[X]
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QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Nevada
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95-1480559
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(State or other Jurisdiction of Incorporation)
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(I.R.S. Employer Identification No.)
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Large Accelerated Filer [ ]
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Accelerated Filer [ ]
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Non-Accelerated Filer [ ]
(Do not check if a smaller
reporting company)
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Smaller Reporting Company [X]
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RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
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PART I - FINANCIAL INFORMATION
|
||
Page
|
||
Item 1.
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Consolidated Financial Statements
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|
Consolidated Balance Sheets as of June 29, 2013 (Unaudited)
and December 29, 2012
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3
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Unaudited Consolidated Statements of Income for the Thirteen and Twenty-Six Week Periods Ended June 29, 2013 and June 30, 2012
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4
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Unaudited Consolidated Statements of Comprehensive Income for the
Twenty-Six Week Periods Ended June 29, 2013 and June 30, 2012
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5
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Unaudited Consolidated Statement of Changes in Stockholders’ Equity
for the Twenty-Six Week Period Ended June 29, 2013
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6
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Unaudited Consolidated Statements of Cash Flows for the Twenty-Six Week
Periods Ended June 29, 2013 and June 30, 2012
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7
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Notes to Unaudited Consolidated Financial Statements
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8
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Item 2.
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Management’s Discussion and Analysis of Financial Condition
and Results of Operations
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23
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Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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37
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Item 4.
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Controls and Procedures
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37
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PART II - OTHER INFORMATION
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||
Item 1.
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Legal Proceedings
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38
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Item 1A.
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Risk Factors
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38
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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38
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Item 3.
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Defaults Upon Senior Securities
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38
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Item 4.
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Mine Safety Disclosures
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38
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Item 5.
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Other Information
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38
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Item 6.
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Exhibits
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39
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Signatures
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40
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ITEM 1.
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CONSOLIDATED FINANCIAL STATEMENTS
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June 29,
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December 29,
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|||||
2013
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2012
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|||||
(Unaudited)
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||||||
Current assets:
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||||||
Cash and cash equivalents
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$13,195
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$14,123
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||||
Accounts receivable, net
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49,089
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43,706
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||||
Transit accounts receivable
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5,899
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10,010
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||||
Prepaid expenses and other current assets
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1,612
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1,965
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||||
Deferred income tax assets, domestic
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497
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541
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||||
Total current assets
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70,292
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70,345
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||||
Property and equipment, net
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2,252
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1,880
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||||
Other assets:
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||||||
Deposits
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210
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244
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||||
Goodwill
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9,545
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9,545
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||||
Intangible assets, net
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256
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332
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||||
Deferred income tax assets, domestic
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1,916
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2,202
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||||
Total other assets
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11,927
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12,323
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||||
Total assets
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$84,471
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$84,548
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Current liabilities:
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||||||
Accounts payable and accrued expenses
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$8,605
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$6,334
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||||
Transit accounts payable
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6,662
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11,987
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||||
Accrued payroll and related costs
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6,360
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6,241
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||||
Income taxes payable
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449
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119
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||||
Deferred income tax liability, foreign
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70
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73
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||||
Contingent consideration
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313
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309
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||||
Total current liabilities
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22,459
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25,063
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||||
Contingent consideration
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617
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713
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||||
Total liabilities
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23,076
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25,776
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Stockholders’ equity:
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||||||
Preferred stock, $1.00 par value; 5,000,000 shares authorized;
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||||||
no shares issued or outstanding
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-
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-
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||||
Common stock, $0.05 par value; 40,000,000 shares authorized;
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||||||
13,802,570 shares issued and 12,329,264 shares outstanding at
June 29, 2013 and 13,756,589 shares issued and 12,298,733 shares outstanding at December 29, 2012
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690
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688
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||||
Additional paid-in capital
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109,962
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109,390
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||||
Accumulated other comprehensive income
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1,072
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1,370
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||||
Accumulated deficit
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(42,829
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)
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(45,259
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)
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Treasury stock common (1,473,306 shares at June 29, 2013 and
1,457,856 at December 29, 2012, at cost)
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(7,500
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)
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(7,417
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)
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||
Stockholders’ equity
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61,395
