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RCM Technologies Overview
PRESS RELEASE
RCM TECHNOLOGIES, INC. ANNOUNCES 1st QUARTER RESULTS
Pennsauken, NJ – May 9, 2023 — 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 weeks ended April 1, 2023.
RCM Technologies reported revenue of $67.1 million for the thirteen weeks ended April 1, 2023 (the current period), a decrease of 18.1% compared to $82.0 million for the thirteen weeks ended April 2, 2022 (the comparable prior-year period). Gross profit was $19.0 million for the current period, an 18.8% decrease compared to $23.4 million for the comparable prior-year period. The Company experienced GAAP operating income of $5.7 million for the current period compared to $9.0 million for the comparable prior-year period. The Company experienced GAAP net income of $3.8 million, or $0.41 per diluted share, for the current period compared to $6.5 million, or $0.62 per diluted share, for the comparable prior-year period. The Company experienced adjusted EBITDA (non-GAAP) of $5.6 million for the current period compared to $9.3 million for the comparable prior-year period.
Bradley Vizi, Executive Chairman of RCM Technologies, commented, “RCM started 2023 slower than we had expected, primarily due to project timing and program ramp-up in our Engineering segment. The cadence of activity has increased as we move through the first half of the year, allowing us to retain our offensive posture as we continue to build on the foundation carefully laid in each of our business units.”
Kevin Miller, Chief Financial Officer of RCM Technologies, commented, “As we expand our base, we believe that high return capital projects remain abundant both in the form of internal growth projects and bolt-on acquisitions that allow us to leverage the RCM platform.”
RCM TECHNOLOGIES, INC. ANNOUNCES 4th QUARTER RESULTS
Pennsauken, NJ – March 15, 2023 — 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 fifty-two weeks ended December 31, 2022.
RCM Technologies reported revenue of $70.2 million for the thirteen weeks ended December 31, 2022 (the current period), an increase of 8.2% compared to $64.9 million for the thirteen weeks ended January 1, 2022 (the comparable prior-year period). Gross profit was $20.5 million for the current period, a 15.0% increase compared to $17.8 million for the comparable prior-year period. The Company experienced GAAP operating income of $6.8 million for the current period compared to $7.1 million for the comparable prior-year period. The Company experienced GAAP net income of $4.8 million, or $0.48 per diluted share, for the current period compared to $6.0 million, or $0.52 per diluted share, for the comparable prior-year period. The Company experienced adjusted EBITDA (non-GAAP) of $7.0 million for the current period compared to $5.3 million for the comparable prior-year period.
RCM Technologies reported revenue of $284.7 million for the fifty-two weeks ended December 31, 2022 (the current period), an increase of 39.6% compared to $203.9 million for the fifty-two weeks ended January 1, 2022 (the comparable prior-year period). Gross profit was $82.9 million for the current period, a 56.1% increase compared to $53.1 million for the comparable prior-year period. The Company experienced GAAP operating income of $28.8 million for the current period compared to $14.1 million for the comparable prior-year period. The Company experienced GAAP net income of $20.9 million, or $2.00 per diluted share, for the current period compared to $11.0 million, or $0.95 per diluted share, for the comparable prior-year period. The Company experienced adjusted EBITDA (non-GAAP) of $29.5 million for the current period compared to $11.1 million for the comparable prior-year period.
Bradley Vizi, Executive Chairman of RCM Technologies, commented, “Our fiscal 2022 performance is a compelling demonstration of our strategy of investing behind world-class talent in secular growth markets. As a result, we believe RCM is well positioned to provide attractive returns for many years to come.”
Kevin Miller, Chief Financial Officer of RCM Technologies, commented, “We finished 2022 strong, demonstrating robust growth in revenue, EBITDA, and earnings per share while investing heavily in the future. In addition, the Company’s strong discretionary cash generating characteristics provided us over $28 million in cash flow from operations in 2022, which we expect to assist the Company in producing enhanced returns over the long-term.”
