Management believes that the disclosure of these Non-GAAP financial measures provides useful information to investors because the Non-GAAP financial measures are useful measures in assessing the Company’s financial performance by excluding a special item that is not indicative of the Company’s core operating performance or that may obscure trends useful in evaluating the Company’s continuing operating activities. Our management uses these Non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating our operating performance. The Non-GAAP financial measures presented herein, as determined and presented by the Company, may not be comparable to related or similarly titled measures reported by other companies.
CONFERENCE CALL INFORMATION
On Thursday, July 22, 2021, at 9:00 a.m. CDT, Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call to discuss the Company’s fourth quarter and fiscal year 2021 results. A question and answer session will be included as part of the call’s agenda.
Participant Instructions
To listen to the call, please dial (USA/CANADA) (866) 784-8065 or (International) (602) 563-8684 and enter Conference ID: 8618936 approximately five minutes before the start of the call. A replay of the call will be available beginning at 1:00 p.m. CDT on July 22, 2021, for seven days. The telephone number for the replay is (855) 859-2056; Conference ID: 8618936.
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 Ltd. common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.
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Richardson Electronics, Ltd.
Consolidated Balance Sheets (in thousands, except per share amounts) | ||||||||
| May 29, 2021 | May 30, 2020 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 43,316 | $ | 30,535 | ||||
| Accounts receivable, less allowance of $202 and $334, respectively | 24,451 | 20,197 | ||||||
| Inventories, net | 63,508 | 57,492 | ||||||
| Prepaid expenses and other assets | 2,385 | 2,442 | ||||||
| Investments - current | — | 16,000 | ||||||
| Total current assets | 133,660 | 126,666 | ||||||
| Non-current assets: | ||||||||
| Property, plant and equipment, net | 17,067 | 17,674 | ||||||
| Intangible assets, net | 2,270 | 2,505 | ||||||
| Lease ROU asset | 2,570 | 3,419 | ||||||
| Non-current deferred income taxes | 541 | 456 | ||||||
| Total non-current assets | 22,448 | 24,054 | ||||||
| Total assets | $ | 156,108 | $ | 150,720 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 16,334 | $ | 17,372 | ||||
| Accrued liabilities | 14,626 | 10,324 | ||||||
| Lease liability current | 1,066 | 1,485 | ||||||
| Total current liabilities | 32,026 | 29,181 | ||||||
| Non-current liabilities: | ||||||||
| Non-current deferred income tax liabilities | 242 | 161 | ||||||
| Lease liability non-current | 1,358 | 1,941 | ||||||
| Other non-current liabilities | 922 | 777 | ||||||
| Total non-current liabilities | 2,522 | 2,879 | ||||||
| Total liabilities | 34,548 | 32,060 | ||||||
| Stockholders’ equity | ||||||||
| Common stock, $0.05 par value; issued and outstanding 11,160 shares | ||||||||
| at May 29, 2021 and 11,038 shares at May 30, 2020 | 558 | 552 | ||||||
| Class B common stock, convertible, $0.05 par value; issued and | ||||||||
| outstanding 2,097 shares at May 29, 2021 and 2,097 shares at May 30, 2020 | 105 | 105 | ||||||
| Preferred stock, $1.00 par value, no shares issued | — | — | ||||||
| Additional paid-in-capital | 62,707 | 61,749 | ||||||
| Retained earnings | 53,297 | 54,764 | ||||||
| Accumulated other comprehensive income | 4,893 | 1,490 | ||||||
| Total stockholders’ equity | 121,560 | 118,660 | ||||||
| Total liabilities and stockholders’ equity | $ | 156,108 | $ | 150,720 | ||||