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58,772
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||||
Total liabilities and stockholders’ equity
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$84,471
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$84,548
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RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Thirteen and Twenty-Six Week Periods Ended June 29, 2013 and June 30, 2012
(Unaudited)
(In thousands, except per share amounts)
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Thirteen Weeks Ended
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Twenty-Six Weeks Ended
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||||||||
June 29,
2013
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June 30,
2012
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June 29,
2013
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June 30,
2012
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||||||
Revenues
|
$42,379
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$35,753
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$83,609
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$73,959
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|||||
Cost of services
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31,117
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26,097
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61,726
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54,018
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|||||
Gross profit
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11,262
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9,656
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21,883
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19,941
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|||||
Operating costs and expenses
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|||||||||
Selling, general and administrative
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9,007
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8,382
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17,762
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16,613
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|||||
Facilities consolidation charge
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260
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-
|
343
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-
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|||||
Depreciation and amortization
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281
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259
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550
|
537
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|||||
9,548
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8,641
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18,655
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17,150
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||||||
Operating income
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1,714
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1,015
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3,228
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2,791
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|||||
Other (expense) income
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|||||||||
Interest expense and other, net
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(16
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)
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(10
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)
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(22
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)
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(21
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)
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|
Reduction in contingent consideration
|
-
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-
|
92
|
43
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|||||
Gain on foreign currency transactions
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3
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6
|
8
|
7
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|||||
(13
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)
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(4
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)
|
78
|
29
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||||
Income before income taxes
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1,701
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1,011
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3,306
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2,820
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|||||
Income tax expense
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231
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506
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876
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1,256
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|||||
Net income
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$1,470
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$505
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$2,430
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$1,564
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|||||
Basic and diluted net earnings per share
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$0.12
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$0.04
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$0.20
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$0.12
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RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Twenty-Six Week Periods Ended June 29, 2013 and June 30, 2012
(Unaudited)
(In thousands)
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June 29,
|
June 30,
|
|||
2013
|
2012
|
|||
Net income
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$2,430
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$1,564
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||
Foreign currency translation adjustment
|
(298
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)
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(65
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)
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Comprehensive income
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$2,132
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$1,499
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RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
Twenty-Six Week Period Ended June 29, 2013
(Unaudited)
(In thousands, except share amounts)
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Common Stock
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Additional
Paid-in
Capital
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Accumulated
Other
Comprehensive
Income
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Accumulated
Deficit
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Treasury Stock
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Total
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|||||||||||
Issued
Shares
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Amount
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Shares
|
Amount
|
|||||||||||||
Balance, December 29, 2012
|
13,756,589
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$688
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$109,390
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$1,370
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($45,259
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)
|
1,457,856
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($7,417
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)
|
$58,772
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||||||
Issuance of stock under
employee stock purchase plan
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26,481
|
1
|
119
|
-
|
-
|
-
|
-
|
120
|
||||||||
Translation adjustment
|
-
|
-
|
-
|
(298
|
)
|
-
|
-
|
-
|
(298
|
)
|
||||||
Issuance of stock upon exercise of
stock options
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19,500
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1
|
84
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-
|
-
|
-
|
-
|
85
|
||||||||
Share-based compensation expense
|
-
|
-
|
369
|
-
|
-
|
-
|
-
|
369
|
||||||||
Common stock repurchase
|
-
|
-
|
-
|
-
|
-
|
15,450
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(83
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)
|
(83
|
)
|
||||||
Net income
|
-
|
-
|
-
|
-
|
$2,430
|
-
|
-
|
2,430
|
||||||||
Balance, June 29, 2013
|
13,802,570
|
$690
|
$109,962
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$1,072
|
($42,829
|
)
|
1,473,306
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($7,500
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)
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$61,395
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RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Twenty-Six Week Periods Ended June 29, 2013 and June 30, 2012
(Unaudited)
(In thousands)
|
June 29,
2013
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June 30,
2012
|
||||||
Cash flows from operating activities:
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|||||||
Net income
|
$2,430
|
$1,564
|
|||||
Adjustments to reconcile net income to net cash (used in) provided by
operating activities:
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|||||||
Depreciation and amortization
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550
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537
|
|||||
Changes in fair value of contingent consideration
|
(92
|
)
|
(43
|
)
|
|||
Stock-based compensation expense
|
369
|
54
|
|||||
Provision for allowance for doubtful accounts
|
(204
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)
|
277
|
||||
Deferred income tax expense
|
330
|
268
|
|||||
Changes in assets and liabilities:
|
|||||||
Accounts receivable
|
(5,602
|
)
|
(1,324
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)
|
|||
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
|
||||
Net cash (used in) provided by operating activities
|
(202
|
)
|
4,662
|
||||
Cash flows from investing activities:
|
|||||||
Property and equipment acquired
|
(845
|
)
|
(111
|
)
|
|||
Decrease (increase) in deposits
|
34
|
(74
|
)
|
||||
Net cash used in investing activities
|
(811
|
)
|
(185
|
)
|
|||
Cash flows from financing activities:
|
|||||||
Sale of stock for employee stock purchase plan
|
120
|
61
|
|||||
Exercise of stock options
|
85
|
239
|
|||||
Common stock repurchases
|
(83
|
)
|
(4,070
|
)
|
|||
Net cash provided by (used in) financing activities
|
122
|
(3,770
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
(37
|
)
|
28
|
||||
(Decrease) increase in cash and cash equivalents
|
(928
|
)
|
735
|
||||
Cash and cash equivalents at beginning of period
|
14,123
|
28,417
|
|||||
Cash and cash equivalents at end of period
|
$13,195
|
$29,152
|
|||||
Supplemental cash flow information:
|
|||||||
Cash paid for:
|
|||||||
Interest
|
$34
|
$26
|
|||||
Income taxes
|
$186
|
$1,031
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, unless otherwise indicated)
|
1.
