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Rcm Technologies Inc (RCMT) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 30, 2015

Rcm Technologies Inc

CIK: 700841 Ticker: RCMT

RCM Technologies, Inc.
Tel:  856.356.4500
Corporate Contacts:
2500 McClellan Avenue
Fax: 856.356.4600
Rocco Campanelli
Pennsauken, NJ 08109
info@rcmt.com
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. ANNOUNCES
FOURTH QUARTER AND FULL YEAR 2015 RESULTS

Pennsauken, NJ – March 1, 2016 -- 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, information technology and specialty health care services, today announced financial results for the thirteen and fifty-two week periods ended January 2, 2016.

RCM Technologies reported revenues of $47.4 million for the shorter thirteen week period ended January 2, 2016, a 3.9% decrease as compared to $49.3 million for the fourteen week period ended January 3, 2015 (the comparable prior year period). Gross profit was $13.7 million for the thirteen week period ended January 2, 2016, a 2.8% increase as compared to $13.3 million for the comparable prior year period.  Operating income was $2.4 million for the thirteen week period ended January 2, 2016, a 9.2% decrease as compared to $2.6 million for the comparable prior year period. Net income for the thirteen week period ended January 2, 2016 was $3.0 million, or $0.24 per diluted share, as compared to $1.7 million, or $0.14 per diluted share, for the comparable prior year period.  Net income for the thirteen week period ended January 2, 2016 reflects an income tax benefit of $0.9 million, as discussed in the following paragraph.

On December 31st, 2015 the Company sold certain assets of a subsidiary that resold and provided implementation services for QAD software (the “QAD business unit”) as part of the Company’s Information Technology segment. The sale of these assets generated a book loss of $0.1 million but triggered a worthless stock deduction that generated a net loss for tax purposes of $5.7 million. If not for this discrete tax deduction, the Company would have recorded income tax expense of $1.1 million during the thirteen week period ended January 2, 2016 instead of the income tax benefit of $0.9 million actually recorded.

The Company reported revenues of $185.7 million for the shorter fifty-two week period ended January 2, 2016, a 4.1% decrease as compared to $193.8 million for the fifty-three week period ended January 3, 2015 (the comparable prior year period). Gross profit was $51.9 million for the fifty-two week period ended January 2, 2016, as compared to $51.7 million for the comparable prior year period.  Operating income was $7.9 million for the fifty-two week period ended January 2, 2016, a 25.4% decrease as compared to $10.6 million for the comparable prior year period. Net income for the fifty-two week period ended January 2, 2016 was $6.0 million, or $0.47 per diluted share, as compared to $6.8 million, or $0.54 per diluted share, for the comparable prior year period. If not for the discrete tax deduction triggered by the sale of the Company’s QAD business unit the Company would have recorded income tax expense of $3.1 million during the fifty-two week period ended January 2, 2016 instead of the income tax expense of $1.1 million actually recorded.


 
 

The following information was filed by Rcm Technologies Inc (RCMT) on Wednesday, March 2, 2016 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Valuation And Qualifying Accounts And Reserves
Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Note 10 - Unissued Shares Of Common Stock Were Reserved For The Following Purposes (details)
Note 10 - Weighted Average Number Of Common Shares (details)
Note 11 - Information About Stock Options Outstanding (details)
Note 11 - Recognition Of Unvested Share-based Awards Expenses (details)
Note 11 - Restricted Stock Units Activity (details)
Note 11 - Status Of Nonvested Stock Options Outstanding (details)
Note 11 - Stock Option Activity (details)
Note 11 - Valuation Of Stock Options (details)
Note 14 - Results Of The Segments (details)
Note 14 - Revenues By Geographic Area (details)
Note 14 - Total Assets By Geographic Area (details)
Note 15 - Deferred Tax Assets And Liabilites (details)
Note 15 - Income Tax Provision Reconciliation (details)
Note 15 - The Components Of Income Tax Expense (benefit) (details)
Note 15 - Unrecognized Tax Benefits (details)
Note 18 - Minimum Future Annual Operating Lease Commitments (details)
Note 20 - Quarterly Information (unaudited) (details)
Note 4 - Accounts Receivable (details)
Note 5 - Property And Equipment (details)
Note 6 - Maximum Deferred Consideration Payments (details)
Note 7 - Changes In Carrying Amount Of Goodwill (details)
Note 8 - Components Of Intangible Assets (details)
Note 8 - Expected Future Amortization Expense (details)
Note 8 - Intangible Assets By Class (details)
Valuation And Qualifying Accounts And Reserves (details)
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (details Textual)
Note 10 - Per Share Data
Note 10 - Per Share Data (details Textual)
Note 10 - Per Share Data (tables)
Note 11 - Share-based Compensation
Note 11 - Share-based Compensation (details Textual)
Note 11 - Share-based Compensation (tables)
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 15 - Income Taxes
Note 15 - Income Taxes (details Textual)
Note 15 - Income Taxes (tables)
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 19 - Related Party Transactions
Note 19 - Related Party Transactions (details Textual)
Note 2 - Fiscal Year
Note 20 - Selected Quarterly Financial Information (unaudited)
Note 20 - Selected Quarterly Financial Information (unaudited) (tables)
Note 3 - Use Of Estimates And Uncertainties
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable (tables)
Note 5 - Property And Equipment
Note 5 - Property And Equipment (details Textual)
Note 5 - Property And Equipment (tables)
Note 6 - Acquisitions
Note 6 - Acquisitions (details Textual)
Note 6 - Acquisitions (tables)
Note 7 - Goodwill
Note 7 - Goodwill (tables)
Note 8 - Intangible Assets
Note 8 - Intangible Assets (details Textual)
Note 8 - Intangible Assets (tables)
Note 9 - Line Of Credit
Note 9 - Line Of Credit (details Textual)
Schedule Ii - Valuation And Qualifying Accounts And Reserves (tables)
Significant Accounting Policies (policies)
Ticker: RCMT
CIK: 700841
Form Type: 10-K Annual Report
Accession Number: 0000700841-16-000036
Submitted to the SEC: Wed Mar 02 2016 5:15:09 PM EST
Accepted by the SEC: Wed Mar 02 2016
Period: Wednesday, December 30, 2015
Industry: Help Supply Services

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