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; economic, labor and political
systems and conditions; global business disruption caused by the Russia invasion
in Ukraine and related sanctions: currency exchange fluctuations; and the
ability of the Company to manage its growth and the risk factors set forth in
our Annual Report on Form 10-K filed on August 2, 2021 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 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:

• Presentation of the company

• Results of operations – an analysis and comparison of our consolidated results

operating results for the three and nine month periods ended in February

         26, 2022 and February 27, 2021, as reflected in our consolidated
         statements of comprehensive income.

• Liquidity, financial position and capital resources – a discussion of our

main sources and uses of cash for the nine-month periods ended

February 26, 2022 and February 27, 2021and a discussion of changes in

our financial situation.

Company overview

Richardson Electronics, Ltd. is a leading global manufacturer of engineered
solutions, power grid and microwave tubes, and related consumables; power
conversion and RF and microwave components; high-value replacement parts, tubes,
and service training for diagnostic imaging equipment; and customized display
solutions. More than 60% of our products are manufactured in LaFox, Illinois,
Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our
manufacturing partners throughout the world.  All our partners manufacture to
our strict specifications and per our supplier code of conduct. 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.

Some of the Company's products are manufactured in China and are imported into
the United States. The Office of the United States Trade Representative ("USTR")
instituted additional 10% to 25% tariffs on the importation of a number of
products into the United States from China effective July 6, 2018, with
additional products added August 23, 2018 and September 24, 2018. These
additional tariffs are a response to what the USTR considers to be certain
unfair trade practices by China. A number of the Company's products manufactured
in China are now subject to these additional duties of 25% when imported into
the United States.

Management continues to work with its suppliers as well as its customers to
mitigate the impact of the tariffs on our customers' markets. However, if the
Company is unable to successfully pass through the additional cost of these
tariffs, or if the higher prices reduce demand for the Company's products, it
will have a negative effect on the Company's sales and gross margins.





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

Power and Microwave Technologies Group ("PMT") combines our core engineered
solutions capabilities, power grid and microwave tube business with new
disruptive RF, Wireless and Power technologies. As a designer, manufacturer,
technology partner and authorized distributor, PMT's strategy is to provide
specialized technical expertise and engineered solutions based on our core
engineering and manufacturing capabilities on a global basis. 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 5G,
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
markets. Our engineers design, manufacture, source and support a full spectrum
of solutions to match the needs of our customers. We offer long term
availability and proven custom display solutions that include touch screens,
protective panels, custom enclosures, All-In-One computers, specialized cabinet
finishes and application specific software packages and certification services.
Our volume commitments are lower than the large display manufacturers, making us
the ideal choice for companies with very specific design requirements. We
partner with both private label manufacturing companies and leading branded
hardware vendors to offer the highest quality display and touch solutions and
customized computing platforms.

Healthcare manufactures, repairs, refurbishes and distributes high value
replacement parts and equipment for the healthcare market including hospitals,
medical centers, asset management companies, independent service organizations
and multi-vendor service providers. Products include diagnostic imaging
replacement parts for CT and MRI systems; replacement CT and MRI tubes; CT
service training; MRI coils, cold heads and RF amplifiers; hydrogen thyratrons,
klystrons, magnetrons; flat panel detector upgrades; pre-owned CT systems; and
additional replacement solutions 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 while lowering the cost of healthcare delivery.

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

RESULTS OF OPERATIONS

Financial Summary – Quarters Ended February 26, 2022

• The third quarters of fiscal 2022 and fiscal 2021 each consisted of 13 weeks.

• Net sales during the third quarter of fiscal 2022 were $55.3 milliona

         increase of 22.3%, compared to net sales of $45.2 million during the
         third quarter of fiscal 2021.

• Gross margin decreased to 31.8% in the third quarter of fiscal 2022

compared to 34.9% during the third quarter of fiscal 2021.

• Selling, general and administrative expenses have been $13.9 million i.e. 25.2%

         of net sales, during the third quarter of fiscal 2022 compared to $15.5
         million, including the $1.6 million legal settlement, or 34.2% of net
         sales, during the third quarter of fiscal 2021.

• Operating profit in the third quarter of fiscal 2022 was $3.6 million

compared to $0.3 million during the third quarter of fiscal 2021.


      •  Net income during the third quarter of fiscal 2022 was $2.9 million
         compared to $0.2 million during the third quarter of fiscal 2021.





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Financial Summary – Nine Months Ended February 26, 2022

• The first nine months of fiscal 2022 and fiscal 2021 were 39 weeks each.