|
Basis of Presentation
|
2.
|
Fiscal Year
|
Period Ended
|
Weeks in Quarter
|
Weeks in Year to Date
|
June 29, 2013
|
Thirteen
|
Twenty-Six
|
June 30, 2012
|
Thirteen
|
Twenty-Six
|
3.
|
Use of Estimates and Uncertainties
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, unless otherwise indicated)
|
3.
|
Use of Estimates and Uncertainties (Continued)
|
4.
|
Accounts Receivable
|
June 29,
2013
|
December 29,
2012
|
|||
Billed
|
$30,927
|
$26,600
|
||
Accrued and unbilled
|
5,426
|
4,761
|
||
Work-in-progress
|
13,864
|
13,552
|
||
Allowance for doubtful accounts and sales discounts
|
(1,128
|
)
|
(1,207
|
)
|
Accounts receivable, net
|
$49,089
|
$43,706
|
5.
|
Property and Equipment
|
June 29,
2013
|
December 29,
2012
|
|||
Equipment and furniture
|
$2,360
|
$2,366
|
||
Computers and systems
|
5,418
|
5,204
|
||
Leasehold improvements
|
443
|
949
|
||
8,221
|
8,519
|
|||
Less: accumulated depreciation and amortization
|
5,969
|
6,639
|
||
Property and equipment, net
|
$2,252
|
$1,880
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, unless otherwise indicated)
|
6.
|
Acquisitions
|
Period Ending
|
|
December 28, 2013
|
$313
|
January 3, 2015
|
253
|
January 2, 2016
|
269
|
December 31, 2016
|
307
|
Estimated future contingent consideration payments
|
$1,142
|
Cash
|
$1,292
|
Lease in excess of market, net present value
|
469
|
Contingent consideration, net present value
|
930
|
Total consideration
|
$2,691
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, unless otherwise indicated)
|
6.
|
Acquisitions (Continued)
|
Fixed assets
|
$28
|
Restricted covenants
|
70
|
Customer relationships
|
180
|
Deferred tax asset
|
187
|
Goodwill
|
2,226
|
Total consideration
|
$2,691
|
Proforma Results
for the Thirteen
Week Period Ended
|
Proforma Results
for the Twenty-Six
Week Period Ended
|
||
June 30, 2012
|
June 30, 2012
|
||
Revenues
|
$37,248
|
$76,562
|
|
Operating income
|
$1,088
|
$2,939
|
|
Basic and diluted earnings per share
|
$0.04
|
$0.13
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, unless otherwise indicated)
|
7.
|
Goodwill
|
8.
|
Intangible Assets
|
Information Technology
|
Engineering
|
Total
|
||||
Balance as of December 29, 2012
|
$106
|
$226
|
$332
|
|||
Amortization of intangibles during the
twenty-six week period ended
June 29, 2013
|
53
|
23
|
76
|
|||
Balance as of June 29, 2013
|
$53
|
$203
|
$256
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, unless otherwise indicated)
|
9.
|
Line of Credit
|
10.
|
Per Share Data
|
Thirteen Week Periods Ended
|
Twenty-Six Week Periods Ended
|
||||||
June 29,
2013
|
June 30,
2012
|
June 29,
2013
|
June 30,
2012
|
||||
Basic weighted average shares
outstanding
|
12,324,868
|
12,457,871
|
12,317,967
|
12,605,098
|
|||
Dilutive effect of outstanding stock
options
|
99,569
|
211,797
|
85,742
|
211,788
|
|||
Weighted average dilutive shares
outstanding
|
12,424,437
|
12,669,668
|
12,403,709
|
12,816,886
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, unless otherwise indicated)
|
10.
