0001387131-16-007204.txt : 20161006 0001387131-16-007204.hdr.sgml : 20161006 20161006155602 ACCESSION NUMBER: 0001387131-16-007204 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 68 CONFORMED PERIOD OF REPORT: 20160827 FILED AS OF DATE: 20161006 DATE AS OF CHANGE: 20161006 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RICHARDSON ELECTRONICS LTD/DE CENTRAL INDEX KEY: 0000355948 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 362096643 STATE OF INCORPORATION: DE FISCAL YEAR END: 0601 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-12906 FILM NUMBER: 161924904 BUSINESS ADDRESS: STREET 1: 40W267 KESLINGER RD STREET 2: PO BOX 393 CITY: LAFOX STATE: IL ZIP: 60147 BUSINESS PHONE: 630 208-2200 MAIL ADDRESS: STREET 1: 40W267 KESLINGER ROAD STREET 2: P.O. BOX 393 CITY: LAFOX STATE: IL ZIP: 60147 10-Q 1 rell-10q_082716.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

  ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 27, 2016

OR

  ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      To                    

Commission File Number: 0-12906

RICHARDSON ELECTRONICS, LTD.

(Exact name of registrant as specified in its charter)

Delaware 36-2096643

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

40W267 Keslinger Road, P.O. Box 393

LaFox, Illinois 60147-0393

(Address of principal executive offices)

Registrant’s telephone number, including area code: (630) 208-2200

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.    ☒  Yes ☐  No 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).    ☒  Yes    ☐  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer ☐ Accelerated Filer ☒
Non-Accelerated Filer ☐  (Do not check if a smaller reporting company) Smaller Reporting Company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐  Yes   ☒  No

As of October 3, 2016, there were outstanding 10,702,932 shares of Common Stock, $0.05 par value and 2,140,631 shares of Class B Common Stock, $0.05 par value, which are convertible into Common Stock of the registrant on a share for share basis.

 

 
 

 

TABLE OF CONTENTS

   

Page

 

Part I. Financial Information  
     
Item 1. Financial Statements 2
  Consolidated Balance Sheets 2
  Unaudited Consolidated Statements of Comprehensive Loss 3
  Unaudited Consolidated Statements of Cash Flows 4
  Unaudited Consolidated Statement of Stockholders’ Equity 5
  Notes to Unaudited Consolidated Financial Statements 6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 16
Item 3. Quantitative and Qualitative Disclosures About Market Risk 21
Item 4. Controls and Procedures 21
     
Part II. Other Information  
     
Item 1. Legal Proceedings 22
Item 1A. Risk Factors 22
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22
Item 5. Other Information 22
Item 6. Exhibits 22
Signatures 23
Exhibit Index 24

 

 

 1 
 

 

PART I.FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS

Richardson Electronics, Ltd.

Consolidated Balance Sheets

(in thousands, except per share amounts)

   Unaudited  Audited
   August 27, 
 2016		  May 28, 
 2016
Assets          
Current assets:          
Cash and cash equivalents  $57,488   $60,454 
Accounts receivable, less allowance of $380 and $364   21,545    24,928 
Inventories, net   45,187    45,422 
Prepaid expenses and other assets   1,744    1,758 
Deferred income taxes   —      1,078 
Income tax receivable   30    17 
Investments - current   6,392    2,268 
Total current assets   132,386    135,925 
Non-current assets:          
Property, plant and equipment, net   14,425    12,986 
Goodwill   6,332    6,332 
Intangible assets, net   3,714    3,818 
Non-current deferred income taxes   1,304    1,270 
Investments - non-current   2,410    7,799 
Total non-current assets   28,185    32,205 
Total assets  $160,571   $168,130 
Liabilities and Stockholders’ Equity          
Current liabilities:          
Accounts payable   12,581    14,896 
Accrued liabilities   8,000    9,135 
Total current liabilities   20,581    24,031 
Non-current liabilities:          
Non-current deferred income tax liabilities   237    1,457 
Other non-current liabilities   1,196    967 
Total non-current liabilities   1,433    2,424 
Total liabilities   22,014    26,455 
Stockholders’ equity          
Common stock, $0.05 par value; issued and outstanding 10,703 shares at August 27, 2016, and at May 28, 2016   535    535 
Class B common stock, convertible, $0.05 par value; issued and outstanding 2,141 shares at August 27, 2016, and at May 28, 2016   107    107 
Preferred stock, $1.00 par value, no shares issued   —      —   
Additional paid-in-capital   59,072    58,969 
Common stock in treasury, at cost, no shares at August 27, 2016, and at May 28, 2016   —      —   
Retained earnings   75,685    79,292 
Accumulated other comprehensive income   3,158    2,772 
Total stockholders’ equity   138,557    141,675 
Total liabilities and stockholders’ equity  $160,571   $168,130 

 

 2 
 

 

Richardson Electronics, Ltd.

Unaudited Consolidated Statements of Comprehensive Loss

(in thousands, except per share amounts)

   Three Months Ended
   August 27,
2016		  August 29,
2015
Statements of Comprehensive Loss      
Net sales  $33,373   $37,071 
Cost of sales   23,133    25,809 
Gross profit   10,240    11,262 
Selling, general, and administrative expenses   12,327    12,267 
Gain on disposal of assets   —      (1)
Operating loss   (2,087)   (1,004)
Other (income) expense:          
Investment/interest income   (11)   (191)
Foreign exchange loss   278    182 
Other, net   (1)   36 
Total other expense   266    27 
Loss before income taxes   (2,353)   (1,031)
Income tax provision   497    368 
Net loss   (2,850)   (1,399)
Foreign currency translation gain (loss), net of tax   379    (503)
Fair value adjustments on investments gain (loss)   7    (60)
Comprehensive loss  $(2,464)  $(1,962)
Loss per share:          
Common shares - Basic  $(0.23)  $(0.10)
Class B common shares - Basic  $(0.20)  $(0.10)
Common shares - Diluted  $(0.23)  $(0.10)
Class B common shares - Diluted  $(0.20)  $(0.10)
Weighted average number of shares:          
Common shares - Basic   10,703    11,486 
Class B common shares - Basic   2,141    2,141 
Common shares - Diluted   10,703    11,486 
Class B common shares - Diluted   2,141    2,141 
Dividends per common share  $0.060   $0.060 
Dividends per Class B common share  $0.054   $0.054 

 

 

 3 
 

 

Richardson Electronics, Ltd.

Unaudited Consolidated Statements of Cash Flows

(in thousands)

   Three Months Ended
   August 27,
2016		  August 29,
2015
Operating activities:          
Net loss  $(2,850)  $(1,399)
Adjustments to reconcile net loss to cash used in operating activities:          
Depreciation and amortization   715    485 
Gain on sale of investments   (2)   (11)
Gain on disposal of assets   —      (1)
Share-based compensation expense   103    90 
Deferred income taxes   (158)   1 
Change in assets and liabilities, net of effect of acquired business:          
Accounts receivable   3,555    (2,525)
Income tax receivable   (13)   548 
Inventories   411    (593)
Prepaid expenses and other assets   41    (581)
Accounts payable   (2,338)   (1,521)
Accrued liabilities   (1,144)   (804)
Non-current deferred income tax liabilities   —      228 
Long-term liabilities-accrued pension   —      (465)
Other   5    35 
Net cash used in operating activities   (1,675)   (6,513)
Investing activities:          
Cash consideration paid for acquired business   —      (12,209)
Capital expenditures   (2,064)   (984)
Proceeds from maturity of investments   1,465    18,350 
Proceeds from sales of available-for-sale securities   88    100 
Purchases of available-for-sale securities   (88)   (100)
Other   (3)   60 
Net cash (used in) provided by investing activities   (602)   5,217 
Financing activities:          
Repurchase of common stock   —      (3,308)
Cash dividends paid   (758)   (806)
Other   —      (4)
Net cash used in financing activities   (758)   (4,118)
Effect of exchange rate changes on cash and cash equivalents   69    (695)
Decrease in cash and cash equivalents   (2,966)   (6,109)
Cash and cash equivalents at beginning of period   60,454    74,535 
Cash and cash equivalents at end of period  $57,488   $68,426 

 

 4 
 

 

Richardson Electronics, Ltd.

Unaudited Consolidated Statement of Stockholders’ Equity

(in thousands)

   Common  Class B
Common		  Par
Value		  Additional
Paid In
Capital		  Common
Stock in
Treasury		  Retained
Earnings		  Accumulated
Other
Comprehensive
Income		  Total
Balance May 28, 2016:   10,703    2,141   $642   $58,969   $—     $79,292   $2,772   $141,675 
Comprehensive loss                                        
Net loss   —      —      —      —      —      (2,850)   —      (2,850)
Foreign currency translation   —      —      —      —      —      —      379    379 
Fair value adjustments on investments   —      —      —      —      —      —      7    7 
Share-based compensation:                                        
Stock options   —      —      —      103    —      —      —      103 
Dividends paid to:                                        
Common ($0.06 per share)   —      —      —      —      —      (641)   —      (641)
Class B ($0.054 per share)   —      —      —      —      —      (116)   —      (116)
Balance August 27, 2016:   10,703    2,141   $642   $59,072   $—     $75,685   $3,158   $138,557 

 

 

 5 
 

 

RICHARDSON ELECTRONICS, LTD.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1.  DESCRIPTION OF THE COMPANY

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high value displays, flat panel detector solutions and replacement parts for diagnostic imaging equipment; and customized display solutions. 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.

 

Our products include electron tubes and related components, microwave generators, subsystems used in semiconductor manufacturing, and visual technology solutions. These products are used to control, switch or amplify electrical power signals, or are used as display devices in a variety of industrial, commercial, medical, and communication applications.

 

We have three operating and reportable segments, which we define as follows:

Power and Microwave Technologies Group (“PMT”) combines our core engineered solutions, power grid and microwave tube business with new RF and power technologies. As a manufacturer and authorized distributor, PMT’s strategy is to provide specialized technical expertise and engineered solutions based on our core engineering and manufacturing capabilities. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair—all through our existing global infrastructure. PMT’s focus is on products for power, RF and microwave applications for customers in alternative energy, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. PMT focuses on various applications including broadcast transmission, CO2 laser cutting, diagnostic imaging, dielectric and induction heating, high energy transfer, high voltage switching, plasma, power conversion, radar, and radiation oncology. PMT also offers its customers technical services for both microwave and industrial equipment.

Canvys provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial, and medical original equipment manufacturers (“OEM”) markets.

Healthcare manufactures, distributes and services high value replacement parts for the healthcare market including hospitals, medical centers, independent service organizations, and multi-vendor service providers. Products include power grid tubes, hydrogen thyratrons, klystrons, magnetrons; Image Systems medical displays and workstations for picture archiving and communication systems (“PACS”); visual solutions for operating rooms/surgical environments; digital radiography solutions including replacement flat panel detectors and upgrades; and additional replacement components currently under development for the diagnostic imaging service market. Through a combination of newly developed products and partnerships, service offerings, and training programs, we believe we can help our customers improve efficiency and deliver better clinical outcomes while lowering the cost of healthcare delivery.

We currently have operations in the following major geographic regions: North America, Asia/Pacific, Europe, and Latin America.

2.  BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements.

Our fiscal quarter ends on the Saturday nearest the end of the quarter-ending month. The first three months of fiscal 2017 and 2016 contained 13 weeks, respectively.

In the opinion of management, all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results of interim periods have been made. All inter-company transactions and balances have been eliminated. The unaudited consolidated financial statements presented herein include the accounts of our wholly owned subsidiaries. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The results of our operations for the three months ended August 27, 2016, are not necessarily indicative of the results that may be expected for the fiscal year ending May 27, 2017.

 

 6 
 

 

The financial information contained in this report should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended May 28, 2016, that we filed on July 29, 2016.

3.  CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Inventories: Our consolidated inventories are stated at the lower of cost or market, generally using a weighted-average cost method. Our inventories include approximately $39.7 million of finished goods, $4.4 million of raw materials, and $1.1 million of work-in-progress as of August 27, 2016, as compared to approximately $40.0 million of finished goods, $4.4 million of raw materials, and $1.0 million of work-in-progress as of May 28, 2016.

At this time, we do not anticipate any material risks or uncertainties related to possible future inventory write-downs. Provisions for obsolete or slow moving inventories are recorded based upon regular analysis of stock rotation privileges, obsolescence, the exiting of certain markets, and assumptions about future demand and market conditions. If future demand, changes in the industry, or market conditions differ from management’s estimates, additional provisions may be necessary. Inventory reserves were approximately $3.4 million as of August 27, 2016, and as of May 28, 2016.

Revenue Recognition: Our product sales are recognized as revenue upon shipment, when title passes to the customer, when delivery has occurred or services have been rendered, and when collectability is reasonably assured. We also record estimated discounts and returns based on our historical experience. Our products are often manufactured to meet the specific design needs of our customers’ applications. Our engineers work closely with customers to ensure that our products will meet their needs. Our customers are under no obligation to compensate us for designing the products we sell.

Loss Contingencies: We accrue a liability for loss contingencies when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. If we determine that there is at least a reasonable possibility that a loss may have been incurred, we will include a disclosure describing the contingency.

Intangible Assets: Intangible assets are initially recorded at their fair market values determined on quoted market prices in active markets, if available, or recognized valuation models. Intangible assets that have finite useful lives are amortized over their useful lives either on a straight-line basis or over their projected future cash flows and are tested for impairment when events or changes in circumstances occur that indicate possible impairment.

Income Taxes: We recognize deferred tax assets and liabilities based on the differences between financial statement carrying amounts and the tax bases of assets and liabilities. We regularly review our deferred tax assets for recoverability and determine the need for a valuation allowance based on a number of factors, including both positive and negative evidence. These factors include historical taxable income or loss, projected future taxable income or loss, the expected timing of the reversals of existing temporary differences, and the implementation of tax planning strategies. In circumstances where we, or any of our affiliates, have incurred three years of cumulative losses which constitute significant negative evidence, positive evidence of equal or greater significance is needed to overcome the negative evidence before a tax benefit is recognized for deductible temporary differences and loss carryforwards.

In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes.” ASU 2015-17 eliminates the prior US GAAP guidance in Topic 740, Income Taxes, that required an entity to separate deferred tax liabilities and assets between current and noncurrent amounts in a classified balance sheet. The amendments in ASU 2015-17 require that all deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as any related valuation allowance, be offset and presented as a single noncurrent amount in a classified balance sheet. ASU 2015-17 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. In order to simplify presentation of deferred tax balances, the Company adopted this standard prospectively in the quarter ended August 27, 2016. Periods prior to August 27, 2016 were not retrospectively adjusted.

Accrued Liabilities: Accrued liabilities consist of the following (in thousands):

  August 27, 2016   May 28, 2016
Compensation and payroll taxes $ 3,510     $ 4,054  
Professional fees 406     775  
Deferred revenue 1,831     1,879  
Other accrued expenses 2,253     2,427  
Accrued Liabilities $ 8,000     $ 9,135  

 

 7 
 

 

4.  ACQUISITION

On June 15, 2015, Richardson Electronics, Ltd (“the Company”), acquired certain assets of International Medical Equipment and Services, Inc. (“IMES”), for a purchase price of $12.2 million. This includes the purchase of inventory, receivables, fixed assets, and certain other assets of the Company. The Company did not acquire any liabilities of IMES. The total consideration paid excludes transaction costs.

 

IMES, based in South Carolina, provides reliable, cost-saving solutions worldwide for major brands of CT and MRI equipment. This acquisition positions Richardson Healthcare to provide cost effective diagnostic imaging replacement parts and training to hospitals, diagnostic imaging centers, medical institutions, and independent service organizations. IMES offers an extensive selection of replacement parts, as well as an interactive training center, on-site test bays and experienced technicians who provide 24/7 customer support. Replacement parts are readily available and triple tested to provide peace of mind when uptime is critical. IMES core operations have remained in South Carolina. Richardson Healthcare plans to expand IMES’ replacement parts and training offerings geographically to leverage the Company’s global infrastructure. During the fourth quarter of fiscal 2016, IMES opened up their first foreign location in Amsterdam.

