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Richardson Electronics, Ltd.
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Consolidated Statements of Cash Flows
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| Fiscal Year Ended | ||||||||
| May 30, 2020 | June 1, 2019 | |||||||
| Operating activities: | ||||||||
| Net loss | $ | (1,838 | ) | $ | (7,328 | ) | ||
| Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||||||||
| Depreciation and amortization | 3,386 | 3,173 | ||||||
| Inventory provisions | 1,013 | 1,076 | ||||||
| Loss on disposal of assets | 3 | 23 | ||||||
| Share-based compensation expense | 683 | 697 | ||||||
| Deferred income taxes | (7 | ) | 315 | |||||
| Impairment of goodwill | — | 6,332 | ||||||
| Change in assets and liabilities: | ||||||||
| Accounts receivable | 3,895 | (2,030 | ) | |||||
| Inventories | (5,452 | ) | (4,242 | ) | ||||
| Prepaid expenses and other assets | 620 | 622 | ||||||
| Accounts payable | 631 | (2,424 | ) | |||||
| Accrued liabilities | (889 | ) | 1,097 | |||||
| Other | (122 | ) | 126 | |||||
| Net cash provided by (used in) operating activities | 1,923 | (2,563 | ) | |||||
| Investing activities: | ||||||||
| Capital expenditures | (1,776 | ) | (3,874 | ) | ||||
| Proceeds from maturity of investments | 21,000 | 9,800 | ||||||
| Purchases of investments | (29,000 | ) | (17,800 | ) | ||||
| Net cash used in investing activities | (9,776 | ) | (11,874 | ) | ||||
| Financing activities: | ||||||||
| Payment of financing lease principal | (166 | ) | — | |||||
| Proceeds from issuance of common stock | 59 | 259 | ||||||
| Cash dividends paid on Common and Class B Common shares | (3,101 | ) | (3,076 | ) | ||||
| Net cash used in financing activities | (3,208 | ) | (2,817 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | (423 | ) | (1,192 | ) | ||||
| Decrease in cash and cash equivalents | (11,484 | ) | (18,446 | ) | ||||
| Cash and cash equivalents at beginning of period | 42,019 | 60,465 | ||||||
| Cash and cash equivalents at end of period | $ | 30,535 | $ | 42,019 | ||||
Richardson Electronics Reports Fourth Quarter and Fiscal 2020 Results and Declares Quarterly Cash Dividend
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