|
Per Share Data (Continued)
|
June 29,
2013
|
December 29,
2012
|
|||
Exercise of options outstanding
|
284,900
|
307,400
|
||
Restricted stock awards outstanding
|
350,000
|
350,000
|
||
Future grants of options or shares
|
34,100
|
34,100
|
||
Shares reserved for employee stock purchase plan
|
221,271
|
247,752
|
||
Total
|
890,271
|
939,252
|
11.
|
Share-Based Compensation
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, unless otherwise indicated)
|
11.
|
Share-Based Compensation (Continued)
|
All Stock Options Outstanding
|
|||
Shares
|
Weighted Average
Exercise Price
|
||
Options outstanding as of December 29, 2012
|
307,400
|
$5.34
|
|
Options granted
|
5,000
|
$5.78
|
|
Options exercised
|
(19,500
|
)
|
$4.39
|
Options forfeited/cancelled
|
(8,000
|
)
|
$5.16
|
Options outstanding as of June 29, 2013
|
284,900
|
$5.41
|
|
Options outstanding price range at June 29, 2013
|
$2.50 - $9.81
|
||
Options exercisable as of June 29, 2013
|
229,900
|
$5.38
|
|
Intrinsic value of outstanding stock options as of
June 29, 2013
|
$167
|
||
Intrinsic value of stock options exercised for the twenty-six
week period ended June 29, 2013
|
$24
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, unless otherwise indicated)
|
11.
|
Share-Based Compensation (Continued)
|
Number of
Restricted
Stock Units
(in thousands)
|
Weighted
Average
Grant Date Fair
Value per Share
|
||
Outstanding non-vested at December 29, 2012
|
350
|
$5.62
|
|
Granted
|
8
|
$5.45
|
|
Vested
|
-
|
N/A
|
|
Forfeited or expired
|
(8
|
)
|
$5.62
|
Outstanding non-vested at June 29, 2013
|
350
|
$5.62
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, unless otherwise indicated)
|
12.
|
Treasury Stock Transactions
|
13.
|
New Accounting Standards
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, unless otherwise indicated)
|
14.
|
Segment Information
|
Thirteen Week Period Ended
June 29, 2013
|
Information
Technology
|
Engineering
|
Specialty
Health Care
|
Corporate
|
Total
|
||||
Revenue
|
$14,228
|
$20,953
|
$7,198
|
$ -
|
$42,379
|
||||
Cost of services
|
10,072
|
16,107
|
4,938
|
-
|
31,117
|
||||
Selling, general and administrative
(Includes facilities consolidation change)
|
3,725
|
3,681
|
1,861
|
-
|
9,267
|
||||
Depreciation and amortization
|
85
|
167
|
29
|
-
|
281
|
||||
Operating income
|
$346
|
$998
|
$370
|
$ -
|
$1,714
|
||||
Total assets
|
$14,727
|
$39,958
|
$12,291
|
$17,495
|
$84,471
|
||||
Capital expenditures
|
$37
|
$360
|
$ -
|
$135
|
$532
|
Thirteen Week Period Ended
June 30, 2012
|
Information
Technology
|
Engineering
|
Specialty
Health Care
|
Corporate
|
Total
|
||||
Revenue
|
$13,392
|
$14,761
|
$7,600
|
$ -
|
$35,753
|
||||
Cost of services
|
9,417
|
11,497
|
5,183
|
-
|
26,097
|
||||
Selling, general and administrative
|
3,692
|
2,792
|
1,898
|
-
|
8,382
|
||||
Depreciation and amortization
|
93
|
132
|
34
|
-
|
259
|
||||
Operating income
|
$190
|
$340
|
$485
|
$ -
|
$1,015
|
||||
Total assets
|
$15,945
|
$27,652
|
$10,456
|
$35,322
|
$89,375
|
||||
Capital expenditures
|
$2
|
$36
|
$ -
|
$ -
|
$38
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, unless otherwise indicated)
|
14.