 

The consideration paid by the Company to IMES at closing was $12.2 million in cash. The following table summarizes the fair values of the assets acquired at the date of the closing of the acquisition (in thousands):

Accounts receivable   $ 737  
Inventories     1,420  
Property, plant and equipment     230  
Goodwill     6,332  
Other intangibles     3,490  
Net assets acquired   $ 12,209  

 

Intangible assets include trade names with an estimated life of 3 years for $0.6 million, customer relationships with an estimated life of 20 years for $2.5 million, non-compete agreements with an estimated life of 5 years for $0.2 million, and technology with an estimated life of 10 years for $0.2 million.

 

Goodwill recognized represents value the Company expects to be created by combining the operations of IMES with the Company’s operations, including the expansion into markets within existing business segments and geographic regions, access to new customers and potential cost savings and synergies.

 

Goodwill related to the acquisition is deductible for tax purposes.

 

In connection with the acquisition of IMES, the Company also entered into an Employment, Non-Disclosure, and Non-Compete Agreement (“Employment Agreement”) with Lee A. McIntyre III as the Company’s Executive Vice President, IMES. During the term of his employment, Mr. McIntyre will earn an annual base salary of $300,000. In addition to his base salary, he will be entitled to an annual bonus equal to 20% of the EBITDA of IMES provided that the EBITDA of the business is at least $2.0 million inclusive of the bonus payment. The annual bonus payment will terminate after five years. For fiscal year 2016, Mr. McIntyre did not receive a bonus as the minimum EBITDA needed was not achieved.

The financial results for the three months ended August 29, 2015, includes the financial results for IMES from June 15, 2015, through August 29, 2015. The financial transactions for IMES from May 31, 2015, through June 14, 2015, were deemed immaterial for illustrating pro forma financial statements.

5.  GOODWILL AND INTANGIBLE ASSETS

The carrying value of goodwill was $6.3 million as of August 27, 2016, and May 28, 2016.

Goodwill is initially recorded based on the premium paid for acquisitions and is subsequently tested for impairment, using the first day of our fourth quarter as the measurement date. We test goodwill for impairment annually and whenever events or circumstances indicates an impairment may have occurred, such as a significant adverse change in the business climate, loss of key personnel or a decision to sell or dispose of a reporting unit. The goodwill balance in its entirety relates to our IMES reporting unit which is included in our Healthcare segment.

Intangible assets are initially recorded at their fair market values determined on quoted market prices in active markets, if available, or recognized valuation models. Intangible assets that have finite useful lives are amortized over their useful lives either on a straight-line basis or over their projected future cash flows and are tested for impairment when events or changes in circumstances occur that indicate possible impairment.

 8 
 

 

Our intangible assets represent the fair value for trade name, customer relationships, non-compete agreements, and technology acquired in connection with our acquisitions. Intangible assets subject to amortization are as follows (in thousands):

   Intangible Assets Subject to
Amortization as of
   August 27,
2016		  May 28,
2016
Gross Amounts:          
Trade Name  $659   $659 
Customer Relationships(1)   3,403    3,434 
Non-compete Agreements   177    177 
Technology   230    230 
Total Gross Amounts  $4,469   $4,500 
Accumulated Amortization:          
Trade Name  $283   $231 
Customer Relationships   380    374 
Non-compete Agreements   60    55 
Technology   32    22 
Total Accumulated Amortization  $755   $682 
           
Net Intangibles  $3,714   $3,818 

 

(1)Change from prior periods reflect impact of foreign currency translation.

The amortization expense associated with the intangible assets subject to amortization for the next five years is presented in the following table (in thousands):

Fiscal Year   Amortization
Expense
Remaining 2017   $ 270  
2018     432  
2019     245  
2020     257  
2021     245  
Thereafter     2,265  
Total amortization expense   $ 3,714  

The weighted average number of years of amortization expense remaining is 16.1 years.

6.  INVESTMENTS

As of August 27, 2016, we had approximately $8.2 million invested in time deposits and certificates of deposit (“CD”). Of these, $6.4 million mature in less than twelve months and $1.8 million mature in more than twelve months. The fair value of these investments is equal to the face value of each time deposit and CD.

As of May 28, 2016, we have invested in time deposits and certificates of deposit (“CD”) in the amount of $9.5 million. Of this, $2.3 million mature in less than twelve months and $7.2 million mature in greater than twelve months. The fair value of these investments is the face value of each time deposit and CD.

We also have investments in equity securities, all of which are classified as available-for-sale and are carried at their fair value based on quoted market prices. Our investments, which are included in non-current assets, had a carrying amount of $0.6 million as of August 27, 2016, and May 28, 2016. Proceeds from the sale of securities were $0.1 million during the first quarter of fiscal 2017 and fiscal 2016. We reinvested proceeds from the sale of securities, and the cost of the equity securities sold was based on a specific identification method. Gross realized gains on those sales were less than $0.1 million during the first quarter of fiscal 2017 and fiscal 2016. Net unrealized holding gains of less than $0.1 million during the first quarter of fiscal 2017 and loss of $0.1 million during the first quarter of fiscal 2016, have been included in accumulated other comprehensive income.

  

 9 
 

 

7.  WARRANTIES

We offer warranties for the limited number of specific products we manufacture. We also provide extended warranties for some products we sell that lengthen the period of coverage specified in the manufacturer’s original warranty. Our warranty terms generally range from one to three years.

We estimate the cost to perform under the warranty obligation and recognize this estimated cost at the time of the related product sale. We record expense related to our warranty obligations as cost of sales in our consolidated statements of comprehensive loss. Each quarter, we assess actual warranty costs incurred on a product-by-product basis and compare the warranty costs to our estimated warranty obligation. With respect to new products, estimates are based generally on knowledge of the products, the extended warranty period, and warranty experience.

Warranty reserves are established for costs that are expected to be incurred after the sale and delivery of products under warranty. Warranty reserves are included in accrued liabilities on our consolidated balance sheets. The warranty reserves are determined based on known product failures, historical experience, and other available evidence. Warranty reserves were approximately $0.2 million as of August 27, 2016, and as of May 28, 2016.

 

8.  LEASE OBLIGATIONS, OTHER COMMITMENTS, AND CONTINGENCIES

We lease certain warehouse and office facilities and office equipment under non-cancelable operating leases. Rent expense during the first three months of fiscal 2017 and fiscal 2016 was $0.5 million. Our future lease commitments for minimum rentals, including common area maintenance charges and property taxes during the next five years are as follows (in thousands):

Fiscal Year   Payments
Remaining 2017   $ 1,256  
2018     1,344  
2019     1,288  
2020     1,126  
2021     809  
Thereafter     470  

9.  INCOME TAXES

We recorded an income tax provision of $0.5 million and $0.4 million for the first three months of fiscal 2017 and the first three months of fiscal 2016, respectively. The effective income tax rate during the first three months of fiscal 2017 was a tax provision of (21.1%), as compared to a tax provision of (35.7%) during the first three months of fiscal 2016. The difference in rate during the first three months of fiscal 2017, as compared to the first three months of fiscal 2016, reflects the impact of changes in our geographical distribution of income (loss), the recording of provision to return true-ups of various foreign jurisdictions, and our positions with respect to ASC 740-30, Income Taxes - Other Considerations or Special Areas (“ASC 740-30”). The (21.1%) effective income tax rate differs from the federal statutory rate of 34.0% as a result of our geographical distribution of income (loss), the recording of various provision to return true-ups in foreign jurisdictions, the increase in uncertain tax positions as a result of an income tax audit in France, and the recording of a valuation allowance against the increase in our U.S. state and federal net deferred tax assets.

During the first quarter of fiscal year 2017, we completed a distribution of cash from our Chinese entity to our U.S. parent company which consisted of a return of capital for $10.0 million and a dividend of $1.3 million. The impact on our income taxes recorded during the first quarter of fiscal 2017 was an increase to our foreign tax credits deferred tax asset of approximately $3.6 million, a decrease to the U.S. federal net operating loss deferred tax asset of $4.8 million, and a decrease to our deferred tax liability for earnings considered permanently reinvested of $1.2 million. In connection with the cash repatriation, we recorded and paid approximately $0.1 million of withholding tax.

In the normal course of business, we are subject to examination by taxing authorities throughout the world. Generally, years prior to fiscal 2006 are closed for examination under the statute of limitation for U.S. federal, U.S. state and local, or non-U.S. tax jurisdictions. We are also currently under examination in France (fiscal 2013 through 2015) and Thailand (fiscal 2008 through 2011). We are under examination in the state of Illinois for fiscal years 2012 and 2013. Our primary foreign tax jurisdictions are Germany and the Netherlands. We have tax years open in Germany beginning in fiscal 2012 and the Netherlands beginning in fiscal 2010.

We have historically determined that certain undistributed earnings of our foreign subsidiaries, to the extent of cash available, will be repatriated to the U.S. Accordingly, we have provided a deferred tax liability totaling $5.5 million as of August 27, 2016, on foreign earnings of $38.2 million. The change from year end May 28, 2016 of a deferred tax liability totaling $6.7 million on foreign earnings of $48.7 million relates to reclassification of a deferred tax liability to an actual tax recognition of a dividend paid from China in the first quarter of fiscal 2017, thereby reducing the deferred tax liability and also reducing gross U.S. deferred tax assets fully offset by a valuation allowance.  In addition, as of August 27, 2016, the approximate $5.7 million balance of cumulative positive earnings of some of our foreign subsidiaries from May 28, 2016 has not significantly changed and is still considered permanently reinvested pursuant to ASC 740-30. Due to various tax attributes that are continuously changing, it is not practicable to determine what, if any, tax liability might exist if such earnings were to be repatriated.

 

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As of August 27, 2016, our worldwide liability, from continuing operations, for uncertain tax positions was $0.2 million, excluding interest and penalties, as compared to $0.1 million of liabilities for uncertain tax positions as of May 28, 2016. The increase in uncertain tax positions relate to the French tax audit. We record penalties and interest relating to uncertain tax positions in the income tax expense line item within the unaudited consolidated statements of loss. It is not expected that there will be a change in the unrecognized tax benefits within the next 12 months.

The valuation allowance against the net deferred tax assets that will more likely than not be realized was $5.9 million as of May 28, 2016. The valuation allowance against the net deferred tax assets has increased to $7.1 million as of August 27, 2016 for additional domestic federal and state net deferred tax assets generated during the first quarter of fiscal year 2017 due to additional losses in the U.S. jurisdiction. A full valuation allowance on the U.S. and state deferred tax assets will be maintained until sufficient positive evidence related to sources of future taxable income exists to support a reversal of the valuation allowance. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are increased, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as our projections for growth.

10.  CALCULATION OF EARNINGS PER SHARE

We have authorized 17,000,000 shares of common stock, and 3,000,000 shares of Class B common stock. The Class B common stock has 10 votes per share and has transferability restrictions; however, Class B common stock may be converted into common stock on a share-for-share basis at any time. With respect to dividends and distributions, shares of common stock and Class B common stock rank equally and have the same rights, except that Class B common stock cash dividends are limited to 90% of the amount of Class A common stock cash dividends.

In accordance with ASC 260-10, Earnings Per Share (“ASC 260”), our Class B common stock is considered a participating security requiring the use of the two-class method for the computation of basic and diluted earnings per share. The two-class computation method for each period reflects the cash dividends paid per share for each class of stock, plus the amount of allocated undistributed earnings per share computed using the participation percentage which reflects the dividend rights of each class of stock. Basic and diluted earnings per share were computed using the two-class method as prescribed in ASC 260. The shares of Class B common stock are considered to be participating convertible securities since the shares of Class B common stock are convertible on a share-for-share basis into shares of common stock and may participate in dividends with common stock according to a predetermined formula which is 90% of the amount of Class A common stock cash dividends.

 

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The earnings per share (“EPS”) presented in our unaudited consolidated statements of comprehensive loss are based on the following amounts (in thousands, except per share amounts):

   For the Three Months Ended
   August 27, 2016  August 29, 2015
    Basic    Diluted    Basic    Diluted 
Numerator for Basic and Diluted EPS:                    
Net loss  $(2,850)  $(2,850)  $(1,399)  $(1,399)
Less dividends:                    
Common stock   641    641    690    690 
Class B common stock   116    116    116    116 
Undistributed losses  $(3,607)  $(3,607)  $(2,205)  $(2,205)
Common stock undistributed losses  $(3,057)  $(3,057)  $(1,888)  $(1,888)
Class B common stock undistributed losses   (550)   (550)   (317)   (317)
Total undistributed losses  $(3,607)  $(3,607)  $(2,205)  $(2,205)
Denominator for basic and diluted EPS:                    
Common stock weighted average shares   10,703    10,703    11,486    11,486 
Class B common stock weighted average shares, and shares under if-converted method for diluted EPS   2,141    2,141    2,141    2,141 
Effect of dilutive securities                    
Dilutive stock options        —           —   
Denominator for diluted EPS adjusted for weighted average shares and assumed conversions        12,844         13,627 
Net loss per share:                    
Common stock  $(0.23)  $(0.23)  $(0.10)  $(0.10)
Class B common stock  $(0.20)  $(0.20)  $(0.10)  $(0.10)

Note: Common stock options that were anti-dilutive and not included in diluted earnings per common share for the first quarter of fiscal 2017 and fiscal 2016 were 838 and 888, respectively.

 

 

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11.  SEGMENT REPORTING

In accordance with ASC 280-10, Segment Reporting, we have identified three operating and reportable segments as follows:

Power and Microwave Technologies Group (“PMT”) combines our core engineered solutions, power grid and microwave tube business with new RF and power technologies. As a manufacturer and authorized distributor, PMT’s strategy is to provide specialized technical expertise and engineered solutions based on our core engineering and manufacturing capabilities. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair—all through our existing global infrastructure. PMT’s focus is on products for power, RF and microwave applications for customers in alternative energy, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. PMT focuses on various applications including broadcast transmission, CO2 laser cutting, diagnostic imaging, dielectric and induction heating, high energy transfer, high voltage switching, plasma, power conversion, radar, and radiation oncology. PMT also offers its customers technical services for both microwave and industrial equipment.

Canvys provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial, and medical original equipment manufacturers (“OEM”) markets.

Healthcare manufactures, distributes and services high value replacement parts for the healthcare market including hospitals, medical centers, independent service organizations, and multi-vendor service providers. Products include power grid tubes, hydrogen thyratrons, klystrons, magnetrons; Image Systems medical displays and workstations for picture archiving and communication systems (“PACS”); visual solutions for operating rooms/surgical environments; digital radiography solutions including replacement flat panel detectors and upgrades; and additional replacement components currently under development for the diagnostic imaging service market. Through a combination of newly developed products and partnerships, service offerings, and training programs, we believe we can help our customers improve efficiency and deliver better clinical outcomes while lowering the cost of healthcare delivery.

The CEO evaluates performance and allocates resources primarily based on the gross profit of each segment.

Operating results by segment are summarized in the following table (in thousands):

   Three Months Ended
   August 27,
2016		  August 29,
2015
PMT          
Net Sales  $25,381   $27,195 
Gross Profit   7,455    8,138 
           
Canvys          
Net Sales  $4,620   $6,681 
Gross Profit   1,348    1,709 
           
Healthcare          
Net Sales  $3,372   $3,195 
Gross Profit   1,437    1,415 

Geographic net sales information is primarily grouped by customer destination into five areas: North America; Asia/Pacific; Europe; Latin America; and Other.

 

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Net sales and gross profit by geographic region are summarized in the following table (in thousands):

   Three Months Ended
   August 27,
2016		  August 29,
2015
Net Sales          
North America  $13,049   $17,792 
Asia/Pacific   7,655    6,132 
Europe   10,264    11,358 
Latin America   2,390    1,607 
Other (1)   15    182 
Total  $33,373   $37,071 
Gross Profit          
North America  $4,885   $6,199 
Asia/Pacific   2,558    1,956 
Europe   3,029    3,341 
Latin America   917    625 
Other (1)   (1,149)   (859)
Total  $10,240   $11,262 

 

(1)Other includes primarily net sales not allocated to a specific geographical region, unabsorbed value-add costs, and other unallocated expenses.

