Richardson Electronics Reports Fourth Quarter and Fiscal 2019 Results and Declares Quarterly Cash Dividend
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Richardson Electronics, Ltd. |
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Consolidated Statements of Cash Flows |
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Fiscal Year Ended |
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June 1, 2019 |
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June 2, 2018 |
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Operating activities: |
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Net (loss) income |
| $ | (7,328 | ) | | $ | 3,822 | | | Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities: | | | | | | | | | | Depreciation and amortization | | | 3,173 | | | | 2,993 | | | Inventory provisions | | | 1,076 | | | | 773 | | | Gain on sale of investments | | | — | | | | (183 | ) | | Loss (gain) on disposal of assets | | | 23 | | | | (276 | ) | | Share-based compensation expense | | | 697 | | | | 533 | | | Deferred income taxes | | | 315 | | | | 319 | | | Impairment of goodwill | | | 6,332 | | | | — | | | Change in assets and liabilities: | | | | | | | | | | Accounts receivable | | | (2,030 | ) | | | (1,764 | ) | | Inventories | | | (4,242 | ) | | | (8,247 | ) | | Prepaid expenses and other assets | | | 622 | | | | (627 | ) | | Accounts payable | | | (2,424 | ) | | | 3,457 | | | Accrued liabilities | | | 1,097 | | | | 1,906 | | | Other | | | 126 | | | | 246 | | |
Net cash (used in) provided by operating activities |
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(2,563 |
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2,952 |
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Investing activities: |
| | | | | | | | | Capital expenditures | | | (3,874 | ) | | | (5,239 | ) | | Proceeds from sale of assets | | | — | | | | 374 | | | Proceeds from maturity of investments | | | 9,800 | | | | 12,315 | | | Purchases of investments | | | (17,800 | ) | | | (3,943 | ) | | Proceeds from sales of available-for-sale securities | | | — | | | | 913 | | | Purchases of available-for-sale securities | | | — | | | | (265 | ) | | Other | | | — | | | | (3 | ) | |
Net cash (used in) provided by investing activities |
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(11,874 |
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4,152 |
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Financing activities: |
| | | | | | | | | Proceeds from issuance of common stock | | | 259 | | | | 97 | | | Cash dividends paid | | | (3,076 | ) | | | (3,048 | ) | |
Net cash used in financing activities |
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(2,817 |
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(2,951 |
) | | Effect of exchange rate changes on cash and cash equivalents | | | (1,192 | ) | | | 985 | | |
(Decrease) increase in cash and cash equivalents |
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(18,446 |
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5,138 |
| | Cash and cash equivalents at beginning of period | | | 60,465 | | | | 55,327 | | |
Cash and cash equivalents at end of period |
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$ |
42,019 |
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$ |
60,465 |
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