Richardson Electronics Reports Second Quarter Fiscal 2021 Net Income and Declares Quarterly Cash Dividend

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 that 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 3, 2020, and other reports we file with the Securities and Exchange Commission. 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 
   November 28,
2020
   May 30,
2020
 
Assets        
Current assets:        
Cash and cash equivalents $37,023  $30,535 
Accounts receivable, less allowance of $256 and $334, respectively  21,077   20,197 
Inventories, net  59,538   57,492 
Prepaid expenses and other assets  2,798   2,442 
Investments - current  9,000   16,000 
Total current assets   129,436    126,666 
Non-current assets:        
Property, plant and equipment, net     17,358       17,674  
Intangible assets, net     2,388       2,505  
Lease ROU asset     2,857       3,419  
Non-current deferred income taxes     529       456  
Total non-current assets     23,132       24,054  
Total assets   $ 152,568     $ 150,720  
Liabilities and Stockholders’ Equity                
Current liabilities:                
Accounts payable   $ 15,089     $ 17,372  
Accrued liabilities     13,998       10,324  
Lease liability current     1,280       1,485  
Total current liabilities     30,367       29,181  
Non-current liabilities:                
Non-current deferred income tax liabilities     171       161  
Lease liability non-current     1,512       1,941  
Other non-current liabilities     884       777  
Total non-current liabilities     2,567       2,879  
Total liabilities     32,934       32,060  
Stockholders’ equity                
Common stock, $0.05 par value; issued and outstanding 11,111 shares on
November 28, 2020 and 11,038 shares on May 30, 2020
    556       552  
Class B common stock, convertible, $0.05 par value; issued and outstanding
2,097 shares on November 28, 2020 and May 30, 2020
    105       105  
Preferred stock, $1.00 par value, no shares issued            
Additional paid-in-capital     62,124       61,749  
Retained earnings     52,746       54,764  
Accumulated other comprehensive income     4,103       1,490  
Total stockholders’ equity     119,634       118,660  
Total liabilities and stockholders’ equity   $ 152,568     $ 150,720  
                 

Richardson Electronics, Ltd.

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