We sell our products to customers in diversified industries and perform periodic credit evaluations of our customers’ financial condition. Terms are generally on open account, payable net 30 days in North America, and vary throughout Asia/Pacific, Europe, and Latin America. Estimates of credit losses are recorded in the financial statements based on monthly reviews of outstanding accounts.

 

12.  LITIGATION

We are involved in several pending judicial proceedings concerning matters arising in the ordinary course of business. While the outcome of litigation is subject to uncertainties, based on information available at the time the financial statements were issued, we determined disclosure of contingencies relating to any of our pending judicial proceedings was not necessary because there is less than a reasonable possibility that a material loss will be incurred.

 

13.  FAIR VALUE MEASUREMENTS

ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States, and expands disclosures about fair value measurements.

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists; therefore requiring an entity to develop its own assumptions.

As of August 27, 2016, and May 28, 2016, we held investments that are required to be measured at fair value on a recurring basis. Our investments consist of time deposits and CDs, where face value is equal to fair value, and equity securities of publicly traded companies for which market prices are readily available.

 

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Investments measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 as of August 27, 2016, and May 28, 2016, were as follows (in thousands):

    Level 1
August 27, 2016    
Time deposits/CDs   $ 8,239  
Equity securities     563  
Total   $ 8,802  
May 28, 2016        
Time deposits/CDs   $ 9,517  
Equity securities     550  
Total   $ 10,067  

14.  Related Party Transaction

On June 15, 2015, the Company entered into a lease agreement for the IMES facility with LDL, LLC. The Executive Vice President of IMES, Lee A. McIntyre III, has an ownership interest in LDL, LLC.  The lease agreement provides for monthly payments over five years with total future minimum lease payments of $0.6 million.  Rental expense related to this lease amounted to less than $0.1 million for the three months ended August 27, 2016, and August 29, 2015.  The Company shall be entitled to extend the term of the lease for a period of an additional five years by notifying the landlord in writing of its intention to do so within nine months of the expiration of the initial term.

15.  Subsequent event

In September of fiscal 2017, we executed a plan to reduce our workforce as part of our cost savings initiatives to permanently decrease fixed operating costs. As a result, we will be recording approximately $1.3 million of severance expense during the second quarter of fiscal 2017.

 

 

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ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Certain statements in this report may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. The terms “may,” “should,” “could,” “anticipate,” “believe,” “continues,” “estimate,” “expect,” “intend,” “objective,” “plan,” “potential,” “project” and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These statements are based on management’s current expectations, intentions or beliefs and are subject to a number of factors, assumptions and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause or contribute to such differences or that might otherwise impact the business include the risk factors set forth in Item 1A, of our Annual Report on Form 10-K filed on July 29, 2016. We undertake no obligation to update any such factor or to publicly announce the results of any revisions to any forward-looking statements contained herein whether as a result of new information, future events or otherwise.

In addition, while we do, from time to time, communicate with securities analysts, it is against our policy to disclose to them any material non-public information or other confidential commercial information. Accordingly, stockholders should not assume that we agree with any statement or report issued by any analyst irrespective of the content of the statement or report. Thus, to the extent that reports issued by securities analysts contain any projections, forecasts, or opinions, such reports are not our responsibility.

INTRODUCTION

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to assist the reader in better understanding our business, results of operations, financial condition, changes in financial condition, critical accounting policies and estimates, and significant developments. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes appearing elsewhere in this filing. This section is organized as follows:

  • Business Overview – a brief synopsis of our Company for the periods ended August 27, 2016, and August 29, 2015.
     
  • Results of Operations – an analysis and comparison of our consolidated results of operations for the three month periods ended August 27, 2016, and August 29, 2015, as reflected in our consolidated statements of comprehensive loss.
     
  • Liquidity, Financial Position, and Capital Resources – a discussion of our primary sources and uses of cash for the three month periods ended August 27, 2016, and August 29, 2015, and a discussion of changes in our financial position.

Business Overview

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high value displays, flat panel detector solutions and replacement parts for diagnostic imaging equipment; and customized display solutions.  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.

Our products include electron tubes and related components, microwave generators, subsystems used in semiconductor manufacturing, and visual technology solutions. These products are used to control, switch or amplify electrical power signals, or are used as display devices in a variety of industrial, commercial, medical, and communication applications.

We have three operating and reportable segments which we define as follows:

Power and Microwave Technologies Group (“PMT”) combines our core engineered solutions, power grid and microwave tube business with new RF and power technologies. As a manufacturer and authorized distributor, PMT’s strategy is to provide specialized technical expertise and engineered solutions based on our core engineering and manufacturing capabilities. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair—all through our existing global infrastructure. PMT’s focus is on products for power, RF and microwave applications for customers in alternative energy, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. PMT focuses on various applications including broadcast transmission, CO2 laser cutting, diagnostic imaging, dielectric and induction heating, high energy transfer, high voltage switching, plasma, power conversion, radar, and radiation oncology. PMT also offers its customers technical services for both microwave and industrial equipment.

Canvys provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial, and OEM markets.

 

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Healthcare manufactures, distributes and services high value replacement parts for the healthcare market including hospitals, medical centers, independent service organizations, and multi-vendor service providers. Products include power grid tubes, hydrogen thyratrons, klystrons, magnetrons; Image Systems medical displays and workstations for picture archiving and communication systems (“PACS”); visual solutions for operating rooms/surgical environments; digital radiography solutions including replacement flat panel detectors and upgrades; and additional replacement components currently under development for the diagnostic imaging service market. Through a combination of newly developed products and partnerships, service offerings, and training programs, we believe we can help our customers improve efficiency and deliver better clinical outcomes while lowering the cost of healthcare delivery.

We currently have operations in North America, Asia/Pacific, Europe, and Latin America.

RESULTS OF OPERATIONS

Financial Summary – Three Months Ended August 27, 2016

  • Net sales for the first quarter of fiscal 2017 were $33.4 million, a decrease of 10.0%, compared to net sales of $37.1 million during the first quarter of fiscal 2016.
     
  • Gross margin increased to 30.7% during the first quarter of fiscal 2017, compared to 30.4% during the first quarter of fiscal 2016.
     
  • Selling, general, and administrative expenses were $12.3 million, or 36.9% of net sales, for the first quarter of fiscal 2017, compared to $12.3 million, or 33.1% of net sales, for the first quarter of fiscal 2016.
     
  • Operating loss during the first quarter of fiscal 2017 was $2.1 million, compared to an operating loss of $1.0 million in the first quarter of fiscal 2016.  
     
  • Net loss during the first quarter of fiscal 2017 was $2.9 million, compared to net loss of $1.4 million, during the first quarter of fiscal 2016.
     

Net Sales and Gross Profit Analysis

Net sales by segment and percent change for the first quarter of fiscal 2017 and 2016 were as follows (in thousands):

Net Sales   Three Months Ended   FY17 vs. FY16
    August 27, 2016   August 29, 2015   % Change
PMT   $ 25,381     $ 27,195       -6.7 %
Canvys     4,620       6,681       -30.8 %
Healthcare     3,372       3,195       5.5 %
Total   $ 33,373     $ 37,071       -10.0 %

During the first quarter of fiscal 2017 consolidated net sales decreased 10.0% compared to the first quarter of fiscal 2016. Sales for PMT decreased 6.7%, sales for Canvys decreased 30.8%, and sales for Healthcare increased 5.5%. The decline sales for both PMT and Canvys were primarily due to declines in overall demand from key original equipment manufacturers. The increase in Richardson Healthcare was due to an increase in demand for diagnostic imaging replacement parts.

Gross profit by segment and percent change for the first quarter of fiscal 2017 and 2016 were as follows (in thousands):

Gross Profit   Three Months Ended
    August 27, 2016   % of Net Sales   August 29, 2015   % of Net Sales
PMT   $ 7,455       29.4 %   $ 8,138       29.9 %
Canvys     1,348       29.2 %     1,709       25.6 %
Healthcare     1,437       42.6 %     1,415       44.3 %
Total   $ 10,240       30.7 %   $ 11,262       30.4 %

Gross profit reflects the distribution and manufacturing product margin less manufacturing variances, inventory obsolescence charges, customer returns, scrap and cycle count adjustments, engineering costs, unabsorbed manufacturing labor and overhead, and other provisions.

Consolidated gross profit decreased to $10.2 million during the first quarter of fiscal 2017, compared to $11.3 million during the first quarter of fiscal 2016. Consolidated gross profit as a percentage of net sales increased to 30.7% during the first quarter of fiscal 2017, from 30.4% during the first quarter of fiscal 2016, primarily due to higher margins in our Canvys business as a result of an improved product and sales mix and higher margins associated with the sale of diagnostic imaging replacement parts in the Healthcare business.

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Power and Microwave Technologies Group

PMT net sales decreased 6.7% to $25.4 million during the first quarter of fiscal 2017, from $27.2 million during the first quarter of fiscal 2016.  The decline included sales of Electron devices sold into the marine market, and specialty products manufactured in LaFox which are sold primarily into the semiconductor capital equipment market. The sales decline was partially offset by higher sales of new technology partners in power conversion and RF and microwave component and growth of Electron devices in Laser products and Microwave radar applications. Gross margin as a percentage of net sales decreased to 29.4% during the first quarter of fiscal 2017, as compared to 29.9% during the first quarter of fiscal 2016, due to production shutdown and equipment transfer costs incurred at our Brive, France facility.

Canvys

Canvys net sales decreased 30.8% to $4.6 million during the first quarter of fiscal 2017, from $6.7 million during the first quarter of fiscal 2016 primarily due to a significant decrease in customer demand in our North America market. Gross margin as a percentage of net sales increased to 29.2% during the first quarter of fiscal 2017 as compared to 25.6% during the first quarter of fiscal 2016, due to product mix and lower inbound freight costs.   

Healthcare

Healthcare net sales increased 5.5% to $3.4 million during the first quarter of fiscal 2017, from $3.2 million during the first quarter of fiscal 2016 primarily due to increased sales of IMES products. Gross margin as a percentage of net sales decreased to 42.6% during the first quarter of fiscal 2017 as compared to 44.3% during the first quarter of fiscal 2016 due to product mix.

Selling, General, and Administrative Expenses

Selling, general, and administrative expenses (“SG&A”) during the first quarter of fiscal 2017 were flat at $12.3 million to the first quarter of fiscal 2016. Decreases in SG&A of $0.4 million in support functions and $0.1 million in Canvys were offset by an increase of $0.5 million related to additional investments in our Richardson Healthcare segment to support its expected growth.

Other Income/Expense

Other income/expense was $0.3 million of expense during the first quarter of fiscal 2017, compared to expense of less than $0.1 million during the first quarter of fiscal 2016. Other income/expense during the first quarter of fiscal 2017 included $0.3 million of foreign exchange losses. Other income/expense during the first quarter of fiscal 2016 included $0.2 million of investment and interest income offset by $0.2 million of foreign exchange losses. Our foreign exchange gains and losses are primarily due to the translation of U.S. dollars held in non-U.S. entities. We currently do not utilize derivative instruments to manage our exposure to foreign currency.

Income Tax Provision

We recorded an income tax provision of $0.5 million and $0.4 million for the first three months of fiscal 2017 and the first three months of fiscal 2016, respectively. The effective income tax rate during the first three months of fiscal 2017 was a tax provision of (21.1%), as compared to a tax provision of (35.7%) during the first three months of fiscal 2016. The difference in rate during the first three months of fiscal 2017, as compared to the first three months of fiscal 2016, reflects the impact of changes in our geographical distribution of income (loss), the recording of provision to return true-ups of various foreign jurisdictions, and our positions with respect to ASC 740-30, Income Taxes - Other Considerations or Special Areas (“ASC 740-30”). The (21.1%) effective income tax rate differs from the federal statutory rate of 34.0% as a result of our geographical distribution of income (loss), the recording of various provision to return true-ups in foreign jurisdictions, the increase in uncertain tax positions as a result of an income tax audit in France, and the recording of a valuation allowance against the increase in our U.S. state and federal net deferred tax assets.

In the normal course of business, we are subject to examination by taxing authorities throughout the world. Generally, years prior to fiscal 2006 are closed for examination under the statute of limitation for U.S. federal, U.S. state and local, or non-U.S. tax jurisdictions. We are also currently under examination in France (fiscal 2013 through 2015) and Thailand (fiscal 2008 through 2011). We are under examination in the state of Illinois for fiscal years 2012 and 2013. Our primary foreign tax jurisdictions are Germany and the Netherlands. We have tax years open in Germany beginning in fiscal 2012 and the Netherlands beginning in fiscal 2010.

Net Loss and Per Share Data

Net loss during the first quarter of fiscal 2017 was $2.9 million, or ($0.23) per diluted common share and ($0.20) per Class B diluted common share, as compared to net loss of $1.4 million during the first quarter of fiscal 2016, or ($0.10) per diluted common share and ($0.10) per Class B diluted common share.

 

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LIQUIDITY, FINANCIAL POSITION, AND CAPITAL RESOURCES

Our growth and cash needs have been primarily financed through income from operations and cash on hand.

Cash and cash equivalents for the first quarter ended August 27, 2016, were $57.5 million. Investments included CDs and time deposits classified as short-term investments were $6.4 million and long-term investments were $2.4 million, including equity securities of $0.6 million. Cash and investments at August 27, 2016, consisted of $25.6 million in North America, $11.7 million in Europe, $1.0 million in Latin America, and $28.0 million in Asia/Pacific. During the first quarter of fiscal 2017, we completed a cash repatriation of $11.3 million, which included a return of capital and dividend from our Chinese entity to our U.S. parent company.

Cash and cash equivalents were $60.4 million at May 28, 2016. Investments included CD’s and time deposits, classified as short-term investments were $2.3 million and long-term investments were $7.8 million, including equity securities of $0.6 million. Cash and investments at May 28, 2016, consisted of $18.1 million in North America, $12.6 million in Europe, $0.7 million in Latin America, and $39.1 million in Asia/Pacific.

Cash Flows from Operating Activities

The cash used in operating activities primarily resulted from our net loss, adjusted for non-cash items, and changes in our operating assets and liabilities.

Operating activities used $1.7 million of cash during the first quarter of fiscal 2017. We had net loss of $2.9 million during the first quarter of fiscal 2017, which included non-cash stock-based compensation expense of $0.1 million associated with the issuance of stock option awards and depreciation and amortization expense of $0.7 million associated with our property and equipment as well as amortization of our intangible assets. Changes in our operating assets and liabilities during the first quarter of fiscal 2017, net of foreign currency exchange gains and losses, included decreases in receivables and inventories of $3.6 million and $0.4 million, respectively, offset by decreases in our accounts payable and accrued liabilities of $2.3 million and $1.1 million, respectively. The decrease in receivables of $3.6 million was primarily due to the collection of a large receivable during the first quarter of fiscal 2017 that was invoiced during the fourth quarter of fiscal 2016. The inventory decrease was due to terminating our production at our Brive, France facility during the first quarter of fiscal 2017. Decreases in our accounts payable and liabilities were due to timing of payments for some of our larger vendors and also the result of having shorter payment terms for our Richardson Healthcare vendors.

Operating activities used $6.5 million of cash during the first quarter of fiscal 2016. We had net loss of $1.4 million during the first quarter of fiscal 2016, which included non-cash stock-based compensation expense of $0.1 million associated with the issuance of stock option awards and depreciation and amortization expense of $0.5 million associated with our property and equipment as well as amortization of our intangible assets. Changes in our operating assets and liabilities, net of effects of acquired businesses and foreign currency exchange gains and losses, was a use of cash of $5.7 million during the first quarter of fiscal 2016, due primarily to the increase in our accounts receivable of $2.5 million, the decrease in our accounts payable of $1.5 million, the increase in inventories of $0.6 million, the increase in prepaid expenses of $0.6 million, and the decrease in accrued liabilities of $0.8 million.

Cash Flows from Investing Activities

The cash flow from investing activities has consisted primarily of purchases and maturities of investments, capital expenditures, and any business acquisition activity.

Cash used by investing activities of $0.6 million during the first quarter of fiscal 2017, included proceeds from the maturities of investments of $1.5 million, offset by $2.1 million in capital expenditures. Capital expenditures relates primarily to our Healthcare growth initiatives and capital used for our new IT system.

