Richardson Electronics Reports Second Quarter Fiscal 2020 Results and Declares Quarterly Cash Dividend

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  
               
               

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