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) |
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Unaudited | Audited | ||||||
August 29,
2015 |
May 30,
2015 |
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Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 68,426 | $ | 74,535 | |||
Accounts receivable, less allowance of $283 | 23,989 | 20,753 | |||||
Inventories,net | 41,188 | 38,769 | |||||
Prepaid expenses and other assets | 2,289 | 1,696 | |||||
Deferred income taxes | 782 | 804 | |||||
Income tax receivable | 381 | 929 | |||||
Investments - current | 6,342 | 23,692 | |||||
Total current assets | 143,397 | 161,178 | |||||
Non-current assets: | |||||||
Property, plant and equipment, net | 10,832 | 10,081 | |||||
Goodwill | 3,746 | — | |||||
Other Intangibles | 6,528 | 743 | |||||
Non-current deferred income taxes | 1,463 | 1,443 | |||||
Investments - non-current | 10,511 | 11,549 | |||||
Total non-current assets | 33,080 | 23,816 | |||||
Total assets | $ | 176,477 | $ | 184,994 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 14,293 | $ | 15,768 | |||
Accrued liabilities | 9,348 | 10,144 | |||||
Total current liabilities | 23,641 | 25,912 | |||||
Non-current liabilities: | |||||||
Non-current deferred income tax liabilities | 1,179 | 1,209 | |||||
Other non-current liabilities | 995 | 1,221 | |||||
Total non-current liabilities | 2,174 | 2,430 | |||||
Total liabilities | 25,815 | 28,342 | |||||
Commitments and contingencies | — | — | |||||
Stockholders’ equity | |||||||
Common stock, $0.05 par value; issued 11,357 shares at August 29, 2015, and 11,530 shares at May 30, 2015 | 568 | 577 | |||||
Class B common stock, convertible, $0.05 par value; issued and outstanding 2,141 shares at August 29, 2015 and at May 30, 2015 | 107 | 107 | |||||
Preferred stock, $1.00 par value, no shares issued | — | — | |||||
Additional paid-in-capital | 62,312 | 63,252 | |||||
Common stock in treasury, at cost, 394 shares at August 29, 2015, and no shares at May 30, 2015 | (2,269 | ) | — | ||||
Retained earnings | 86,932 | 89,141 | |||||
Accumulated other comprehensive income | 3,012 | 3,575 | |||||
Total stockholders’ equity | 150,662 | 156,652 | |||||
Total liabilities and stockholders’ equity | $ | 176,477 | $ | 184,994 |
Richardson Electronics, Ltd. Unaudited Consolidated Statements of Comprehensive Loss (in thousands, except per share amounts) |
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Three Months Ended | ||||||||
August 29,
2015 |
August 30,
2014 |
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Statements of Comprehensive Loss | ||||||||
Net Sales | $ | 37,071 | $ | 34,699 | ||||
Cost of Sales | 25,809 | 24,041 | ||||||
Gross profit | 11,262 | 10,658 | ||||||
Selling, general, and administrative expenses | 12,267 | 11,182 | ||||||
(Gain) loss on disposal of assets | (1 | ) | 9 | |||||
Operating loss | (1,004 | ) | (533 | ) | ||||
Other (income) expense: | ||||||||
Investment/interest income | (191 | ) | (256 | ) | ||||
Foreign exchange (gain) loss | 182 | (57 | ) | |||||
Other, net | 36 | (2 | ) | |||||
Total other income | 27 | (315 | ) | |||||
Loss before income taxes | (1,031 | ) | (218 | ) | ||||
Income tax provision (benefit) | 368 | (135 | ) | |||||
Net loss | (1,399 | ) | (83 | ) | ||||
Foreign currency translation loss, net of tax | (503 | ) | (968 | ) | ||||
Fair value adjustments on investments gain (loss) | (60 | ) | 25 | |||||
Comprehensive loss | $ | (1,962 | ) | $ | (1,026 | ) | ||
Loss per share: | ||||||||
Common shares - Basic | $ | (0.10 | ) | $ | (0.01 | ) | ||
Class B common shares - Basic | $ | (0.10 | ) | $ | (0.01 | ) | ||
Common shares - Diluted | $ | (0.10 | ) | $ | (0.01 | ) | ||