Conference Call On Thursday, March 16, 2023, 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 (800) 285-6670.
PRESS RELEASE
RCM TECHNOLOGIES, INC. ANNOUNCES 3rd QUARTER RESULTS
Pennsauken, NJ – November 9, 2022 — 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 thirty-nine weeks ended October 1, 2022.
RCM Technologies reported revenue of $58.2 million for the thirteen weeks ended October 1, 2022 (the current period), an increase of 27.9% compared to $45.5 million for the thirteen weeks ended October 2, 2021 (the comparable prior-year period). Gross profit was $17.4 million for the current period, a 42.1% increase compared to $12.2 million for the comparable prior-year period. The Company experienced GAAP operating income of $4.8 million for the current period compared to $3.7 million for the comparable prior-year period. The Company experienced GAAP net income of $3.5 million, or $0.33 per diluted share, for the current period compared to $2.8 million, or $0.24 per diluted share, for the comparable prior-year period. The Company experienced adjusted EBITDA of $4.8 million for the current period compared to $1.8 million for the comparable prior-year period.
RCM Technologies reported revenue of $214.5 million for the thirty-nine weeks ended October 1, 2022 (the current period), an increase of 54.3% compared to $139.0 million for the thirty-nine weeks ended October 2, 2021 (the comparable prior-year period). Gross profit was $62.5 million for the current period, a 76.8% increase compared to $35.3 million for the comparable prior-year period. The Company experienced GAAP operating income of $22.0 million for the current period compared to $7.0 million for the comparable prior-year period. The Company experienced GAAP net income of $16.1 million, or $1.52 per diluted share, for the current period compared to $5.0 million, or $0.43 per diluted share, for the comparable prior-year period. The Company experienced adjusted EBITDA of $22.5 million for the current period compared to $5.8 million for the comparable prior-year period.
Bradley Vizi, Executive Chairman of RCM Technologies, commented, “RCM delivered continued strong performance in our seasonally challenged third quarter. I am proud of the team’s execution; our results demonstrate RCM’s leverageable business model, driven by our unwavering commitment to delivering value for our world-class client base.”
Kevin Miller, Chief Financial Officer of RCM Technologies, commented, “We continue to deliver on EBITDA-driven growth initiatives, with third-quarter and year-to-date adjusted EBITDA growing by 162% and 290%, respectively, over the prior year. Also, our strong balance sheet affords us strategic optionality to act opportunistically and drive continued value creation.” Conference Call On Thursday, November 10, 2022, RCM Technologies will host a conference call to discuss these results. The call will begin at 11:30 a.m. Eastern Time. The dial-in number is (800) 285-6670.
PRESS RELEASE
RCM TECHNOLOGIES, INC. ANNOUNCES 2ND QUARTER RESULTS
Pennsauken, NJ – August 10, 2022 — 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 weeks ended July 2, 2022.
RCM Technologies reported revenue of $74.3 million for the thirteen weeks ended July 2, 2022 (the current period), an increase of 51.9% compared to $48.9 million for the thirteen weeks ended July 3, 2021 (the comparable prior-year period). Gross profit was $21.7 million for the current period, a 76.8% increase compared to $12.3 million for the comparable prior-year period. The Company experienced GAAP operating income of $8.2 million for the current period compared to $1.9 million for the comparable prior-year period. The Company experienced GAAP net income of $6.0 million, or $0.57 per diluted share, for the current period compared to $1.3 million, or $0.11 per diluted share, for the comparable prior-year period. The Company experienced adjusted EBITDA of $8.4 million for the current period compared to $2.2 million for the comparable prior-year period.