Cash provided by investing activities of $5.2 million during the first quarter of fiscal 2016, included proceeds from the maturities of investments of $18.4 million, offset by the acquisition of IMES of $12.2 million and $1.0 million in capital expenditures. Capital expenditures of $1.0 million relates primarily to our Healthcare growth initiatives.

Our purchases and proceeds from investments consist of time deposits and CDs. Purchasing of future investments may vary from period to period due to interest and foreign currency exchange rates.

Cash Flows from Financing Activities

The cash flow from financing activities primarily consists of repurchases of common stock and cash dividends paid.

Cash used in financing activities of $0.8 million during the first quarter of fiscal 2017, resulted from cash used to pay dividends.

Cash used in financing activities of $4.1 million during the first three months of fiscal 2016, resulted from $3.3 million of cash used to repurchase common stock under our share repurchase authorization and $0.8 million of cash used to pay dividends.

 

 19 
 

 

Dividend payments for the first quarter of fiscal 2017 were approximately $0.8 million. All future payments of dividends are at the discretion of the Board of Directors. Dividend payments will depend on earnings, capital requirements, operating conditions, and such other factors that the Board may deem relevant.

We believe that the existing sources of liquidity, including current cash, will provide sufficient resources to meet known capital requirements and working capital needs through the next twelve months.

 20 
 

 

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Risk Management and Market Sensitive Financial Instruments

We are exposed to many different market risks with the various industries we serve. The primary financial risk we are exposed to is foreign currency exchange, as certain operations, assets, and liabilities of ours are denominated in foreign currencies. We manage these risks through normal operating and financing activities.

The interpretation and analysis of these disclosures should not be considered in isolation since such variances in exchange rates would likely influence other economic factors. Such factors, which are not readily quantifiable, would likely also affect our operations. Additional disclosure regarding various market risks are set forth in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended May 28, 2016, filed July 29, 2016.

ITEM 4.CONTROLS AND PROCEDURES

 

(a)Evaluation of Disclosure Controls and Procedures

Management of the Company, with the participation of the Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of August 27, 2016.

Disclosure controls and procedures are intended to provide reasonable assurance that information required to be disclosed in the Company’s Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified by the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report.

(b)Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the first quarter of fiscal 2017 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

 21 
 

 

PART II.OTHER INFORMATION

 

ITEM 1.LEGAL PROCEEDINGS

From time to time we or our subsidiaries are involved in legal actions that arise in the ordinary course of our business. While the outcome of these matters cannot be predicted with certainty, we do not believe that the outcome of any current claims, including the above mentioned legal matters, will have a material adverse effect on our consolidated financial position, results of operations, or cash flows.

ITEM 1A.RISK FACTORS

There have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended May 28, 2016, filed July 29, 2016.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

ITEM 5.OTHER INFORMATION

Results of Operation and Financial Condition and Declaration of Dividend

On October 5, 2016, we issued a press release reporting results for our first quarter ended August 27, 2016, and the declaration of a cash dividend. A copy of the press release is furnished as Exhibit 99.1 to this Form 10-Q and incorporated by reference herein.

ITEM 6.EXHIBITS

See exhibit index which is incorporated by reference herein.

 

 22 
 

 

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  RICHARDSON ELECTRONICS, LTD.
       
Date:  October 6, 2016 By:    /s/      Robert J. Ben
     

Robert J. Ben

Chief Financial Officer

(on behalf of the Registrant and

as Principal Financial Officer)

 

 23 
 

 

Exhibit Index

(c)   EXHIBITS

 

Exhibit

Number

   Description
3.1   Amended and Restated Certificate of Incorporation of the Company, incorporated by reference to Annex III of the Proxy Statement dated August 19, 2016.
     
3.2   Amended and Restated By-Laws of the Company, approved by the Company’s board of directors on January 5, 2016.
     
31.1   Certification of Edward J. Richardson pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed pursuant to Part I).
     
31.2   Certification of Robert J. Ben pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed pursuant to Part I).
     
32   Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed pursuant to Part I).
     
99.1   Press release, dated October 5, 2016.
     
101   The following financial information from our Quarterly Report on Form 10-Q for the first quarter of fiscal 2017, filed with the SEC on October 6, 2016, formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets as of August 27, 2016, and May 28, 2016, (ii) the Unaudited Consolidated Statements of Comprehensive Loss for the three months ended August 27, 2016, and August 29, 2015, (iii) the Unaudited Consolidated Statements of Cash Flows for the three months ended August 27, 2016, and August 29, 2015, (iv) the Unaudited Consolidated Statement of Stockholder’s Equity as of August 27, 2016, and (v) Notes to Unaudited Consolidated Financial Statements.

 

 

 

 24 

 

 EX-31.1 2 ex31-1.htm CERTIFICATION - SECTION 302

Richardson Electronics, Ltd. - 10-Q

 

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

I, Edward J. Richardson, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Richardson Electronics, Ltd. for the period ended August 27, 2016;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
     
  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
   
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
     
  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date: October 6, 2016
 
Signature: /s/ Edward J. Richardson
 
Edward J. Richardson
Chairman of the Board and Chief Executive Officer

 

 
 

 

 EX-31.2 3 ex31-2.htm CERTIFICATION - SECTION 302

Richardson Electronics, Ltd. - 10-Q

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Ben, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Richardson Electronics, Ltd. for the period ended August 27, 2016;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
     
  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
   
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
     
  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date: October 6, 2016
 
Signature: /s/ Robert J. Ben
 
Robert J. Ben
Chief Financial Officer

 

 

 
 

 

 EX-32 4 ex32.htm CERTIFICATION - SECTION 906

Richardson Electronics, Ltd. - 10-Q

 

Exhibit 32

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Richardson Electronics, Ltd. (the “Company”) on Form 10-Q for the period ended August 27, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Edward J. Richardson, Chairman of the Board and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

/s/ Edward J. Richardson  
Edward J. Richardson  
Chairman of the Board and Chief Executive Officer  
October 6, 2016  

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Richardson Electronics, Ltd. (the “Company”) on Form 10-Q for the period ended August 27, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert J. Ben, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

/s/ Robert J. Ben  
Robert J. Ben  
Chief Financial Officer  
October 6, 2016  

 

 

 

 

 

 
 

 

 

 EX-99.1 5 ex99-1.htm PRESS RELEASE

Richardson Electronics, Ltd. - 10-Q

Exhibit 99.1

Press Release

For Immediate Release

For Details Contact:   40W267 Keslinger Road
Edward J. Richardson Robert J. Ben PO BOX 393
Chairman and CEO EVP & CFO LaFox, IL 60147-0393 USA
Phone: (630) 208-2205 (630) 208-2203  (630) 208-2200 | Fax: (630) 208-2550

 

RICHARDSON ELECTRONICS REPORTS FIRST QUARTER FISCAL 2017 RESULTS AND
DECLARES QUARTERLY CASH DIVIDEND

 

LaFox, IL, October 5, 2016: Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its first quarter ended August 27, 2016. The Company also announced that its Board of Directors declared a $0.06 per share quarterly cash dividend.

 

First Quarter Results

Net sales for the first quarter of fiscal 2017 were $33.4 million, a 10.0% decrease, compared to net sales of $37.1 million in the prior year’s first quarter. Sales decreases of $1.8 million for PMT and $2.1 million for Canvys, primarily due to declines in demand from key OEMs relating to market conditions, were partially offset by an increase of $0.2 million in Richardson Healthcare.

Gross margin decreased to $10.2 million, or 30.7% of net sales during the first quarter of fiscal 2017, compared to $11.3 million, or 30.4% of net sales during the first quarter of fiscal 2016. Margin improved as a percent of net sales primarily due to a higher Canvys margin as a result of an improved mix and the higher percentage of sales of diagnostic imaging replacement parts in the Healthcare business.

Operating expenses of $12.3 million for first quarter of fiscal 2017 were flat compared to the first quarter of fiscal 2016. Decreases in SG&A of $0.4 million in corporate support functions and $0.1 million in Canvys were offset by an increase of $0.5 million in Richardson Healthcare to support its expected growth.

As a result, operating loss for the first quarter of fiscal 2017 was $2.1 million, compared to an operating loss of $1.0 million in the prior year’s first quarter.

Other expense for the first quarter of fiscal 2017, including foreign exchange, was $0.3 million, compared to less than $0.1 million in other expense in the first quarter of fiscal 2016.

The income tax provision of $0.5 million during the first quarter of fiscal 2017 reflects a provision for foreign income taxes, an estimate for additional tax due from an audit in France and no U.S. tax benefit due to the valuation allowance recorded against the net operating loss.

Net loss for the first quarter of fiscal 2017 was $2.9 million, compared to a net loss of $1.4 million in the first quarter of last year.

 
 

 

CASH DIVIDEND

The Company also announced today that its Board of Directors declared a $0.06 quarterly dividend per share to holders of common stock and a $0.054 cash dividend per share to holders of Class B common stock. The dividend will be payable on November 22, 2016, to common stockholders of record on November 7, 2016.

Cash and investments at the end of the first quarter of fiscal 2017 were $66.3 million compared to $70.5 million at the end of the fourth quarter of fiscal 2016. During the first quarter of fiscal 2017, the Company did not repurchase any shares of its common stock under the existing share repurchase authorization. Since the sale of RFPD, the Company has spent $65.6 million on share repurchases and currently has 10.7 million outstanding shares of common stock and 2.1 million outstanding shares of Class B common stock.

 

OUTLOOK

“We are disappointed with the decrease in net sales in the first quarter of fiscal 2017 as compared to the first quarter of fiscal 2016, although we did see growth in both Richardson Healthcare and in our Power Management Group. Due to our overall financial performance and a longer than anticipated time horizon for our key initiatives to provide significant revenue growth, we have implemented a reduction in workforce in September 2016. We expect that we will achieve annualized savings of $3.0 million from this workforce reduction along with additional voluntary executive management team compensation related savings of $0.8 million. This will allow us to continue to invest in our growth strategy. As part of the reduction in workforce, we plan to record $1.3 million in severance expense in the second quarter of fiscal year 2017,” said Edward J. Richardson, Chairman, Chief Executive Officer, and President. “We continue to work on additional initiatives to permanently take cost out of the organization and to improve cash flow,” Mr. Richardson concluded.

 

CONFERENCE CALL INFORMATION

On Thursday, October 6, 2016, at 9:00 a.m. CST, Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call to discuss the Company's first quarter results for fiscal 2017. A question and answer session will be included as part of the call's agenda. To listen to the call, please dial (888) 339-2688 and enter passcode 40855903 approximately five minutes prior to the start of the call. A replay of the call will be available beginning at 12:00 a.m. CST on October 7, 2016, for seven days. The telephone numbers for the replay are (USA) (888) 286-8010 and (International) (617) 801-6888; passcode 47629279.

 

FORWARD-LOOKING STATEMENTS

This release includes certain “forward-looking” statements as defined by the Securities and Exchange Commission. Statements in this press release regarding the Company's business which are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” in the Company's Annual Report on Form 10-K filed on July 29, 2016. The Company assumes no responsibility to update the “forward-looking” statements in this release as a result of new information, future events, or otherwise.

 
 

ABOUT RICHARDSON ELECTRONICS, LTD.

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high value displays, flat panel detector solutions and replacement parts for diagnostic imaging equipment; and customized display solutions. 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.

Consolidated Balance Sheets

(in thousands, except per share amounts)

   Unaudited  Audited
   August 27, 
 2016		  May 28, 
 2016
Assets          
Current assets:          
Cash and cash equivalents  $57,488   $60,454 
Accounts receivable, less allowance of $380 and $364   21,545    24,928 
Inventories, net   45,187    45,422 
Prepaid expenses and other assets   1,744    1,758 
Deferred income taxes   —      1,078 
Income tax receivable   30    17 
Investments - current   6,392    2,268 
Total current assets   132,386    135,925 
Non-current assets:          
Property, plant and equipment, net   14,425    12,986 
Goodwill   6,332    6,332 
Intangible assets, net   3,714    3,818 
Non-current deferred income taxes   1,304    1,270 
Investments - non-current   2,410    7,799 
Total non-current assets   28,185    32,205 
Total assets  $160,571   $168,130 
Liabilities and Stockholders’ Equity          
Current liabilities:          
Accounts payable   12,581    14,896 
Accrued liabilities   8,000    9,135 
Total current liabilities   20,581    24,031 
Non-current liabilities:          
Non-current deferred income tax liabilities   237    1,457 
Other non-current liabilities   1,196    967 
Total non-current liabilities   1,433    2,424 
Total liabilities   22,014    26,455 
Stockholders’ equity          
Common stock, $0.05 par value; issued and outstanding 10,703 shares at August 27, 2016, and at May 28, 2016   535    535 
Class B common stock, convertible, $0.05 par value; issued and outstanding 2,141 shares at August 27, 2016, and at May 28, 2016   107    107 
Preferred stock, $1.00 par value, no shares issued   —      —   
Additional paid-in-capital   59,072    58,969 
Common stock in treasury, at cost, no shares at August 27, 2016, and at May 28, 2016   —      —   
Retained earnings   75,685    79,292 
Accumulated other comprehensive income   3,158    2,772 
Total stockholders’ equity   138,557    141,675 
Total liabilities and stockholders’ equity  $160,571   $168,130 

 

 
 

 

Richardson Electronics, Ltd.

Unaudited Consolidated Statements of Comprehensive Loss

(in thousands, except per share amounts)

   Three Months Ended
   August 27,
2016		  August 29,
2015
Statements of Comprehensive Loss      
Net sales  $33,373   $37,071 
Cost of sales   23,133    25,809 
Gross profit   10,240    11,262 
Selling, general, and administrative expenses   12,327    12,267 
Gain on disposal of assets   —      (1)
Operating loss   (2,087)   (1,004)
Other (income) expense:          
Investment/interest income   (11)   (191)
Foreign exchange loss   278    182 
Other, net   (1)   36 
Total other expense   266    27 
Loss before income taxes   (2,353)   (1,031)
Income tax provision   497    368 
Net loss   (2,850)   (1,399)
Foreign currency translation gain (loss), net of tax   379    (503)
Fair value adjustments on investments gain (loss)   7    (60)
Comprehensive loss  $(2,464)  $(1,962)
Loss per share:          
Common shares - Basic  $(0.23)  $(0.10)
Class B common shares - Basic  $(0.20)  $(0.10)
Common shares - Diluted  $(0.23)  $(0.10)
Class B common shares - Diluted  $(0.20)  $(0.10)
Weighted average number of shares:          
Common shares - Basic   10,703    11,486 
Class B common shares - Basic   2,141    2,141 
Common shares - Diluted   10,703    11,486 
Class B common shares - Diluted   2,141    2,141 
Dividends per common share  $0.060   $0.060 
Dividends per Class B common share  $0.054   $0.054 

 

 

 
 

 

Richardson Electronics, Ltd.

