FORWARD-LOOKING STATEMENTS
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 July 31, 2017. The Company assumes no responsibility to update the “forward-looking” statements in this release as a result of new information, future events, or otherwise.
ABOUT RICHARDSON ELECTRONICS, LTD.
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 www.rell.com.
Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.
Richardson Electronics, Ltd.
Audited Consolidated Balance Sheets
(in thousands, except per share amounts)
| June 2, 2018 | May 27, 2017 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 60,465 | $ | 55,327 | ||||
| Accounts receivable, less allowance of $309 and $398, respectively | 22,892 | 20,782 | ||||||
| Inventories, net | 50,720 | 42,749 | ||||||
| Prepaid expenses and other assets | 3,747 | 3,070 | ||||||
| Investments - current | — | 6,429 | ||||||
| Total current assets | 137,824 | 128,357 | ||||||
| Non-current assets: | ||||||||
| Property, plant and equipment, net | 18,232 | 15,813 | ||||||
| Goodwill | 6,332 | 6,332 | ||||||
| Intangible assets, net | 3,014 | 3,441 | ||||||
| Non-current deferred income taxes | 927 | 1,102 | ||||||
| Investments - non-current | — | 2,419 | ||||||
| Total non-current assets | 28,505 | 29,107 | ||||||
| Total assets | $ | 166,329 | $ | 157,464 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 19,603 | $ | 15,933 | ||||
| Accrued liabilities | 10,343 | 8,311 | ||||||
| Total current liabilities | 29,946 | 24,244 | ||||||
| Non-current liabilities: | ||||||||
| Non-current deferred income tax liabilities | 281 | 158 | ||||||
| Other non-current liabilities | 921 | 735 | ||||||
| Total non-current liabilities | 1,202 | 893 | ||||||
| Total liabilities | 31,148 | 25,137 | ||||||
| Stockholders’ equity | ||||||||
| Common stock, $0.05 par value; issued and outstanding 10,806 shares at June 2, 2018 and 10,712 shares at May 27, 2017 | 540 | 535 | ||||||
| Class B common stock, convertible, $0.05 par value; issued and outstanding 2,137 shares at June 2, 2018 and May 27, 2017 | 107 | 107 | ||||||
| Preferred stock, $1.00 par value, no shares issued | — | — | ||||||
| Additional paid-in-capital | 60,061 | 59,436 | ||||||
| Common stock in treasury, at cost, no shares at June 2, 2018 and at May 27, 2017 | — | — | ||||||
| Retained earnings | 70,107 | 69,333 | ||||||
| Accumulated other comprehensive income | 4,366 | 2,916 | ||||||
| Total stockholders’ equity | 135,181 | 132,327 | ||||||
| Total liabilities and stockholders’ equity | $ | 166,329 | $ | 157,464 | ||||
