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Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Cash Flows (in thousands) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| March 2, 2024 | February 25, 2023 | March 2, 2024 | February 25, 2023 | |||||||||||||
| Operating activities: | ||||||||||||||||
| Net income | $ | 750 | $ | 6,340 | $ | 180 | $ | 18,213 | ||||||||
| Adjustments to reconcile net income to cash used in operating activities: | ||||||||||||||||
| Depreciation and amortization | 1,104 | 912 | 3,218 | 2,688 | ||||||||||||
| Inventory provisions | 173 | 115 | 450 | 310 | ||||||||||||
| Share-based compensation expense | 279 | 206 | 1,045 | 730 | ||||||||||||
| Loss (gain) on disposal of assets | — | 13 | 70 | (12 | ) | |||||||||||
| Deferred income taxes | (4 | ) | (1 | ) | 42 | 27 | ||||||||||
| Change in assets and liabilities: | ||||||||||||||||
| Accounts receivable | (5,254 | ) | (7,189 | ) | 998 | (12,694 | ) | |||||||||
| Inventories | 3,974 | (3,638 | ) | (2,246 | ) | (21,764 | ) | |||||||||
| Prepaid expenses and other assets | 151 | (153 | ) | (58 | ) | (578 | ) | |||||||||
| Accounts payable | (4,072 | ) | (12 | ) | (5,204 | ) | 784 | |||||||||
| Accrued liabilities | 247 | (661 | ) | 625 | 486 | |||||||||||
| Other | 121 | (192 | ) | 164 | 397 | |||||||||||
| Net cash used in operating activities | (2,531 | ) | (4,260 | ) | (716 | ) | (11,413 | ) | ||||||||
| Investing activities: | ||||||||||||||||
| Capital expenditures | (401 | ) | (2,230 | ) | (3,057 | ) | (4,973 | ) | ||||||||
| Proceeds from maturity of investments | — | 5,000 | — | 5,000 | ||||||||||||
| Proceeds from sale of property, plant & equipment | — | — | — | 193 | ||||||||||||
| Net cash (used in) provided by investing activities | (401 | ) | 2,770 | (3,057 | ) | 220 | ||||||||||
| Financing activities: | ||||||||||||||||
| Proceeds from issuance of common stock | — | 511 | 342 | 3,413 | ||||||||||||
| Cash dividends paid on Common and Class B Common shares | (844 | ) | (834 | ) | (2,532 | ) | (2,484 | ) | ||||||||
| Proceeds from short-term borrowing | 3,744 | — | 3,744 | — | ||||||||||||
| Repayment of short-term borrowing | (3,744 | ) | — | (3,744 | ) | — | ||||||||||
| Other | — | — | (119 | ) | (69 | ) | ||||||||||
| Net cash (used in) provided by financing activities | (844 | ) | (323 | ) | (2,309 | ) | 860 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (113 | ) | 352 | (19 | ) | (517 | ) | |||||||||
| Decrease in cash and cash equivalents | (3,889 | ) | (1,461 | ) | (6,101 | ) | (10,850 | ) | ||||||||
| Cash and cash equivalents at beginning of period | 22,769 | 26,106 | 24,981 | 35,495 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 18,880 | $ | 24,645 | $ | 18,880 | $ | 24,645 | ||||||||
