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 November 7, 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 November 7, 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
|
||||
September 29,
2012
|
October 1,
2011
|
|||
Revenues
|
$34,839
|
$33,559
|
||
Cost of services
|
25,164
|
24,461
|
||
Gross profit
|
9,675
|
9,098
|
||
Selling, general and administrative
|
8,153
|
8,077
|
||
Depreciation and amortization
|
415
|
279
|
||
Operating income
|
1,107
|
742
|
||
Other (expense) income, net
|
(12
|
)
|
1
|
|
Income before income taxes
|
1,095
|
743
|
||
Income tax expense
|
461
|
19
|
||
Net income
|
$634
|
$724
|
||
Diluted net income per share data
|
$0.05
|
$0.06
|
Thirty-Nine Week Periods Ended
|
||||
September 29,
2012
|
October 1,
2011
|
|||
Revenues
|
$108,798
|
$108,779
|
||
Cost of services
|
79,182
|
78,171
|
||
Gross profit
|
29,616
|
30,608
|
||
Selling, general and administrative
|
24,766
|
24,919
|
||
Depreciation and amortization
|
953
|
867
|
||
Operating income
|
3,897
|
4,822
|
||
Other income, net
|
18
|
5
|
||
Income before income taxes
|
3,915
|
4,827
|
||
Income tax expense
|
1,718
|
1,686
|
||
Net income
|
$2,197
|
$3,141
|
||
Diluted net income per share data
|
$0.17
|
$0.24
|
September 29,
2012
|
December 31,
2011
|
|||
Cash and cash equivalents
|
$30,212
|
$28,417
|
||
Accounts receivable, net
|
$37,949
|
$39,031
|
||
Total current assets
|
$74,149
|
$73,229
|
||
Total assets
|
$88,742
|
$86,178
|
||
Total current liabilities
|
$17,800
|
$14,290
|
||
Total liabilities
|
$18,697
|
$14,517
|
||
Treasury stock (1,406,627 and 591,786 shares) at cost
|
$7,138
|
$2,713
|
||
Stockholders’ equity
|
$70,045
|
$71,661
|
||
Stockholder’s equity less goodwill and intangible assets
|
$60,130
|
$64,132
|
Thirteen Week Periods Ended
|
|||||
September 29,
2012
|
October 1, 2011
|
||||
Net income
|
$634
|
$724
|
|||
Adjustments to reconcile net income to cash
provided by operating activities
|
659
|
533
|
|||
Changes in operating assets and liabilities
|
|||||
Accounts receivable
|
2,215
|
4,387
|
|||
Transit accounts receivable
|
1,233
|
(5,817
|
)
|
||
Prepaid expenses and other current assets
|
762
|
(75
|
)
|
||
Accounts payable and accrued expenses
|
673
|
226
|
|||
Transit accounts payable
|
(5,169
|
)
|
8,193
|
||
Accrued payroll and related costs
|
2,039
|
1,889
|
|||
Income taxes payable
|
(260
|
)
|
89
|
||
Total adjustments
|
2,152
|
9,425
|
|||
Cash provided by operating activities
|
2,786
|
10,149
|
|||
Net cash used in investing activities, principally
cash used in the acquisition of BGA
|
(1,466
|
)
|
(174
|
)
|
|
Net cash used in financing activities, principally
from stock repurchase
|
(213
|
)
|
(828
|
)
|
|
Effect of exchange rate changes
|
(47
|
)
|
(57
|
)
|
|
Increase in cash and cash equivalents
|
$1,060
|
$9,090
|
Thirty-Nine Week Periods Ended
|
|||||
September 29,
2012
|
October 1, 2011
|
||||
Net income
|
$2,197
|
$3,141
|
|||
Adjustments to reconcile net income to cash
provided by operating activities
|
1,753
|
1,403
|
|||
Changes in operating assets and liabilities
|
|||||
Accounts receivable
|
891
|
2,575
|
|||
Transit accounts receivable
|
(304
|
)
|
(5,817
|
)
|
|
Prepaid expenses and other current assets
|
170
|
(509
|
)
|
||
Accounts payable and accrued expenses
|
(227
|
)
|
(722
|
)
|
|
Transit accounts payable
|
881
|
8,193
|
|||
Accrued payroll and related costs
|
1,854
|
1,514
|
|||
Income taxes payable
|
233
|
65
|
|||
Total adjustments
|
5,251
|
6,702
|
|||
Cash provided by operating activities
|
7,448
|
9,843
|
|||
Net cash used in investing activities, principally
cash used in the acquisition of BGA
|
(1,651
|
)
|
(344
|
)
|
|
Net cash used in financing activities, principally
from stock repurchase
|
(3,983
|
)
|
(1,576
|
)
|
|
Effect of exchange rate changes
|
(19
|
)
|
(49
|
)
|
|
Increase in cash and cash equivalents
|
$1,795
|
$7,874
|