Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Cash Flows
(in thousands)
| Three Months Ended | Six Months Ended | ||||||||||||
| November 30, 2019 | December 1, 2018 | November 30, 2019 | December 1, 2018 | ||||||||||
| Operating activities: | |||||||||||||
| Net (loss) income | $ | (622 | ) | $ | (304 | ) | $ | (465 | ) | $ | 127 | ||
| Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities: | |||||||||||||
| Depreciation and amortization | 825 | 792 | 1,658 | 1,556 | |||||||||
| Inventory provisions | 120 | 150 | 281 | 365 | |||||||||
| Loss on disposal of assets | — | — | 1 | — | |||||||||
| Share-based compensation expense | 182 | 230 | 370 | 395 | |||||||||
| Deferred income taxes | 23 | 97 | (25 | ) | 155 | ||||||||
| Change in assets and liabilities: | |||||||||||||
| Accounts receivable | (335 | ) | 100 | 1,826 | (98 | ) | |||||||
| Inventories | (2,062 | ) | (1,908 | ) | (3,419 | ) | (1,831 | ) | |||||
| Prepaid expenses and other assets | (423 | ) | (319 | ) | 202 | (282 | ) | ||||||
| Accounts payable | 2,590 | 1,538 | (1,365 | ) | (3,881 | ) | |||||||
| Accrued liabilities | 486 | 344 | (390 | ) | 571 | ||||||||
| Other | (165 | ) | 161 | (109 | ) | 174 | |||||||
| Net cash provided by (used in) operating activities | 619 | 881 | (1,435 | ) | (2,749 | ) | |||||||
| Investing activities: | |||||||||||||
| Capital expenditures | (475 | ) | (1,120 | ) | (814 | ) | (2,192 | ) | |||||
| Proceeds from maturity of investments | — | — | 8,000 | — | |||||||||
| Purchases of investments | (13,000 | ) | (3,000 | ) | (13,000 | ) | (5,300 | ) | |||||
| Net cash used in investing activities | (13,475 | ) | (4,120 | ) | (5,814 | ) | (7,492 | ) | |||||
| Financing activities: | |||||||||||||
| Proceeds from issuance of common stock | 59 | 11 | 59 | 203 | |||||||||
| Cash dividends paid | (775 | ) | (770 | ) | (1,550 | ) | (1,534 | ) | |||||
| Payment of financing lease principal | (45 | ) | — | (75 | ) | — | |||||||
| Other | (4 | ) | — | — | — | ||||||||
| Net cash used in financing activities | (765 | ) | (759 | ) | (1,566 | ) | (1,331 | ) | |||||
| Effect of exchange rate changes on cash and cash equivalents | 218 | (621 | ) | (150 | ) | (1,034 | ) | ||||||
| Decrease in cash and cash equivalents | (13,403 | ) | (4,619 | ) | (8,965 | ) | (12,606 | ) | |||||
| Cash and cash equivalents at beginning of period | 46,457 | 52,478 | 42,019 | 60,465 | |||||||||
| Cash and cash equivalents at end of period | $ | 33,054 | $ | 47,859 | $ | 33,054 | $ | 47,859 | |||||
Richardson Electronics, Ltd.
