UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
For the quarterly period ended
OR
For the transition period from To
Commission File Number:
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices)
Registrant’s telephone number, including area code: (
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer |
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Non-Accelerated Filer |
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Smaller Reporting Company |
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Emerging Growth Company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes
As of April 4, 2023, there were outstanding
TABLE OF CONTENTS
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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1
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Richardson Electronics, Ltd.
Unaudited Consolidated Balance Sheets
(in thousands, except per share amounts)
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Unaudited |
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Audited |
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February 25, 2023 |
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May 28, 2022 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Accounts receivable, less allowance of $ |
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Inventories, net |
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Prepaid expenses and other assets |
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Investments - current |
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Total current assets |
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Non-current assets: |
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Property, plant and equipment, net |
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Intangible assets, net |
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Lease ROU asset |
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Other non-current assets |
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Non-current deferred income taxes |
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Total non-current assets |
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Total assets |
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$ |
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$ |
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Liabilities |
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Current liabilities: |
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Accounts payable |
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$ |
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$ |
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Accrued liabilities |
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Lease liability current |
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Total current liabilities |
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Non-current liabilities: |
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Non-current deferred income tax liabilities |
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Lease liability non-current |
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Other non-current liabilities |
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Total non-current liabilities |
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Total liabilities |
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Stockholders’ Equity |
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Common stock, $ |
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Class B common stock, convertible, $ |
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Preferred stock, $ |
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Additional paid-in-capital |
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Retained earnings |
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Accumulated other comprehensive income |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
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$ |
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$ |
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2
Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Comprehensive Income
(in thousands, except per share amounts)
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Three Months Ended |
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Nine Months Ended |
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February 25, 2023 |
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February 26, 2022 |
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February 25, 2023 |
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February 26, 2022 |
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Net sales |
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$ |
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$ |
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$ |
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$ |
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Cost of sales |
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Gross profit |
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Selling, general and administrative expenses |
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Loss (gain) on disposal of assets |
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Operating income |
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Other expense (income): |
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Investment/interest income |
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Foreign exchange (income) loss |
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Other, net |
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Total other (income) expense |
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Income before income taxes |
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Income tax provision |
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Net income |
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Foreign currency translation gain (loss), net of tax |
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Comprehensive income |
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$ |
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$ |
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$ |
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$ |
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Net income per share: |
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Common shares - Basic |
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$ |
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$ |
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$ |
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$ |
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Class B common shares - Basic |
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Common shares - Diluted |
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Class B common shares - Diluted |
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Weighted average number of shares: |
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Common shares – Basic |
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Class B common shares – Basic |
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Common shares – Diluted |
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Class B common shares – Diluted |
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Dividends per share: |
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Common share |
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$ |
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$ |
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$ |
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$ |
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Class B common share |
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3
Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Cash Flows
(in thousands)
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Three Months Ended |
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Nine Months Ended |
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February 25, 2023 |
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February 26, 2022 |
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February 25, 2023 |
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February 26, 2022 |
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Operating activities: |
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Net income |
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$ |
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$ |
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$ |
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$ |
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Adjustments to reconcile net income to cash used in operating activities: |
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Depreciation and amortization |
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Inventory provisions |
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Share-based compensation expense |
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Loss (gain) on disposal of assets |
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Deferred income taxes |
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Change in assets and liabilities: |
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Accounts receivable |
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Inventories |
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Prepaid expenses and other assets |
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Accounts payable |
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Accrued liabilities |
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Other |
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Net cash used in operating activities |
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Investing activities: |
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Capital expenditures |
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Proceeds from maturity of investments |
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Proceeds from sale of assets |
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Net cash provided by (used in) investing activities |
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Financing activities: |
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Proceeds from issuance of common stock |
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Cash dividends paid |
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Other |
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Net cash (used in) provided by financing activities |
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Effect of exchange rate changes on cash and cash equivalents |
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Decrease in cash and cash equivalents |
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Cash and cash equivalents at beginning of period |
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Cash and cash equivalents at end of period |
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$ |
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$ |
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$ |
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4
Richardson Electronics, Ltd.
Unaudited Consolidated Statement of Stockholders’ Equity
(in thousands, except per share amounts)
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Common |
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Class B |
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Par |
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Additional |
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Retained |
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Accumulated |
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Total |
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Balance May 28, 2022: |
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$ |
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$ |
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$ |
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$ |
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$ |
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Comprehensive income: |
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Net income |
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— |
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— |
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— |
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— |
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— |
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Foreign currency translation |
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— |
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— |
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— |
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— |
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— |
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Share-based compensation: |
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Restricted stock |
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— |
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— |
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— |
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— |
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— |
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Stock options |
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— |
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— |
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— |
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— |
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— |
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Common stock: |
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Options exercised |
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— |
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— |
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— |
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Restricted stock issuance |
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— |
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— |
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— |
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Class B converted to Common |
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— |
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— |
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— |
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— |
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