Unaudited Consolidated Statements of Cash Flows

(in thousands)

   Three Months Ended
   August 27,
2016		  August 29,
2015
Operating activities:          
Net loss  $(2,850)  $(1,399)
Adjustments to reconcile net loss to cash used in operating activities:          
Depreciation and amortization   715    485 
Gain on sale of investments   (2)   (11)
Gain on disposal of assets   —      (1)
Share-based compensation expense   103    90 
Deferred income taxes   (158)   1 
Change in assets and liabilities, net of effect of acquired business:          
Accounts receivable   3,555    (2,525)
Income tax receivable   (13)   548 
Inventories   411    (593)
Prepaid expenses and other assets   41    (581)
Accounts payable   (2,338)   (1,521)
Accrued liabilities   (1,144)   (804)
Non-current deferred income tax liabilities   —      228 
Long-term liabilities-accrued pension   —      (465)
Other   5    35 
Net cash used in operating activities   (1,675)   (6,513)
Investing activities:          
Cash consideration paid for acquired business   —      (12,209)
Capital expenditures   (2,064)   (984)
Proceeds from maturity of investments   1,465    18,350 
Proceeds from sales of available-for-sale securities   88    100 
Purchases of available-for-sale securities   (88)   (100)
Other   (3)   60 
Net cash (used in) provided by investing activities   (602)   5,217 
Financing activities:          
Repurchase of common stock   —      (3,308)
Cash dividends paid   (758)   (806)
Other   —      (4)
Net cash used in financing activities   (758)   (4,118)
Effect of exchange rate changes on cash and cash equivalents   69    (695)
Decrease in cash and cash equivalents   (2,966)   (6,109)
Cash and cash equivalents at beginning of period   60,454    74,535 
Cash and cash equivalents at end of period  $57,488   $68,426 

 

 
 

 

Richardson Electronics, Ltd.
Net Sales and Gross Profit
For the First Quarter of Fiscal 2017 and Fiscal 2016
(in thousands)

Net Sales   Q1
FY2017		  Q1
FY2016		  % Change
PMT  $25,381   $27,195    -6.7%
Canvys   4,620    6,681    -30.8%
Healthcare   3,372    3,195    5.5%
Total  $33,373   $37,071    -10.0%

 

Gross Profit   Q1
FY2017		  % of Net Sales  Q1
FY2016		  % of Net Sales
PMT  $7,455    29.4%  $8,138    29.9%
Canvys   1,348    29.2%   1,709    25.6%
Healthcare   1,437    42.6%   1,415    44.3%
Total  $10,240    30.7%  $11,262    30.4%

 

 

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current Total current assets Non-current assets: Property, plant and equipment, net Goodwill Intangible assets, net Non-current deferred income taxes Investments - non-current Total non-current assets Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Total current liabilities Non-current liabilities: Non-current deferred income tax liabilities Other non-current liabilities Total non-current liabilities Total liabilities Stockholders' equity Common stock, $0.05 par value; issued and outstanding 10,703 shares at August 27, 2016, and at May 28, 2016; Class B common stock, convertible, $0.05 par value; issued and outstanding 2,141 shares at August 27, 2016, and at May 28, 2016 Preferred stock, $1.00 par value, no shares issued Additional paid-in-capital Common stock in treasury, at cost, no shares at August 27, 2016, and at May 28, 2016 Retained earnings Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity Accounts receivable, allowance Common stock, par value (in dollars per share) Common stock, issued Common stock, outstanding Preferred stock, par value (in dollars per share) Preferred Stock, issued Net sales Cost of sales Gross profit Selling, general, and administrative expenses Gain on disposal of assets Operating loss Other (income) expense: Investment/interest income Foreign exchange (gain) loss Proceeds from legal settlement Other, net Total other expense Loss before income taxes Income tax provision Net loss Foreign currency translation gain (loss), net of tax Fair value adjustments on investments gain (loss) Comprehensive loss Loss per share: Loss per share - Basic: Loss per share - Diluted Weighted average number of shares: Common shares - Basic Common shares - Diluted Dividends per common share Statement of Cash Flows [Abstract] Operating activities: Net loss Adjustments to reconcile net loss to cash used in operating activities: Depreciation and amortization Gain on sale of investments Gain on disposal of assets Share-based compensation expense Deferred income taxes Change in assets and liabilities, net of effect of acquired business: Accounts receivable Income tax receivable Inventories Prepaid expenses and other assets Accounts payable Accrued liabilities Non-current deferred income tax liabilities Long-term liabilities-accrued pension Other Net cash used in operating activities Investing activities: Cash consideration paid for acquired business Capital expenditures Proceeds from maturity of investments Proceeds from sales of available-for-sale securities Purchases of available-for-sale securities Other Net cash (used in) provided by investing activities Financing activities: Repurchase of common stock Cash dividends paid Other Net cash used in financing activities Effect of exchange rate changes on cash and cash equivalents Decrease in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Beginning Balance Beginning Balance (in shares) Comprehensive loss Foreign currency translation Fair value adjustments on investments Share-based compensation: Stock options Dividends paid to: Common (per share) Class B (per share) Ending Balance Ending Balance (in shares) Dividends per common share Accounting Policies [Abstract] DESCRIPTION OF THE COMPANY BASIS OF PRESENTATION CRITICAL ACCOUNTING POLICIES AND ESTIMATES Business Combinations [Abstract] ACQUISITION Goodwill and Intangible Assets Disclosure [Abstract] GOODWILL AND INTANGIBLE ASSETS Investments, Debt and Equity Securities [Abstract] INVESTMENTS Guarantees [Abstract] WARRANTIES Commitments and Contingencies Disclosure [Abstract] LEASE OBLIGATIONS, OTHER COMMITMENTS, AND CONTINGENCIES Income Tax Disclosure [Abstract] INCOME TAXES Earnings Per Share [Abstract] CALCULATION OF EARNINGS PER SHARE Segment Reporting [Abstract] SEGMENT REPORTING LITIGATION Fair Value Disclosures [Abstract] FAIR VALUE MEASUREMENTS Related Party Transactions [Abstract] RELATED PARTY TRANSACTION Subsequent Events [Abstract] SUBSEQUENT EVENT Inventories Revenue Recognition Loss Contingencies Intangible Assets Income Taxes Accrued Liabilities Schedule of accrued liabilities Schedule of fair value of assets acquired Schedule of intangible assets subject to amortization Schedule of the amortization expense for the next five years Schedule of the future lease commitments for minimum rentals Calculation of earnings per share Schedule of operating results by segment Schedule of net sales and gross profit by geographic region Schedule of investments measured at fair value on a recurring basis Number of operating segments Number of reportable segments Finished goods Raw material Work in progress Inventory valuation reserves Accrued Liabilities [Abstract] Compensation and payroll taxes Professional fees Deferred revenue Other accrued expenses Accrued Liabilities Cash consideration paid for acquired businesses Intangibles assets acquired Finite lived intangible asset useful life Executive base compensation Annual bonus based on percent of EBITDA Minimum EBITDA to receive annual bonus Accounts receivable Inventories Property, plant and equipment Goodwill Other intangibles Net assets acquired Weighted average number of years of amortization expense Schedule of Finite-Lived Intangible Assets [Table] Finite-Lived Intangible Assets [Line Items] Finite Lived Intangible Assets Gross Finite Lived Intangible Assets Accumulated Amortization Intangibles, net 2017 2018 2019 2020 2021 Thereafter Total amortization expense Investment [Table] Investment [Line Items] Investments, carrying value Investment, less than twelve months Investment, greater than twelve months Available for sale - equity securities Available for sale securities - gross realized gains Net unrealized holding gains (losses) included in AOCI Rent expense under operating leases 2017 2018 2019 2020 2021 Thereafter Effective income tax rate Federal statutory tax rate Liability for uncertain tax positions related to continuing operations, excluding interest and penalties Deferred tax liability, undistributed foreign earnings Foreign earnings Cumulative earnings of foreign subsidiaries considered permanently invested Deferred tax valuation allowance Change in valuation allowance Cash dividend paid from subsidiary to parent Withholding taxes paid for cash repatriation Return of capital from subsidiary Change in deferred tax asset - foreign tax credit Change in deferred tax asset - Federal NOL Change in deferred tax liability - Earning considered permanently reinvested Common stock shares, authorized Limit of cash dividends Class B common stock Number of votes per share Common stock options anti-dilutive Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table] Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] Disposal Group Classification [Axis] Numerator for Basic and Diluted EPS: Less dividends: Common stock Undistributed losses Undistributed losses, diluted Denominator for Basic and Diluted EPS: Net loss per share: Total loss per Common share - Basic Total loss per common share - Diluted Schedule of Segment Reporting Information, by Segment [Table] Segment Reporting Information [Line Items] Net Sales Gross Profit Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Time deposits/CDs Equity securities Investments, Fair Value Disclosure Total future minimum lease payments Lease term Renewal term Rental expense Severance expense The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as deferred revenue. Percentage used in computing annual bonus for executive vice president based upon employment agreement. Bank Time Deposits, Fair Value Disclosure Canvys. Stock that is subordinate to all other stock of the issuer. Amount of paid and unpaid Claa B common stock dividends declared with the form of settlement in cash. Components of an entity that engage in business activities from which they may earn revenue and incur expenses, including transactions with other components of the same entity. IMES [Member] Minimum EBITDA in order for executive vice president to receive annual bonus Components of an entity that engage in business activities from which they may earn revenue and incur expenses, including transactions with other components of the same entity. Unallocated geographical area. No definition available. Accrued Liabilities, Policy The percentage rate of Class A dividends as computed for Class B dividend limitation. The number of votes per share. Distributions received from consolidated subsidiaries. Amount of income tax expense (benefit) attributable to an adjustment of a foreign tax credits deferred tax asset due to distribution of cash from foreign subsidairy. Amount of income tax expense (benefit) attributable to an adjustment of a deferred tax liability for earnings considered permanently reinvested due to distribution of cash from foreign subsidairy. Amount of cash outflow to satisfy an income tax withholding obligation as part of cash repatriation from foreign subsidiary. 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Document and Entity Information - shares
 3 Months Ended
Aug. 27, 2016
Oct. 03, 2016
Entity Registrant Name RICHARDSON ELECTRONICS LTD/DE  
Entity Central Index Key 0000355948  
Document Type 10-Q  
Trading Symbol RELL  
Document Period End Date Aug. 27, 2016  
Amendment Flag false  
Current Fiscal Year End Date --05-27  
Entity a Well-known Seasoned Issuer No  
Entity a Voluntary Filer No  
Entity's Reporting Status Current Yes  
Entity Filer Category Accelerated Filer  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2017  
Common Stock [Member]    
Entity Common Stock, Shares Outstanding   10,702,932
Common Class B [Member]    
Entity Common Stock, Shares Outstanding   2,140,631
XML 16 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Aug. 27, 2016
May 28, 2016
Current assets:    
Cash and cash equivalents $ 57,488 $ 60,454
Accounts receivable, less allowance of $380 and $364 21,545 24,928
Inventories, net 45,187 45,422
Prepaid expenses and other assets 1,744 1,758
Deferred income taxes 1,078
Income tax receivable 30 17
Investments - current 6,392 2,268
Total current assets 132,386 135,925
Non-current assets:    
Property, plant and equipment, net 14,425 12,986
Goodwill 6,332 6,332
Intangible assets, net 3,714 3,818
Non-current deferred income taxes 1,304 1,270
Investments - non-current 2,410 7,799
Total non-current assets 28,185 32,205
Total assets 160,571 168,130
Current liabilities:    
Accounts payable 12,581 14,896
Accrued liabilities 8,000 9,135
Total current liabilities 20,581 24,031
Non-current liabilities:    
Non-current deferred income tax liabilities 237 1,457
Other non-current liabilities 1,196 967
Total non-current liabilities 1,433 2,424
Total liabilities 22,014 26,455
Stockholders' equity    
Preferred stock, $1.00 par value, no shares issued
Additional paid-in-capital 59,072 58,969
Common stock in treasury, at cost, no shares at August 27, 2016, and at May 28, 2016  
Retained earnings 75,685 79,292
Accumulated other comprehensive income 3,158 2,772
Total stockholders' equity 138,557 141,675
Total liabilities and stockholders' equity 160,571 168,130
Common Stock [Member]    
Stockholders' equity    
Common stock, $0.05 par value; issued and outstanding 10,703 shares at August 27, 2016, and at May 28, 2016; Class B common stock, convertible, $0.05 par value; issued and outstanding 2,141 shares at August 27, 2016, and at May 28, 2016 535 535
Common Class B [Member]    
Stockholders' equity    
Common stock, $0.05 par value; issued and outstanding 10,703 shares at August 27, 2016, and at May 28, 2016; Class B common stock, convertible, $0.05 par value; issued and outstanding 2,141 shares at August 27, 2016, and at May 28, 2016 $ 107 $ 107
XML 17 R3.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Aug. 27, 2016
May 28, 2016
Accounts receivable, allowance $ 380 $ 364
Preferred stock, par value (in dollars per share) $ 1.00 $ 1.00
Preferred Stock, issued 0 0
Common Stock [Member]    
Common stock, par value (in dollars per share) $ 0.05 $ 0.05
Common stock, issued 10,703 10,703
Common stock, outstanding 10,703 10,703
Common Class B [Member]    
Common stock, par value (in dollars per share) $ 0.05 $ 0.05
Common stock, issued 2,141 2,141
Common stock, outstanding 2,141 2,141
XML 18 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
Unaudited Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Aug. 27, 2016
Aug. 29, 2015
Net sales $ 33,373 $ 37,071
Cost of sales 23,133 25,809
Gross profit 10,240 11,262
Selling, general, and administrative expenses 12,327 12,267
Gain on disposal of assets   (1)
Operating loss (2,087) (1,004)
Other (income) expense:    
Investment/interest income (11) (191)
Foreign exchange (gain) loss 278 182
Other, net (1) 36
Total other expense 266 27
Loss before income taxes (2,353) (1,031)
Income tax provision 497 368
Net loss (2,850) (1,399)
Foreign currency translation gain (loss), net of tax 379 (503)
Fair value adjustments on investments gain (loss) 7 (60)
Comprehensive loss $ (2,464) $ (1,962)
Weighted average number of shares:    
Common shares - Diluted 12,844 13,627
Common Stock [Member]    
Loss per share:    
Loss per share - Basic: $ (0.23) $ (0.10)
Loss per share - Diluted $ (0.23) $ (0.10)
Weighted average number of shares:    
Common shares - Basic 10,703 11,486
Common shares - Diluted 10,703 11,486
Dividends per common share $ 0.06 $ 0.06
Common Class B [Member]    
Loss per share:    
Loss per share - Basic: (0.20) (0.10)
Loss per share - Diluted $ (0.20) $ (0.10)
Weighted average number of shares:    
Common shares - Basic 2,141 2,141
Common shares - Diluted 2,141 2,141
Dividends per common share $ 0.054 $ 0.054
XML 19 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Aug. 27, 2016
Aug. 29, 2015
Operating activities:    
Net loss $ (2,850) $ (1,399)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 715 485
Gain on sale of investments (2) (11)
Gain on disposal of assets   (1)
Share-based compensation expense 103 90
Deferred income taxes (158) 1
Change in assets and liabilities, net of effect of acquired business:    
Accounts receivable 3,555 (2,525)
Income tax receivable (13) 548
Inventories 411 (593)
Prepaid expenses and other assets 41 (581)
Accounts payable (2,338) (1,521)
Accrued liabilities (1,144) (804)
Non-current deferred income tax liabilities   228
Long-term liabilities-accrued pension   (465)
Other 5 35
Net cash used in operating activities (1,675) (6,513)
Investing activities:    
Cash consideration paid for acquired business (12,209)
Capital expenditures (2,064) (984)
Proceeds from maturity of investments 1,465 18,350
Proceeds from sales of available-for-sale securities 88 100
Purchases of available-for-sale securities (88) (100)
Other (3) 60
Net cash (used in) provided by investing activities (602) 5,217
Financing activities:    
Repurchase of common stock   (3,308)
Cash dividends paid (758) (806)
Other   (4)
Net cash used in financing activities (758) (4,118)
Effect of exchange rate changes on cash and cash equivalents 69 (695)
Decrease in cash and cash equivalents (2,966) (6,109)
Cash and cash equivalents at beginning of period 60,454 74,535
Cash and cash equivalents at end of period $ 57,488 $ 68,426
XML 20 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Unaudited Consolidated Statement of Stockholders' Equity - 3 months ended Aug. 27, 2016 - USD ($)
shares in Thousands, $ in Thousands
Common Stock [Member]
Common Class B [Member]
Par value [Member]
Additional Paid-In Capital [Member]
Common Stock in Treasury [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income [Member]
Total
Beginning Balance at May. 28, 2016     $ 642 $ 58,969 $ 79,292 $ 2,772 $ 141,675
Beginning Balance (in shares) at May. 28, 2016 10,703 2,141            
Comprehensive loss                
Net loss           (2,850)   (2,850)
Foreign currency translation             379 379
Fair value adjustments on investments             7 7
Share-based compensation:                
Stock options       103       103
Dividends paid to:                
Common (per share)           (641)   (641)
Class B (per share)           (116)   (116)
Ending Balance at Aug. 27, 2016     $ 642 $ 59,072 $ 75,685 $ 3,158 $ 138,557
Ending Balance (in shares) at Aug. 27, 2016 10,703 2,141            
XML 21 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Unaudited Consolidated Statement of Stockholders' Equity (Parenthetical)
 3 Months Ended
Aug. 27, 2016
$ / shares
Common Stock [Member]  
Dividends per common share $ 0.06
Common Class B [Member]  
Dividends per common share $ 0.054
XML 22 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
DESCRIPTION OF THE COMPANY
 3 Months Ended
Aug. 27, 2016
Accounting Policies [Abstract]  
DESCRIPTION OF THE COMPANY

1.  DESCRIPTION OF THE COMPANY

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high value displays, flat panel detector solutions and replacement parts for diagnostic imaging equipment; and customized display solutions. 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.