|
Segment Information (Continued)
|
Twenty-Six Week Period Ended
June 29, 2013
|
Information
Technology
|
Engineering
|
Specialty
Health Care
|
Corporate
|
Total
|
||||
Revenue
|
$28,222
|
$41,263
|
$14,124
|
$ -
|
$83,609
|
||||
Cost of services
|
20,055
|
31,906
|
9,765
|
-
|
61,726
|
||||
Selling, general and administrative
(Includes facilities consolidation change)
|
7,297
|
7,132
|
3,676
|
-
|
18,105
|
||||
Depreciation and amortization
|
170
|
322
|
58
|
-
|
550
|
||||
Operating income
|
$700
|
$1,903
|
$625
|
$ -
|
$3,228
|
||||
Total assets
|
$14,727
|
$39,958
|
$12,291
|
$17,495
|
$84,471
|
||||
Capital expenditures
|
$56
|
$633
|
$4
|
$152
|
$845
|
Twenty-Six Week Period Ended
June 30, 2012
|
Information
Technology
|
Engineering
|
Specialty
Health Care
|
Corporate
|
Total
|
||||
Revenue
|
$27,147
|
$31,387
|
$15,425
|
$ -
|
$73,959
|
||||
Cost of services
|
19,205
|
24,272
|
10,541
|
-
|
54,018
|
||||
Selling, general and administrative
|
7,240
|
5,579
|
3,794
|
-
|
16,613
|
||||
Depreciation and amortization
|
193
|
276
|
68
|
-
|
537
|
||||
Operating income
|
$509
|
$1,260
|
$1,022
|
$ -
|
$2,791
|
||||
Total assets
|
$15,945
|
$27,652
|
$10,456
|
$35,322
|
$89,375
|
||||
Capital expenditures
|
$48
|
$63
|
$ -
|
$ -
|
$111
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, unless otherwise indicated)
|
14.
|
Segment Information (Continued)
|
Thirteen Week Periods Ended
|
Twenty-Six Week Periods Ended
|
||||||||
June 29, 2013
|
June 30, 2012
|
June 29, 2013
|
June 30, 2012
|
||||||
Revenues
|
|||||||||
U. S.
|
$32,984
|
$30,560
|
$65,567
|
$62,753
|
|||||
Canada
|
8,063
|
3,996
|
15,449
|
9,196
|
|||||
Puerto Rico
|
1,332
|
1,197
|
2,593
|
2,010
|
|||||
$42,379
|
$35,753
|
$83,609
|
$73,959
|
June 29,
2013
|
December 29,
2012
|
||||
Total assets
|
|||||
U. S.
|
$65,047
|
$68,364
|
|||
Canada
|
18,132
|
14,612
|
|||
Puerto Rico
|
1,292
|
1,572
|
|||
$84,471
|
$84,548
|
15.
|
Income Taxes
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, unless otherwise indicated)
|
16.
|
Contingencies
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share amounts, unless otherwise indicated)
|
17.
|
Stockholder Rights Plan (Continued)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
|
June 29, 2013
|
June 30, 2012
|
||||||
Amount
|
% of
Revenue
|
Amount
|
% of
Revenue
|
||||
Revenues
|
$42,379
|
100.0
|
$35,753
|
100.0
|
|||
Cost of services
|
31,117
|
73.5
|
26,097
|
73.0
|
|||
Gross profit
|
11,262
|
26.5
|
9,656
|
27.0
|
|||
Selling, general and administrative
|
9,007
|
21.3
|
8,382
|
23.5
|
|||
Facilities consolidation charge
|
260
|
0.6
|
-
|
0.0
|
|||
Depreciation and amortization
|
281
|
0.6
|
259
|
0.7
|
|||
9,548
|
22.5
|
8,641
|
24.2
|
||||
Operating income
|
1,714
|
4.0
|
1,015
|
2.8
|
|||
Other expense, net
|
(13
|
)
|
0.0
|
(4
|
)
|
0.0
|
|
Income before income taxes
|
1,701
|
4.0
|
1,011
|
2.8
|
|||
Income tax expense
|
231
|
0.5
|
506
|
1.4
|
|||
Net income
|
$1,470
|
3.5
|
$505
|
1.4
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
|
June 29, 2013
|
June 30, 2012
|
||||||
Amount
|
% of
Revenue
|
Amount
|
% of
Revenue
|
||||
Revenues
|
$83,609
|
100.0
|
$73,959
|
100.0
|
|||
Cost of services
|
61,726
|
73.8
|
54,018
|
73.0
|
|||
Gross profit
|
21,883
|
26.2
|
19,941
|
27.0
|
|||
Selling, general and administrative
|
17,762
|
21.2
|
16,613
|
22.5
|
|||
Facilities consolidation charge
|
343
|
0.4
|
-
|
0.0
|
|||
Depreciation and amortization
|
550
|
0.7
|
537
|
0.7
|
|||
18,655
|
22.3
|
17,150
|
23.2
|
||||
Operating income
|
3,228
|
3.9
|
2,791
|
3.8
|
|||
Other income, net
|
78
|
0.1
|
29
|
0.0
|
|||
Income before income taxes
|
3,306
|
4.0
|
2,820
|
3.8
|
|||
Income tax expense
|
876
|
1.1
|
1,256
|
1.7
|
|||
Net income
|
$2,430
|
2.9
|
$1,564
|
2.1
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
|
Twenty-Six Week Periods Ended
|
|||||
June 29,
2013
|
June 30,
2012
|
||||
Cash provided by (used in):
|
|||||
Operating activities
|
($202
|
)
|
$4,662
|
||
Investing activities
|
($811
|
)
|
($185
|
)
|
|
Financing activities
|
$122
|
($3,770
|
)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
|
Fiscal Years
|
Amount
|
2013 (after June 29, 2013)
|
$1,728
|
2014
|
2,475
|
2015
|
2,096
|
2016
|
1,293
|
2017
|
974
|
Thereafter
|
1,345
|
Total
|
$9,911
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
|
Period Ending
|
|
December 28, 2013 (after June 29, 2013)
|
$313
|
January 3, 2015
|
253
|
January 2, 2016
|
269
|
December 31, 2016
|
307
|
Estimated Future Contingent Payments
|
$1,142
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
RCM TECHNOLOGIES, INC. AND SUBSIDIARIES
PART II - OTHER INFORMATION
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
4.1
|
