RCM Technologies, Inc. (RCMT)
Chart Events
Performance Outlook
| Previous Close | 3.4800 |
| Open | 3.4200 |
| Bid | 3.5000 x 1300 |
| Ask | 3.5500 x 800 |
| Day's Range | 3.4200 - 3.5450 |
| 52 Week Range | 1.1200 - 12.4900 |
| Volume | 11,080 |
| Avg. Volume | 1,566,200 |
| Market Cap | 39.08M |
| Beta (5Y Monthly) | 1.97 |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -0.7300 |
| Earnings Date | Apr 01, 2021 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | Dec 21, 2017 |
| 1y Target Est | 4.50 |
- GlobeNewswire
RCM Technologies, Inc. Announces Conference Call
PENNSAUKEN, N.J., May 10, 2021 (GLOBE NEWSWIRE) -- RCM Technologies, Inc. (NasdaqGM: RCMT) will hold a conference call on Friday, May 14, 2021 at 11:00 a.m. Eastern time to discuss the financial results for the thirteen week period ended April 3, 2021. The teleconference dial-in numbers are (866) 578-1005 for domestic callers and (713) 936-6995 for international callers. About RCM RCM Technologies, Inc. is 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 information technology and engineering services. RCM is an innovative leader in the delivery of these solutions to commercial and government sectors. RCM is also a provider of specialty healthcare services to major health care institutions and educational facilities. RCM’s offices are located in major metropolitan centers throughout North America and Serbia. Additional information can be found at www.rcmt.com. The Statements contained in this release that are not purely historical are forward-looking statements within the Private Securities Litigation Reform Act of 1995 and are subject to various risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These statements often include words such as “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “intend,” “believe,” “plan,” “seek,” “could,” “can,” “should,” “are confident” or similar expressions. In addition, statements that are not historical should also be considered forward-looking statements. These statements are based on assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. Forward-looking statements include, but are not limited to, those relating to the impact of the COVID-19 pandemic, demand for the Company’s services, expectations regarding our future revenues and other financial results, our pipeline and potential project wins and our expectations for growth in our business. Such statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors, which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. Risk, uncertainties and other factors may emerge from time to time that could cause the Company’s actual results to differ from those indicated by the forward-looking statements. Investors are directed to consider such risks, uncertainties and other factors described in documents filed by the Company with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. The Company assumes no obligation (and expressly disclaims any such obligation) to update any forward-looking statements contained in this release as a result of new information or future events or developments, except as may be required by law. RCM Technologies, Inc.Tel: 856.356.4500Corporate Contacts:2500 McClellan AvenueFax: 856.356.4600Bradley S. ViziPennsauken, NJ 08109info@rcmt.comExecutive Chairman www.rcmt.comKevin D. Miller Chief Financial Officer
- ACCESSWIRE
RCM Technologies, Inc. to Host Earnings Call
NEW YORK, NY / ACCESSWIRE / April 2, 2021 / RCM Technologies, Inc. (NASDAQ:RCMT) will be discussing their earnings results in their 2020 Fourth Quarter Earnings call to be held on April 2, 2021 at 10:30 AM Eastern Time.
- GlobeNewswire
RCM Technologies, Inc. Announces Fourth Quarter and Full Year 2020 Results
PENNSAUKEN, N.J., April 01, 2021 (GLOBE NEWSWIRE) -- 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 fourteen and fifty-three week periods ended January 2, 2021. RCM Technologies reported revenue of $41.2 million for the fourteen week period ended January 2, 2021 (the current period), a 15.2% decrease as compared to $48.6 million for the thirteen week period ended December 28, 2019 (the comparable prior year period). Gross profit was $10.7 million for the current period, a 15.5% decrease as compared to $12.7 million for the comparable prior year period. The Company experienced a GAAP operating loss of $1.9 million for the current period, as compared to GAAP operating income of $2.0 million for the comparable prior year period. The Company experienced a GAAP net loss of $1.7 million, or $0.15 per diluted share, for the current period as compared to GAAP net income of $1.0 million, or $0.08 per diluted share, for the comparable prior year period. RCM Technologies reported revenue of $150.4 million for the fifty-three week period ended January 2, 2021 (the current period), a 21.3% decrease as compared to $191.1 million for the fifty-two week period ended December 28, 2019 (the comparable prior year period). Gross profit was $38.9 million for the current period, a 20.0% decrease as compared to $48.6 million for the comparable prior year period. The Company experienced a GAAP operating loss of $11.0 million for the current period, as compared to GAAP operating income of $6.6 million for the comparable prior year period. The Company experienced a GAAP net loss of $8.9 million, or $0.73 per diluted share, for the current period as compared to GAAP net income of $4.1 million, or $0.31 per diluted share, for the