Richardson Electronics Reports Fourth Quarter Fiscal 2018 Profit and Declares Quarterly Cash Dividend

Richardson Electronics, Ltd.
Audited Consolidated Statements of Cash Flows
(in thousands)

                                                                                                                                                                              

   Fiscal Year Ended   
    June 2, 2018   May 27, 2017
Operating activities:        
Net income (loss) $3,822  $(6,928)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:        
Depreciation and amortization  2,993   2,740 
Inventory provisions  773   456 
Loss (gain) on sale of investments  (183  (6)
Gain on disposal of business     (209)
Gain on disposal of assets  (276)   
Share-based compensation expense  533   437 
Deferred income taxes  319   (55)
Change in assets and liabilities:        
Accounts receivable  (1,764)  4,167 
Income tax receivable     17 
Inventories  (8,247)  2,408 
Prepaid expenses and other assets  (627)  (1,318)
Accounts payable  3,457   1,037 
Accrued liabilities  1,906   (699
Long-term liabilities-accrued pension     (249
Other  246   11 
 Net cash provided by operating activities     2,952      1,809 
Investing activities:        
Capital expenditures  (5,239)  (5,221)
Proceeds from sales of assets  374    
Proceeds from maturity of investments  12,315   3,582 
Purchases of investments  (3,943)  (2,136)
Proceeds from sales of available-for-sale securities     913       306  
Purchases of available-for-sale securities     (265 )     (306 )
Other     (3 )     (12 )
 Net cash provided by (used in) investing activities     4,152       (3,787 )
Financing activities:                
Proceeds from issuance of common stock     97       30  
Cash dividends paid     (3,048 )     (3,031 )
 Net cash used in financing activities     (2,951 )     (3,001 )
Effect of exchange rate changes on cash and cash equivalents     985       (148 )
 Increase (decrease) in cash and cash equivalents     5,138       (5,127 )
Cash and cash equivalents at beginning of period     55,327       60,454  
 Cash and cash equivalents at end of period   $ 60,465     $ 55,327  
                 

 

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