Amended and Restated Rights Agreement, dated as of May 28, 2013, between RCM Technologies, Inc. and American Stock Transfer & Trust Company, as Rights Agent; incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K dated May 29, 2013, filed with the Securities and Exchange Commission on May 29, 2013.
|
31.1
|
Certification of Chairman, President and Chief Executive Officer Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
|
31.2
|
Certification of Chief Financial Officer Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
|
32.1
|
Certification of Chairman, President and Chief Executive Officer Required by Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.)
|
32.2
|
Certification of Chief Financial Officer Required by Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.)
|
101.INS*
|
XBRL Instance Document
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.LAB*
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Documents
|
101.DEF*
|
XBRL Taxonomy Definition Linkbase Document
|
*XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.
|
RCM TECHNOLOGIES, INC.
SIGNATURES
|
RCM Technologies, Inc.
|
|||
Date: August 7, 2013
|
By: /s/ Leon Kopyt
|
||
Leon Kopyt
Chairman, President and Chief Executive Officer
(Principal Executive Officer and
Duly Authorized Officer of the Registrant)
|
Date: August 7, 2013
|
By: /s/ Kevin Miller
|
||
Kevin Miller
Chief Financial Officer
(Principal Financial Officer and
Duly Authorized Officer of the Registrant)
|
Exhibit 31.1
|
Date: August 7, 2013
|
/s/ Leon Kopyt
Leon Kopyt
Chairman, President and Chief Executive Officer
|
Exhibit 31.2
|
Date: August 7, 2013
|
/s/ Kevin Miller
Kevin Miller
Chief Financial Officer
|
Exhibit 32.1
|
Exhibit 32.2
|
Exhibit 31.1
|
Date: August 7, 2013
|
/s/ Leon Kopyt
Leon Kopyt
Chairman, President and Chief Executive Officer
|
Exhibit 31.2
|
Date: August 7, 2013
|
/s/ Kevin Miller
Kevin Miller
Chief Financial Officer
|
Exhibit 32.1
|
Exhibit 32.2
|
Note 10 - Per Share Data
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | 10. Per Share Data Both basic and diluted earnings per share for all periods are calculated based on the reported earnings in the Company’s consolidated statements of income. The number of shares of common stock used to calculate basic and diluted earnings per share for the thirteen and twenty-six week periods ended June 29, 2013 and June 30, 2012 was determined as follows:
There were 97,500 and 62,500 absolute anti-dilutive shares not included in the calculation of common stock equivalents for the twenty-six week periods ended June 29, 2013 and June 30, 2012, respectively. Unissued shares of common stock were reserved for the following purposes:
|
Note 14 - Segment Information (Details) - Total assets by geographic area (USD $)
In Thousands, unless otherwise specified |
Jun. 29, 2013
|
Dec. 29, 2012
|
Jun. 30, 2012
|
---|---|---|---|
Total assets | |||
Total Assets | $ 84,471 | $ 84,548 | $ 89,375 |
United States [Member]
|
|||
Total assets | |||
Total Assets | 65,047 | 68,364 | |
Canada [Member]
|
|||
Total assets | |||
Total Assets | 18,132 | 14,612 | |
Puerto Rico [Member]
|
|||
Total assets | |||
Total Assets | $ 1,292 | $ 1,572 |
Consolidated Statements of Income (unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 29, 2013
|
Jun. 30, 2012
|
Jun. 29, 2013
|
Jun. 30, 2012
|
|
Revenues | $ 42,379 | $ 35,753 | $ 83,609 | $ 73,959 |
Cost of services | 31,117 | 26,097 | 61,726 | 54,018 |
Gross profit | 11,262 | 9,656 | 21,883 | 19,941 |
Operating costs and expenses | ||||
Selling, general and administrative | 9,007 | 8,382 | 17,762 | 16,613 |
Facilities consolidation charge | 260 | 0 | 343 | 0 |
Depreciation and amortization | 281 | 259 | 550 | 537 |
9,548 | 8,641 | 18,655 | 17,150 | |
Operating income | 1,714 | 1,015 | 3,228 | 2,791 |
Other (expense) income | ||||
Interest expense and other, net | (16) | (10) | (22) | (21) |
Reduction in contingent consideration | 92 | 43 | ||
Gain on foreign currency transactions | 3 | 6 | 8 | 7 |
(13) | (4) | 78 | 29 | |
Income before income taxes | 1,701 | 1,011 | 3,306 | 2,820 |
Income tax expense | 231 | 506 | 876 | 1,256 |
Net income | $ 1,470 | $ 505 | $ 2,430 | $ 1,564 |
Basic and diluted net earnings per share (in Dollars per share) | $ 0.12 | $ 0.04 | $ 0.20 | $ 0.12 |
Note 3 - Use of Estimates and Uncertainties
|
6 Months Ended |
---|---|
Jun. 29, 2013
|
|