comparable prior year period. Bradley Vizi, Executive Chairman of RCM Technologies, commented, “We are pleased with the quarterly trajectory of our adjusted EBITDA. After realizing just under $1 million in adjusted EBITDA in the fourth quarter of fiscal 2020, we expect to build on this progress and grow adjusted EBITDA sequentially in the first two quarters of fiscal 2021. After our school clients return from summer vacation in the fall of 2021, when we expect most schools to be in person, we believe our fourth quarter will reflect continued strength.” Kevin Miller, Chief Financial Officer of RCM Technologies, commented, “We ended 2020 by generating $1.5 million in cash from operations while sequentially growing revenue by $9.6 million. Our line of credit in 2020 decreased by $22.9 million, or 66%, from $34.8 million at the end of 2019 to $11.9 million at the end of 2020. We look forward to improved operating results in 2021.” Conference Call On Friday, April 2, 2021, RCM Technologies will host a conference call to discuss these results. The call will begin at 10:30 a.m. Eastern Time. The dial-in number is (866) 578-1005. About RCM RCM Technologies, Inc. is 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 information technology and engineering services. RCM is an innovative leader in the delivery of these solutions to commercial and government sectors. RCM is also a provider of specialty healthcare services to major health care institutions and educational facilities. RCM’s offices are located in major metropolitan centers throughout North America and Serbia. Additional information can be found at www.rcmt.com. The Statements contained in this release that are not purely historical are forward-looking statements within the Private Securities Litigation Reform Act of 1995 and are subject to various risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These statements often include words such as “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “intend,” “believe,” “plan,” “seek,” “could,” “can,” “should,” “are confident” or similar expressions. In addition, statements that are not historical should also be considered forward-looking statements. These statements are based on assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. Forward-looking statements include, but are not limited to, those relating to the impact of the COVID-19 pandemic, demand for the Company’s services, expectations regarding our future revenues and other financial results, our pipeline and potential project wins and our expectations for growth in our business. Such statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors, which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. Risk, uncertainties and other factors may emerge from time to time that could cause the Company’s actual results to differ from those indicated by the forward-looking statements. Investors are directed to consider such risks, uncertainties and other factors described in documents filed by the Company with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. The Company assumes no obligation (and expressly disclaims any such obligation) to update any forward-looking statements contained in this release as a result of new information or future events or developments, except as may be required by law. Tables to Follow RCM Technologies, Inc. Condensed Consolidated Statements of Income (Unaudited) (In Thousands, Except Per Share Amounts) Fourteen Week Period Ended January 2, 2021 Thirteen Week Period Ended December 28, 2019 Revenue$41,163 $48,550 Cost of services30,474 35,893 Gross profit10,689 12,657 Selling, general and administrative9,714 10,225 Depreciation and amortization of property and equipment272 317 Amortization of acquired intangible assets81 80 Impairment of right of use assets and related costs2,231 - Tax credit professional fees240 47 Operating (loss) income(1,849) 1,988 Other expense, net(212) (470)(Loss) income before income taxes(2,061) 1,518 Income tax (benefit) expense(373) 509 Net (loss) income($1,688) $1,009 Diluted net (loss) earnings per share data($0.15) $0.07 Fifty-Three WeekPeriod Ended January 2, 2021 Fifty-Two Week Period Ended December 28, 2019 Revenue$150,409 $191,100 Cost of services111,554 142,508 Gross profit38,855 48,592 Selling, general and administrative37,551 40,390 Depreciation and amortization of property and equipment1,065 1,261 Amortization of acquired intangible assets321 327 Write-off of receivables and professional fees incurred related to arbitration8,397 - Impairment of right of use assets and related costs2,231 - Tax credit professional fees240 47 Operating (loss) income(10,950) 6,567 Other expense, net(1,107) (1,745)(Loss) income before income taxes(12,057) 4,822 Income tax (benefit) expense(3,188) 764 Net (loss) income($8,869) $4,058 Diluted net (loss) earnings per share data($0.73) $0.31 RCM Technologies, Inc. Summary Consolidated Selected Balance Sheet Data (In Thousands) January 2, 2021 December 28, 2019 (Unaudited) Cash and cash equivalents$734 $1,847 Accounts receivable, net$36,007 $59,760 Total current assets$43,934 $70,657 Total assets$68,339 $96,173 Total current liabilities$28,741 $21,408 Borrowing under line of credit$11,890 $34,761 Net debt (line of credit less cash)$11,156 $32,914 Total liabilities$46,101 $63,770 Stockholders’ equity$22,238 $32,403 RCM Technologies, Inc. Supplemental Operating Results on a Non-GAAP Basis (Unaudited) (In Thousands) The