Richardson Electronics Reports Second Quarter Fiscal 2020

Richardson Electronics Reports Second Quarter Fiscal 2020 Results and Declares Quarterly Cash Dividend

ABOUT RICHARDSON ELECTRONICS, LTD.

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high value flat panel detector solutions, replacement parts, tubes and service training for diagnostic imaging equipment; and customized display solutions. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

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
	November 30, 2019		June 1, 2019
Assets
Current assets:
Cash and cash equivalents	$	33,054	$	42,019
Accounts receivable, less allowance of $278 and $339, respectively		22,336		24,296
Inventories, net		56,169		53,232
Prepaid expenses and other assets		2,853		3,067
Investments - current		13,000		8,000
Total current assets		127,412		130,614
Non-current assets:
Property, plant and equipment, net		18,361		19,111
Intangible assets, net		2,637		2,763
Lease ROU asset		3,991		—
Non-current deferred income taxes		575		529
Total non-current assets		25,564		22,403
Total assets	$	152,976	$	153,017
Liabilities and Stockholders ’ Equity
Current liabilities:
Accounts payable	$	15,439	$	16,943
Accrued liabilities		10,836		11,273
Lease liability current		1,628		—
Total current liabilities		27,903		28,216
Non-current liabilities:
Non-current deferred income tax liabilities		241		212
Lease liability non-current		2,437		—
Other non-current liabilities		718		832
Total non-current liabilities		3,396		1,044
Total liabilities		31,299		29,260
Stockholders ’ equity
Common stock, $0.05 par value; issued and outstanding 11,038 shares at		552		547
November 30, 2019 and 10,957 shares at June 1, 2019		552		547
Class B common stock, convertible, $0.05 par value; issued and outstanding		105		105
2,097 shares at November 30, 2019 and June 1, 2019		105		105
Preferred stock, $1.00 par value, no shares issued		—		—
Additional paid-in-capital		61,436		61,012
Common stock in treasury, at cost, no shares at November 30, 2019 and		—		—
June 1, 2019		—		—
Retained earnings		57,688		59,703
Accumulated other comprehensive income		1,896		2,390
Total stockholders ’ equity		121,677		123,757
Total liabilities and stockholders ’ equity	$	152,976	$	153,017

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