Richardson Electronics Reports Second Quarter Fiscal 2024 Results and Declares Quarterly Cash Dividend

In addition, the webcast link is available here.

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 July 31, 2023, 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, green energy products, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. Nearly 55% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All 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 common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.


Richardson Electronics, Ltd. 
Consolidate d Balance Sheets
(in thousands, except per share amounts)
 
   Unaudited   Audited 
   December 2, 2023   May 27, 2023 
Assets      
Current assets:      
Cash and cash equivalents $22,769  $24,981 
Accounts receivable, less allowance of $201 and $191, respectively  23,909   30,067 
Inventories, net  116,951   110,402 
Prepaid expenses and other assets  2,926   2,633 
Total current assets   166,555       168,083  
Non-current assets:            
Property, plant and equipment, net     21,363       20,823  
Intangible assets, net     1,767       1,892  
Right of use lease asset     2,145       2,457  
Deferred income taxes     4,476       4,526  
Other non-current assets     182       267  
Total non-current assets     29,933       29,965  
Total assets   $ 196,488     $ 198,048  
Liabilities            
Current liabilities:            
Accounts payable   $ 22,505     $ 23,535  
Accrued liabilities     12,432       12,026  
Lease liability current     1,033       1,028  
Total current liabilities     35,970       36,589  
Non-current liabilities:            
Non-current deferred income tax liabilities     99       98  
Lease liability non-current     1,112       1,429  
Other non-current liabilities     666       612  
Total non-current liabilities     1,877       2,139  
Total liabilities     37,847       38,728  
Stockholders’ Equity            
Common stock, $0.05 par value; 12,227 shares issued and outstanding on
   December 2, 2023 and 12,140 shares issued and outstanding on May 27, 2023
    611       607  
Class B common stock, convertible, $0.05 par value; 2,052 shares issued
  and outstanding on December 2, 2023 and 2,052 shares issued and
  outstanding on May 27, 2023
    103       103  
Preferred stock, $1.00 par value, no shares issued            
Additional paid-in-capital     71,936       70,951  
Retained earnings     84,786       87,044  
Accumulated other comprehensive income     1,205       615  
Total stockholders' equity     158,641       159,320  
Total liabilities and stockholders’ equity   $ 196,488     $ 198,048  
 



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