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Rcm Technologies, Inc. (RCMT) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 27, 2020

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 10, 2020 -- 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 27, 2020.

RCM Technologies reported revenue of $32.7 million for the thirteen week period ended June 27, 2020 (the current period), a 35.6% decrease as compared to $50.7 million for the thirteen week period ended June 29, 2019 (the comparable prior year period). Gross profit was $8.5 million for the current period, a 33.6% decrease as compared to $12.8 million for the comparable prior year period.  The Company experienced a GAAP operating loss of $1.2 million for the current period, as compared to GAAP operating income of $2.2 million for the comparable prior year period.  The Company experienced a GAAP net loss of $1.0 million, or $0.08 per diluted share, for the current period as compared to GAAP net income of $1.3 million, or $0.10 per diluted share, for the comparable prior year period.

RCM Technologies reported revenue of $77.7 million for the twenty-six week period ended June 27, 2020 (the current period), a 24.1% decrease as compared to $102.3 million for the twenty-six week period ended June 29, 2019 (the comparable prior year period). Gross profit was $19.3 million for the current period, a 23.6% decrease as compared to $25.3 million for the comparable prior year period.  The Company experienced a GAAP operating loss of $8.9 million for the current period, as compared to GAAP operating income of $3.8 million for the comparable prior year period.  The Company experienced a GAAP net loss of $6.9 million, or $0.54 per diluted share, for the current period as compared to GAAP net income of $2.7 million, or $0.21 per diluted share, for the comparable prior year period.

Bradley Vizi, Executive Chairman of RCM Technologies, commented, “We believe that RCM performed well against our COVID plan that we outlined in May. We outlined a plan where we would surgically cut non-critical SGA expenses and focus heavily on utilization and gross margin, while at the same time working to maximize cash flow from operations. We are pleased with the results on all three fronts and look forward to the second half of 2020.”

Kevin Miller, Chief Financial Officer of RCM Technologies, commented, “As we reduced our net debt by 51% in only thirteen weeks, from $32.1 million on March 28, 2020, to $15.7 million on June 27, 2020, I believe we executed well against this high second-quarter priority. We expect to reduce our debt further during the third quarter.”



The following information was filed by Rcm Technologies Inc (RCMT) on Monday, August 10, 2020 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 Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statements Of Comprehensive (Loss) Income (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Note 1 - Basis Of Presentation
Note 1 - Basis Of Presentation (Details Textual)
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 (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 18 - Stockholder Rights Plan
Note 18 - Stockholder Rights Plan (Details Textual)
Note 19 - Covid-19
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 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: 0000700841-20-000032
Submitted to the SEC: Tue Aug 11 2020 4:30:36 PM EST
Accepted by the SEC: Tue Aug 11 2020
Period: Saturday, June 27, 2020
Industry: Help Supply Services

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