Richardson Electronics Reports Second Quarter Fiscal 2017 Results and Declares Quarterly Cash Dividend

Richardson Electronics 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 26, 
 2016
  May 28, 
 2016
Assets   
Current assets:   
Cash and cash equivalents$  54,111 $  60,454
Accounts receivable, less allowance of $379 and $364  20,480   24,928
Inventories, net  43,078   45,422
Prepaid expenses and other assets  2,727   1,758
Deferred income taxes  —   1,078
Income tax receivable  22   17
Investments - current  6,307   2,268
Total current assets    126,725      135,925
Non-current assets:   
Property, plant and equipment, net  15,085   12,986
Goodwill  6,332   6,332
Intangible assets, net  3,618   3,818
Non-current deferred income taxes  1,301   1,270
Investments - non-current  2,343   7,799
Total non-current assets    28,679      32,205
Total assets $     155,404   $     168,130
Liabilities and Stockholders’ Equity   
Current liabilities:   
Accounts payable  11,507   14,896
Accrued liabilities  9,838   9,135
Total current liabilities    21,345      24,031
Non-current liabilities:   
Non-current deferred income tax liabilities  158   1,457
Other non-current liabilities  1,065   967
Total non-current liabilities    1,223      2,424
Total liabilities    22,568      26,455
Stockholders’ equity    
Common stock, $0.05 par value; issued and outstanding 10,703 shares at November 26,
2016, and at May 28, 2016
   535      535
Class B common stock, convertible, $0.05 par value; issued and outstanding 2,141
shares at November 26, 2016, and at May 28, 2016
   107      107
Preferred stock, $1.00 par value, no shares issued    —      —
Additional paid-in-capital    59,248      58,969
Common stock in treasury, at cost, no shares at November 26, 2016, and at May 28, 2016    —      —
Retained earnings    72,405      79,292
Accumulated other comprehensive income    541      2,772
Total stockholders’ equity     132,836       141,675
Total liabilities and stockholders’ equity $     155,404   $     168,130
       

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