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 |
|
| | | | | | | | | |
| | | | | | | | | |
