Richardson Electronics Reports First Quarter Fiscal 2020 Net

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

Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Cash Flows
(in thousands)
	Three Months Ended
	August 31, 2019			September 1, 2018
Operating activities:
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
Net cash used in operating activities		(2,054	)		(3,630	)
Investing activities:
Capital expenditures		(339	)		(1,072	)
Proceeds from maturity of investments		8,000			—
Purchases of investments		—			(2,300	)
Net cash provided by (used in) investing activities		7,661			(3,372	)
Financing activities:
Proceeds from issuance of common stock		—			192
Cash dividends paid		(775	)		(764	)
Payment of financing lease principal		(30	)		—
Other		4			—
Net cash used in financing activities		(801	)		(572	)
Effect of exchange rate changes on cash and cash equivalents		(368	)		(413	)
Increase (decrease) in cash and cash equivalents		4,438			(7,987	)
Cash and cash equivalents at beginning of period		42,019			60,465
Cash and cash equivalents at end of period	$	46,457		$	52,478