following non-GAAP data, which adjusts for the categories of expenses described below, is a non-GAAP financial measure. Our management believes that this non-GAAP financial measure is useful information for investors, shareholders and other stakeholders of our Company in gauging our results of operations on an ongoing basis. We believe that EBITDA and Adjusted EBITDA are performance measures and have provided a reconciliation between net income and EBITDA and Adjusted EBITDA. Neither EBITDA nor Adjusted EBITDA should be considered as an alternative to net income as an indicator of performance. In addition, neither EBITDA nor Adjusted EBITDA takes into account changes in certain assets and liabilities as well as interest and income taxes that can affect cash flows. We do not intend the presentation of these non-GAAP measures to be considered in isolation or as a substitute for results prepared in accordance with GAAP. These non-GAAP measures should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. The following unaudited table presents the Company's GAAP net income measure and the corresponding adjustments used to calculate “EBITDA” and “Adjusted EBITDA” for the fourteen and fifty-three week periods ended January 2, 2021 and the thirteen and fifty-two week periods ended December 28, 2019. Fourteen Week PeriodEnded January 2, 2021 Thirteen Week PeriodEnded December 28, 2019 Fifty-Three Week PeriodEnded January 2, 2021 Fifty-Two Week PeriodEndedDecember 28, 2019 GAAP net (loss) income($1,688) $1,009 ($8,869) $4,058 Income tax (benefit) expense(373) 509 (3,188) 764 Interest expense128 419 778 1,695 Change in fair value of contingent consideration37 21 145 61 Depreciation of property and equipment272 317 1,065 1,261 Amortization of acquired intangible assets81 80 321 327 EBITDA (non-GAAP)($1,543) $2,355 ($9,748) $8,166 Adjustments Write-off of receivables and professional fees incurred related to arbitration- - 8,397 - Impairment of right of use assets and related costs2,231 - 2,231 - Tax credit professional fees240 47 240 47 Gain (loss) on foreign currency transactions47 30 184 (11)Adjusted EBITDA (non-GAAP)$975 $2,432 $1,304 $8,202 RCM Technologies, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (In Thousands) Fourteen Week Period Ended January 2, 2021 Thirteen Week Period Ended December 28, 2019 Net (loss) income($1,688) $1,009 Adjustments to reconcile net income to cash used in operating activities2,776 1,945 Changes in operating assets and liabilities: Accounts receivable(2,944) (2,442) Prepaid expenses and other current assets(2,432) (1,128) Net of transit accounts receivable and payable1,701 (1,216) Accounts payable and accrued expenses131 281 Accrued payroll and related costs3,732 644 Right of use assets(810) 471 Right of use liabilities787 (480) Income taxes payable210 8 Total adjustments3,151 (1,917)Cash provided by (used in) operating activities1,463 (908) Net cash used in investing activities(59) (67)Net cash (used in) provided by financing activities(1,441) 2,467 Effect of exchange rate changes14 (38)(Decrease) increase in cash and cash equivalents($23) $1,454 Fifty-Three WeekPeriod Ended January 2, 2021 Fifty-Two Week Period Ended December 28, 2019 Net (loss) income($8,869) $4,058 Adjustments to reconcile net income to cash used in operating activities9,069 3,881 Changes in operating assets and liabilities: Accounts receivable15,947 (7,626) Prepaid expenses and other current assets(162) (645) Net of transit accounts receivable and payable2,757 (293) Accounts payable and accrued expenses1,639 (3,085) Accrued payroll and related costs4,557 (1,342) Right of use assets1,490 (5,820) Right of use liabilities(1,529) 6,056 Income taxes payable304 38 Total adjustments34,072 (8,836)Cash provided by (used in) operating activities25,203 (4,778) Net cash used in investing activities(419) (363)Net cash (used in) provided by financing activities(25,632) 6,627 Effect of exchange rate changes(265) (121)(Decrease) increase in cash and cash equivalents($1,113) $1,365 RCM Technologies, Inc. Summary of Selected Income Statement Data (Unaudited) (In Thousands) Fourteen Week Period Ended January 2, 2021 Engineering Specialty Health Care Information Technology Consolidated Revenue$14,427 $18,585 $8,151 $41,163 Cost of services10,554 14,079 5,841 30,474 Gross profit$3,873 $4,506 $2,310 $10,689 Gross profit margin26.8%24.2%28.3%26.0% Thirteen Week Period Ended December 28, 2019 Engineering Specialty Health Care Information Technology Consolidated Revenue$15,095 $25,043 $8,412 $48,550 Cost of services10,729 19,069 6,095 35,893 Gross profit$4,366 $5,974 $2,317 $12,657 Gross profit margin28.9%23.9%27.5%26.1% Fifty-Three Week Period Ended January 2, 2021 Engineering Specialty Health Care Information Technology Consolidated Revenue$57,715 $60,481 $32,213 $150,409 Cost of services41,227 47,116 23,211 111,554 Gross profit$16,488 $13,365 $9,002 $38,855 Gross profit margin28.6%22.1%28.0%25.8% Fifty-Two Week Period Ended December 28, 2019 Engineering Specialty Health Care Information Technology Consolidated Revenue$67,873 $89,348 $33,879 $191,100 Cost of services49,395 68,464 24,649 142,508 Gross profit$18,478 $20,884 $9,230 $48,592 Gross profit margin27.2%23.4%27.2%25.4% RCM Technologies, Inc.Tel: 856.356.4500Corporate Contacts:2500 McClellan AvenueFax: 856.356.4600Bradley S. ViziPennsauken, NJ 08109info@rcmt.comExecutive Chairman www.rcmt.comKevin D. Miller Chief Financial Officer
