declares Quarterly Cash Dividend
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Richardson Electronics, Ltd. | | |
Consolidated Statements of Cash Flows | | | (in thousands) | | | | | | | | | | | | | | |
Fiscal Year Ended | | | | |
May 29, 2021 | | |
May 30, 2020 | | |
Operating activities: | | | | | | | | | | Net income (loss) | | $ | 1,655 | | | $ | (1,838 | ) | | Adjustments to reconcile net income (loss) to cash provided by | | | | | | | | | | operating activities: | | | | | | | | | | Depreciation and amortization | | | 3,424 | | | | 3,386 | | | Inventory provisions | | | 1,041 | | | | 1,013 | | | Loss on disposal of assets | | | 13 | | | | 3 | | | Share-based compensation expense | | | 675 | | | | 683 | | | Deferred income taxes | | | (1 | ) | | | (7 | ) | | Change in assets and liabilities: | | | | | | | | | | Accounts receivable | | | (3,553 | ) | | | 3,895 | | | Inventories | | | (4,861 | ) | | | (5,452 | ) | | Prepaid expenses and other assets | | | 103 | | | | 620 | | | Accounts payable | | | (1,210 | ) | | | 631 | | | Accrued liabilities | | | 4,016 | | | | (889 | ) | | Other | | | (470 | ) | | | (122 | ) | |
Net cash provided by operating activities | | |
832 | | | |
1,923 | | |
Investing activities: | | | | | | | | | | Capital expenditures | | | (2,632 | ) | | | (1,776 | ) | | Proceeds from maturity of investments | | | 25,000 | | | | 21,000 | | | Purchases of investments | | | (9,000 | ) | | | (29,000 | ) | |
Net cash provided by (used in) investing activities | | |
13,368 | | | |
(9,776 |
) | |
Financing activities: | | | | | | | | | | Payment of financing lease principal | | | (181 | ) | | | (166 | ) | | Proceeds from issuance of common stock | | | 289 | | | | 59 | | | Cash dividends paid on Common and Class B Common shares | | | (3,122 | ) | | | (3,101 | ) | |
Net cash used in financing activities | | |
(3,014 |
) | | |
(3,208 |
) | | Effect of exchange rate changes on cash and cash equivalents | | | 1,595 | | | | (423 | ) | |
Increase (decrease) in cash and cash equivalents | | |
12,781 | | | |
(11,484 |
) | | Cash and cash equivalents at beginning of period | | | 30,535 | | | | 42,019 | | |
Cash and cash equivalents at end of period | |
$ |
43,316 | | |
$ |
30,535 | | | | | | | | | | | |
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