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


  
Richardson Electronics, Ltd.
Consolidated Statements of Cash Flows
(in thousands)
                 
    Fiscal Year Ended  
    May 30, 2020     June 1, 2019  
Operating activities:         
Net loss  $(1,838) $(7,328)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:        
Depreciation and amortization  3,386   3,173 
Inventory provisions  1,013   1,076 
Loss on disposal of assets  3   23 
Share-based compensation expense  683   697 
Deferred income taxes  (7)  315 
Impairment of goodwill     6,332 
Change in assets and liabilities:        
Accounts receivable  3,895   (2,030)
Inventories  (5,452)  (4,242)
Prepaid expenses and other assets     620       622  
Accounts payable     631       (2,424 )
Accrued liabilities     (889 )     1,097  
Other     (122 )     126  
Net cash provided by (used in) operating activities     1,923       (2,563 )
Investing activities:                
Capital expenditures     (1,776 )     (3,874 )
Proceeds from maturity of investments     21,000       9,800  
Purchases of investments     (29,000 )     (17,800 )
Net cash used in investing activities     (9,776 )     (11,874 )
Financing activities:                
Payment of financing lease principal     (166 )      
Proceeds from issuance of common stock     59       259  
Cash dividends paid on Common and Class B Common shares     (3,101 )     (3,076 )
Net cash used in financing activities     (3,208 )     (2,817 )
Effect of exchange rate changes on cash and cash equivalents     (423 )     (1,192 )
Decrease in cash and cash equivalents     (11,484 )     (18,446 )
Cash and cash equivalents at beginning of period     42,019       60,465  
Cash and cash equivalents at end of period   $ 30,535     $ 42,019  
                 

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