Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Cash Flows
(in thousands)
| Three Months Ended | Six Months Ended | |||||||||||||||
|
November
27, 2021 |
November
28, 2020 |
November
27, 2021 |
November
28, 2020 | |||||||||||||
| Operating activities: | ||||||||||||||||
| Net income (loss) | $ | 4,122 | $ | 689 | $ | 6,757 | $ | (458 | ) | |||||||
| Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ||||||||||||||||
| Depreciation and amortization | 859 | 873 | 1,688 | 1,746 | ||||||||||||
| Inventory provisions | 57 | 215 | 140 | 452 | ||||||||||||
| Share-based compensation expense | 153 | 178 | 372 | 379 | ||||||||||||
| Loss on disposal of assets | 2 | — | 2 | — | ||||||||||||
| Deferred income taxes | (23 | ) | (55 | ) | 12 | (53 | ) | |||||||||
| Change in assets and liabilities: | ||||||||||||||||
| Accounts receivable | 1,862 | 687 | (3,146 | ) | (167 | ) | ||||||||||
| Inventories | (4,225 | ) | 613 | (9,182 | ) | (1,008 | ) | |||||||||
| Prepaid expenses and other assets | (994 | ) | (381 | ) | (1,056 | ) | (272 | ) | ||||||||
| Accounts payable | 1,695 | 211 | 2,302 | (2,523 | ) | |||||||||||
| Accrued liabilities | 1,032 | 1,633 | 1,512 | 3,412 | ||||||||||||
| Other | 91 | (236 | ) | 357 | (438 | ) | ||||||||||
| Net cash provided by (used in) operating activities | 4,631 | 4,427 | (242 | ) | 1,070 | |||||||||||
| Investing activities: | ||||||||||||||||
| Capital expenditures | (770 | ) | (562 | ) | (1,607 | ) | (1,280 | ) | ||||||||
| Proceeds from maturity of investments | — | — | — | 16,000 | ||||||||||||
| Purchases of investments | — | — | — | (9,000 | ) | |||||||||||
| Net cash (used in) provided by investing activities | (770 | ) | (562 | ) | (1,607 | ) | 5,720 | |||||||||
| Financing activities: | ||||||||||||||||
| Proceeds from issuance of common stock | 672 | — | 724 | — | ||||||||||||
| Cash dividends paid | (792 | ) | (780 | ) | (1,578 | ) | (1,560 | ) | ||||||||
| Payment of financing lease principal | (46 | ) | (46 | ) | (91 | ) | (91 | ) | ||||||||
| Net cash used in financing activities | (166 | ) | (826 | ) | (945 | ) | (1,651 | ) | ||||||||
| Effect of exchange rate changes on cash and cash equivalents | (448 | ) | 489 | (857 | ) | 1,349 | ||||||||||
| Increase (decrease) in cash and cash equivalents | 3,247 | 3,528 | (3,651 | ) | 6,488 | |||||||||||
| Cash and cash equivalents at beginning of period | 36,418 | 33,495 | 43,316 | 30,535 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 39,665 | $ | 37,023 | $ | 39,665 | $ | 37,023 | ||||||||
Richardson Electronics, Ltd.