Disclosure Text Block [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 3. Use of Estimates and Uncertainties The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. The Company uses estimates to calculate an allowance for doubtful accounts on its accounts receivables, adequacy of reserves, the tax rate applied and the valuation of certain assets and liability accounts. These estimates can be significant to the operating results and financial position of the Company. The Company has risk participation arrangements with respect to workers compensation and health care insurance. The amounts included in the Company’s costs related to this risk participation are estimated and can vary based on changes in assumptions, the Company’s claims experience or the providers included in the associated insurance programs. The Company can be affected by a variety of factors including uncertainty relating to the performance of the general economy, competition, demand for the Company’s services, adverse litigation and claims and the hiring, training and retention of key employees. Fair Value of Financial Instruments The Company’s carrying value of financial instruments, consisting primarily of accounts receivable, accounts payable and accrued expenses, approximates fair value due to their liquidity or their short-term nature. The Company does not have derivative products in place to manage risks related to foreign currency fluctuations for its foreign operations or for interest rate changes. |
Note 17 - Stockholder Rights Plan
|
6 Months Ended |
---|---|
Jun. 29, 2013
|
|
Stockholder Right Plan [Abstract] | |
Stockholder Right Plan [Text Block] | 17. Stockholder Rights Plan On January 30, 2013, the Board of Directors of the Company approved a stockholder rights plan (the “Rights Plan”) and declared a dividend distribution to stockholders of record as of the close of business on February 10, 2013 of one preferred stock purchase right (a “Right”) for each outstanding share of Common Stock of the Company. Each Right entitles the holder to purchase from the Company a unit consisting of one one-hundredth of a share (a “Unit”) of a newly-authorized series of junior participating preferred stock of the Company, upon the occurrence of certain events, at a purchase price of $15.00 per Unit. In connection with the adoption of the stockholder rights plan, the Company designated 250,000 shares of the Company’s authorized shares of Preferred Stock, par value $1.00, as Series A-2 Junior Participating Preferred Shares, none of which are issued and outstanding. As provided in the Certificate of Designation filed by the Company with the Department of State of the State of Nevada, each Series A-2 Preferred Share shall entitle the holder 100 votes on all matters submitted to a vote of the stockholders of the Corporation, subject to adjustment for future dividends and combinations of common stock. The holders of Series A-2 Preferred Shares and the holders of shares of Common Stock shall vote together as one class on all matters submitted to a vote of stockholders of the Corporation. The Series A-2 Preferred Shares shall, after issuance, be entitled to receive quarterly dividends in an amount equal to the greater of $50.00 per share or an amount per share, subject to adjustment, equal to 100 times the aggregate per share amount of all non-cash dividends or other distributions other than a dividend payable in shares of common stock or a subdivision of the outstanding shares of common stock declared on the common stock since the immediately preceding quarterly dividend payment date of the Series A-2 Preferred Shares, or, with respect to the first such quarterly dividend payment date, since the first issuance of any share or fraction of a share of the Series A-2 Preferred Shares. The Series A-2 Preferred Shares shall rank junior to all other series of the Corporation’s Preferred Stock as to the payment of dividends and the distribution of assets, unless the terms of any such series shall provide otherwise. The Series A-2 Preferred Shares shall not be redeemable. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of Series A-2 Preferred Shares shall be entitled to receive the greater of $100.00 per share, plus accrued dividends, or an amount per share, subject to adjustment, equal to 100 times the aggregate amount to be distributed per share to holders of Common Stock. In the event the Company shall enter into any consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such event the Series A-2 Preferred Shares shall at the same time be similarly exchanged or changed in an amount per share, subject to adjustment, equal to 100 times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged. These preferences are protected by customary anti-dilution provisions. Initially, the Rights are not exercisable and are attached to each existing outstanding share of the Company’s Common Stock. The Rights will separate and become exercisable if a person or group acquires 