Richardson Electronics Reports First Quarter Fiscal 2018 Results

Richardson Electronics Reports First Quarter Fiscal 2018 Results and Declares Quarterly Cash Dividend

Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Cash Flows
(in thousands)

	Three Months Ended
	September 2, 2017			August 27, 2016
Operating activities:
Net loss	$	(112	)	$	(2,850	)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization		732			715
Inventory provisions		162			43
Gain on sale of investments		(25	)		(2	)
Gain on disposal of assets		(191	)		—
Share-based compensation expense		101			103
Deferred income taxes		(4	)		(158	)
Change in assets and liabilities:
Accounts receivable		2,047			3,555
Income tax receivable		—			(13	)
Inventories		(2,613	)		368
Prepaid expenses and other assets		(258	)		41
Accounts payable		(2,755	)		(2,338	)
Accrued liabilities		726			(1,144	)
Other		(267	)		5
Net cash used in operating activities		(2,457	)		(1,675	)
Investing activities:
Capital expenditures		(1,015	)		(2,064	)
Proceeds from sale of assets		276			—
Proceeds from maturity of investments		4,000			1,465
Proceeds from sales of available-for-sale securities		151			88
Purchases of available-for-sale securities		(151	)		(88	)
Other		(3	)		(3	)
Net cash provided by (used in) investing activities		3,258			(602	)
Financing activities:
Cash dividends paid		(758	)		(758	)
Net cash used in financing activities		(758	)		(758	)
Effect of exchange rate changes on cash and cash equivalents		1,059			69
Increase (decrease) in cash and cash equivalents		1,102			(2,966	)
Cash and cash equivalents at beginning of period		55,327			60,454
Cash and cash equivalents at end of period	$	56,429		$	57,488