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 August 7, 2013, 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 August 7, 2013, 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
|
||||
June 29,
2013
|
June 30,
2012
|
|||
Revenues
|
$42,379
|
$35,753
|
||
Cost of services
|
31,117
|
26,097
|
||
Gross profit
|
11,262
|
9,656
|
||
Selling, general and administrative
|
9,007
|
8,382
|
||
Facilities consolidation charge
|
260
|
-
|
||
Depreciation and amortization
|
281
|
259
|
||
Operating income
|
1,714
|
1,015
|
||
Other expense, net
|
(13
|
)
|
(4
|
)
|
Income before income taxes
|
1,701
|
1,011
|
||
Income tax expense
|
231
|
506
|
||
Net income
|
$1,470
|
$505
|
||
Diluted net earnings per share data
|
$0.12
|
$0.04
|
Twenty-Six Week Periods Ended
|
||||
June 29,
2013
|
June 30,
2012
|
|||
Revenues
|
$83,609
|
$73,959
|
||
Cost of services
|
61,726
|
54,018
|
||
Gross profit
|
21,883
|
19,941
|
||
Selling, general and administrative
|
17,762
|
16,613
|
||
Facilities consolidation charge
|
343
|
-
|
||
Depreciation and amortization
|
550
|
537
|
||
Operating income
|
3,228
|
2,791
|
||
Other income, net
|
78
|
29
|
||
Income before income taxes
|
3,306
|
2,820
|
||
Income tax expense
|
876
|
1,256
|
||
Net income
|
$2,430
|
$1,564
|
||
Diluted net earnings per share data
|
$0.20
|
$0.12
|
June 29,
2013
|
December 29,
2012
|
|||
Cash and cash equivalents
|
$13,195
|
$14,123
|
||
Accounts receivable, net
|
$49,089
|
$43,706
|
||
Total current assets
|
$70,292
|
$70,345
|
||
Total assets
|
$84,471
|
$84,548
|
||
Total current liabilities
|
$22,459
|
$25,063
|
||
Total liabilities
|
$23,076
|
$25,776
|
||
Stockholders’ equity
|
$61,395
|
$58,772
|
||
Stockholder’s equity less goodwill and intangible assets
|
$51,594
|
$48,895
|
Thirteen Week Periods Ended
|
|||||
June 29,
2013
|
June 30,
2012
|
||||
Net income
|
$1,470
|
$505
|
|||
Adjustments to reconcile net income to cash
(used in) provided by operating activities
|
671
|
703
|
|||
Changes in operating assets and liabilities
|
|||||
Accounts receivable
|
291
|
(643
|
)
|
||
Transit accounts receivable
|
908
|
(3,406
|
)
|
||
Prepaid expenses and other current assets
|
(137
|
)
|
(395
|
)
|
|
Accounts payable and accrued expenses
|
1,129
|
(625
|
)
|
||
Transit accounts payable
|
(3,824
|
)
|
6,992
|
||
Accrued payroll and related costs
|
(746
|
)
|
(1,614
|
)
|
|
Income taxes payable
|
(37
|
)
|
(108
|
)
|
|
Total adjustments
|
(1,745
|
)
|
904
|
||
Cash (used in) provided by operating activities
|
($275
|
)
|
$1,409
|
||
Net cash used in investing activities
|
(498
|
)
|
(38
|
)
|
|
Net cash provided by (used in) financing activities
|
55
|
(3,745
|
)
|
||
Effect of exchange rate changes
|
17
|
48
|
|||
Decrease in cash and cash equivalents
|
($701
|
)
|
($2,326
|
)
|
Twenty-Six Week Periods Ended
|
|||||
June 29,
2013
|
June 30,
2012
|
||||
Net income
|
$2,430
|
$1,564
|
|||
Adjustments to reconcile net income to cash
(used in) provided by operating activities
|
953
|
1,093
|
|||
Changes in operating assets and liabilities
|
|||||
Accounts receivable
|
(5,602
|
)
|
(1,324
|
)
|
|
Transit accounts receivable
|
4,141
|
(1,537
|
)
|
||
Prepaid expenses and other current assets
|
318
|
(592
|
)
|
||
Accounts payable and accrued expenses
|
2,388
|
(900
|
)
|
||
Transit accounts payable
|
(5,325
|
)
|
6,050
|
||
Accrued payroll and related costs
|
165
|
(185
|
)
|
||
Income taxes payable
|
330
|
493
|
|||
Total adjustments
|
(2,632
|
)
|
3,098
|
||
Cash (used in) provided by operating activities
|
(202
|
)
|
$4,662
|
||
Net cash used in investing activities
|
(811
|
)
|
(185
|
)
|
|
Net cash provided by (used in) financing activities
|
122
|
(3,770
|
)
|
||
Effect of exchange rate changes
|
(37
|
)
|
28
|
||
(Decrease) increase in cash and cash equivalents
|
($928
|
)
|
$735
|