(in thousands)
| Three Months Ended | ||||||||
| August 28, 2021 | August 29, 2020 | |||||||
| Operating activities: | ||||||||
| Net income (loss) | $ | 2,635 | $ | (1,147 | ) | |||
| Adjustments to reconcile net income (loss) to cash used in operating activities: | ||||||||
| Depreciation and amortization | 829 | 873 | ||||||
| Inventory provisions | 83 | 237 | ||||||
| Share-based compensation expense | 219 | 201 | ||||||
| Deferred income taxes | 35 | 2 | ||||||
| Change in assets and liabilities: | ||||||||
| Accounts receivable | (5,008 | ) | (854 | ) | ||||
| Inventories | (4,957 | ) | (1,621 | ) | ||||
| Prepaid expenses and other assets | (62 | ) | 109 | |||||
| Accounts payable | 607 | (2,734 | ) | |||||
| Accrued liabilities | 480 | 1,779 | ||||||
| Other | 266 | (202 | ) | |||||
| Net cash used in operating activities | (4,873 | ) | (3,357 | ) | ||||
| Investing activities: | ||||||||
| Capital expenditures | (837 | ) | (718 | ) | ||||
| Proceeds from maturity of investments | — | 16,000 | ||||||
| Purchases of investments | — | (9,000 | ) | |||||
| Net cash (used in) provided by investing activities | (837 | ) | 6,282 | |||||
| Financing activities: | ||||||||
| Proceeds from issuance of common stock | 52 | — | ||||||
| Cash dividends paid | (786 | ) | (780 | ) | ||||
| Payment of financing lease principal | (45 | ) | (45 | ) | ||||
| Net cash used in financing activities | (779 | ) | (825 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | (409 | ) | 860 | |||||
| (Decrease) increase in cash and cash equivalents | (6,898 | ) | 2,960 | |||||
| Cash and cash equivalents at beginning of period | 43,316 | 30,535 | ||||||
| Cash and cash equivalents at end of period | $ | 36,418 | $ | 33,495 | ||||
Richardson Electronics, Ltd.
