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Richardson Electronics, Ltd.
Consolidated Statements of Cash Flows (in thousands) | |||||||
| Fiscal Year Ended | |||||||
| June 1, 2024 | May 27, 2023 | ||||||
| Operating activities: | |||||||
| Net income | $ | 61 | $ | 22,333 | |||
| Adjustments to reconcile net income to cash provided by (used in)
operating activities: | |||||||
| Depreciation and amortization | 4,307 | 3,671 | |||||
| Inventory provisions | 606 | 466 | |||||
| Loss (gain) on disposal of assets | 70 | (7 | ) | ||||
| Share-based compensation expense | 1,326 | 936 | |||||
| Deferred income taxes | (1,004 | ) | (138 | ) | |||
| Change in assets and liabilities: | |||||||
| Accounts receivable | 5,297 | (363 | ) | ||||
| Inventories | 66 | (30,452 | ) | ||||
| Prepaid expenses and other assets | 250 | (519 | ) | ||||
| Accounts payable | (8,124 | ) | (439 | ) | |||
| Accrued liabilities | 3,396 | (4,006 | ) | ||||
| Other | 273 | 319 | |||||
| Net cash provided by (used in) operating activities | 6,524 | (8,199 | ) | ||||
| Investing activities: | |||||||
| Capital expenditures | (4,041 | ) | (7,378 | ) | |||
| Proceeds from sale of property, plant & equipment | — | 194 | |||||
| Proceeds from maturity of investments | — | 5,000 | |||||
| Net cash used in investing activities | (4,041 | ) | (2,184 | ) | |||
| Financing activities: | |||||||
| Proceeds from issuance of common stock | 591 | 3,778 | |||||
| Cash dividends paid on Common and Class B Common shares | (3,376 | ) | (3,320 | ) | |||
| Proceeds from revolving credit facility | 3,744 | — | |||||
| Repayment of revolving credit facility | (3,744 | ) | — | ||||
| Other | (120 | ) | (69 | ) | |||
| Net cash (used in) provided by financing activities | (2,905 | ) | 389 | ||||
| Effect of exchange rate changes on cash and cash equivalents | (296 | ) | (520 | ) | |||
| Decrease in cash and cash equivalents | (718 | ) | (10,514 | ) | |||
| Cash and cash equivalents at beginning of period | 24,981 | 35,495 | |||||
| Cash and cash equivalents at end of period | $ | 24,263 | $ | 24,981 | |||
