Richardson Electronics Reports First Quarter Fiscal 2020 Net Income and Declares Quarterly Cash Dividend
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Richardson Electronics, Ltd. | |
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Unaudited Consolidated Statements of Cash Flows | |
| (in thousands) | |
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|
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Three Months Ended |
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August 31, 2019 |
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September 1, 2018 |
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Operating activities: |
| | | | | | | |
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Net income |
| $ | 157 | | | $ | 431 | |
| Adjustments to reconcile net income to cash used in operating activities: | | | | | | | | |
| Depreciation and amortization | | | 833 | | | | 764 | |
| Inventory provisions | | | 161 | | | | 215 | |
| Loss on disposal of assets | | | 1 | | | | — | |
| Share-based compensation expense | | | 188 | | | | 165 | |
| Deferred income taxes | | | (48 | ) | | | 58 | |
| Change in assets and liabilities: | | | | | | | | |
| Accounts receivable | | | 2,161 | | | | (198 | ) |
| Inventories | | | (1,357 | ) | | | 77 | |
| Prepaid expenses and other assets | | | 625 | | | | 37 | |
| Accounts payable | | | (3,955 | ) | | | (5,419 | ) |
| Accrued liabilities | | | (876 | ) | | | 227 | |
| Other | | | 56 | | | | 13 | |
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Net cash used in operating activities |
|
|
(2,054 |
) |
|
|
(3,630 |
) |
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Investing activities: |
| | | | | | | |
| Capital expenditures | | | (339 | ) | | | (1,072 | ) |
| Proceeds from maturity of investments | | | 8,000 | | | | — | |
| Purchases of investments | | | — | | | | (2,300 | ) |
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Net cash provided by (used in) investing activities |
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7,661 |
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|
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(3,372 |
) |
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Financing activities: |
| | | | | | | |
| Proceeds from issuance of common stock | | | — | | | | 192 | |
| Cash dividends paid | | | (775 | ) | | | (764 | ) |
| Payment of financing lease principal | | | (30 | ) | | | — | |
| Other | | | 4 | | | | — | |
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Net cash used in financing activities |
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|
(801 |
) |
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(572 |
) |
| Effect of exchange rate changes on cash and cash equivalents | | | (368 | ) | | | (413 | ) |
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Increase (decrease) in cash and cash equivalents |
|
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4,438 |
|
|
|
(7,987 |
) |
| Cash and cash equivalents at beginning of period | | | 42,019 | | | | 60,465 | |
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Cash and cash equivalents at end of period |
|
$ |
46,457 |
|
|
$ |
52,478 |
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