Richardson Electronics Reports First Quarter Fiscal 2022 Net Income of $2.6 Million and Declares Quarterly Cash Dividend

Richardson Electronics, Ltd. 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 
   August 28, 2021   May 29, 2021 
Assets        
Current assets:        
Cash and cash equivalents $36,418  $43,316 
Accounts receivable, less allowance of $205 and $202, respectively  29,724   25,096 
Inventories, net  67,649   63,508 
Prepaid expenses and other assets  2,429   2,385 
Total current assets   136,220    134,305 
Non-current assets:        
Property, plant and equipment, net  17,132   17,067 
Intangible assets, net  2,204   2,270 
Lease ROU asset  4,116   2,570 
Non-current deferred income taxes  534   541 
Total non-current assets     23,986       22,448  
Total assets   $ 160,206     $ 156,753  
Liabilities                
Current liabilities:                
Accounts payable   $ 17,421     $ 16,979  
Accrued liabilities     14,534       14,182  
Lease liability current     1,297       1,066  
Total current liabilities     33,252       32,227  
Non-current liabilities:                
Non-current deferred income tax liabilities     274       242  
Lease liability non-current     2,638       1,358  
Other non-current liabilities     1,364       1,366  
Total non-current liabilities     4,276       2,966  
Total liabilities     37,528       35,193  
Stockholders’ equity                
Common stock, $0.05 par value; issued and outstanding 11,241 shares on
August 28, 2021 and 11,160 shares on May 29, 2021
    562       558  
Class B common stock, convertible, $0.05 par value; issued and outstanding
2,097 shares on August 28, 2021 and May 29, 2021
    105       105  
Preferred stock, $1.00 par value, no shares issued            
Additional paid-in-capital     62,974       62,707  
Retained earnings     55,146       53,297  
Accumulated other comprehensive income     3,891       4,893  
Total stockholders’ equity     122,678       121,560  
Total liabilities and stockholders’ equity   $ 160,206     $ 156,753  
                 

Richardson Electronics, Ltd. 

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