Nevada
(State or Other
Jurisdiction of
Incorporation)
|
1-10245
(Commission File
Number)
|
95-1480559
(I.R.S. Employer
Identification No.)
|
2500 McClellan Avenue, Suite 350
|
||
Pennsauken, NJ
|
08109-4613
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)).
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)).
|
Item 2.02.
|
Results of Operations and Financial Condition.
|
Exhibit Number
|
|
99
|
Press Release by the Registrant, dated February 22, 2012, furnished in accordance with Item 2.02 of this Current Report on Form 8-K.
|
By:
|
/s/ Kevin D. Miller
|
Kevin D. Miller
|
|
Chief Financial Officer, Treasurer and
Secretary
|
Exhibit Number
|
Exhibit Title
|
99
|
Press Release by the Registrant, dated February 22, 2012, furnished in accordance with Item 2.02 of this Current Report on Form 8-K.
|
RCM Technologies, Inc.
|
Tel: 856.356.4500
|
Corporate Contacts:
|
2500 McClellan Avenue
|
Fax: 856.356.4600
|
Leon Kopyt
|
Pennsauken, NJ 08109
|
info@rcmt.com
|
Chairman, President & CEO
|
www.rcmt.com
|
Kevin D. Miller
|
|
Chief Financial Officer
|
Thirteen Week Periods Ended
|
|||||
December 31, 2011
|
January 1, 2011
|
||||
Revenues
|
$35,032
|
$36,393
|
|||
Cost of services
|
24,904
|
25,631
|
|||
Gross profit
|
10,128
|
10,762
|
|||
Selling, general and administrative
|
7,659
|
8,151
|
|||
Depreciation and amortization
|
282
|
330
|
|||
Operating income
|
2,187
|
2,281
|
|||
Other (expense) income, net
|
(83
|
)
|
19
|
||
Income from continuing operations before income taxes
|
2,104
|
2,300
|
|||
Income tax expense from continuing operations
|
967
|
1,131
|
|||
Income from continuing operations
|
1,137
|
1,169
|
|||
Loss from discontinued operations, net of taxes
|
-
|
(108
|
)
|
||
Net income
|
$1,137
|
$1,061
|
|||
Diluted net earnings per share data:
|
|||||
Net income from continuing operations
|
$0.09
|
$0.09
|
|||
Loss from discontinued operations, net of taxes
|
-
|
($0.01
|
)
|
||
Net income
|
$0.09
|
$0.08
|
Fifty-Two Week Periods Ended
|
|||||
December 31, 2011
|
January 1, 2011
|
||||
Revenues
|
$143,811
|
$162,022
|
|||
Cost of services
|
103,075
|
115,835
|
|||
Gross profit
|
40,736
|
46,187
|
|||
Selling, general and administrative
|
32,578
|
35,825
|
|||
Depreciation and amortization
|
1,149
|
1,341
|
|||
Operating income
|
7,009
|
9,021
|
|||
Other expense, net
|
(78
|
)
|
(34
|
)
|
|
Income from continuing operations before income taxes
|
6,931
|
8,987
|
|||
Income tax expense from continuing operations
|
2,653
|
2,570
|
|||
Income from continuing operations
|
4,278
|
6,417
|
|||
Loss from discontinued operations, net of taxes
|
-
|
(622
|
)
|
||
Net income
|
$4,278
|
$5,795
|
|||
Diluted net earnings per share data:
|
|||||
Income from continuing operations
|
$0.33
|
$0.49
|
|||
Loss from discontinued operations, net of taxes
|
-
|
($0.05
|
)
|
||
Net income
|
$0.33
|
$0.44
|
December 31,
2011
|
January 1,
2011
|
|||
Cash and cash equivalents
|
$28,417
|
$24,704
|
||
Accounts receivable, net
|
$39,031
|
$41,213
|
||
Total current assets
|
$73,229
|
$68,587
|
||
Total assets
|
$86,178
|
$83,012
|
||
Total current liabilities
|
$14,290
|
$13,159
|
||
Total liabilities
|
$14,517
|
$13,404
|
||
Treasury stock at cost
|
$2,713
|
$206
|
||
Treasury shares
|
591,786
|
49,397
|
||
Stockholders’ equity
|
$71,661
|
$69,608
|
||
Stockholder’s equity, per diluted share
|
$5.45
|
$5.27
|
||
Stockholder’s equity less goodwill and intangible assets
|
$64,132
|
$61,964
|
||
Stockholder’s equity less goodwill and intangible assets, per diluted share
|
$4.88
|
$4.69
|
Thirteen Week Periods Ended
|
|||||
December 31,
2011
|
January 1,
2011
|
||||
Net income
|
$1,137
|
$1,061
|
|||
Adjustments to reconcile net income to cash
provided by operating activities
|
886
|
329
|
|||
Changes in operating assets and liabilities
|
|||||
Accounts receivable
|
(570
|
)
|
(563
|
)
|
|
Transit accounts receivable
|
2,788
|
-
|
|||
Prepaid expenses and other current assets
|
98
|
911
|
|||
Accounts payable and accrued expenses
|
(217
|
)
|
(983
|
)
|
|
Transit accounts payable
|
(5,163
|
)
|
(2,548
|
)
|
|
Accrued payroll and related costs
|
(2,611
|
)
|
-
|
||
Income taxes payable
|
279
|
(523
|
)
|
||
Total adjustments
|
(4,510
|
)
|
(3,377
|
)
|
|
Cash used in operating activities
|
($3,373
|
)
|
($2,316
|
)
|
|
Net cash (used in) provided by investing activities
|
(74
|
)
|
161
|
||
Net cash used in financing activities
|
(650
|
)
|
(92
|
)
|
|
Effect of exchange rate changes
|
(64
|
)
|
53
|
||
Decrease in cash and cash equivalents
|
($4,161
|
)
|
($2,194
|
)
|
Fifty-Two Week Periods Ended
|
|||||
December 31,
2011
|
January 1,
2011
|
||||
Net income
|
$4,278
|
$5,795
|
|||
Adjustments to reconcile net income to cash
provided by operating activities
|
2,289
|
2,322
|
|||
Changes in operating assets and liabilities
|
|||||
Accounts receivable
|
2,005
|
5,250
|
|||
Transit accounts receivable
|
(3,029
|
)
|
-
|
||
Prepaid expenses and other current assets
|
(411
|
)
|
782
|
||
Accounts payable and accrued expenses
|
(939
|
)
|
(1,255
|
)
|
|
Transit accounts payable
|
3,030
|
-
|
|||
Accrued payroll and related costs
|
(1,097
|
)
|
308
|
||
Income taxes payable
|
344
|
138
|
|||
Total adjustments
|
2,192
|
7,545
|
|||
Cash provided by operating activities
|
$6,470
|
$13,340
|
|||
Net cash (used in) provided by investing activities
|
(418
|
)
|
329
|
||
Net cash (used in) provided by financing activities,
principally from stock repurchase
|
(2,226
|
)
|
45
|
||
Effect of exchange rate changes
|
(113
|
)
|
48
|
||
Increase in cash and cash equivalents
|
$3,713
|
$13,762
|