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Rcm Technologies Inc (RCMT) SEC Filing 10-Q Quarterly report for the period ending Wednesday, August 7, 2019

Rcm Technologies Inc

CIK: 700841 Ticker: RCMT

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
SECOND QUARTER RESULTS

Pennsauken, NJ – August 7, 2019 -- 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 twenty-six week periods ended June 29, 2019.

RCM Technologies reported revenue of $50.7 million for the thirteen week period ended June 29, 2019 (the current period), a 1.9% decrease as compared to $51.7 million for the thirteen week period ended June 30, 2018 (the comparable prior year period). Gross profit was $12.8 million for the current period, a 0.5% increase as compared to $12.7 million for the comparable prior year period.  The Company experienced GAAP operating income of $2.2 million for the current period, as compared to $0.9 million for the comparable prior year period.  GAAP net income was $1.3 million, or $0.10 per diluted share, for the current period as compared to $0.4 million, or $0.03 per diluted share, for the comparable prior year period.

RCM Technologies reported revenue of $102.3 million for the twenty-six week period ended June 29, 2019 (the current period), a marginal decrease as compared to $102.5 million for the twenty-six week period ended June 30, 2018 (the comparable prior year period). Gross profit was $25.3 million for both periods presented.  The Company experienced GAAP operating income of $3.8 million for the current period, as compared to $2.6 million for the comparable prior year period.  GAAP net income was $2.7 million, or $0.21 per diluted share, for the current period as compared to $1.4 million, or $0.12 per diluted share, for the comparable prior year period.

The Company experienced $1.4 million in severance, professional fees and other charges for both the thirteen and twenty-six week periods ended June 30, 2018.  These charges include severance accrued for the Company’s former chief executive officer and related payroll taxes, continuation of certain benefits and professional fees, totaling approximately $0.9 million.  The additional charges of $0.5 million incurred related to transactional financial advisory fees, legal fees associated with defending a frivolous lawsuit with a competitor of the Company, and search fees associated with hiring a senior executive.

Bradley Vizi, Executive Chairman of RCM Technologies, commented, “Allowing for third-quarter seasonality in our Healthcare segment from summer school closings, we believe we are poised for a strong finish to fiscal 2019 and that we have positioned RCM to demonstrate higher earnings power in 2020.”

Kevin Miller, Chief Financial Officer of RCM Technologies, added, “We are pleased with generating $3.1 million in cash flow from operations in the second quarter of 2019. We expect continued strong cash flow through the remainder of the year.”



The following information was filed by Rcm Technologies Inc (RCMT) on Wednesday, August 7, 2019 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Current Period Unaudited)
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Consolidated Statement Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Income (Unaudited)
Note 1 - Basis Of Presentation
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 And Updates From The Securities Exchange Commission ("Sec")
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 16 - Contingencies
Note 16 - Contingencies (Details Textual)
Note 17 - Leases
Note 17 - Leases (Details Textual)
Note 17 - Leases (Tables)
Note 17 - Leases - Balance Sheet Information (Details)
Note 17 - Leases - Cash Flow Information (Details)
Note 17 - Leases - Lease Expense (Details)
Note 17 - Leases - Maturities Of Lease Liabilities (Details)
Note 2 - Use Of Estimates And Uncertainties
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition (Details Textual)
Note 3 - Revenue Recognition (Tables)
Note 3 - Revenue Recognition - Revenues Disaggregated By Revenue Source (Details)
Note 4 - Accounts Receivable, Transit Accounts Receivable And Transit Accounts Payable
Note 4 - Accounts Receivable, Transit Accounts Receivable And Transit Accounts Payable (Details Textual)
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 6 - Acquisitions - Preliminary Consideration And Estimated Fair Value Assets Acquired And Liabilities Assumed (Details)
Note 6 - Acquisitions - Preliminary Estimated Purchase Price Allocation (Details)
Note 6 - Acquisitions - Proforma Revenue And Earnings (Details)
Note 6 - Acquisitions - Revenue And Operating Income Included In Consolidated Income (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)

Material Contracts, Statements, Certifications & more

Rcm Technologies Inc provided additional information to their SEC Filing as exhibits

Ticker: RCMT
CIK: 700841
Form Type: 10-Q Quarterly Report
Accession Number: 0000700841-19-000021
Submitted to the SEC: Thu Aug 08 2019 12:27:13 PM EST
Accepted by the SEC: Thu Aug 08 2019
Period: Wednesday, August 7, 2019
Industry: Help Supply Services

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