 

Our products include electron tubes and related components, microwave generators, subsystems used in semiconductor manufacturing, and visual technology solutions. These products are used to control, switch or amplify electrical power signals, or are used as display devices in a variety of industrial, commercial, medical, and communication applications.

 

We have three operating and reportable segments, which we define as follows:

Power and Microwave Technologies Group (“PMT”) combines our core engineered solutions, power grid and microwave tube business with new RF and power technologies. As a manufacturer and authorized distributor, PMT’s strategy is to provide specialized technical expertise and engineered solutions based on our core engineering and manufacturing capabilities. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair—all through our existing global infrastructure. PMT’s focus is on products for power, RF and microwave applications for customers in alternative energy, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. PMT focuses on various applications including broadcast transmission, CO2 laser cutting, diagnostic imaging, dielectric and induction heating, high energy transfer, high voltage switching, plasma, power conversion, radar, and radiation oncology. PMT also offers its customers technical services for both microwave and industrial equipment.

Canvys provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial, and medical original equipment manufacturers (“OEM”) markets.

Healthcare manufactures, distributes and services high value replacement parts for the healthcare market including hospitals, medical centers, independent service organizations, and multi-vendor service providers. Products include power grid tubes, hydrogen thyratrons, klystrons, magnetrons; Image Systems medical displays and workstations for picture archiving and communication systems (“PACS”); visual solutions for operating rooms/surgical environments; digital radiography solutions including replacement flat panel detectors and upgrades; and additional replacement components currently under development for the diagnostic imaging service market. Through a combination of newly developed products and partnerships, service offerings, and training programs, we believe we can help our customers improve efficiency and deliver better clinical outcomes while lowering the cost of healthcare delivery.

We currently have operations in the following major geographic regions: North America, Asia/Pacific, Europe, and Latin America.
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BASIS OF PRESENTATION
 3 Months Ended
Aug. 27, 2016
Accounting Policies [Abstract]  
BASIS OF PRESENTATION

2.  BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements.

Our fiscal quarter ends on the Saturday nearest the end of the quarter-ending month. The first three months of fiscal 2017 and 2016 contained 13 weeks, respectively.

In the opinion of management, all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results of interim periods have been made. All inter-company transactions and balances have been eliminated. The unaudited consolidated financial statements presented herein include the accounts of our wholly owned subsidiaries. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The results of our operations for the three months ended August 27, 2016, are not necessarily indicative of the results that may be expected for the fiscal year ending May 27, 2017. 

The financial information contained in this report should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended May 28, 2016, that we filed on July 29, 2016.
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CRITICAL ACCOUNTING POLICIES AND ESTIMATES
 3 Months Ended
Aug. 27, 2016
Accounting Policies [Abstract]  
CRITICAL ACCOUNTING POLICIES AND ESTIMATES

3.  CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Inventories: Our consolidated inventories are stated at the lower of cost or market, generally using a weighted-average cost method. Our inventories include approximately $39.7 million of finished goods, $4.4 million of raw materials, and $1.1 million of work-in-progress as of August 27, 2016, as compared to approximately $40.0 million of finished goods, $4.4 million of raw materials, and $1.0 million of work-in-progress as of May 28, 2016.

At this time, we do not anticipate any material risks or uncertainties related to possible future inventory write-downs. Provisions for obsolete or slow moving inventories are recorded based upon regular analysis of stock rotation privileges, obsolescence, the exiting of certain markets, and assumptions about future demand and market conditions. If future demand, changes in the industry, or market conditions differ from management’s estimates, additional provisions may be necessary. Inventory reserves were approximately $3.4 million as of August 27, 2016, and as of May 28, 2016.

Revenue Recognition: Our product sales are recognized as revenue upon shipment, when title passes to the customer, when delivery has occurred or services have been rendered, and when collectability is reasonably assured. We also record estimated discounts and returns based on our historical experience. Our products are often manufactured to meet the specific design needs of our customers’ applications. Our engineers work closely with customers to ensure that our products will meet their needs. Our customers are under no obligation to compensate us for designing the products we sell.

Loss Contingencies: We accrue a liability for loss contingencies when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. If we determine that there is at least a reasonable possibility that a loss may have been incurred, we will include a disclosure describing the contingency.

Intangible Assets: Intangible assets are initially recorded at their fair market values determined on quoted market prices in active markets, if available, or recognized valuation models. Intangible assets that have finite useful lives are amortized over their useful lives either on a straight-line basis or over their projected future cash flows and are tested for impairment when events or changes in circumstances occur that indicate possible impairment.

Income Taxes: We recognize deferred tax assets and liabilities based on the differences between financial statement carrying amounts and the tax bases of assets and liabilities. We regularly review our deferred tax assets for recoverability and determine the need for a valuation allowance based on a number of factors, including both positive and negative evidence. These factors include historical taxable income or loss, projected future taxable income or loss, the expected timing of the reversals of existing temporary differences, and the implementation of tax planning strategies. In circumstances where we, or any of our affiliates, have incurred three years of cumulative losses which constitute significant negative evidence, positive evidence of equal or greater significance is needed to overcome the negative evidence before a tax benefit is recognized for deductible temporary differences and loss carryforwards.

In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes.” ASU 2015-17 eliminates the prior US GAAP guidance in Topic 740, Income Taxes, that required an entity to separate deferred tax liabilities and assets between current and noncurrent amounts in a classified balance sheet. The amendments in ASU 2015-17 require that all deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as any related valuation allowance, be offset and presented as a single noncurrent amount in a classified balance sheet. ASU 2015-17 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. In order to simplify presentation of deferred tax balances, the Company adopted this standard prospectively in the quarter ended August 27, 2016. Periods prior to August 27, 2016 were not retrospectively adjusted.

Accrued Liabilities: Accrued liabilities consist of the following (in thousands):

  August 27, 2016   May 28, 2016
Compensation and payroll taxes $ 3,510     $ 4,054  
Professional fees 406     775  
Deferred revenue 1,831     1,879  
Other accrued expenses 2,253     2,427  
Accrued Liabilities $ 8,000     $ 9,135  

 
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ACQUISITION
 3 Months Ended
Aug. 27, 2016
Business Combinations [Abstract]  
ACQUISITION

4.  ACQUISITION

On June 15, 2015, Richardson Electronics, Ltd (“the Company”), acquired certain assets of International Medical Equipment and Services, Inc. (“IMES”), for a purchase price of $12.2 million. This includes the purchase of inventory, receivables, fixed assets, and certain other assets of the Company. The Company did not acquire any liabilities of IMES. The total consideration paid excludes transaction costs.

 

IMES, based in South Carolina, provides reliable, cost-saving solutions worldwide for major brands of CT and MRI equipment. This acquisition positions Richardson Healthcare to provide cost effective diagnostic imaging replacement parts and training to hospitals, diagnostic imaging centers, medical institutions, and independent service organizations. IMES offers an extensive selection of replacement parts, as well as an interactive training center, on-site test bays and experienced technicians who provide 24/7 customer support. Replacement parts are readily available and triple tested to provide peace of mind when uptime is critical. IMES core operations have remained in South Carolina. Richardson Healthcare plans to expand IMES’ replacement parts and training offerings geographically to leverage the Company’s global infrastructure. During the fourth quarter of fiscal 2016, IMES opened up their first foreign location in Amsterdam.

 

The consideration paid by the Company to IMES at closing was $12.2 million in cash. The following table summarizes the fair values of the assets acquired at the date of the closing of the acquisition (in thousands):

Accounts receivable   $ 737  
Inventories     1,420  
Property, plant and equipment     230  
Goodwill     6,332  
Other intangibles     3,490  
Net assets acquired   $ 12,209  

 

Intangible assets include trade names with an estimated life of 3 years for $0.6 million, customer relationships with an estimated life of 20 years for $2.5 million, non-compete agreements with an estimated life of 5 years for $0.2 million, and technology with an estimated life of 10 years for $0.2 million.

 

Goodwill recognized represents value the Company expects to be created by combining the operations of IMES with the Company’s operations, including the expansion into markets within existing business segments and geographic regions, access to new customers and potential cost savings and synergies.

 

Goodwill related to the acquisition is deductible for tax purposes.

 

In connection with the acquisition of IMES, the Company also entered into an Employment, Non-Disclosure, and Non-Compete Agreement (“Employment Agreement”) with Lee A. McIntyre III as the Company’s Executive Vice President, IMES. During the term of his employment, Mr. McIntyre will earn an annual base salary of $300,000. In addition to his base salary, he will be entitled to an annual bonus equal to 20% of the EBITDA of IMES provided that the EBITDA of the business is at least $2.0 million inclusive of the bonus payment. The annual bonus payment will terminate after five years. For fiscal year 2016, Mr. McIntyre did not receive a bonus as the minimum EBITDA needed was not achieved.

The financial results for the three months ended August 29, 2015, includes the financial results for IMES from June 15, 2015, through August 29, 2015. The financial transactions for IMES from May 31, 2015, through June 14, 2015, were deemed immaterial for illustrating pro forma financial statements.
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GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Aug. 27, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

5.  GOODWILL AND INTANGIBLE ASSETS

The carrying value of goodwill was $6.3 million as of August 27, 2016, and May 28, 2016.

Goodwill is initially recorded based on the premium paid for acquisitions and is subsequently tested for impairment, using the first day of our fourth quarter as the measurement date. We test goodwill for impairment annually and whenever events or circumstances indicates an impairment may have occurred, such as a significant adverse change in the business climate, loss of key personnel or a decision to sell or dispose of a reporting unit. The goodwill balance in its entirety relates to our IMES reporting unit which is included in our Healthcare segment.

Intangible assets are initially recorded at their fair market values determined on quoted market prices in active markets, if available, or recognized valuation models. Intangible assets that have finite useful lives are amortized over their useful lives either on a straight-line basis or over their projected future cash flows and are tested for impairment when events or changes in circumstances occur that indicate possible impairment. 

Our intangible assets represent the fair value for trade name, customer relationships, non-compete agreements, and technology acquired in connection with our acquisitions. Intangible assets subject to amortization are as follows (in thousands):

   Intangible Assets Subject to
Amortization as of
   August 27,
2016		  May 28,
2016
Gross Amounts:          
Trade Name  $659   $659 
Customer Relationships(1)   3,403    3,434 
Non-compete Agreements   177    177 
Technology   230    230 
Total Gross Amounts  $4,469   $4,500 
Accumulated Amortization:          
Trade Name  $283   $231 
Customer Relationships   380    374 
Non-compete Agreements   60    55 
Technology   32    22 
Total Accumulated Amortization  $755   $682 
           
Net Intangibles  $3,714   $3,818 

 

(1)Change from prior periods reflect impact of foreign currency translation.

The amortization expense associated with the intangible assets subject to amortization for the next five years is presented in the following table (in thousands):

Fiscal Year   Amortization
Expense
Remaining 2017   $ 270  
2018     432  
2019     245  
2020     257  
2021     245  
Thereafter     2,265  
Total amortization expense   $ 3,714  

The weighted average number of years of amortization expense remaining is 16.1 years.
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INVESTMENTS
 3 Months Ended
Aug. 27, 2016
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS

6.  INVESTMENTS

As of August 27, 2016, we had approximately $8.2 million invested in time deposits and certificates of deposit (“CD”). Of these, $6.4 million mature in less than twelve months and $1.8 million mature in more than twelve months. The fair value of these investments is equal to the face value of each time deposit and CD.

As of May 28, 2016, we have invested in time deposits and certificates of deposit (“CD”) in the amount of $9.5 million. Of this, $2.3 million mature in less than twelve months and $7.2 million mature in greater than twelve months. The fair value of these investments is the face value of each time deposit and CD.

We also have investments in equity securities, all of which are classified as available-for-sale and are carried at their fair value based on quoted market prices. Our investments, which are included in non-current assets, had a carrying amount of $0.6 million as of August 27, 2016, and May 28, 2016. Proceeds from the sale of securities were $0.1 million during the first quarter of fiscal 2017 and fiscal 2016. We reinvested proceeds from the sale of securities, and the cost of the equity securities sold was based on a specific identification method. Gross realized gains on those sales were less than $0.1 million during the first quarter of fiscal 2017 and fiscal 2016. Net unrealized holding gains of less than $0.1 million during the first quarter of fiscal 2017 and loss of $0.1 million during the first quarter of fiscal 2016, have been included in accumulated other comprehensive income.

 
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WARRANTIES
 3 Months Ended
Aug. 27, 2016
Guarantees [Abstract]  
WARRANTIES

7.  WARRANTIES

We offer warranties for the limited number of specific products we manufacture. We also provide extended warranties for some products we sell that lengthen the period of coverage specified in the manufacturer’s original warranty. Our warranty terms generally range from one to three years.

We estimate the cost to perform under the warranty obligation and recognize this estimated cost at the time of the related product sale. We record expense related to our warranty obligations as cost of sales in our consolidated statements of comprehensive loss. Each quarter, we assess actual warranty costs incurred on a product-by-product basis and compare the warranty costs to our estimated warranty obligation. With respect to new products, estimates are based generally on knowledge of the products, the extended warranty period, and warranty experience.

Warranty reserves are established for costs that are expected to be incurred after the sale and delivery of products under warranty. Warranty reserves are included in accrued liabilities on our consolidated balance sheets. The warranty reserves are determined based on known product failures, historical experience, and other available evidence. Warranty reserves were approximately $0.2 million as of August 27, 2016, and as of May 28, 2016.
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LEASE OBLIGATIONS, OTHER COMMITMENTS, AND CONTINGENCIES
 3 Months Ended
Aug. 27, 2016
Commitments and Contingencies Disclosure [Abstract]  
LEASE OBLIGATIONS, OTHER COMMITMENTS, AND CONTINGENCIES

8.  LEASE OBLIGATIONS, OTHER COMMITMENTS, AND CONTINGENCIES

We lease certain warehouse and office facilities and office equipment under non-cancelable operating leases. Rent expense during the first three months of fiscal 2017 and fiscal 2016 was $0.5 million. Our future lease commitments for minimum rentals, including common area maintenance charges and property taxes during the next five years are as follows (in thousands):

Fiscal Year   Payments
Remaining 2017   $ 1,256  
2018     1,344  
2019     1,288  
2020     1,126  
2021     809  
Thereafter     470  
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INCOME TAXES
 3 Months Ended
Aug. 27, 2016
Income Tax Disclosure [Abstract]  
INCOME TAXES

9.  INCOME TAXES

We recorded an income tax provision of $0.5 million and $0.4 million for the first three months of fiscal 2017 and the first three months of fiscal 2016, respectively. The effective income tax rate during the first three months of fiscal 2017 was a tax provision of (21.1%), as compared to a tax provision of (35.7%) during the first three months of fiscal 2016. The difference in rate during the first three months of fiscal 2017, as compared to the first three months of fiscal 2016, reflects the impact of changes in our geographical distribution of income (loss), the recording of provision to return true-ups of various foreign jurisdictions, and our positions with respect to ASC 740-30, Income Taxes - Other Considerations or Special Areas (“ASC 740-30”). The (21.1%) effective income tax rate differs from the federal statutory rate of 34.0% as a result of our geographical distribution of income (loss), the recording of various provision to return true-ups in foreign jurisdictions, the increase in uncertain tax positions as a result of an income tax audit in France, and the recording of a valuation allowance against the increase in our U.S. state and federal net deferred tax assets.