      •  Net sales during the first nine months of fiscal 2022 were $163.0
         million, an increase of 28.9%, compared to net sales of $126.5 million
         during the first nine months of fiscal 2021.


      •  Gross margin decreased to 31.6% during the first nine months of fiscal
         2022 compared to 33.6% during the first nine months of fiscal 2021.


      •  Selling, general and administrative expenses were $40.6 million or 24.9%

of net sales, during the first nine months of the 2022 financial year compared to

$41.9 millionincluding the $1.6 million judicial settlement, i.e. 33.2% of

net sales, in the first nine months of fiscal 2021.


      •  Operating income during the first nine months of fiscal 2022 was $11.0
         million compared to $0.6 million during the first nine months of fiscal
         2021.

• Net profit for the first nine months of fiscal 2022 was $9.6 million

compared to a net loss of $0.2 million during the first nine months of

         fiscal 2021.



Net sales and gross profit analysis

Net sales by segment and percentage change during the third quarter and first nine months of fiscal 2022 and fiscal 2021 are as follows (in thousands):

Net Sales                Three Months Ended                   FY22 vs. FY21
              February 26, 2022       February 27, 2021         % Change
PMT          $            44,032     $            35,237                25.0 %
Canvys                     8,141                   7,078                15.0 %
Healthcare                 3,135                   2,920                 7.4 %
Total        $            55,308     $            45,235                22.3 %




                          Nine Months Ended                   FY22 vs. FY21
              February 26, 2022       February 27, 2021         % Change
PMT          $           128,778     $            98,418                30.8 %
Canvys                    25,732                  20,491                25.6 %
Healthcare                 8,481                   7,556                12.2 %
Total        $           162,991     $           126,465                28.9 %




During the third quarter of fiscal 2022, consolidated net sales increased 22.3%
compared to the third quarter of fiscal 2021. Sales for PMT increased 25.0%,
sales for Canvys increased 15.0% and sales for Healthcare increased 7.4%. The
increase in PMT was mainly due to strong growth from our Power and Microwave new
technology partners in various applications including Power Management and 5G
infrastructure as well as increased shipments of our ULTRA3000. We also had
growth in various Electron Device product lines. The increase in Canvys was
primarily due to strong sales in the European and North American markets. The
increase in Healthcare was primarily due to increases in part sales and an
increase in demand for the ALTA750TM tubes.

During the first nine months of fiscal 2022, consolidated net sales increased
28.9% compared to the first nine months of fiscal 2021. Sales for PMT increased
30.8%, sales for Canvys increased 25.6% and sales for Healthcare increased
12.2%. The increase in PMT was mainly due to strong growth from our Power and
Microwave new technology partners in various applications including Power
Management and 5G infrastructure and increased revenue from our Semiconductor
Wafer Fabrication customers buying engineered solutions. We also had growth in
various Electron Device product lines. The increase in Canvys was primarily due
to strong sales in the European and North American markets. The increase in
Healthcare was primarily due to an increase in demand for the ALTA750TM tubes.


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Gross margin by segment and percentage of net sales for the third quarter and first nine months of fiscal 2022 and fiscal 2021 are as follows (in thousands):

Gross Profit                                                 Three Months Ended
                             February 26, 2022       % of Net Sales       February 27, 2021       % of Net Sales
PMT                         $            14,163                 32.2 %   $            12,308                 34.9 %
Canvys                                    2,618                 32.2 %                 2,493                 35.2 %
Healthcare                                  788                 25.1 %                   965                 33.0 %
Total                       $            17,569                 31.8 %   $            15,766                 34.9 %






                                                              Nine Months Ended
                             February 26, 2022       % of Net Sales       February 27, 2021       % of Net Sales
PMT                         $            41,080                 31.9 %   $            33,530                 34.1 %
Canvys                                    8,348                 32.4 %                 7,156                 34.9 %
Healthcare                                2,095                 24.7 %                 1,782                 23.6 %
Total                       $            51,523                 31.6 %   $            42,468                 33.6 %



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

Consolidated gross profit increased to $17.6 million during the third quarter of
fiscal 2022 compared to $15.8 million during the third quarter of fiscal 2021.
Consolidated gross margin as a percentage of net sales decreased to 31.8% during
the third quarter of fiscal 2022 from 34.9% during the third quarter of fiscal
2021, primarily due to product mix in PMT, higher freight costs in Canvys and
increased component scrap expense and higher freight costs in Healthcare.