RCM Technologies reported revenue of $156.3 million for the twenty-six weeks ended July 2, 2022 (the current period), an increase of 67.2% compared to $93.5 million for the twenty-six weeks ended July 3, 2021 (the comparable prior-year period). Gross profit was $45.1 million for the current period, a 95.1% increase compared to $23.1 million for the comparable prior-year period. The Company experienced GAAP operating income of $17.2 million for the current period compared to $3.3 million for the comparable prior-year period. The Company experienced GAAP net income of $12.5 million, or $1.18 per diluted share, for the current period compared to $2.3 million, or $0.19 per diluted share, for the comparable prior-year period. The Company experienced adjusted EBITDA of $17.7 million for the current period compared to $3.9 million for the comparable prior-year period.
Bradley Vizi, Executive Chairman of RCM Technologies, commented, “I am pleased to announce strong performance throughout the company as we continue to make progress against our long-term strategy. Each unit demonstrated strong execution and performed well in our primarily recession-resistant end markets as demonstrated by year-over-year second-quarter increases of 281% for adjusted EBITDA and 418% for diluted EPS.”
Kevin Miller, Chief Financial Officer of RCM Technologies, commented, “After considering seasonal school closures, our second quarter revenue was consistent with trends experienced in our record-setting first quarter. In addition, we generated operating cash flow of $18.3 million in the second quarter and $20.8 million year-to-date. We anticipate we will continue to see strong results for the balance of fiscal 2022, and now intend to focus on delivering robust growth in fiscal 2023.”
PRESS RELEASE
RCM TECHNOLOGIES, INC. ANNOUNCES 1st QUARTER RESULTS
Pennsauken, NJ – April 27, 2022
Pennsauken, NJ – April 27, 2022 — 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 weeks ended April 2, 2022. RCM Technologies reported revenue of $82.0 million for the thirteen weeks ended April 2, 2022 (the current period), an 84.0% increase compared to $44.5 million for the thirteen weeks ended April 3, 2021 (the comparable prior-year period).
Gross profit was $23.4 million for the current period, a 115.8% increase compared to $10.9 million for the comparable prior-year period. The Company experienced GAAP operating income of $9.0 million for the current period compared to $1.4 million for the comparable prior-year period. The Company experienced GAAP net income of $6.5 million, or $0.62 per diluted share, for the current period compared to $1.0 million, or $0.08 per diluted share, for the comparable prior-year period.
The Company experienced adjusted EBITDA of $9.3 million for the current period compared to $1.8 million for the comparable prior-year period. Bradley Vizi, Executive Chairman of RCM Technologies, commented, “RCM’s first-quarter results demonstrated a good start to 2022. We continue to build on the strong foundation established and drive execution across our business units. We generated record profitability for the second-straight quarter, with adjusted EBITDA of $9.3 million, growing sequentially by 74% and 440% year-over-year. I want to thank the team for a job well done and their continued commitment to propelling RCM to the next level.” Kevin Miller, Chief Financial Officer of RCM Technologies, commented, “While growing revenue by over $17 million sequentially, we still generated approximately $2.5 million in cash flow from operations. We continue to benefit from the inherent leverage within our business model, and we expect to see strong cash flow generation throughout the balance of fiscal 2022.”
Conference Call On Thursday, April 28, 2022, RCM Technologies will host a conference call to discuss these results. The call will begin at 10:00 a.m. Eastern Time. The dial-in number is (866) 403-9129.
For full press release, please see the link under “Downloads” to follow.
PRESS RELEASE
RCM TECHNOLOGIES, INC. ANNOUNCES 4th QUARTER AND FULL YEAR 2021 RESULTS
Pennsauken, NJ – March 30, 2022
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 fifty-two week periods ended January 1, 2022.
RCM Technologies reported revenue of $64.9 million for the thirteen week period ended January 1, 2022 (the current period), a 57.7% increase as compared to $41.2 million for the fourteen week period ended January 2, 2021 (the comparable prior year period). Gross profit was $17.8 million for the current period, a 66.5% increase as compared to $10.7 million for the comparable prior year period. The Company experienced GAAP operating income of $7.1 million for the current period as compared to a GAAP operating loss of $1.9 million for the comparable prior year period.
