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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.”
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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.
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