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Rcm Technologies Inc (RCMT) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 2, 2010

Rcm Technologies Inc

CIK: 700841 Ticker: RCMT

 
RCM Technologies, Inc.
Tel:  856.356.4500
Corporate Contacts:
2500 McClellan Avenue
Fax: 856.356.4600
Leon Kopyt
Pennsauken, NJ 08109
info@rcmt.com
Chairman, President & CEO
 
www.rcmt.com
Kevin D. Miller
   
Chief Financial Officer

 
 P R E S S   R E L E A S E

RCM TECHNOLOGIES, INC. REPORTS
2009 FOURTH QUARTER AND YEAR-END RESULTS

Pennsauken, NJ - March 10, 2010 -- RCM Technologies, Inc. (NASD: RCMT) today announced financial results for the fourteen and fifty-three week periods ended January 2, 2010.

The Company announced revenues of $49.4 million for the fourteen week period ended January 2, 2010, down from $53.5 million for the thirteen week period ended December 27, 2008 (comparable prior year period).  Net income for the fourteen week period ended January 2, 2010 was $0.7 million, or $0.05 per diluted share, as compared to a net loss of $39.1 million, or $3.06 per diluted share, for the comparable prior year period.

The Company had operating income for the fourteen week period ended January 2, 2010 of $0.9 million, or $0.07 per diluted share, up from a net operating loss of $42.8 million, or $3.35 per diluted share, for the comparable prior year period.

The Company announced revenues of $189.4 million for the fifty-three week period ended January 2, 2010, down from $209.3 million for the fifty-two week period ended December 27, 2008 (the prior year).  Net income for the fifty-three week period ended January 2, 2010 was $6.9 million, or $0.54 per diluted share, as compared to a net loss of $39.8 million, or $3.15 per diluted share, for the prior year.

The Company had operating income for the fifty-three week period ended January 2, 2010 of $1.3 million, or $0.10 per diluted share, up from a net operating loss of $44.1 million, or $3.48 per diluted share, for the prior year.

The Company recorded legal settlement proceeds of $9.8 million, or $5.8 million net of income tax expense, for the fifty-three week period ended January 2, 2010.  The legal settlement resulted in an increase to earnings per diluted share of $0.45.  During the comparable prior year period, the Company recorded a $6.1 million bad debt charge, or $3.7 million net of income tax benefit, relating to a note receivable that the Company wrote off.  The loss resulted in a reduction of earnings of $0.29 per diluted share.

In the fourth quarter of 2008, the Company recorded a non-cash, before-tax charge of $43.3 million for impairment of goodwill and intangible assets.  This charge is reflected in the net and operating income for both the comparable prior year period and the full prior year.



 
 

The following information was filed by Rcm Technologies Inc (RCMT) on Wednesday, March 10, 2010 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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SEC Filing Tools
Ticker: RCMT
CIK: 700841
Form Type: 10-K Annual Report
Accession Number: 0000700841-10-000006
Submitted to the SEC: Thu Mar 11 2010 4:42:40 PM EST
Accepted by the SEC: Thu Mar 11 2010
Period: Saturday, January 2, 2010
Industry: Help Supply Services

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