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 | ||||||
| November 30, 2019 | June 1, 2019 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 33,054 | $ | 42,019 | |||
| Accounts receivable, less allowance of $278 and $339, respectively | 22,336 | 24,296 | |||||
| Inventories, net | 56,169 | 53,232 | |||||
| Prepaid expenses and other assets | 2,853 | 3,067 | |||||
| Investments - current | 13,000 | 8,000 | |||||
| Total current assets | 127,412 | 130,614 | |||||
| Non-current assets: | |||||||
| Property, plant and equipment, net | 18,361 | 19,111 | |||||
| Intangible assets, net | 2,637 | 2,763 | |||||
| Lease ROU asset | 3,991 | — | |||||
| Non-current deferred income taxes | 575 | 529 | |||||
| Total non-current assets | 25,564 | 22,403 | |||||
| Total assets | $ | 152,976 | $ | 153,017 | |||
| Liabilities and Stockholders ’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 15,439 | $ | 16,943 | |||
| Accrued liabilities | 10,836 | 11,273 | |||||
| Lease liability current | 1,628 | — | |||||
| Total current liabilities | 27,903 | 28,216 | |||||
| Non-current liabilities: | |||||||
| Non-current deferred income tax liabilities | 241 | 212 | |||||
| Lease liability non-current | 2,437 | — | |||||
| Other non-current liabilities | 718 | 832 | |||||
| Total non-current liabilities | 3,396 | 1,044 | |||||
| Total liabilities | 31,299 | 29,260 | |||||
| Stockholders ’ equity | |||||||
| Common stock, $0.05 par value; issued and outstanding 11,038 shares at | 552 | 547 | |||||
| November 30, 2019 and 10,957 shares at June 1, 2019 | |||||||
| Class B common stock, convertible, $0.05 par value; issued and outstanding | 105 | 105 | |||||
| 2,097 shares at November 30, 2019 and June 1, 2019 | |||||||
| Preferred stock, $1.00 par value, no shares issued | — | — | |||||
| Additional paid-in-capital | 61,436 | 61,012 | |||||
| Common stock in treasury, at cost, no shares at November 30, 2019 and | — | — | |||||
| June 1, 2019 | |||||||
| Retained earnings | 57,688 | 59,703 | |||||
| Accumulated other comprehensive income | 1,896 | 2,390 | |||||
| Total stockholders ’ equity | 121,677 | 123,757 | |||||
| Total liabilities and stockholders ’ equity | $ | 152,976 | $ | 153,017 | |||
