Richardson Electronics Reports Fourth Quarter and Fiscal 2020 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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May 30, 2020 |
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June 1, 2019 |
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Operating activities: |
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Net loss |
| $ | (1,838 | ) | | $ | (7,328 | ) | | Adjustments to reconcile net loss to cash provided by (used in) operating activities: | | | | | | | | | | Depreciation and amortization | | | 3,386 | | | | 3,173 | | | Inventory provisions | | | 1,013 | | | | 1,076 | | | Loss on disposal of assets | | | 3 | | | | 23 | | | Share-based compensation expense | | | 683 | | | | 697 | | | Deferred income taxes | | | (7 | ) | | | 315 | | | Impairment of goodwill | | | — | | | | 6,332 | | | Change in assets and liabilities: | | | | | | | | | | Accounts receivable | | | 3,895 | | | | (2,030 | ) | | Inventories | | | (5,452 | ) | | | (4,242 | ) | | Prepaid expenses and other assets | | | 620 | | | | 622 | | | Accounts payable | | | 631 | | | | (2,424 | ) | | Accrued liabilities | | | (889 | ) | | | 1,097 | | | Other | | | (122 | ) | | | 126 | | |
Net cash provided by (used in) operating activities |
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1,923 |
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(2,563 |
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Investing activities: |
| | | | | | | | | Capital expenditures | | | (1,776 | ) | | | (3,874 | ) | | Proceeds from maturity of investments | | | 21,000 | | | | 9,800 | | | Purchases of investments | | | (29,000 | ) | | | (17,800 | ) | |
Net cash used in investing activities |
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(9,776 |
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(11,874 |
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Financing activities: |
| | | | | | | | | Payment of financing lease principal | | | (166 | ) | | | — | | | Proceeds from issuance of common stock | | | 59 | | | | 259 | | | Cash dividends paid on Common and Class B Common shares | | | (3,101 | ) | | | (3,076 | ) | |
Net cash used in financing activities |
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(3,208 |
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(2,817 |
) | | Effect of exchange rate changes on cash and cash equivalents | | | (423 | ) | | | (1,192 | ) | |
Decrease in cash and cash equivalents |
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(11,484 |
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(18,446 |
) | | Cash and cash equivalents at beginning of period | | | 42,019 | | | | 60,465 | | |
Cash and cash equivalents at end of period |
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$ |
30,535 |
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$ |
42,019 |
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