(in thousands)
| Three Months Ended | Six Months Ended | |||||||||||||||
|
November 28,
2020 |
November 30,
2019 |
November 28,
2020 |
November 30,
2019 | |||||||||||||
| Operating activities: | ||||||||||||||||
| Net income (loss) | $ | 689 | $ | (622 | ) | $ | (458 | ) | $ | (465 | ) | |||||
| Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ||||||||||||||||
| Depreciation and amortization | 873 | 825 | 1,746 | 1,658 | ||||||||||||
| Inventory provisions | 215 | 120 | 452 | 281 | ||||||||||||
| Loss on disposal of assets | — | — | — | 1 | ||||||||||||
| Share-based compensation expense | 178 | 182 | 379 | 370 | ||||||||||||
| Deferred income taxes | (55 | ) | 23 | (53 | ) | (25 | ) | |||||||||
| Change in assets and liabilities: | ||||||||||||||||
| Accounts receivable | 687 | (335 | ) | (167 | ) | 1,826 | ||||||||||
| Inventories | 613 | (2,062 | ) | (1,008 | ) | (3,419 | ) | |||||||||
| Prepaid expenses and other assets | (381 | ) | (423 | ) | (272 | ) | 202 | |||||||||
| Accounts payable | 211 | 2,590 | (2,523 | ) | (1,365 | ) | ||||||||||
| Accrued liabilities | 1,633 | 486 | 3,412 | (390 | ) | |||||||||||
| Other | (236 | ) | (165 | ) | (438 | ) | (109 | ) | ||||||||
| Net cash provided by (used in) operating activities | 4,427 | 619 | 1,070 | (1,435 | ) | |||||||||||
| Investing activities: | ||||||||||||||||
| Capital expenditures | (562 | ) | (475 | ) | (1,280 | ) | (814 | ) | ||||||||
| Proceeds from maturity of investments | — | — | 16,000 | 8,000 | ||||||||||||
| Purchases of investments | — | (13,000 | ) | (9,000 | ) | (13,000 | ) | |||||||||
| Net cash (used in) provided by investing activities | (562 | ) | (13,475 | ) | 5,720 | (5,814 | ) | |||||||||
| Financing activities: | ||||||||||||||||
| Proceeds from issuance of common stock | — | 59 | — | 59 | ||||||||||||
| Cash dividends paid | (780 | ) | (775 | ) | (1,560 | ) | (1,550 | ) | ||||||||
| Payment of financing lease principal | (46 | ) | (45 | ) | (91 | ) | (75 | ) | ||||||||
| Other | — | (4 | ) | — | — | |||||||||||
| Net cash used in financing activities | (826 | ) | (765 | ) | (1,651 | ) | (1,566 | ) | ||||||||
| Effect of exchange rate changes on cash and cash equivalents | 489 | 218 | 1,349 | (150 | ) | |||||||||||
| Increase (decrease) in cash and cash equivalents | 3,528 | (13,403 | ) | 6,488 | (8,965 | ) | ||||||||||
| Cash and cash equivalents at beginning of period | 33,495 | 46,457 | 30,535 | 42,019 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 37,023 | $ | 33,054 | $ | 37,023 | $ | 33,054 | ||||||||
Richardson Electronics, Ltd.
