RCM TECHNOLOGIES, INC. ANNOUNCES FIRST QUARTER RESULTS
Pennsauken, NJ – May 13, 2021 — 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 week period ended April 3, 2021.
RCM Technologies reported revenue of $44.5 million for the thirteen week period ended April 3, 2021 (the current period), a 1.1% decrease as compared to $45.0 million for the thirteen week period ended March 28, 2020 (the comparable prior year period). Gross profit was approximately $10.9 million for both thirteen week periods presented. The Company experienced GAAP operating income of $1.4 million for the current period, as compared to a GAAP operating loss of $7.8 million for the comparable prior year period. The Company experienced GAAP net income of $1.0 million, or $0.08 per diluted share, for the current period as compared to a GAAP net loss of $5.9 million, or ($0.45) per diluted share, for the comparable prior year period.
The Company generated $1.8 million in Adjusted EBITDA (non-GAAP) during the current period, as compared to $0.6 million in Adjusted EBITDA (non-GAAP) for the comparable prior year period. The primary driver for the $1.2 million increase to Adjusted EBITDA (non-GAAP) was a corresponding decrease in SGA expense.
Bradley Vizi, Executive Chairman of RCM Technologies, commented, “
Kevin Miller, Chief Financial Officer of RCM Technologies, commented, “
solid foundation from which we can build for years into the future. With that end in mind, we have
Our progress towards
becoming a world-class services organization continues. We understand that our vision requires a
been laser-focused on laying the internal groundwork to support the next phase of RCM’s life cycle,
and I am pleased that our first-quarter results demonstrate some of the progress we have made.”
our performance during the first quarter of 2021. Revenue grew sequentially by $3.3 million as
entire current year period, as compared to only three weeks in the first quarter of 2020, RCM’s
We are satisfied with
compared to the fourth quarter of 2020. Despite experiencing the full impact of COVID-19 for the
revenue base was essentially flat on a year-over-year basis. We were able to grow Adjusted
EBITDA (non-GAAP) to $1.8 million for the first quarter of 2021 compared to $0.6 million in the
first quarter of 2020.”
On Friday, May 14, 2021, RCM Technologies will host a conference call to discuss these results. The call will begin at 11:00 a.m. Eastern Time. The dial-in number is (866) 578-1005.