Class B common shares - Diluted | $ | (0.10 | ) | $ | (0.01 | ) | ||
Weighted average number of shares: | ||||||||
Common shares - Basic | 11,486 | 11,822 | ||||||
Class B common shares - Basic | 2,141 | 2,182 | ||||||
Common shares - Diluted | 11,486 | 11,822 | ||||||
Class B common shares - Diluted | 2,141 | 2,182 | ||||||
Dividends per common share | $ | 0.060 | $ | 0.060 | ||||
Dividends per Class B common share | $ | 0.054 | $ | 0.054 |
Richardson Electronics, Ltd. Consolidated Statements of Cash Flows (in thousands) |
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Three Months Ended | ||||||||
August 29,
2015 |
August 30,
2014 |
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Operating activities: | ||||||||
Net loss | $ | (1,399 | ) | $ | (83 | ) | ||
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 485 | 366 | ||||||
Gain on sale of investments | (11 | ) | (3 | ) | ||||
Gain on disposal of assets | (1 | ) | — | |||||
Share-based compensation expense | 90 | 120 | ||||||
Deferred income taxes | 1 | (79 | ) | |||||
Change in assets and liabilities, net of effect of acquired business: | ||||||||
Accounts receivable | (2,525 | ) | (372 | ) | ||||
Income tax receivable | 548 | 2,308 | ||||||
Inventories, net | (593 | ) | (2,110 | ) | ||||
Prepaid expenses and other assets | (581 | ) | 135 | |||||
Accounts payable | (1,521 | ) | 101 | |||||
Accrued liabilities | (804 | ) | (662 | ) | ||||
Non-current deferred income tax liabilities | 228 | — | ||||||
Long-term liabilities-accrued pension | (465 | ) | — | |||||
Other | 35 | (49 | ) | |||||
Net cash used in operating activities | (6,513 | ) | (328 | ) | ||||
Investing activities: | ||||||||
Cash consideration paid for acquired business | (12,209 | ) | — | |||||
Capital expenditures | (984 | ) | (834 | ) | ||||
Proceeds from maturity of investments | 18,350 | 30,482 | ||||||
Purchases of investments | — | (32,362 | ) | |||||
Proceeds from sales of available-for-sale securities | 100 | 37 | ||||||
Purchases of available-for-sale securities | (100 | ) | (37 | ) | ||||
Other | 60 | (28 | ) | |||||
Net cash provided by (used in) investing activities | 5,217 | (2,742 | ) | |||||
Financing activities: | ||||||||
Repurchase of common stock | (3,308 | ) | (488 | ) | ||||
Proceeds from issuance of common stock | — | 158 | ||||||
Cash dividends paid | (806 | ) | (828 | ) | ||||
Other | (4 | ) | 1 | |||||
Net cash used in financing activities | (4,118 | ) | (1,157 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (695 | ) | (441 | ) | ||||
Decrease in cash and cash equivalents | (6,109 | ) | (4,668 | ) | ||||
Cash and cash equivalents at beginning of period | 74,535 | 102,752 | ||||||
Cash and cash equivalents at end of period | $ | 68,426 | $ | 98,084 |
Richardson Electronics, Ltd. Net Sales and Gross Profit For the First Quarter of Fiscal 2016 and Fiscal 2015 (in thousands) |
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By Strategic Business Unit: |
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Net Sales |
Q1 | Q1 | ||||||||||
FY 2016 |
FY 2015 |
% Change |
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PMT | $ | 27,195 | $ | 27,438 | (0.9%) | |||||||
Canvys | 6,681 | 5,968 | 11.9% | |||||||||
Healthcare | 3,195 | $ | 1,293 | 147.1% | ||||||||
Total | $ | 37,071 | $ | 34,699 | 6.8% | |||||||
Gross Profit |
Q1 | Q1 | ||||||||||
FY 2016 |
% of Net Sales |
FY 2015 |
% of Net Sales |
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PMT | $ | 8,138 | 29.9% | $ | 8,686 | 31.7% | ||||||
Canvys | 1,709 | 25.6% | 1,656 | 27.7% | ||||||||
Healthcare | 1,415 | 44.3% | 316 | 24.4% | ||||||||
Total | $ | 11,262 | 30.4% | $ | 10,658 | 30.7% |