In addition, the webcast link is available here.
FORWARD-LOOKING STATEMENTS
This release includes certain “forward-looking” statements as defined by the Securities and Exchange Commission. Statements in this press release regarding the Company’s business that are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K filed on July 31, 2023, and other reports we file with the Securities and Exchange Commission. The Company assumes no responsibility to update the “forward-looking” statements in this release as a result of new information, future events or otherwise.
ABOUT RICHARDSON ELECTRONICS, LTD.
Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. Nearly 55% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All our partners manufacture to our strict specifications and per our supplier code of conduct. 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. | ||||||||
| Consolidate d Balance Sheets | ||||||||
| (in thousands, except per share amounts) | ||||||||
| Unaudited | Audited | |||||||
| December 2, 2023 | May 27, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 22,769 | $ | 24,981 | ||||
| Accounts receivable, less allowance of $201 and $191, respectively | 23,909 | 30,067 | ||||||
| Inventories, net | 116,951 | 110,402 | ||||||
| Prepaid expenses and other assets | 2,926 | 2,633 | ||||||
| Total current assets | 166,555 | 168,083 | ||||||
| Non-current assets: | ||||||||
| Property, plant and equipment, net | 21,363 | 20,823 | ||||||
| Intangible assets, net | 1,767 | 1,892 | ||||||
| Right of use lease asset | 2,145 | 2,457 | ||||||
| Deferred income taxes | 4,476 | 4,526 | ||||||
| Other non-current assets | 182 | 267 | ||||||
| Total non-current assets | 29,933 | 29,965 | ||||||
| Total assets | $ | 196,488 | $ | 198,048 | ||||
| Liabilities | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 22,505 | $ | 23,535 | ||||
| Accrued liabilities | 12,432 | 12,026 | ||||||
| Lease liability current | 1,033 | 1,028 | ||||||
| Total current liabilities | 35,970 | 36,589 | ||||||
| Non-current liabilities: | ||||||||
| Non-current deferred income tax liabilities | 99 | 98 | ||||||
| Lease liability non-current | 1,112 | 1,429 | ||||||
| Other non-current liabilities | 666 | 612 | ||||||
| Total non-current liabilities | 1,877 | 2,139 | ||||||
| Total liabilities | 37,847 | 38,728 | ||||||
| Stockholders’ Equity | ||||||||
| Common stock, $0.05 par value; 12,227 shares issued and outstanding on
December 2, 2023 and 12,140 shares issued and outstanding on May 27, 2023 | 611 | 607 | ||||||
| Class B common stock, convertible, $0.05 par value; 2,052 shares issued
and outstanding on December 2, 2023 and 2,052 shares issued and outstanding on May 27, 2023 | 103 | 103 | ||||||
| Preferred stock, $1.00 par value, no shares issued | — | — | ||||||
| Additional paid-in-capital | 71,936 | 70,951 | ||||||
| Retained earnings | 84,786 | 87,044 | ||||||
| Accumulated other comprehensive income | 1,205 | 615 | ||||||
| Total stockholders' equity | 158,641 | 159,320 | ||||||
| Total liabilities and stockholders’ equity | $ | 196,488 | $ | 198,048 | ||||
