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Rcm Technologies, Inc. (RCMT) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, January 1, 2022

Rcm Technologies Inc

CIK: 700841 Ticker: RCMT

Exhibit 99

 rcm01.jpg

RCM Technologies, Inc.

Tel: 856.356.4500

Corporate Contacts:

2500 McClellan Avenue

Fax: 856.356.4600

Bradley S. Vizi

Pennsauken, NJ 08109

info@rcmt.com

Executive Chairman

 

www.rcmt.com

Kevin D. Miller

   

Chief Financial Officer

 

 

P R E S S   R E L E A S E

 

RCM TECHNOLOGIES, INC. ANNOUNCES

FOURTH QUARTER AND FULL YEAR 2021 RESULTS

 

Pennsauken, NJ – March 30, 2022 -- RCM Technologies, Inc. (NasdaqGM: RCMT), a premier provider of business and technology solutions designed to enhance and maximize the operational performance of its customers through the adaptation and deployment of advanced engineering, specialty health care and information technology services, today announced financial results for the thirteen and fifty-two week periods ended January 1, 2022.

 

RCM Technologies reported revenue of $64.9 million for the thirteen week period ended January 1, 2022 (the current period), a 57.7% increase as compared to $41.2 million for the fourteen week period ended January 2, 2021 (the comparable prior year period). Gross profit was $17.8 million for the current period, a 66.5% increase as compared to $10.7 million for the comparable prior year period.  The Company experienced GAAP operating income of $7.1 million for the current period as compared to a GAAP operating loss of $1.9 million for the comparable prior year period.  The Company experienced adjusted operating income of $5.1 million for the current period as compared to $0.4 million for the comparable prior year period.  The Company experienced GAAP net income of $6.0 million, or $0.54 per diluted share, for the current period as compared to a GAAP net loss of $1.7 million, or ($0.15) per diluted share, for the comparable prior year period.  The Company experienced adjusted EBITDA of $5.3 million for the current period as compared to adjusted EBITDA of $0.7 million for the comparable prior year period.  The Company experienced adjusted net income of $3.7 million, or $0.34 per diluted share, for the current period as compared to an adjusted net loss of $0.1 million, or ($0.01) per diluted share, for the comparable prior year period.

 

RCM Technologies reported revenue of $203.9 million for the fifty-two week period ended January 1, 2022 (the current period), a 35.5% increase as compared to $150.4 million for the fifty-three week period ended January 2, 2021 (the comparable prior year period). Gross profit was $53.1 million for the current period, a 36.7% increase as compared to $38.9 million for the comparable prior year period.  The Company experienced GAAP operating income of $14.1 million for the current period as compared to a GAAP operating loss of $11.0 million for the comparable prior year period.  The Company experienced adjusted operating income of $10.0 million for the current period as compared to an adjusted operating loss of $0.3 million for the comparable prior year period.  The Company experienced GAAP net income of $11.0 million, or $0.95 per diluted share, for the current period as compared to a GAAP net loss of $8.9 million, or ($0.73) per diluted share, for the comparable prior year period.  The Company experienced adjusted EBITDA of $11.1 million for the current period as compared to $1.1 million for the comparable prior year period.  The Company experienced adjusted net income of $7.1 million, or $0.61 per diluted share, for the current period as compared to an adjusted net loss of $1.0 million, or ($0.09) per diluted share, for the comparable prior year period.

 

On July 30, 2021, the Company sold the principal assets and certain liabilities of its Pickering and Kincardine offices, located in Ontario, Canada. These two offices were often referred to as the Canadian Power Systems business and principally provided engineering services to two major nuclear power providers in Canada.  The two Canadian Power Systems offices were part of a reporting unit within the Company’s Engineering segment. The Company continues to offer other engineering services in Canada and similar services in the United States.  For the thirteen week periods ended January 1, 2022 and January 2, 2021, these two offices generated revenue of zero and $3.2 million, respectively. For the fifty-two week period ended January 1, 2022 and the fifty-three week period ended January 2, 2021, these two offices generated revenue of $4.9 million and $11.8 million, respectively. 

