Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Cash Flows
(in thousands)
| Three Months Ended | Nine Months Ended | ||||||||||||||
| February 26, 2022 | February 27, 2021 | February 26, 2022 | February 27, 2021 | ||||||||||||
| Operating activities: | |||||||||||||||
| Net income (loss) | $ | 2,887 | $ | 228 | $ | 9,644 | $ | (230 | ) | ||||||
| Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 872 | 849 | 2,560 | 2,595 | |||||||||||
| Inventory provisions | 88 | 265 | 228 | 717 | |||||||||||
| Share-based compensation expense | 142 | 150 | 514 | 529 | |||||||||||
| Loss (gain) on disposal of assets | — | (6 | ) | 2 | (6 | ) | |||||||||
| Deferred income taxes | 26 | 3 | 38 | (50 | ) | ||||||||||
| Change in assets and liabilities: | |||||||||||||||
| Accounts receivable | (4,209 | ) | (837 | ) | (7,355 | ) | (1,004 | ) | |||||||
| Inventories | (3,113 | ) | 133 | (12,295 | ) | (875 | ) | ||||||||
| Prepaid expenses and other assets | (2 | ) | 428 | (1,058 | ) | 156 | |||||||||
| Accounts payable | 1,902 | 496 | 4,204 | (2,027 | ) | ||||||||||
| Accrued liabilities | 563 | 873 | 2,075 | 4,285 | |||||||||||
| Other | (370 | ) | 216 | (13 | ) | (222 | ) | ||||||||
| Net cash (used in) provided by operating activities | (1,214 | ) | 2,798 | (1,456 | ) | 3,868 | |||||||||
| Investing activities: | |||||||||||||||
| Capital expenditures | (554 | ) | (555 | ) | (2,161 | ) | (1,835 | ) | |||||||
| Proceeds from maturity of investments | — | — | — | 16,000 | |||||||||||
| Purchases of investments | — | — | — | (9,000 | ) | ||||||||||
| Net cash (used in) provided by investing activities | (554 | ) | (555 | ) | (2,161 | ) | 5,165 | ||||||||
| Financing activities: | |||||||||||||||
| Proceeds from issuance of common stock | 1,906 | — | 2,630 | — | |||||||||||
| Cash dividends paid | (806 | ) | (780 | ) | (2,384 | ) | (2,340 | ) | |||||||
| Payment of financing lease principal | (45 | ) | (45 | ) | (136 | ) | (136 | ) | |||||||
| Net cash provided by (used in) financing activities | 1,055 | (825 | ) | 110 | (2,476 | ) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | 195 | (34 | ) | (662 | ) | 1,315 | |||||||||
| (Decrease) increase in cash and cash equivalents | (518 | ) | 1,384 | (4,169 | ) | 7,872 | |||||||||
| Cash and cash equivalents at beginning of period | 39,665 | 37,023 | 43,316 | 30,535 | |||||||||||
| Cash and cash equivalents at end of period | $ | 39,147 | $ | 38,407 | $ | 39,147 | $ | 38,407 | |||||||
