Richardson Electronics Reports Third Quarter Fiscal 2019 Results and Declares Quarterly Cash Dividend

CONFERENCE CALL INFORMATION

On Wednesday, April 10, 2019, at 9:00 a.m. CDT, Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call to discuss the Company’s third quarter results for fiscal year 2019.  A question and answer session will be included as part of the call’s agenda. The entry link to join the conference on your computer:  http://ems8.intellor.com/login/814035 and then dial into the conference: 1-877-369-5230 or for International calls 1-617-668-3632; Access Code: 0530219##.   A replay of the call will be available beginning at 10:00 a.m. CDT on April 11, 2019, for seven days.  The toll-free telephone number for the replay is (844) 399-9561 and International replay is 302-721-6879.  If you need technical assistance, please call the AT&T Help Desk at 1-888-796-6118 or 1-847-562-7015.

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 August 2, 2018. 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.
Consolidated Balance Sheets
(in thousands, except per share amounts)

    Unaudited     Audited  
    March 2, 2019     June 2, 2018  
Assets         
Current assets:         
Cash and cash equivalents $33,869  $60,465 
Accounts receivable, less allowance of $422 and $309, respectively  23,102   22,892 
Inventories, net  53,094   50,720 
Prepaid expenses and other assets  3,365   3,747 
Investments - current  15,500    
Total current assets     128,930       137,824  
Non-current assets:         
Property, plant and equipment, net  19,316   18,232 
Goodwill  6,332   6,332 
Intangible assets, net  2,829   3,014 
Non-current deferred income taxes  641   927 
Total non-current assets     29,118       28,505  
Total assets   $ 158,048     $ 166,329  
Liabilities and Stockholders’ Equity                
Current liabilities:                
Accounts payable   $ 14,052     $ 19,603  
Accrued liabilities     11,292       10,343  
Total current liabilities     25,344       29,946  
Non-current liabilities:                
Non-current deferred income tax liabilities     281       281  
Other non-current liabilities     948       921  
Total non-current liabilities     1,229       1,202  
Total liabilities     26,573       31,148  
Stockholders’ equity                
Common stock, $0.05 par value; issued and outstanding 10,956 shares at March 2, 2019 and 10,806 shares at June 2, 2018     547       540  
Class B common stock, convertible, $0.05 par value; issued and outstanding 2,097
shares at March 2, 2019 and 2,137 shares at June 2, 2018
    105       107  
Preferred stock, $1.00 par value, no shares issued            
Additional paid-in-capital     60,846       60,061  
Common stock in treasury, at cost, no shares at March 2, 2019 and June 2, 2018            
Retained earnings     66,851       70,107  
Accumulated other comprehensive income     3,126       4,366  
Total stockholders’ equity     131,475       135,181  
Total liabilities and stockholders’ equity   $ 158,048     $ 166,329  
                 

Richardson Electronics, Ltd.

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