 

 

The following information was filed by Rcm Technologies Inc (RCMT) on Wednesday, March 30, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Rcm Technologies Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (Details Textual)
Note 1 - Summary Of Significant Accounting Policies (Tables)
Note 1 - Summary Of Significant Accounting Policies - Disaggregation Of Revenue (Details)
Note 10 - Per Share Data
Note 10 - Per Share Data (Details Textual)
Note 10 - Per Share Data (Tables)
Note 10 - Per Share Data - Unissued Shares Of Common Stock Were Reserved For The Following Purposes (Details)
Note 10 - Per Share Data - Weighted Average Number Of Common Shares (Details)
Note 11 - Share Based Compensation
Note 11 - Share Based Compensation (Details Textual)
Note 11 - Share Based Compensation (Tables)
Note 11 - Share-Based Compensation - Restricted Stock Units Activity (Details)
Note 12 - Treasury Stock Transactions
Note 12 - Treasury Stock Transactions (Details Textual)
Note 13 - New Accounting Standards
Note 14 - Segment Information
Note 14 - Segment Information (Tables)
Note 14 - Segment Information - Results Of The Segments (Details)
Note 14 - Segment Information - Revenues By Geographic Area (Details)
Note 14 - Segment Information - Total Assets By Geographic Area (Details)
Note 15 - Income Taxes
Note 15 - Income Taxes (Details Textual)
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes - Components Of Income Tax Expense (Benefit) (Details)
Note 15 - Income Taxes - Deferred Tax Assets And Liabilities (Details)
Note 15 - Income Taxes - Income Tax Provision Reconciliation (Details)
Note 15 - Income Taxes - Unrecognized Tax Benefits (Details)
Note 16 - Contingencies
Note 16 - Contingencies (Details Textual)
Note 17 - Retirement Plans
Note 17 - Retirement Plans (Details Textual)
Note 18 - Commitments
Note 18 - Commitments (Details Textual)
Note 18 - Commitments (Tables)
Note 18 - Commitments - Balance Sheet Information (Details)
Note 18 - Commitments - Cash Flow Information (Details)
Note 18 - Commitments - Lease Expense (Details)
Note 18 - Commitments - Maturities Of Lease Liabilities (Details)
Note 19 - Related Party Transactions
Note 2 - Fiscal Year
Note 20 - Stockholder Rights Plan
Note 20 - Stockholder Rights Plan (Details Textual)
Note 21 - Covid-19
Note 3 - Use Of Estimates And Uncertainties
Note 4 - Accounts Receivable, Transit Accounts Receivable And Transit Accounts Payable
Note 4 - Accounts Receivable, Transit Accounts Receivable And Transit Accounts Payable (Tables)
Note 4 - Accounts Receivable, Transit Accounts Receivable And Transit Accounts Payable - Accounts Receivable (Details)
Note 5 - Property And Equipment
Note 5 - Property And Equipment (Details Textual)
Note 5 - Property And Equipment (Tables)
Note 5 - Property And Equipment - Summary Of Property And Equipment (Details)
Note 6 - Acquisitions
Note 6 - Acquisitions (Details Textual)
Note 6 - Acquisitions (Tables)
Note 6 - Acquisitions - Maximum Deferred Consideration Payments (Details)
Note 7 - Goodwill
Note 7 - Goodwill (Details Textual)
Note 7 - Goodwill (Tables)
Note 7 - Goodwill - Changes In Carrying Amount Of Goodwill (Details)
Note 8 - Intangible Assets
Note 8 - Intangible Assets (Details Textual)
Note 8 - Intangible Assets (Tables)
Note 8 - Intangible Assets - Intangible Assets By Class (Details)
Note 9 - Line Of Credit
Note 9 - Line Of Credit (Details Textual)
Significant Accounting Policies (Policies)
Ticker: RCMT
CIK: 700841
Form Type: 10-K Annual Report
Accession Number: 0001437749-22-008182
Submitted to the SEC: Mon Apr 04 2022 4:27:09 PM EST
Accepted by the SEC: Mon Apr 04 2022
Period: Saturday, January 1, 2022
Industry: Help Supply Services

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