Richardson Electronics Reports Fourth Quarter and Fiscal 2020 Results and Declares Quarterly Cash Dividend

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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)
    May 30, 2020     June 1, 2019  
Current assets:        
Cash and cash equivalents $30,535  $42,019 
Accounts receivable, less allowance of $334 and $339, respectively  20,197   24,296 
Inventories, net  57,492   53,232 
Prepaid expenses and other assets  2,442   3,067 
Investments - current  16,000   8,000 
Total current assets    126,666      130,614  
Non-current assets:           
Property, plant and equipment, net     17,674       19,111  
Intangible assets, net     2,505       2,763  
Lease ROU asset     3,419        
Non-current deferred income taxes     456       529  
Total non-current assets     24,054       22,403  
Total assets   $ 150,720     $ 153,017  
Liabilities and Stockholders’ Equity                
Current liabilities:                
Accounts payable   $ 17,372     $ 16,943  
Accrued liabilities     10,324       11,273  
Lease liability current     1,485        
Total current liabilities     29,181       28,216  
Non-current liabilities:                
Non-current deferred income tax liabilities     161       212  
Lease liability non-current     1,941        
Other non-current liabilities     777       832  
Total non-current liabilities     2,879       1,044  
Total liabilities     32,060       29,260  
Commitments and Contingencies                
Stockholders’ equity                
Common stock, $0.05 par value; issued and outstanding 11,038 shares at May 30, 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 May 30, 2020 and 2,097 shares at June 1, 2019     105       105  
Preferred stock, $1.00 par value, no shares issued            
Additional paid-in-capital     61,749       61,012  
Retained earnings     54,764       59,703  
Accumulated other comprehensive income     1,490       2,390  
Total stockholders’ equity     118,660       123,757  
Total liabilities and stockholders’ equity   $ 150,720     $ 153,017  

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