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


Richardson Electronics, Ltd.
Unaudited Consolidated Statements of Cash Flows
(in thousands)
         
    Three Months Ended     Nine Months Ended  
    February 25,
2017
    February 27,
2016
    February 25,
2017
    February 27,
2016
 
Operating activities:                
Net loss $(1,431) $(2,926) $(6,803) $(6,611)
Adjustments to reconcile net loss to cash used in operating activities:                
Depreciation and amortization  703   583   2,020   1,865 
(Gain) loss on sale of investments  (8)  21   (2)  2 
Gain on disposal of assets           (244)
Share-based compensation expense  75   119   354   434 
Deferred income taxes  121   (82)  (188)  173 
Change in assets and liabilities, net of effect of acquired business:                
Accounts receivable  (717)  282   3,217   311 
Income tax receivable     187   (5)  851 
Inventories  306   (2,164)  1,898   (5,636)
Prepaid expenses and other assets  80    1       (961 )     (443 )
Accounts payable     849       (986 )     (2,372 )     (2,976 )
Accrued liabilities     (1,118 )     (871 )     (256 )     (2,071 )
Long-term liabilities-accrued pension                       (465 )
Other     (125 )     125       (107 )     256  
Net cash used in operating activities     (1,265 )     (5,711 )     (3,205 )     (14,554 )
Investing activities:                                
Cash consideration paid for acquired business                       (12,209 )
Capital expenditures     (764 )     (1,267 )     (4,063 )     (3,043 )
Proceeds from sale of assets                       402  
Proceeds from maturity of investments                 3,582       25,584  
Purchases of investments                 (2,136 )     (2,151 )
Proceeds from sales of available-for-sale securities     78       106       225       250  
Purchases of available-for-sale securities     (78 )     (106 )     (225 )     (250 )
Other     (3 )     (49 )     (9 )     (17 )
Net cash (used in) provided by investing activities     (767 )     (1,316 )     (2,626 )     8,566  
Financing activities:                                
Repurchase of common stock                       (5,015 )
Proceeds from issuance of common stock     30       21       30       142  
Cash dividends paid     (758 )     (758 )     (2,273 )     (2,321 )
Other                       (4 )
Net cash used in financing activities     (728 )     (737 )     (2,243 )     (7,198 )
Effect of exchange rate changes on cash and cash equivalents     35       106       (994 )     (1,144 )
Decrease in cash and cash equivalents     (2,725 )     (7,658 )     (9,068 )     (14,330 )
Cash and cash equivalents at beginning of period     54,111       67,863       60,454       74,535  
Cash and cash equivalents at end of period   $ 51,386     $ 60,205     $ 51,386     $ 60,205  
                                 

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