Richardson Electronics Reports Second Quarter Fiscal 2022 Net Income Of $4.1 Million And Declares Quarterly Cash Dividend

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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 that 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 2, 2021, 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.

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, Ltd. 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)

   Unaudited   Audited 
   November 27,
2021
   May 29, 2021 
Assets        
Current assets:        
Cash and cash equivalents $39,665  $43,316 
Accounts receivable, less allowance of $259 and $202, respectively  27,489   25,096 
Inventories, net  70,741   63,508 
Prepaid expenses and other assets  3,380   2,385 
Total current assets   141,275    134,305 
Non-current assets:        
Property, plant and equipment, net  17,091     17,067  
Intangible assets, net     2,139       2,270  
Lease ROU asset     3,841       2,570  
Non-current deferred income taxes     503       541  
Total non-current assets     23,574       22,448  
Total assets   $ 164,849     $ 156,753  
Liabilities                
Current liabilities:                
Accounts payable   $ 18,871     $ 16,979  
Accrued liabilities     15,411       14,182  
Lease liability current     1,252       1,066  
Total current liabilities     35,534       32,227  
Non-current liabilities:                
Non-current deferred income tax liabilities     235       242  
Lease liability non-current     2,388       1,358  
Other non-current liabilities     1,279       1,366  
Total non-current liabilities     3,902       2,966  
Total liabilities     39,436       35,193  
Stockholders’ equity                
Common stock, $0.05 par value; issued and outstanding 11,338 shares on
November 27, 2021 and 11,160 shares on May 29, 2021
    567       558  
Class B common stock, convertible, $0.05 par value; issued and outstanding
2,097 shares on November 27, 2021 and May 29, 2021
    105       105  
Preferred stock, $1.00 par value, no shares issued            
Additional paid-in-capital     63,794       62,707  
Retained earnings     58,476       53,297  
Accumulated other comprehensive income     2,471       4,893  
Total stockholders’ equity     125,413       121,560  
Total liabilities and stockholders’ equity   $ 164,849     $ 156,753  
                 

Richardson Electronics, Ltd. 

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