Richardson Electronics Reports Second Quarter Fiscal 2021 Net Income and Declares Quarterly Cash Dividend

Unaudited Consolidated Statements of Cash Flows
(in thousands)

   Three Months Ended   Six Months Ended 
   November 28,
2020
   November 30,
2019
   November 28,
2020
   November 30,
2019
 
Operating activities:                
Net income (loss) $689  $(622) $(458) $(465)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:                
Depreciation and amortization  873   825   1,746   1,658 
Inventory provisions  215   120   452   281 
Loss on disposal of assets           1 
Share-based compensation expense  178   182   379   370 
Deferred income taxes     (55 )     23       (53 )     (25 )
Change in assets and liabilities:                                
Accounts receivable     687       (335 )     (167 )     1,826  
Inventories     613       (2,062 )     (1,008 )     (3,419 )
Prepaid expenses and other assets     (381 )     (423 )     (272 )     202  
Accounts payable     211       2,590       (2,523 )     (1,365 )
Accrued liabilities     1,633       486       3,412       (390 )
Other     (236 )     (165 )     (438 )     (109 )
Net cash provided by (used in) operating activities     4,427       619       1,070       (1,435 )
Investing activities:                                
Capital expenditures     (562 )     (475 )     (1,280 )     (814 )
Proceeds from maturity of investments                 16,000       8,000  
Purchases of investments           (13,000 )     (9,000 )     (13,000 )
Net cash (used in) provided by investing activities     (562 )     (13,475 )     5,720       (5,814 )
Financing activities:                                
Proceeds from issuance of common stock           59             59  
Cash dividends paid     (780 )     (775 )     (1,560 )     (1,550 )
Payment of financing lease principal     (46 )     (45 )     (91 )     (75 )
Other           (4 )            
Net cash used in financing activities     (826 )     (765 )     (1,651 )     (1,566 )
Effect of exchange rate changes on cash and cash equivalents     489       218       1,349       (150 )
Increase (decrease) in cash and cash equivalents     3,528       (13,403 )     6,488       (8,965 )
Cash and cash equivalents at beginning of period     33,495       46,457       30,535       42,019  
Cash and cash equivalents at end of period   $ 37,023     $ 33,054     $ 37,023     $ 33,054  
                                 

Richardson Electronics, Ltd.

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