Richardson Electronics Reports Fourth Quarter Fiscal 2018 Profit and Declares Quarterly Cash Dividend

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 which 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, 2017. 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 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.
Audited Consolidated Balance Sheets
(in thousands, except per share amounts)

  

    June 2, 2018   May 27, 2017
Assets    
Current assets:    
Cash and cash equivalents $60,465  $55,327 
Accounts receivable, less allowance of $309 and $398, respectively  22,892   20,782 
Inventories, net  50,720   42,749 
Prepaid expenses and other assets  3,747   3,070 
Investments - current     6,429 
   Total current assets     137,824       128,357  
Non-current assets:        
Property, plant and equipment, net  18,232   15,813 
Goodwill  6,332   6,332 
Intangible assets, net  3,014   3,441 
Non-current deferred income taxes  927   1,102 
Investments - non-current     2,419 
   Total non-current assets     28,505       29,107  
Total assets   $ 166,329     $ 157,464  
Liabilities and Stockholders’ Equity        
Current liabilities:        
Accounts payable $19,603  $15,933 
Accrued liabilities  10,343   8,311 
   Total current liabilities     29,946       24,244  
Non-current liabilities:                
Non-current deferred income tax liabilities     281       158  
Other non-current liabilities     921       735  
   Total non-current liabilities     1,202       893  
   Total liabilities     31,148       25,137  
Stockholders’ equity                
Common stock, $0.05 par value; issued and outstanding 10,806 shares at June 2, 2018 and 10,712 shares at May 27, 2017     540       535  
Class B common stock, convertible, $0.05 par value; issued and outstanding 2,137 shares at June 2, 2018 and May 27, 2017     107       107  
Preferred stock, $1.00 par value, no shares issued            
Additional paid-in-capital     60,061       59,436  
Common stock in treasury, at cost, no shares at June 2, 2018 and at May 27, 2017            
Retained earnings     70,107       69,333  
Accumulated other comprehensive income     4,366       2,916  
   Total stockholders’ equity     135,181       132,327  
Total liabilities and stockholders’ equity   $ 166,329     $ 157,464  
                 

 

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