Consolidated gross profit increased to $51.5 million during the first nine
months of fiscal 2022 compared to $42.5 million during the first nine months of
fiscal 2021. Consolidated gross margin as a percentage of net sales decreased to
31.6% during the first nine months of fiscal 2022 from 33.6% during the first
nine months of fiscal 2021, primarily due to product mix in PMT and higher
freight costs in Canvys.


power and Microwave Technologies Group

PMT net sales increased 25.0% to $44.0 million during the third quarter of
fiscal 2022 from $35.2 million during the third quarter of fiscal 2021. The
increase was mainly due to strong growth from our Power and Microwave new
technology partners in various applications including Power Management and 5G
infrastructure as well as increased shipments of our ULTRA3000. We also had
growth in various Electron Device product lines. Gross margin as a percentage of
net sales decreased to 32.2% during the third quarter of fiscal 2022 as compared
to 34.9% during the third quarter of fiscal 2021 due to product mix.

PMT net sales increased 30.8% to $128.8 million during the first nine months of
fiscal 2022 from $98.4 million during the first nine months of fiscal 2021. The
increase was mainly due to strong growth from our Power and Microwave new
technology partners in various applications including Power Management and 5G
infrastructure and increased revenue from our Semiconductor Wafer Fabrication
customers buying engineered solutions. We also had growth in various Electron
Device product lines. Gross margin as a percentage of net sales decreased to
31.9% during the first nine months of fiscal 2022 as compared to 34.1% during
the first nine months of fiscal 2021 due to product mix.

Canvys

Canvys net sales increased 15.0% to $8.1 million during the third quarter of
fiscal 2022 from $7.1 million during the third quarter of fiscal 2021 primarily
due to strong sales in the European as well as the North American markets. Gross
margin as a percentage of net sales decreased to 32.2% during the third quarter
of fiscal 2022 from 35.2% during the third quarter of fiscal 2021 due to the
increasing freight costs resulting from the COVID-19 pandemic.

Canvys net sales increased 25.6% to $25.7 million during the first nine months
of fiscal 2022 from $20.5 million during the first nine months of fiscal 2021
primarily due to strong sales in the European as well as the North America
markets. Gross margin as a percentage of net sales decreased to 32.4% during the
first nine months of fiscal 2022 from 34.9% during the first nine months of
fiscal 2021 due to the increasing freight costs resulting from the COVID-19
pandemic.

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Health care

Healthcare net sales increased 7.4% to $3.1 million during the third quarter of
fiscal 2022 from $2.9 million during the third quarter of fiscal 2021 primarily
due to increases in part sales as well as an increase in demand for the
ALTA750TM tubes. Gross margin as a percentage of net sales decreased to 25.1%
during the third quarter of fiscal 2022 as compared to 33.0% during the third
quarter of fiscal 2021 primarily due to increased component scrap expense in
addition to rising freight costs resulting from the COVID-19 pandemic.

Healthcare net sales increased 12.2% to $8.5 million during the first nine
months of fiscal 2022 from $7.6 million during the first nine months of fiscal
2021. The increase in sales was primarily due to an increase in demand for the
ALTA750TM tubes. Gross margin as a percentage of net sales increased to 24.7%
during the first nine months of fiscal 2022 as compared to 23.6% during the
first nine months of fiscal 2021 primarily due to favorable product mix
partially offset by rising freight costs resulting from the COVID-19
pandemic.

Legal regulations – Financial year 2021

On April 2, 2021, as part of a settlement where the Company did not admit
liability, Richardson agreed to pay Varex Imaging Corporation ("Varex") $1.6
million to settle those claims. This settlement was recorded in selling, general
and administrative expenses within the Consolidated Statements of Comprehensive
Income for the third quarter of fiscal 2021.

Selling, general and administrative expenses

Selling, general and administrative expenses decreased to $13.9 million during
the third quarter of fiscal 2022 from $15.5 million in the third quarter of
fiscal 2021. The decrease was mainly due to the non-recurrence in fiscal 2022 of
the $1.6 million legal settlement recorded in fiscal 2021. The foregoing section
discusses the fiscal 2021 legal settlement. In addition, higher employee
compensation expenses were offset by lower legal fees.

Selling, general and administrative expenses decreased to $40.6 million during
the first nine months of fiscal 2022 from $41.9 million in the first nine months
of fiscal 2021. The decrease was mainly due to the non-recurrence in fiscal 2022
of the $1.6 million legal settlement recorded in fiscal 2021. The foregoing
section discusses the fiscal 2021 legal settlement. In addition, higher employee
compensation expenses were partially offset by lower legal fees.

