10-Q Filing

RICHARDSON ELECTRONICS, LTD. CIK: 355948 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001564590-22-033665`
Period End Date	20220831
Filing Date	20221006
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	rell-10q_20220827_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 30 Cash Flow Statement 48 Stockholders Equity 23

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Allowance for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$186.00K	USD	Point-in-time
Allowance for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$192.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.63M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.49M	USD	Point-in-time
Accounts receivable, less allowance of $192 and $186, respectively	`AccountsReceivableNetCurrent`	$29.88M	USD	Point-in-time
Accounts receivable, less allowance of $192 and $186, respectively	`AccountsReceivableNetCurrent`	$32.57M	USD	Point-in-time
Inventories, net	`InventoryNet`	$80.39M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$89.08M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.45M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.56M	USD	Point-in-time
Preferred Stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments - current	`ShortTermInvestments`	$5.00M	USD	Point-in-time
Investments - current	`ShortTermInvestments`	$5.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$153.21M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$160.84M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$17.64M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$16.96M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$2.01M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$1.95M	USD	Point-in-time
Lease ROU asset	`OperatingAndFinanceLeaseRightOfUseAsset`	$3.24M	USD	Point-in-time
Lease ROU asset	`OperatingAndFinanceLeaseRightOfUseAsset`	$2.79M	USD	Point-in-time
Non-current deferred income taxes	`DeferredIncomeTaxAssetsNet`	$4.37M	USD	Point-in-time
Non-current deferred income taxes	`DeferredIncomeTaxAssetsNet`	$4.40M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$26.61M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$26.75M	USD	Point-in-time
Total assets	`Assets`	$187.59M	USD	Point-in-time
Total assets	`Assets`	$179.82M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$23.99M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$25.28M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$16.11M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$17.98M	USD	Point-in-time
Lease liability current	`OperatingAndFinanceLeaseLiabilityCurrent`	$1.11M	USD	Point-in-time
Lease liability current	`OperatingAndFinanceLeaseLiabilityCurrent`	$1.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$41.21M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$44.33M	USD	Point-in-time
Non-current deferred income tax liabilities	`AccruedIncomeTaxesNoncurrent`	$79.00K	USD	Point-in-time
Non-current deferred income tax liabilities	`AccruedIncomeTaxesNoncurrent`	$85.00K	USD	Point-in-time
Lease liability non-current	`OperatingAndFinanceLeaseLiabilityNoncurrent`	$1.71M	USD	Point-in-time
Lease liability non-current	`OperatingAndFinanceLeaseLiabilityNoncurrent`	$1.92M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$766.00K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$799.00K	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$2.77M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$2.59M	USD	Point-in-time
Total liabilities	`Liabilities`	$43.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$46.92M	USD	Point-in-time
Preferred stock, $1.00 par value, no shares issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $1.00 par value, no shares issued	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$66.33M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$67.95M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$68.03M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$73.54M	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.51M	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$800.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$135.85M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$121.56M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$140.66M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$122.68M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$179.82M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$187.59M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$67.56M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$53.70M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$37.41M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$44.53M	USD	1 Quarter
Gross profit	`GrossProfit`	$23.03M	USD	1 Quarter
Gross profit	`GrossProfit`	$16.30M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$13.47M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$14.25M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$2.83M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$8.78M	USD	1 Quarter
Investment/interest income	`InvestmentIncomeNet`	$17.00K	USD	1 Quarter
Investment/interest income	`InvestmentIncomeNet`	$25.00K	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-27.00K	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-374.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-16.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$2.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-26.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-347.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.80M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.43M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$167.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.11M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.32M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.63M	USD	1 Quarter
Foreign currency translation loss, net of tax	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.00M	USD	1 Quarter
Foreign currency translation loss, net of tax	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.31M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.63M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$4.01M	USD	1 Quarter
Common shares - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.47M	shares	1 Quarter
Common shares - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.33M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$2.63M	USD	1 Quarter
Net income	`ProfitLoss`	$6.32M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$883.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$829.00K	USD	1 Quarter
Inventory provisions	`InventoryProvisions`	$71.00K	USD	1 Quarter
Inventory provisions	`InventoryProvisions`	$83.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$311.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$219.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$1.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$35.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.01M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.50M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$10.47M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$4.96M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$62.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$1.20M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.50M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$607.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$480.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$2.21M	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-638.00K	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-266.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.23M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.87M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$1.44M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$837.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.44M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-837.00K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$52.00K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.39M	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$786.00K	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$819.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-69.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-45.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-779.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$497.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-409.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-686.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.90M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.86M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.49M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.42M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$43.32M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.63M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.49M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.42M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$43.32M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.63M	USD	Point-in-time

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$135.85M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$121.56M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$140.66M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$122.68M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$6.32M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.63M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.00M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.31M	USD	1 Quarter
Restricted stock	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$128.00K	USD	1 Quarter
Restricted stock	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$123.00K	USD	1 Quarter
Stock options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$188.00K	USD	1 Quarter
Stock options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$91.00K	USD	1 Quarter
Options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$52.00K	USD	1 Quarter
Options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.39M	USD	1 Quarter
Restricted stock issuance	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$-69.00K	USD	1 Quarter
Common ($0.060 per share)	`DividendsCommonStockCash`	$709.00K	USD	1 Quarter
Common ($0.060 per share)	`DividendsCommonStockCash`	$673.00K	USD	1 Quarter
Class B ($0.054 per share)	`DividendsCommonStockCashClassB`	$113.00K	USD	1 Quarter
Class B ($0.054 per share)	`DividendsCommonStockCashClassB`	$110.00K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$135.85M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$121.56M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$140.66M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$122.68M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.