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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.
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