Other income/expenses

Other expense was $0.1 million during the third quarter of fiscal 2022, compared
to less than $0.1 million for the third quarter of fiscal 2021. Other expense
during the third quarter of fiscal 2022 was mainly a foreign exchange loss, as
investment income was offset by other expenses. 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.

Other expense was less than $0.1 million during the first nine months of fiscal
2022, compared to $0.5 million for the first nine months of fiscal 2021. For the
first nine months of fiscal 2022 investment income was more than offset by other
expenses and the foreign exchange gain was minimal.

Provision for income tax

The income tax provision was $0.6 million and $0.1 million for the third quarter
of fiscal 2022 and the third quarter of fiscal 2021, respectively. The
difference in the tax provision for the third quarter of fiscal 2022 as compared
to the third quarter of fiscal 2021 reflects higher foreign taxes, changes in
our geographical distribution of income (loss) and state income tax provision
due to temporary suspension of net operating loss utilization in Illinois and
California.

We recorded an income tax provision of $1.3 million and $0.2 million for the
first nine months of fiscal 2022 and the first nine months of fiscal 2021,
respectively. The difference in the tax provision for the first nine months of
fiscal 2022 as compared to the first nine months of fiscal 2021 reflects higher
foreign taxes, changes in our geographical distribution of income (loss) and
state income tax provision due to temporary suspension of net operating loss
utilization in Illinois and California.

In the normal course of business, we are subject to examination by taxing
authorities throughout the world. Generally, years prior to fiscal 2015 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 currently under
examination in Thailand (fiscal 2008 through 2011) and Germany (fiscal 2015
through 2018). Our primary foreign tax jurisdictions are Germany and the
Netherlands. We have tax years open in Germany beginning in fiscal 2015 and the
Netherlands beginning in fiscal 2018.

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Net earnings (net loss) and per share data

Net income during the third quarter of fiscal 2022 was $2.9 million, or $0.21
per diluted common share and $0.19 per Class B diluted common share as compared
to $0.2 million during the third quarter of fiscal 2021 or $0.02 per diluted
common share and $0.02 per Class B diluted common share.

Net income during the first nine months of fiscal 2022 was $9.6 million, or
$0.71 per diluted common share and $0.64 per Class B diluted common share as
compared to net loss of $0.2 million during the first nine months of fiscal 2021
or ($0.02) per diluted common share and ($0.02) per Class B diluted common
share.

LIQUIDITY, FINANCIAL POSITION AND CAPITAL RESOURCES

Our operations and cash requirements were primarily funded by operating income and available cash.

Cash and cash equivalents were $39.1 million at February 26, 2022. Cash and cash
equivalents by geographic area at February 26, 2022 consisted of $25.2 million
in North America, $7.1 million in Europe, $1.4 million in Latin America and $5.4
million in Asia/Pacific. We repatriated $1.5 million to the United States in
fiscal 2022. This amount includes $0.7 million in the first quarter from our
entity in China, $0.3 million in the second quarter from our entity in Taiwan
and $0.5 million in the third quarter from our entity in Japan. Although the Tax
Cuts and Jobs Act generally eliminated federal income tax on future cash
repatriation to the United States, cash repatriation may be subject to state and
local taxes, withholding or similar taxes. See Note 7, Income Taxes of the notes
to our consolidated financial statements in Part II, Item 8 of our Annual Report
on Form 10-K for the fiscal year ended May 29, 2021, filed August 2, 2021 for
further information.

Cash and cash equivalents were $43.3 million at May 29, 2021. Cash and cash
equivalents by geographic area at May 29, 2021, consisted of $26.1 million in
North America, $8.8 million in Europe, $1.2 million in Latin America and $7.2
million in Asia/Pacific. We repatriated a total of $0.9 million to the United
States in fiscal 2021 from several of our foreign entities. This amount includes
$0.7 million from our entities in Italy and South Korea in the third quarter of
fiscal 2021 and $0.2 million from our entity in France in the fourth quarter of
fiscal 2021.

