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Richardson Electronics, Ltd.
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Audited Consolidated Statements of Cash Flows
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(in thousands)
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| Fiscal Year Ended | ||||||||
| May 27, 2017 | May 28, 2016 | |||||||
| Operating activities: | ||||||||
| Net loss | $ | (6,928 | ) | $ | (6,766 | ) | ||
| Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||||||||
| Depreciation and amortization | 2,740 | 2,381 | ||||||
| Inventory provisions | 456 | 690 | ||||||
| Loss (gain) on sale of investments | (6 | ) | 1 | |||||
| Gain on disposal of business | (209 | ) | — | |||||
| Gain on disposal of assets | — | (244 | ) | |||||
| Share-based compensation expense | 437 | 548 | ||||||
| Deferred income taxes | (55 | ) | 201 | |||||
| Change in assets and liabilities, net of effect of acquired business: | ||||||||
| Accounts receivable | 4,167 | (3,521 | ) | |||||
| Income tax receivable | 17 | 912 | ||||||
| Inventories | 2,408 | (5,865 | ) | |||||
| Prepaid expenses and other assets | (1,318 | ) | (16 | ) | ||||
| Accounts payable | 1,037 | (899 | ) | |||||
| Accrued liabilities | (699 | ) | (1,027 | ) | ||||
| Long-term liabilities-accrued pension | (249 | ) | (465 | ) | ||||
| Other | 11 | 486 | ||||||
| Net cash provided by (used in) operating activities | 1,809 | (13,584 | ) | |||||
| Investing activities: | ||||||||
| Cash consideration paid for acquired business | — | (12,209 | ) | |||||
| Capital expenditures | (5,221 | ) | (4,813 | ) | ||||
| Proceeds from sales of assets | — | 402 | ||||||
| Proceeds from maturity of investments | 3,582 | 27,026 | ||||||
| Purchases of investments | (2,136 | ) | (2,151 | ) | ||||
| Proceeds from sales of available-for-sale securities | 306 | 268 | ||||||
| Purchases of available-for-sale securities | (306 | ) | (268 | ) | ||||
| Other | (12 | ) | (20 | ) | ||||
| Net cash (used in) provided by investing activities | (3,787 | ) | 8,235 | |||||
| Financing activities: | ||||||||
| Repurchase of common stock | — | (5,015 | ) | |||||
| Proceeds from issuance of common stock | 30 | 142 | ||||||
| Cash dividends paid | (3,031 | ) | (3,079 | ) | ||||
| Other | — | (4 | ) | |||||
| Net cash used in financing activities | (3,001 | ) | (7,956 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | (148 | ) | (776 | ) | ||||
| Decrease in cash and cash equivalents | (5,127 | ) | (14,081 | ) | ||||
| Cash and cash equivalents at beginning of period | 60,454 | 74,535 | ||||||
| Cash and cash equivalents at end of period | $ | 55,327 | $ | 60,454 | ||||
Richardson Electronics Reports Fourth Quarter Fiscal 2017 Results and Declares Quarterly Cash Dividend
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