Richardson Electronics Reports Second Quarter Fiscal 2017

Richardson Electronics Reports Second Quarter Fiscal 2017 Results and Declares Quarterly Cash Dividend

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 26, 2016		May 28, 2016
Assets
Current assets:
Cash and cash equivalents	$	54,111	$	60,454
Accounts receivable, less allowance of $379 and $364		20,480		24,928
Inventories, net		43,078		45,422
Prepaid expenses and other assets		2,727		1,758
Deferred income taxes		—		1,078
Income tax receivable		22		17
Investments - current		6,307		2,268
Total current assets		126,725		135,925
Non-current assets:
Property, plant and equipment, net		15,085		12,986
Goodwill		6,332		6,332
Intangible assets, net		3,618		3,818
Non-current deferred income taxes		1,301		1,270
Investments - non-current		2,343		7,799
Total non-current assets		28,679		32,205
Total assets	$	155,404	$	168,130
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		11,507		14,896
Accrued liabilities		9,838		9,135
Total current liabilities		21,345		24,031
Non-current liabilities:
Non-current deferred income tax liabilities		158		1,457
Other non-current liabilities		1,065		967
Total non-current liabilities		1,223		2,424
Total liabilities		22,568		26,455
Stockholders’ equity
Common stock, $0.05 par value; issued and outstanding 10,703 shares at November 26, 2016, and at May 28, 2016		535		535
Class B common stock, convertible, $0.05 par value; issued and outstanding 2,141 shares at November 26, 2016, and at May 28, 2016		107		107
Preferred stock, $1.00 par value, no shares issued		—		—
Additional paid-in-capital		59,248		58,969
Common stock in treasury, at cost, no shares at November 26, 2016, and at May 28, 2016		—		—
Retained earnings		72,405		79,292
Accumulated other comprehensive income		541		2,772
Total stockholders’ equity		132,836		141,675
Total liabilities and stockholders’ equity	$	155,404	$	168,130

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