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Rcm Technologies Inc (RCMT) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 1, 2011

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
2010 FOURTH QUARTER AND YEAR-END RESULTS
EXTENDS STOCK REPURCHASE PROGRAM

Pennsauken, NJ – February 22, 2011 -- RCM Technologies, Inc. (NASDAQ: RCMT) today announced financial results for the thirteen and fifty-two week periods ended January 1, 2011.

The Company announced revenues of $36.4 million for the thirteen week period ended January 1, 2011, decreased from $45.1 million for the fourteen week period ended January 2, 2010 (comparable prior year period).  The Company had operating income for the thirteen week period ended January 1, 2011 of $2.3 million as compared to $1.2 million for the comparable prior year period.  Net income from continuing operations was $1.2 million, or $0.09 per diluted share, for the thirteen week period ended January 1, 2011, as compared to net income from continuing operations of $0.9 million, or $0.07 per diluted share, for the comparable prior year period.  The Company announced a loss from discontinued operations, net of taxes for the thirteen week period ended January 1, 2011 of $0.1 million as compared to a loss of $0.2 million for the comparable prior year period.  Net income for the thirteen week period ended January 1, 2011 was $1.1 million, or $0.08 per diluted share, as compared to net income of $0.7 million, or $0.05 per diluted share, for the comparable prior year period.

In September 2010, the Company sold its light industrial and clerical staffing business located in southern California and doing business under the name Intertec.  In March 2010, the Company closed its Oracle business unit located in southern California.  The closed business unit sold Oracle software applications and provided implementation, hosting and maintenance services for the suite of Oracle and related software applications.

The Company announced revenues of $162.0 million for the fifty-two week period ended January 1, 2011, decreased from $171.7 million for the fifty-three week period ended January 2, 2010 (comparable prior year period).  The Company had operating income for the fifty-two week period ended January 1, 2011 of $9.0 million as compared to $2.5 million for the comparable prior year period.  Net income from continuing operations was $6.4 million, or $0.49 per diluted share, for the fifty-two week period ended January 1, 2011, as compared to net income from continuing operations of $7.7 million, or $0.60 per diluted share, for the comparable prior year period.  The Company experienced a loss from discontinued operations, net of taxes of $0.6 million for the fifty-two week period ended January 1, 2011 as compared to a loss from discontinued operations of $0.8 million for the comparable prior year period.  Net income for the fifty-two week period ended January 1, 2011 was $5.8 million, or $0.44 per diluted share, as compared to a net loss of $6.9 million, or $0.54 per diluted share, for the comparable prior year period.

During the fifty-two week period ended January 1, 2011, the Company recognized a tax benefit of approximately $1.6 million due to an anticipated 2010 tax deduction for goodwill and intangible assets associated with the Oracle business unit discussed above.  The Company recognized an impairment of the goodwill and intangible assets associated with this subsidiary in its 2008 Consolidated Financial Statements.  During the fifty-three week period ended January 2, 2010, the Company recorded legal settlement proceeds of $9.8 million, or $5.8 million net of income tax expense.  The legal settlement resulted in an increase to earnings per diluted share of $0.45 during that period.


 
 

The following information was filed by Rcm Technologies Inc (RCMT) on Tuesday, February 22, 2011 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: 0000700841-11-000004
Submitted to the SEC: Wed Feb 23 2011 10:19:41 AM EST
Accepted by the SEC: Wed Feb 23 2011
Period: Saturday, January 1, 2011
Industry: Help Supply Services

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