Richardson Electronics Reports First Quarter Fiscal 2021 Results

Richardson Electronics Reports First Quarter Fiscal 2021 Results and Declares Quarterly Cash Dividend

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

	Three Months Ended
	August 29, 2020			August 31, 2019
Operating activities:
Net (loss) income	$	(1,147	)	$	157
Adjustments to reconcile net (loss) income to cash used in operating activities:
Depreciation and amortization		873			833
Inventory provisions		237			161
Loss on disposal of assets		—			1
Share-based compensation expense		201			188
Deferred income taxes		2			(48	)
Change in assets and liabilities:
Accounts receivable		(854	)		2,161
Inventories		(1,621	)		(1,357	)
Prepaid expenses and other assets		109			625
Accounts payable		(2,734	)		(3,955	)
Accrued liabilities		1,779			(876	)
Other		(202	)		56
Net cash used in operating activities		(3,357	)		(2,054	)
Investing activities:
Capital expenditures		(718	)		(339	)
Proceeds from maturity of investments		16,000			8,000
Purchases of investments		(9,000	)		—
Net cash provided by investing activities		6,282			7,661
Financing activities:
Cash dividends paid		(780	)		(775	)
Payment of financing lease principal		(45	)		(30	)
Other		—			4
Net cash used in financing activities		(825	)		(801	)
Effect of exchange rate changes on cash and cash equivalents		860			(368	)
Increase in cash and cash equivalents		2,960			4,438
Cash and cash equivalents at beginning of period		30,535			42,019
Cash and cash equivalents at end of period	$	33,495		$	46,457