During the first quarter of fiscal year 2017, we completed a distribution of cash from our Chinese entity to our U.S. parent company which consisted of a return of capital for $10.0 million and a dividend of $1.3 million. The impact on our income taxes recorded during the first quarter of fiscal 2017 was an increase to our foreign tax credits deferred tax asset of approximately $3.6 million, a decrease to the U.S. federal net operating loss deferred tax asset of $4.8 million, and a decrease to our deferred tax liability for earnings considered permanently reinvested of $1.2 million. In connection with the cash repatriation, we recorded and paid approximately $0.1 million of withholding tax.

In the normal course of business, we are subject to examination by taxing authorities throughout the world. Generally, years prior to fiscal 2006 are closed for examination under the statute of limitation for U.S. federal, U.S. state and local, or non-U.S. tax jurisdictions. We are also currently under examination in France (fiscal 2013 through 2015) and Thailand (fiscal 2008 through 2011). We are under examination in the state of Illinois for fiscal years 2012 and 2013. Our primary foreign tax jurisdictions are Germany and the Netherlands. We have tax years open in Germany beginning in fiscal 2012 and the Netherlands beginning in fiscal 2010.

We have historically determined that certain undistributed earnings of our foreign subsidiaries, to the extent of cash available, will be repatriated to the U.S. Accordingly, we have provided a deferred tax liability totaling $5.5 million as of August 27, 2016, on foreign earnings of $38.2 million. The change from year end May 28, 2016 of a deferred tax liability totaling $6.7 million on foreign earnings of $48.7 million relates to reclassification of a deferred tax liability to an actual tax recognition of a dividend paid from China in the first quarter of fiscal 2017, thereby reducing the deferred tax liability and also reducing gross U.S. deferred tax assets fully offset by a valuation allowance.  In addition, as of August 27, 2016, the approximate $5.7 million balance of cumulative positive earnings of some of our foreign subsidiaries from May 28, 2016 has not significantly changed and is still considered permanently reinvested pursuant to ASC 740-30. Due to various tax attributes that are continuously changing, it is not practicable to determine what, if any, tax liability might exist if such earnings were to be repatriated. 

As of August 27, 2016, our worldwide liability, from continuing operations, for uncertain tax positions was $0.2 million, excluding interest and penalties, as compared to $0.1 million of liabilities for uncertain tax positions as of May 28, 2016. The increase in uncertain tax positions relate to the French tax audit. We record penalties and interest relating to uncertain tax positions in the income tax expense line item within the unaudited consolidated statements of loss. It is not expected that there will be a change in the unrecognized tax benefits within the next 12 months.

The valuation allowance against the net deferred tax assets that will more likely than not be realized was $5.9 million as of May 28, 2016. The valuation allowance against the net deferred tax assets has increased to $7.1 million as of August 27, 2016 for additional domestic federal and state net deferred tax assets generated during the first quarter of fiscal year 2017 due to additional losses in the U.S. jurisdiction. A full valuation allowance on the U.S. and state deferred tax assets will be maintained until sufficient positive evidence related to sources of future taxable income exists to support a reversal of the valuation allowance. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are increased, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as our projections for growth.
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CALCULATION OF EARNINGS PER SHARE
 3 Months Ended
Aug. 27, 2016
Loss per share:  
CALCULATION OF EARNINGS PER SHARE

10.  CALCULATION OF EARNINGS PER SHARE

We have authorized 17,000,000 shares of common stock, and 3,000,000 shares of Class B common stock. The Class B common stock has 10 votes per share and has transferability restrictions; however, Class B common stock may be converted into common stock on a share-for-share basis at any time. With respect to dividends and distributions, shares of common stock and Class B common stock rank equally and have the same rights, except that Class B common stock cash dividends are limited to 90% of the amount of Class A common stock cash dividends.

In accordance with ASC 260-10, Earnings Per Share (“ASC 260”), our Class B common stock is considered a participating security requiring the use of the two-class method for the computation of basic and diluted earnings per share. The two-class computation method for each period reflects the cash dividends paid per share for each class of stock, plus the amount of allocated undistributed earnings per share computed using the participation percentage which reflects the dividend rights of each class of stock. Basic and diluted earnings per share were computed using the two-class method as prescribed in ASC 260. The shares of Class B common stock are considered to be participating convertible securities since the shares of Class B common stock are convertible on a share-for-share basis into shares of common stock and may participate in dividends with common stock according to a predetermined formula which is 90% of the amount of Class A common stock cash dividends. 

The earnings per share (“EPS”) presented in our unaudited consolidated statements of comprehensive loss are based on the following amounts (in thousands, except per share amounts):

   For the Three Months Ended
   August 27, 2016  August 29, 2015
    Basic    Diluted    Basic    Diluted 
Numerator for Basic and Diluted EPS:                    
Net loss  $(2,850)  $(2,850)  $(1,399)  $(1,399)
Less dividends:                    
Common stock   641    641    690    690 
Class B common stock   116    116    116    116 
Undistributed losses  $(3,607)  $(3,607)  $(2,205)  $(2,205)
Common stock undistributed losses  $(3,057)  $(3,057)  $(1,888)  $(1,888)
Class B common stock undistributed losses   (550)   (550)   (317)   (317)
Total undistributed losses  $(3,607)  $(3,607)  $(2,205)  $(2,205)
Denominator for basic and diluted EPS:                    
Common stock weighted average shares   10,703    10,703    11,486    11,486 
Class B common stock weighted average shares, and shares under if-converted method for diluted EPS   2,141    2,141    2,141    2,141 
Effect of dilutive securities                    
Dilutive stock options        —           —   
Denominator for diluted EPS adjusted for weighted average shares and assumed conversions        12,844         13,627 
Net loss per share:                    
Common stock  $(0.23)  $(0.23)  $(0.10)  $(0.10)
Class B common stock  $(0.20)  $(0.20)  $(0.10)  $(0.10)

Note: Common stock options that were anti-dilutive and not included in diluted earnings per common share for the first quarter of fiscal 2017 and fiscal 2016 were 838 and 888, respectively.
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SEGMENT REPORTING
 3 Months Ended
Aug. 27, 2016
Segment Reporting [Abstract]  
SEGMENT REPORTING

11.  SEGMENT REPORTING

In accordance with ASC 280-10, Segment Reporting, we have identified three operating and reportable segments as follows:

Power and Microwave Technologies Group (“PMT”) combines our core engineered solutions, power grid and microwave tube business with new RF and power technologies. As a manufacturer and authorized distributor, PMT’s strategy is to provide specialized technical expertise and engineered solutions based on our core engineering and manufacturing capabilities. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair—all through our existing global infrastructure. PMT’s focus is on products for power, RF and microwave applications for customers in alternative energy, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. PMT focuses on various applications including broadcast transmission, CO2 laser cutting, diagnostic imaging, dielectric and induction heating, high energy transfer, high voltage switching, plasma, power conversion, radar, and radiation oncology. PMT also offers its customers technical services for both microwave and industrial equipment.

Canvys provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial, and medical original equipment manufacturers (“OEM”) markets.

Healthcare manufactures, distributes and services high value replacement parts for the healthcare market including hospitals, medical centers, independent service organizations, and multi-vendor service providers. Products include power grid tubes, hydrogen thyratrons, klystrons, magnetrons; Image Systems medical displays and workstations for picture archiving and communication systems (“PACS”); visual solutions for operating rooms/surgical environments; digital radiography solutions including replacement flat panel detectors and upgrades; and additional replacement components currently under development for the diagnostic imaging service market. Through a combination of newly developed products and partnerships, service offerings, and training programs, we believe we can help our customers improve efficiency and deliver better clinical outcomes while lowering the cost of healthcare delivery.

The CEO evaluates performance and allocates resources primarily based on the gross profit of each segment.

Operating results by segment are summarized in the following table (in thousands):

   Three Months Ended
   August 27,
2016		  August 29,
2015
PMT          
Net Sales  $25,381   $27,195 
Gross Profit   7,455    8,138 
           
Canvys          
Net Sales  $4,620   $6,681 
Gross Profit   1,348    1,709 
           
Healthcare          
Net Sales  $3,372   $3,195 
Gross Profit   1,437    1,415 

Geographic net sales information is primarily grouped by customer destination into five areas: North America; Asia/Pacific; Europe; Latin America; and Other. 

Net sales and gross profit by geographic region are summarized in the following table (in thousands):

   Three Months Ended
   August 27,
2016		  August 29,
2015
Net Sales          
North America  $13,049   $17,792 
Asia/Pacific   7,655    6,132 
Europe   10,264    11,358 
Latin America   2,390    1,607 
Other (1)   15    182 
Total  $33,373   $37,071 
Gross Profit          
North America  $4,885   $6,199 
Asia/Pacific   2,558    1,956 
Europe   3,029    3,341 
Latin America   917    625 
Other (1)   (1,149)   (859)
Total  $10,240   $11,262 

 

(1)Other includes primarily net sales not allocated to a specific geographical region, unabsorbed value-add costs, and other unallocated expenses.

We sell our products to customers in diversified industries and perform periodic credit evaluations of our customers’ financial condition. Terms are generally on open account, payable net 30 days in North America, and vary throughout Asia/Pacific, Europe, and Latin America. Estimates of credit losses are recorded in the financial statements based on monthly reviews of outstanding accounts.

 
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LITIGATION
 3 Months Ended
Aug. 27, 2016
Commitments and Contingencies Disclosure [Abstract]  
LITIGATION

12.  LITIGATION

We are involved in several pending judicial proceedings concerning matters arising in the ordinary course of business. While the outcome of litigation is subject to uncertainties, based on information available at the time the financial statements were issued, we determined disclosure of contingencies relating to any of our pending judicial proceedings was not necessary because there is less than a reasonable possibility that a material loss will be incurred.
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FAIR VALUE MEASUREMENTS
 3 Months Ended
Aug. 27, 2016
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

13.  FAIR VALUE MEASUREMENTS

ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States, and expands disclosures about fair value measurements.

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists; therefore requiring an entity to develop its own assumptions.

As of August 27, 2016, and May 28, 2016, we held investments that are required to be measured at fair value on a recurring basis. Our investments consist of time deposits and CDs, where face value is equal to fair value, and equity securities of publicly traded companies for which market prices are readily available. 

Investments measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 as of August 27, 2016, and May 28, 2016, were as follows (in thousands):

    Level 1
August 27, 2016    
Time deposits/CDs   $ 8,239  
Equity securities     563  
Total   $ 8,802  
May 28, 2016        
Time deposits/CDs   $ 9,517  
Equity securities     550  
Total   $ 10,067  
XML 35 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
RELATED PARTY TRANSACTION
 3 Months Ended
Aug. 27, 2016
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTION

14.  Related Party Transaction

On June 15, 2015, the Company entered into a lease agreement for the IMES facility with LDL, LLC. The Executive Vice President of IMES, Lee A. McIntyre III, has an ownership interest in LDL, LLC.  The lease agreement provides for monthly payments over five years with total future minimum lease payments of $0.6 million.  Rental expense related to this lease amounted to less than $0.1 million for the three months ended August 27, 2016, and August 29, 2015.  The Company shall be entitled to extend the term of the lease for a period of an additional five years by notifying the landlord in writing of its intention to do so within nine months of the expiration of the initial term.
XML 36 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
SUBSEQUENT EVENT
 3 Months Ended
Aug. 27, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENT

15.  Subsequent event

In September of fiscal 2017, we executed a plan to reduce our workforce as part of our cost savings initiatives to permanently decrease fixed operating costs. As a result, we will be recording approximately $1.3 million of severance expense during the second quarter of fiscal 2017.
XML 37 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
CRITICAL ACCOUNTING POLICIES AND ESTIMATES (Policies)
 3 Months Ended
Aug. 27, 2016
Accounting Policies [Abstract]  
Inventories

Inventories: Our consolidated inventories are stated at the lower of cost or market, generally using a weighted-average cost method. Our inventories include approximately $39.7 million of finished goods, $4.4 million of raw materials, and $1.1 million of work-in-progress as of August 27, 2016, as compared to approximately $40.0 million of finished goods, $4.4 million of raw materials, and $1.0 million of work-in-progress as of May 28, 2016.

At this time, we do not anticipate any material risks or uncertainties related to possible future inventory write-downs. Provisions for obsolete or slow moving inventories are recorded based upon regular analysis of stock rotation privileges, obsolescence, the exiting of certain markets, and assumptions about future demand and market conditions. If future demand, changes in the industry, or market conditions differ from management’s estimates, additional provisions may be necessary. Inventory reserves were approximately $3.4 million as of August 27, 2016, and as of May 28, 2016.
Revenue Recognition

Revenue Recognition: Our product sales are recognized as revenue upon shipment, when title passes to the customer, when delivery has occurred or services have been rendered, and when collectability is reasonably assured. We also record estimated discounts and returns based on our historical experience. Our products are often manufactured to meet the specific design needs of our customers’ applications. Our engineers work closely with customers to ensure that our products will meet their needs. Our customers are under no obligation to compensate us for designing the products we sell.
Loss Contingencies

Loss Contingencies: We accrue a liability for loss contingencies when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. If we determine that there is at least a reasonable possibility that a loss may have been incurred, we will include a disclosure describing the contingency.
Intangible Assets

Intangible Assets: Intangible assets are initially recorded at their fair market values determined on quoted market prices in active markets, if available, or recognized valuation models. Intangible assets that have finite useful lives are amortized over their useful lives either on a straight-line basis or over their projected future cash flows and are tested for impairment when events or changes in circumstances occur that indicate possible impairment.
Income Taxes

Income Taxes: We recognize deferred tax assets and liabilities based on the differences between financial statement carrying amounts and the tax bases of assets and liabilities. We regularly review our deferred tax assets for recoverability and determine the need for a valuation allowance based on a number of factors, including both positive and negative evidence. These factors include historical taxable income or loss, projected future taxable income or loss, the expected timing of the reversals of existing temporary differences, and the implementation of tax planning strategies. In circumstances where we, or any of our affiliates, have incurred three years of cumulative losses which constitute significant negative evidence, positive evidence of equal or greater significance is needed to overcome the negative evidence before a tax benefit is recognized for deductible temporary differences and loss carryforwards.

