Richardson Electronics Reports Third Quarter Fiscal 2022 Net Income of $2.9 Million and Declares Quarterly Cash Dividend

CONFERENCE CALL INFORMATION

On Thursday, April 7, 2022, at 9:00 a.m. Central Time, 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 third quarter fiscal year 2022 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: 8259925 approximately five minutes before the start of the call.  A replay of the call will be available beginning at 1:00 p.m. Central Time on April 7, 2022, for seven days. The telephone number for the replay is (855) 859-2056; Conference ID: 8259925. In addition, there is a webcast link: https://edge.media-server.com/mmc/p/hat5fppd

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 2, 2021, 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 manufacturer of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All of our partners manufacture to our strict specifications and per our supplier code of conduct. 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.


Richardson Electronics, Ltd. 
Consolidated Balance Sheets
(in thousands, except per share amounts)

  Unaudited   Audited 
  February 26, 2022   May 29, 2021 
Assets       
Current assets:       
Cash and cash equivalents$39,147  $43,316 
Accounts receivable, less allowance of $149 and $202, respectively 31,605   25,096 
Inventories, net 73,673   63,508 
Prepaid expenses and other assets 3,362   2,385 
Total current assets  147,787    134,305 
Non-current assets:       
Property, plant and equipment, net   16,839       17,067  
Intangible assets, net   2,077       2,270  
Lease ROU asset   3,502       2,570  
Non-current deferred income taxes   481       541  
Total non-current assets   22,899       22,448  
Total assets $ 170,686     $ 156,753  
Liabilities              
Current liabilities:              
Accounts payable $ 20,744     $ 16,979  
Accrued liabilities   15,975       14,182  
Lease liability current   1,164       1,066  
Total current liabilities   37,883       32,227  
Non-current liabilities:              
Non-current deferred income tax liabilities   235       242  
Lease liability non-current   2,113       1,358  
Other non-current liabilities   844       1,366  
Total non-current liabilities   3,192       2,966  
Total liabilities   41,075       35,193  
Stockholders’ Equity              
Common stock, $0.05 par value; issued and outstanding 11,608 shares on
February 26, 2022 and 11,160 shares on May 29, 2021
  580       558  
Class B common stock, convertible, $0.05 par value; issued and outstanding
2,053 shares on February 26, 2022 and 2,097 shares on May 29, 2021
  103       105  
Preferred stock, $1.00 par value, no shares issued          
Additional paid-in-capital   65,831       62,707  
Retained earnings   60,557       53,297  
Accumulated other comprehensive income   2,540       4,893  
Total stockholders’ equity   129,611       121,560  
Total liabilities and stockholders’ equity $ 170,686     $ 156,753  



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