The Company experienced adjusted operating income of $5.1 million for the current period as compared to $0.4 million for the comparable prior year period. The Company experienced GAAP net income of $6.0 million, or $0.54 per diluted share, for the current period as compared to a GAAP net loss of $1.7 million, or ($0.15) per diluted share, for the comparable prior year period. The Company experienced adjusted EBITDA of $5.3 million for the current period as compared to adjusted EBITDA of $0.7 million for the comparable prior year period. The Company experienced adjusted net income of $3.7 million, or $0.34 per diluted share, for the current period as compared to an adjusted net loss of $0.1 million, or ($0.01) per diluted share, for the comparable prior year period.
For full press release, please see the link under “Downloads” to follow.
P R E S S R E L E A S E
RCM TECHNOLOGIES, INC. ANNOUNCES 3rd QUARTER RESULTS
Pennsauken, NJ – November 11, 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 and thirty-nine week periods ended October 2, 2021.
RCM Technologies reported revenue of $45.5 million for the thirteen week period ended October 2, 2021 (the current period), a 44.1% increase as compared to $31.6 million for the thirteen week period ended September 26, 2020 (the comparable prior year period).
Gross profit was $12.2 million for the current period, a 38.5% increase as compared to $8.8 million for the comparable prior year period
For full press release, please see the link under “Downloads” to follow.
P R E S S R E L E A S E
RCM TECHNOLOGIES, INC. ANNOUNCES SECOND QUARTER RESULTS
Pennsauken, NJ – August 12, 2021 Revenue of $48.9 million for the thirteen week period ended July 3, 2021, a 49.9% increase as compared to $32.7 million for the thirteen week period ended June 27, 2020 (the comparable prior year period). Gross profit was $12.3 million for the current period, a 44.3% increase as compared to $8.5 million for the comparable prior year period. GAAP operating income of $1.9 million for the current period, as compared to a GAAP operating loss of $1.2 million for the comparable prior year period. For full press release, please see the link under “Downloads” to follow.
Downloads
Latest News
For additional details about news and upcoming investor announcements, please e-mail info@rcmt.com or Contact Us.RCM TECHNOLOGIES, INC. ANNOUNCES CONFERENCE CALL (pdf)
Pennsauken, NJ – RCM Technologies, Inc. (NasdaqGM: RCMT) will hold a conference call on Thursday, August 11, 2022 at 11:30 a.m. Eastern time to discuss the financial results for the thirteen and twenty-six weeks ended July 2, 2022. The teleconference dial-in numbers are (866) 403-9129 for domestic callers and (713) 936-6995 for international callers.
Corporate Governance
- Anti-Harassment Policy
- Audit Committee Charter
- Code of Conduct
- Code of Ethics
- Compensation Committee Charter
- Compliance Policy
- Conflicts of Interest
- Corporate Governance Guidelines
- Drug Free Workplace Policy
- Electronic Communication and Inappropriate Use of Electronic Communication Policies
- Equal Employment Opportunity Policy
- Insider Trading Policy
- Nominating and Corporate Governance Committee Charter
- Sexual Harassment Policy
- Social Security Number Privacy Policy
- Stock Ownership Guidelines
- Workplace Violence Policy
Distributions
The Internal Revenue Service (IRS) requires RCM to post the completed forms 8937 on the Company’s website. RCM shareholders may refer to this information in preparation of their tax return. RCM does not advise any further on shareholder tax matters. Please refer to a tax professional for further advice. Thank you.
How can we help?
Stockholders interested in communicating directly with the Board or any individual directors, including communication of concerns relating to accounting, internal accounting controls, audit matters, fraud or unethical behaviors, may do so by email to Directors@rcmt.com or by writing to the directors at the following address:
RCM Technologies, Inc.
2500 McClellan Avenue, Suite 350
Pennsauken, NJ 08109-4613