Richardson Electronics Reports First Quarter Fiscal 2020 Net

Richardson Electronics Reports First Quarter Fiscal 2020 Net Income and Declares Quarterly Cash Dividend

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.



Richardson Electronics, Ltd.
Consolidated Balance Sheets
(in thousands, except per share amounts)
	Unaudited		Audited
	August 31, 2019		June 1, 2019
Assets
Current assets:
Cash and cash equivalents	$	46,457	$	42,019
Accounts receivable, less allowance of $296 and $339, respectively		21,946		24,296
Inventories, net		54,137		53,232
Prepaid expenses and other assets		2,424		3,067
Investments - current		—		8,000
Total current assets		124,964		130,614
Non-current assets:
Property, plant and equipment, net		18,640		19,111
Intangible assets, net		2,696		2,763
Lease ROU asset		4,107		—
Non-current deferred income taxes		579		529
Total non-current assets		26,022		22,403
Total assets	$	150,986	$	153,017
Liabilities and Stockholders ’ Equity
Current liabilities:
Accounts payable	$	12,906	$	16,943
Accrued liabilities		10,338		11,273
Lease liability current		1,541		—
Total current liabilities		24,785		28,216
Non-current liabilities:
Non-current deferred income tax liabilities		216		212
Lease liability non-current		2,678		—
Other non-current liabilities		692		832
Total non-current liabilities		3,586		1,044
Total liabilities		28,371		29,260
Stockholders ’ equity
Common stock, $0.05 par value; issued and outstanding 11,029 shares at
August 31, 2019 and 10,957 shares at June 1, 2019		551		547
Class B common stock, convertible, $0.05 par value; issued and outstanding 2,097
shares at August 31, 2019 and June 1, 2019		105		105
Preferred stock, $1.00 par value, no shares issued		—		—
Additional paid-in-capital		61,200		61,012
Common stock in treasury, at cost, no shares at August 31, 2019 and June 1, 2019		—		—
Retained earnings		59,085		59,703
Accumulated other comprehensive income		1,674		2,390
Total stockholders ’ equity		122,615		123,757
Total liabilities and stockholders ’ equity	$	150,986	$	153,017

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