PRESS RELEASE
RCM TECHNOLOGIES, INC. ANNOUNCES 1st QUARTER RESULTS
Pennsauken, NJ – May 8, 2024 — 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 March 30, 2024.
RCM Technologies reported revenue of $71.9 million for the thirteen weeks ended March 30, 2024 (the current quarter), an increase of 7.2% compared to $67.1 million for the thirteen weeks ended April 1, 2023 (the comparable prior quarter). Gross profit was $20.4 million for the current quarter, a 7.1% increase compared to $19.0 million for the comparable prior quarter. The Company experienced GAAP net income of $4.0 million, or $0.48 per diluted share, for the current quarter compared to $3.8 million, or $0.41 per diluted share, for the comparable prior quarter. The Company experienced adjusted EBITDA (non-GAAP) of $6.8 million for the current quarter compared to $6.1 million for the comparable prior quarter. The Company experienced $0.53 of adjusted net income per diluted share (non-GAAP) for the current quarter as compared to $0.41 for the comparable prior quarter.
Bradley Vizi, Executive Chairman of RCM Technologies, commented, “Our breadth of strategic focus is widening and deepening throughout the organization, with all teams executing on current initiatives while seeding new initiatives designed to propel growth well into the future.” Kevin Miller, Chief Financial Officer of RCM Technologies, commented, “In the first quarter, adjusted EBITDA and adjusted EPS increased 11.1% and 30.4%, respectively. Cash conversion increased both sequentially and year over year. We anticipate continued improvement in cash flow from operations in each of the next two quarters.”
Conference Call
On Thursday, May 9, 2024, 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.
View press release here.
PRESS RELEASE
RCM TECHNOLOGIES, INC. ANNOUNCES 4th QUARTER AND FISCAL YEAR RESULTS
Pennsauken, NJ – March 13, 2024 — 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 30, 2023.
RCM Technologies reported revenue of $71.0 million for the thirteen weeks ended December 30, 2023 (the current quarter), an increase of 1.1% compared to $70.2 million for the thirteen weeks ended December 31, 2022 (the comparable prior quarter). Gross profit was $21.6 million for the current quarter, a 5.7% increase compared to $20.5 million for the comparable prior quarter. The Company experienced GAAP operating income of $7.9 million for the current quarter compared to $6.8 million for the comparable prior quarter. The Company experienced GAAP net income of $5.3 million, or $0.65 per diluted share, for the current quarter compared to $4.8 million, or $0.48 per diluted share, for the comparable prior quarter. The Company experienced adjusted EBITDA (non-GAAP) of $8.9 million for the current quarter compared to $7.5 million for the comparable prior quarter. The Company experienced $0.71 of adjusted net income per diluted share (non-GAAP) for the current quarter as compared to $0.52 for the comparable prior quarter.
RCM Technologies reported revenue of $263.2 million for the fifty-two weeks ended December 30, 2023 (the current year), a decrease of 7.5% compared to $284.7 million for the fifty-two weeks ended December 31, 2022 (the comparable prior year). Gross profit was $76.7 million for the current year, a 7.5% decrease compared to $82.9 million for the comparable prior year. The Company experienced GAAP operating income of $23.7 million for the current year compared to $28.8 million for the comparable prior year. The Company experienced GAAP net income of $16.8 million, or $1.96 per diluted share, for the current year compared to $20.9 million, or $2.00 per diluted share, for the comparable prior year. The Company experienced adjusted EBITDA (non-GAAP) of $26.6 million for the current year compared to $31.1 million for the comparable prior year. The Company experienced $2.11 of adjusted net income per diluted share (non-GAAP) for the current year as compared to $2.08 for the comparable prior year.
Bradley Vizi, Executive Chairman of RCM Technologies, commented, “We finished 2023 strong with $8.9 million of adjusted EBITDA in the fourth quarter, a growth rate of 18.5%. All three business segments provided healthy contributions to growth.”
Kevin Miller, Chief Financial Officer of RCM Technologies, commented, “Improved cash collections in the first quarter have helped bolster our confidence in achieving our goal of $20 million in cash flow from operations in fiscal 2024.”
Conference Call
On Thursday, March 14, 2024, 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.
View press release here.
PRESS RELEASE
RCM TECHNOLOGIES, INC. ANNOUNCES 3rd QUARTER RESULTS
Pennsauken, NJ – November 8, 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 thirty-nine weeks ended September 30, 2023.
