Richardson Electronics Reports Third Quarter Fiscal 2020 Operating Profit and Declares Quarterly Cash Dividend


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 which 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 5, 2019 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.


Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high value flat panel detector solutions, replacement parts, tubes and service training for diagnostic imaging equipment; and customized display solutions.  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

Richardson Electronics 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 29, 2020     June 1, 2019
Current assets:        
Cash and cash equivalents $30,875  $42,019
Accounts receivable, less allowance of $194 and $339, respectively  23,074   24,296
Inventories, net  56,677   53,232
Prepaid expenses and other assets  2,910   3,067
Investments - current  13,000   8,000
Total current assets     126,536       130,614
Non-current assets:        
Property, plant and equipment, net     17,999       19,111
Intangible assets, net     2,572       2,763
Lease ROU asset     3,727      
Non-current deferred income taxes     574       529
Total non-current assets     24,872       22,403
Total assets   $ 151,408     $ 153,017
Liabilities and Stockholders Equity              
Current liabilities:              
Accounts payable   $ 14,675     $ 16,943
Accrued liabilities     11,002       11,273
Lease liability current     1,566      
Total current liabilities     27,243       28,216
Non-current liabilities:              
Non-current deferred income tax liabilities     314       212
Lease liability non-current     2,204      
Other non-current liabilities     742       832
Total non-current liabilities     3,260       1,044
Total liabilities     30,503       29,260
Stockholders equity              
Common stock, $0.05 par value; issued and outstanding 11,038 shares at
  February 29, 2020 and 10,957 shares at June 1, 2019
    552       547
Class B common stock, convertible, $0.05 par value; issued and outstanding
  2,097 shares at February 29, 2020 and June 1, 2019
    105       105
Preferred stock, $1.00 par value, no shares issued          
Additional paid-in-capital     61,593       61,012
Common stock in treasury, at cost, no shares at February 29, 2020 and
  June 1, 2019
Retained earnings     56,819       59,703
Accumulated other comprehensive income     1,836       2,390
Total stockholders equity     120,905       123,757
Total liabilities and stockholders equity   $ 151,408     $ 153,017

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