| Richardson Electronics, Ltd. | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| (in thousands) | ||||||||
| Fiscal Year Ended | ||||||||
| June 1, 2019 | June 2, 2018 | |||||||
| Operating activities: | ||||||||
| Net (loss) income | $ | (7,328 | ) | $ | 3,822 | |||
| Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities: | ||||||||
| Depreciation and amortization | 3,173 | 2,993 | ||||||
| Inventory provisions | 1,076 | 773 | ||||||
| Gain on sale of investments | — | (183 | ) | |||||
| Loss (gain) on disposal of assets | 23 | (276 | ) | |||||
| Share-based compensation expense | 697 | 533 | ||||||
| Deferred income taxes | 315 | 319 | ||||||
| Impairment of goodwill | 6,332 | — | ||||||
| Change in assets and liabilities: | ||||||||
| Accounts receivable | (2,030 | ) | (1,764 | ) | ||||
| Inventories | (4,242 | ) | (8,247 | ) | ||||
| Prepaid expenses and other assets | 622 | (627 | ) | |||||
| Accounts payable | (2,424 | ) | 3,457 | |||||
| Accrued liabilities | 1,097 | 1,906 | ||||||
| Other | 126 | 246 | ||||||
| Net cash (used in) provided by operating activities | (2,563 | ) | 2,952 | |||||
| Investing activities: | ||||||||
| Capital expenditures | (3,874 | ) | (5,239 | ) | ||||
| Proceeds from sale of assets | — | 374 | ||||||
| Proceeds from maturity of investments | 9,800 | 12,315 | ||||||
| Purchases of investments | (17,800 | ) | (3,943 | ) | ||||
| Proceeds from sales of available-for-sale securities | — | 913 | ||||||
| Purchases of available-for-sale securities | — | (265 | ) | |||||
| Other | — | (3 | ) | |||||
| Net cash (used in) provided by investing activities | (11,874 | ) | 4,152 | |||||
| Financing activities: | ||||||||
| Proceeds from issuance of common stock | 259 | 97 | ||||||
| Cash dividends paid | (3,076 | ) | (3,048 | ) | ||||
| Net cash used in financing activities | (2,817 | ) | (2,951 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | (1,192 | ) | 985 | |||||
| (Decrease) increase in cash and cash equivalents | (18,446 | ) | 5,138 | |||||
| Cash and cash equivalents at beginning of period | 60,465 | 55,327 | ||||||
| Cash and cash equivalents at end of period | $ | 42,019 | $ | 60,465 | ||||
Richardson Electronics Reports Fourth Quarter and Fiscal 2019 Results and Declares Quarterly Cash Dividend
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