The Company continues to monitor the impact of COVID-19, including the extent,
duration and effectiveness of containment actions taken, the speed and extent of
vaccination programs, as well as other global developments (including
geopolitical tensions and the current conflict between Ukraine and Russia) and
their impact on the Company's supply chain, manufacturing and distribution
operations, customers and employees, as well as the U.S. and world economy in
general. However, due to the uncertain and constantly evolving impacts of the
COVID-19 pandemic and other disruptions that have created extreme volatility in
the capital markets and may continue to have further global economic
consequences across the globe, the Company cannot currently predict the
long-term impact on its operations and financial results. The uncertainties
associated with the COVID-19 pandemic and its effects, along with other global
volatility, include potential adverse effects on the overall economy, the
Company's supply chain, transportation services, employees and customers, as
well as the Company's revenues, earnings, liquidity and cash flows and may
require significant actions in response, including expense reductions.
Conditions surrounding COVID-19 and other matters of global concern change
rapidly and additional impacts of which the Company is not currently aware may
arise. Based on past performance and current expectations, 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.

Cash flow from operating activities

Cash flows from operating activities are primarily derived from our net income (loss) adjusted for non-cash items and changes in our operating assets and liabilities.

Operating activities used $1.5 million of cash during the first nine months of
fiscal 2022. We had a net income of $9.6 million during the first nine months of
fiscal 2022, which included non-cash stock-based compensation expense of $0.5
million associated with the issuance of stock option and restricted stock
awards, inventory reserve provisions of $0.2 million and depreciation and
amortization expense of $2.6 million associated with our property and equipment
as well as amortization of our intangible assets. Changes in our operating
assets and liabilities used $14.4 million in cash during the first nine months
of fiscal 2022, net of foreign currency exchange gains and losses, included an
increase in accounts receivable of $7.4 million, an increase in inventory of
$12.3 million and an increase in prepaid expenses of $1.1 million. Partially
offsetting the cash utilization for accounts receivable, inventory and prepaid
expenses was an increase in accounts payable and accrued liabilities of $6.3
million. The increase in accounts receivable was primarily due to increased
sales. The majority of the inventory increase was to support the growth in LaFox
manufacturing and the RF and microwave components business. The increase in
accounts payable was related to the inventory increase and the increase in
accrued liabilities was timing related.



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Operating activities provided $3.9 million of cash during the first nine months
of fiscal 2021. We had a net loss of $0.2 million during the first nine months
of fiscal 2021, which included non-cash stock-based compensation expense of $0.5
million associated with the issuance of stock option and restricted stock
awards, $0.7 million for inventory reserve provisions and depreciation and
amortization expense of $2.6 million associated with our property and equipment
as well as amortization of our intangible assets. Changes in our operating
assets and liabilities resulted in cash provided of $0.3 million during the
first nine months of fiscal 2021, net of foreign currency exchange gains and
losses, included an increase in accrued liabilities of $4.3 million, partially
offset by a decrease of $2.0 million in accounts payable, an increase in
accounts receivable of $1.0 million and an increase in inventory of $0.9
million. The increase in accrued liabilities was mainly due to a legal
settlement and timing of employee compensation and payroll tax payments as well
as the timing of other payments. The decrease in our accounts payable was due to
timing of payments for some of our larger vendors for both inventory and
services. The increase in accounts receivable was primarily due to the sales
increase in fiscal 2021. The majority of the inventory increase was to support
the electron tube and RF and microwave components business.

Cash flow from investing activities

Cash flows from investing activities consisted primarily of capital expenditures
and purchases and maturities of investments. Our purchases and proceeds from
investments consist of time deposits and CDs. The purchasing of future
investments varies from period to period due to interest and foreign currency
exchange rates.

Cash used in investing activities of $2.2 million during the first nine months
of fiscal 2022 was due to capital expenditures. Capital expenditures were
primarily related to our Healthcare business, IT system and manufacturing
facilities. The Company did not have any investment purchases or maturities in
the first nine months of fiscal 2022.

Cash provided by investing activities of $5.2 million during the first nine
months of fiscal 2021 included proceeds from the maturities of investments of
$16.0 million, partially offset by purchases of investments of $9.0 million and
$1.8 million in capital expenditures. Capital expenditures were primarily
related to our Healthcare business and IT system.

Cash flow from financing activities

Cash flows used in financing activities consisted mainly of cash dividends and cash flows from financing activities consisted mainly of proceeds from the issuance of shares.

Cash provided by financing activities of $0.1 million during the first nine months of the 2022 financial year results mainly from the $2.6 million proceeds from the issue of shares less the $2.4 million payment of dividends to shareholders.

Cash used in financing activities of $2.5 million in the first nine months of fiscal 2021 is primarily from cash used to pay dividends.

All future dividend payments are at the discretion of the Board of Directors. Dividend payments will depend on earnings, capital requirements, operating conditions and any other factors the Board may deem relevant.



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