RCM Technologies reported revenue of $58.0 million for the thirteen weeks ended September 30, 2023 (the current period), a decrease of 0.2% compared to $58.2 million for the thirteen weeks ended October 1, 2022 (the comparable prior-year period). Gross profit was $17.3 million for the current period, a 0.4% decrease compared to $17.4 million for the comparable prior-year period. The Company experienced GAAP operating income of $4.3 million for the current period compared to $4.8 million for the comparable prior-year period. The Company experienced GAAP net income of $3.8 million, or $0.46 per diluted share, for the current period compared to $3.5 million, or $0.33 per diluted share, for the comparable prior-year period. The Company experienced adjusted EBITDA (non-GAAP) of $4.6 million for the current period compared to $4.8 million for the comparable prior-year period.
RCM Technologies reported revenue of $192.2 million for the thirty-nine weeks ended September 30, 2023 (the current period), a decrease of 10.4% compared to $214.5 million for the thirty-nine weeks ended October 1, 2022 (the comparable prior-year period). Gross profit was $55.1 million for the current period, a 11.8% decrease compared to $62.5 million for the comparable prior-year period. The Company
experienced GAAP operating income of $15.8 million for the current period compared to $22.0 million for the comparable prior-year period. The Company experienced GAAP net income of $11.6 million, or $1.33 per diluted share, for the current period compared to $16.1 million, or $1.52 per diluted share, for the comparable prior-year period. The Company experienced adjusted EBITDA (non-GAAP) of $16.3 million for the current period compared to $22.5 million for the comparable prior-year period.
Bradley Vizi, Executive Chairman of RCM Technologies, commented, “The cadence of our business continues to accelerate as we move through the year. As such, we expect the fourth quarter to be our strongest, and continue to be confident that the long-term outlook for RCM is bright.”
Kevin Miller, Chief Financial Officer of RCM Technologies, commented, “With our continued focus on return on equity, the productivity of our revenue improved in the third quarter of 2023, resulting in 180 basis points of gross margin improvement over the second quarter of 2023.”
View press release here.
PRESS RELEASE
RCM TECHNOLOGIES, INC. ANNOUNCES 2nd QUARTER RESULTS
Pennsauken, NJ – August 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 and twenty-six weeks ended July 1, 2023.
RCM Technologies reported revenue of $67.0 million for the thirteen weeks ended July 1, 2023 (the current period), a decrease of 9.8% compared to $74.3 million for the thirteen weeks ended July 2, 2022 (the comparable prior-year period). Gross profit was $18.8 million for the current period, a 13.5% decrease compared to $21.7 million for the comparable prior-year period. The Company experienced GAAP operating income of $5.7 million for the current period compared to $8.2 million for the comparable prior-year period. The Company experienced GAAP net income of $4.0 million, or $0.47 per diluted share, for the current period compared to $6.0 million, or $0.57 per diluted share, for the comparable prior-year period. The Company experienced adjusted EBITDA (non-GAAP) of $6.0 million for the current period compared to $8.4 million for the comparable prior-year period.
RCM Technologies reported revenue of $134.2 million for the twenty-six weeks ended July 1, 2023 (the current period), a decrease of 14.2% compared to $156.3 million for the twenty-six weeks ended July 2, 2022 (the comparable prior-year period). Gross profit was $37.8 million for the current period, a 16.2% decrease compared to $45.1 million for the comparable prior-year period. The Company experienced GAAP operating income of $11.5 million for the current period compared to $17.2 million for the comparable prior-year period. The Company experienced GAAP net income of $7.8 million, or $0.87 per diluted share, for the current period compared to $12.5 million, or $1.18 per diluted share, for the comparable prior-year period. The Company experienced adjusted EBITDA (non-GAAP) of $11.7 million for the current period compared to $17.7 million for the comparable prior-year period.
Bradley Vizi, Executive Chairman of RCM Technologies, commented, “Despite a slow start to the year in Engineering, we made the decision to maintain stride in building what we believe to be a highly differentiated platform in the professional service marketplace. Our decision was supported by our view of the secular growth markets and our strong portfolio of capabilities, and we now see the business continuing to strengthen as we move through the year.”
Kevin Miller, Chief Financial Officer of RCM Technologies, commented, “We believe our strong cash generating business model and clean balance sheet afford us the ability to invest in value accretive growth throughout the economic cycle. Considering normal third quarter seasonality, we believe we are set up for a healthy double-digit earnings increase in the fourth quarter, consistent with our long-term trajectory. Also, we expect to continue to see strong cash flow from operations during the second half of fiscal 2023.”
View press release here.
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.”
View press release here.
PRESS RELEASE
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.
View press release here.
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.
View press release here.
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.”
View press release here.