In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes.” ASU 2015-17 eliminates the prior US GAAP guidance in Topic 740, Income Taxes, that required an entity to separate deferred tax liabilities and assets between current and noncurrent amounts in a classified balance sheet. The amendments in ASU 2015-17 require that all deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as any related valuation allowance, be offset and presented as a single noncurrent amount in a classified balance sheet. ASU 2015-17 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. In order to simplify presentation of deferred tax balances, the Company adopted this standard prospectively in the quarter ended August 27, 2016. Periods prior to August 27, 2016 were not retrospectively adjusted.
Accrued Liabilities

Accrued Liabilities: Accrued liabilities consist of the following (in thousands):

  August 27, 2016   May 28, 2016
Compensation and payroll taxes $ 3,510     $ 4,054  
Professional fees 406     775  
Deferred revenue 1,831     1,879  
Other accrued expenses 2,253     2,427  
Accrued Liabilities $ 8,000     $ 9,135  

 
XML 38 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
CRITICAL ACCOUNTING POLICIES AND ESTIMATES (Tables)
 3 Months Ended
Aug. 27, 2016
Accounting Policies [Abstract]  
Schedule of accrued liabilities

Accrued liabilities consist of the following (in thousands):

  August 27, 2016   May 28, 2016
Compensation and payroll taxes $ 3,510     $ 4,054  
Professional fees 406     775  
Deferred revenue 1,831     1,879  
Other accrued expenses 2,253     2,427  
Accrued Liabilities $ 8,000     $ 9,135  
XML 39 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
ACQUISITION (Tables)
 3 Months Ended
Aug. 27, 2016
Business Combinations [Abstract]  
Schedule of fair value of assets acquired

The following table summarizes the fair values of the assets acquired at the date of the closing of the acquisition (in thousands):

Accounts receivable   $ 737  
Inventories     1,420  
Property, plant and equipment     230  
Goodwill     6,332  
Other intangibles     3,490  
Net assets acquired   $ 12,209  

 
XML 40 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
 3 Months Ended
Aug. 27, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of intangible assets subject to amortization

Our intangible assets represent the fair value for trade name, customer relationships, non-compete agreements, and technology acquired in connection with our acquisitions. Intangible assets subject to amortization are as follows (in thousands):

   Intangible Assets Subject to
Amortization as of
   August 27,
2016		  May 28,
2016
Gross Amounts:          
Trade Name  $659   $659 
Customer Relationships(1)   3,403    3,434 
Non-compete Agreements   177    177 
Technology   230    230 
Total Gross Amounts  $4,469   $4,500 
Accumulated Amortization:          
Trade Name  $283   $231 
Customer Relationships   380    374 
Non-compete Agreements   60    55 
Technology   32    22 
Total Accumulated Amortization  $755   $682 
           
Net Intangibles  $3,714   $3,818 

 

(1)Change from prior periods reflect impact of foreign currency translation.
Schedule of the amortization expense for the next five years

The amortization expense associated with the intangible assets subject to amortization for the next five years is presented in the following table (in thousands):

Fiscal Year   Amortization
Expense
Remaining 2017   $ 270  
2018     432  
2019     245  
2020     257  
2021     245  
Thereafter     2,265  
Total amortization expense   $ 3,714  
XML 41 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
LEASE OBLIGATIONS, OTHER COMMITMENTS, AND CONTINGENCIES (Tables)
 3 Months Ended
Aug. 27, 2016
Commitments and Contingencies Disclosure [Abstract]  
Schedule of the future lease commitments for minimum rentals

Our future lease commitments for minimum rentals, including common area maintenance charges and property taxes during the next five years are as follows (in thousands):

Fiscal Year   Payments
Remaining 2017   $ 1,256  
2018     1,344  
2019     1,288  
2020     1,126  
2021     809  
Thereafter     470  
XML 42 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
CALCULATION OF EARNINGS PER SHARE (Tables)
 3 Months Ended
Aug. 27, 2016
Loss per share:  
Calculation of earnings per share

The earnings per share (“EPS”) presented in our unaudited consolidated statements of comprehensive loss are based on the following amounts (in thousands, except per share amounts):

   For the Three Months Ended
   August 27, 2016  August 29, 2015
    Basic    Diluted    Basic    Diluted 
Numerator for Basic and Diluted EPS:                    
Net loss  $(2,850)  $(2,850)  $(1,399)  $(1,399)
Less dividends:                    
Common stock   641    641    690    690 
Class B common stock   116    116    116    116 
Undistributed losses  $(3,607)  $(3,607)  $(2,205)  $(2,205)
Common stock undistributed losses  $(3,057)  $(3,057)  $(1,888)  $(1,888)
Class B common stock undistributed losses   (550)   (550)   (317)   (317)
Total undistributed losses  $(3,607)  $(3,607)  $(2,205)  $(2,205)
Denominator for basic and diluted EPS:                    
Common stock weighted average shares   10,703    10,703    11,486    11,486 
Class B common stock weighted average shares, and shares under if-converted method for diluted EPS   2,141    2,141    2,141    2,141 
Effect of dilutive securities                    
Dilutive stock options        —           —   
Denominator for diluted EPS adjusted for weighted average shares and assumed conversions        12,844         13,627 
Net loss per share:                    
Common stock  $(0.23)  $(0.23)  $(0.10)  $(0.10)
Class B common stock  $(0.20)  $(0.20)  $(0.10)  $(0.10)

Note: Common stock options that were anti-dilutive and not included in diluted earnings per common share for the first quarter of fiscal 2017 and fiscal 2016 were 838 and 888, respectively.
XML 43 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
SEGMENT REPORTING (Tables)
 3 Months Ended
Aug. 27, 2016
Segment Reporting [Abstract]  
Schedule of operating results by segment

Operating results by segment are summarized in the following table (in thousands):

   Three Months Ended
   August 27,
2016		  August 29,
2015
PMT          
Net Sales  $25,381   $27,195 
Gross Profit   7,455    8,138 
           
Canvys          
Net Sales  $4,620   $6,681 
Gross Profit   1,348    1,709 
           
Healthcare          
Net Sales  $3,372   $3,195 
Gross Profit   1,437    1,415 
Schedule of net sales and gross profit by geographic region

Net sales and gross profit by geographic region are summarized in the following table (in thousands):

   Three Months Ended
   August 27,
2016		  August 29,
2015
Net Sales          
North America  $13,049   $17,792 
Asia/Pacific   7,655    6,132 
Europe   10,264    11,358 
Latin America   2,390    1,607 
Other (1)   15    182 
Total  $33,373   $37,071 
Gross Profit          
North America  $4,885   $6,199 
Asia/Pacific   2,558    1,956 
Europe   3,029    3,341 
Latin America   917    625 
Other (1)   (1,149)   (859)
Total  $10,240   $11,262 

 

(1)Other includes primarily net sales not allocated to a specific geographical region, unabsorbed value-add costs, and other unallocated expenses.
XML 44 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Aug. 27, 2016
Fair Value Disclosures [Abstract]  
Schedule of investments measured at fair value on a recurring basis

Investments measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 as of August 27, 2016, and May 28, 2016, were as follows (in thousands):

    Level 1
August 27, 2016    
Time deposits/CDs   $ 8,239  
Equity securities     563  
Total   $ 8,802  
May 28, 2016        
Time deposits/CDs   $ 9,517  
Equity securities     550  
Total   $ 10,067  
XML 45 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
DESCRIPTION OF THE COMPANY (Details Narrative)
 3 Months Ended
Aug. 27, 2016
Number
Accounting Policies [Abstract]  
Number of operating segments 3
Number of reportable segments 3
XML 46 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
CRITICAL ACCOUNTING POLICIES AND ESTIMATES (Details Narrative) - USD ($)
$ in Thousands
Aug. 27, 2016
May 28, 2016
Accounting Policies [Abstract]    
Finished goods $ 39,700 $ 40,000
Raw material 4,400 4,400
Work in progress 1,100 1,000
Inventory valuation reserves $ 3,400 $ 3,400
XML 47 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
CRITICAL ACCOUNTING POLICIES AND ESTIMATES (Details) - USD ($)
$ in Thousands
Aug. 27, 2016
May 28, 2016
Accrued Liabilities [Abstract]    
Compensation and payroll taxes $ 3,510 $ 4,054
Professional fees 406 775
Deferred revenue 1,831 1,879
Other accrued expenses 2,253 2,427
Accrued Liabilities $ 8,000 $ 9,135
XML 48 R34.htm IDEA: XBRL DOCUMENT v3.5.0.2
ACQUISITION (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 15, 2015
Aug. 27, 2016
Aug. 29, 2015
Cash consideration paid for acquired businesses   $ (12,209)
Intangibles assets acquired $ 3,490    
Trade Names [Member]      
Intangibles assets acquired $ 600    
Finite lived intangible asset useful life 3 years    
Customer Relationships [Member]      
Intangibles assets acquired $ 2,500    
Finite lived intangible asset useful life 20 years    
Technology [Member]      
Intangibles assets acquired $ 200    
Finite lived intangible asset useful life 10 years    
Non-compete Agreements [Member]      
Intangibles assets acquired $ 200    
Finite lived intangible asset useful life 5 years    
IMES [Member] | Executive Vice President [Member]      
Executive base compensation $ 300    
Annual bonus based on percent of EBITDA 20.00%    
Minimum EBITDA to receive annual bonus $ 2,000    
XML 49 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
ACQUISITION (Details)
$ in Thousands
Jun. 15, 2015
USD ($)
Business Combinations [Abstract]  
Accounts receivable $ 737
Inventories 1,420
Property, plant and equipment 230
Goodwill 6,332
Other intangibles 3,490
Net assets acquired $ 12,209
XML 50 R36.htm IDEA: XBRL DOCUMENT v3.5.0.2
GOODWILL AND INTANGIBLE ASSETS (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended
Aug. 27, 2016
May 28, 2016
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill $ 6,332 $ 6,332
Weighted average number of years of amortization expense 16 years 1 month 6 days  
XML 51 R37.htm IDEA: XBRL DOCUMENT v3.5.0.2
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($)
$ in Thousands
Aug. 27, 2016
May 28, 2016
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross $ 4,469 $ 4,500
Finite Lived Intangible Assets Accumulated Amortization 755 682
Intangibles, net 3,714 3,818
Trade Names [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross 659 659
Finite Lived Intangible Assets Accumulated Amortization 283 231
Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross [1] 3,403 3,434
Finite Lived Intangible Assets Accumulated Amortization 380 374
Non-compete Agreements [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross 177 177
Finite Lived Intangible Assets Accumulated Amortization 60 55
Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross 230 230
Finite Lived Intangible Assets Accumulated Amortization $ 32 $ 22
[1] Change from prior periods reflect impact of foreign currency translation.
XML 52 R38.htm IDEA: XBRL DOCUMENT v3.5.0.2
GOODWILL AND INTANGIBLE ASSETS (Details 1)
$ in Thousands
May 28, 2016
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2017 $ 270
2018 432
2019 245
2020 257
2021 245
Thereafter 2,265
Total amortization expense $ 3,714
XML 53 R39.htm IDEA: XBRL DOCUMENT v3.5.0.2
INVESTMENTS (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended
Aug. 27, 2016
Aug. 29, 2015
May 28, 2016
Investment [Line Items]      
Available for sale - equity securities $ 600   $ 600
Available for sale securities - gross realized gains 100 $ 100  
Net unrealized holding gains (losses) included in AOCI 100 (100)  
Proceeds from sales of available-for-sale securities 88 $ 100  
Time Deposits and Cetificate of Deposits[Member]      
Investment [Line Items]      
Investments, carrying value 8,200   9,500
Investment, less than twelve months 6,400   2,300
Investment, greater than twelve months $ 1,800   $ 7,200
XML 54 R40.htm IDEA: XBRL DOCUMENT v3.5.0.2
LEASE OBLIGATIONS, OTHER COMMITMENTS, AND CONTINGENCIES (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended
Aug. 27, 2016
Aug. 29, 2015
Commitments and Contingencies Disclosure [Abstract]    
Rent expense under operating leases $ 500 $ 500
XML 55 R41.htm IDEA: XBRL DOCUMENT v3.5.0.2
LEASE OBLIGATIONS, OTHER COMMITMENTS, AND CONTINGENCIES (Details)
$ in Thousands
Aug. 27, 2016
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2017 $ 1,256
2018 1,344
2019 1,288
2020 1,126
2021 809
Thereafter $ 470
XML 56 R42.htm IDEA: XBRL DOCUMENT v3.5.0.2
INCOME TAXES (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Aug. 27, 2016
Aug. 29, 2015
May 28, 2016
Income tax provision $ 497 $ 368  
Effective income tax rate 21.10% 35.70%  
Federal statutory tax rate 34.00%    
Liability for uncertain tax positions related to continuing operations, excluding interest and penalties $ 200   $ 100
Deferred tax liability, undistributed foreign earnings 5,500   6,700
Foreign earnings 38,200   48,700
Cumulative earnings of foreign subsidiaries considered permanently invested 5,700    
Deferred tax valuation allowance     $ 5,900
Change in valuation allowance 7,100    
Change in deferred tax asset - foreign tax credit (3,600)    
Change in deferred tax asset - Federal NOL 4,800    
Change in deferred tax liability - Earning considered permanently reinvested (1,200)    
Chinese Entity [Member]      
Cash dividend paid from subsidiary to parent 1,300    
Withholding taxes paid for cash repatriation 100    
Return of capital from subsidiary $ 10,000    
XML 57 R43.htm IDEA: XBRL DOCUMENT v3.5.0.2
CALCULATION OF EARNINGS PER SHARE (Details Narrative)
shares in Thousands
 3 Months Ended
Aug. 27, 2016
shares
Aug. 29, 2015
Number
shares
Limit of cash dividends Class B common stock 90.00%  
Common stock options anti-dilutive 838 888
Common Class B [Member]    
Common stock shares, authorized 3,000  
Number of votes per share | Number   10
Common Stock [Member]    
Common stock shares, authorized 17,000  
XML 58 R44.htm IDEA: XBRL DOCUMENT v3.5.0.2
CALCULATION OF EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Aug. 27, 2016
Aug. 29, 2015
Numerator for Basic and Diluted EPS:    
Net loss $ (2,850) $ (1,399)
Less dividends:    
Undistributed losses (3,607) (2,205)
Undistributed losses, diluted $ (3,607) $ (2,205)
Denominator for Basic and Diluted EPS:    
Common shares - Diluted 12,844 13,627
Common Stock [Member]    
Less dividends:    
Common stock $ 641 $ 690
Undistributed losses (3,057) (1,888)
Undistributed losses, diluted $ (3,057) $ (1,888)
Denominator for Basic and Diluted EPS:    
Common shares - Basic 10,703 11,486
Common shares - Diluted 10,703 11,486
Net loss per share:    
Total loss per Common share - Basic $ (0.23) $ (0.10)
Total loss per common share - Diluted $ (0.23) $ (0.10)
Common Class B [Member]    
Less dividends:    
Common stock $ 116 $ 116
Undistributed losses (550) (317)
Undistributed losses, diluted $ (550) $ (317)
Denominator for Basic and Diluted EPS:    
Common shares - Basic 2,141 2,141
Common shares - Diluted 2,141 2,141
Net loss per share:    
Total loss per Common share - Basic $ (0.20) $ (0.10)
Total loss per common share - Diluted $ (0.20) $ (0.10)
XML 59 R45.htm IDEA: XBRL DOCUMENT v3.5.0.2
SEGMENT REPORTING (Details) - USD ($)
$ in Thousands
 3 Months Ended
Aug. 27, 2016
Aug. 29, 2015
Segment Reporting Information [Line Items]    
Net Sales $ 33,373 $ 37,071
Gross Profit 10,240 11,262
PMT [Member]    
Segment Reporting Information [Line Items]    
Net Sales 25,381 27,195
Gross Profit 7,455 8,138
Canvys [Member]    
Segment Reporting Information [Line Items]    
Net Sales 4,620 6,681
Gross Profit 1,348 1,709
Healthcare [Member]    
Segment Reporting Information [Line Items]    
Net Sales 3,372 3,195
Gross Profit $ 1,437 $ 1,415
XML 60 R46.htm IDEA: XBRL DOCUMENT v3.5.0.2
SEGMENT REPORTING (Details 1) - USD ($)
$ in Thousands
 3 Months Ended
Aug. 27, 2016
Aug. 29, 2015
Net sales $ 33,373 $ 37,071
Gross Profit 10,240 11,262
North America [Member]    
Net sales 13,049 17,792
Gross Profit 4,885 6,199
Asia/Pacific [Member]    
Net sales 7,655 6,132
Gross Profit 2,558 1,956
Europe [Member]    
Net sales 10,264 11,358
Gross Profit 3,029 3,341
Latin America [Member]    
Net sales 2,390 1,607
Gross Profit 917 625
Other [Member]    
Net sales [1] 15 182
Gross Profit [1] $ (1,149) $ (859)
[1] Other primarily includes net sales not allocated to a specific geographical region, unabsorbed value-add costs, and other unallocated expenses.
XML 61 R47.htm IDEA: XBRL DOCUMENT v3.5.0.2
FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 1 [Member] - USD ($)
$ in Thousands
Aug. 27, 2016
May 28, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Time deposits/CDs $ 8,239 $ 9,517
Equity securities 563 550
Investments, Fair Value Disclosure $ 8,802 $ 10,067
XML 62 R48.htm IDEA: XBRL DOCUMENT v3.5.0.2
RELATED PARTY TRANSACTION (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended
Aug. 27, 2016
Aug. 29, 2015
Rental expense $ 500 $ 500
IMES [Member] | Less Than [Member]    
Rental expense 100  
IMES [Member] | Executive Vice President [Member]    
Total future minimum lease payments $ 600  
Lease term 5 years  
Renewal term 5 years  
XML 63 R49.htm IDEA: XBRL DOCUMENT v3.5.0.2
SUBSEQUENT EVENT (Details Narrative)
$ in Thousands
 1 Months Ended
Oct. 06, 2016
USD ($)
Subsequent Event [Member]  
Severance expense $ 1,300
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