ABOUT RICHARDSON ELECTRONICS, LTD.
Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. Nearly 50% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All our partners manufacture to our strict specifications and per our supplier code of conduct. 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.
Consolidat ed Balance Sheets (in thousands, except per share amounts) | ||||||||
| Unaudited | Audited | |||||||
| August 31, 2024 | June 1, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 23,035 | $ | 24,263 | ||||
| Accounts receivable, less allowance for credit losses of $351 and $323, respectively | 30,862 | 24,845 | ||||||
| Inventories, net | 110,994 | 110,149 | ||||||
| Prepaid expenses and other assets | 2,488 | 2,397 | ||||||
| Total current assets | 167,379 | 161,654 | ||||||
| Non-current assets: | ||||||||
| Property, plant and equipment, net | 20,612 | 20,681 | ||||||
| Intangible assets, net | 1,582 | 1,641 | ||||||
| Right of use lease assets | 2,538 | 2,760 | ||||||
| Deferred income tax assets | 5,555 | 5,500 | ||||||
| Other non-current assets | 197 | 209 | ||||||
| Total non-current assets | 30,484 | 30,791 | ||||||
| Total assets | $ | 197,863 | $ | 192,445 | ||||
| Liabilities | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 19,758 | $ | 15,458 | ||||
| Accrued liabilities | 15,403 | 15,404 | ||||||
| Lease liabilities current | 1,107 | 1,169 | ||||||
| Total current liabilities | 36,268 | 32,031 | ||||||
| Non-current liabilities: | ||||||||
| Deferred income tax liabilities | 79 | 90 | ||||||
| Lease liabilities non-current | 1,431 | 1,591 | ||||||
| Other non-current liabilities | 1,021 | 781 | ||||||
| Total non-current liabilities | 2,531 | 2,462 | ||||||
| Total liabilities | 38,799 | 34,493 | ||||||
| Stockholders’ Equity | ||||||||
| Common stock, $0.05 par value; 12,331 and 12,254 shares issued
and outstanding on August 31, 2024 and June 1, 2024, respectively | 617 | 613 | ||||||
| Class B common stock, convertible, $0.05 par value; 2,049 shares issued
and outstanding on August 31, 2024 and June 1, 2024 | 102 | 102 | ||||||
| Preferred stock, $1.00 par value, no shares issued | — | — | ||||||
| Additional paid-in-capital | 73,315 | 72,744 | ||||||
| Retained earnings | 83,630 | 83,729 | ||||||
| Accumulated other comprehensive income | 1,400 | 764 | ||||||
| Total stockholders' equity | 159,064 | 157,952 | ||||||
| Total liabilities and stockholders’ equity | $ | 197,863 | $ | 192,445 | ||||