15% or more of the Company’s Common Stock in a transaction, including the open market purchase of shares, not approved by our Board. If a person or group acquires 15%, each Right will entitle its holder (other than such person or members of such group) to purchase, at the Right’s exercise price (subject to adjustment as provided in the Rights Plan), a number of shares of the Company’s Common Stock having a then-current market value of twice the exercise price. The Rights Plan will cause substantial dilution to a person or group that attempts to acquire control of the Company on terms or in a manner not approved by our Board. The initial issuance of the Rights as a dividend had no financial accounting or reporting impact. The fair value of the Rights was nominal because the Rights were not exercisable when issued and no value is attributable to them. Additionally, the Rights do not meet the definition of a liability under generally accepted accounting principles in the United States and are therefore not accounted for as a long-term obligation. Accordingly, unless the Rights become exercisable as discussed above, the Rights Plan has no impact on the Company’s Consolidated Financial Statements. On May 28, 2013, our Board approved the amendment and restatement of the Rights Plan for the primary purpose of incorporating a stockholder redemption feature (qualifying offer clause) providing that if the Company receives a Qualifying Offer (as defined in the Rights Plan, as amended and restated) and our Board has not redeemed the outstanding Rights or exempted such offer from the terms of the Rights Plan, as amended and restated, or called a special meeting of stockholders for the purpose of voting on whether or not to exempt such Qualifying Offer from the terms of the Rights Plan, as amended and restated, in each case by the end of the ninety (90) business days following the commencement of such Qualifying Offer, the holders of 10 percent of the common stock may call a special meeting of stockholders to vote on a resolution authorizing the redemption of all, but not less than all, of the then outstanding Rights at the Redemption Price (as defined in the Rights Plan, as amended and restated). The Rights Plan is not intended to interfere with any merger, tender or exchange offer or other business combination approved by our Board. Nor does the Rights Plan prevent our Board from considering any offer that it considers to be in the best interest of its stockholders. |
Note 17 - Stockholder Rights Plan (Details) (USD $)
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6 Months Ended | |||
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Jun. 29, 2013
|
Dec. 29, 2012
|
Jun. 29, 2013
Series A-2 Preferred Shares [Member]
|
Jan. 31, 2013
Series A-2 Preferred Shares [Member]
|
|
Note 17 - Stockholder Rights Plan (Details) [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | 15.00 | |||
Preferred Stock, Shares Authorized (in Shares) | 5,000,000 | 5,000,000 | 250,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 1.00 | $ 1.00 | $ 1.00 | |
Preferred Stock, Voting Rights | 100 | |||
Preferred Stock, Liquidation Preference Per Share | $ 100.00 |
Note 11 - Share Based Compensation
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2013
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. Share-Based Compensation At June 29, 2013, the Company had three share-based employee compensation plans. The Company measures the fair value of share-based awards, if and when granted, based on the Black-Scholes method and using the closing market price of the Company’s common stock on the date of grant. Awards vest over periods ranging from one to three years and expire within 10 years of issuance. Share-based compensation expense related to awards is amortized in accordance with applicable vesting periods using the straight-line method. Share-based compensation expense of $369 and $54 was recognized for the twenty-six week periods ended June 29, 2013 and June 30, 2012, respectively. As of June 29, 2013, the Company had approximately $1.5 million of total unrecognized compensation cost related to all non-vested share-based awards granted under the Company’s various share-based plans, which the Company expects to recognize over approximately a three-year period. These amounts do not include the cost of any additional share-based awards that may be granted in future periods or reflect any potential changes in the Company’s forfeiture rate. Incentive Share-Based Plans 1996 Executive Stock Option Plan (the 1996 Plan) The 1996 Plan, approved by the Company’s stockholders in August 1996 and amended in April 1999, provided for the issuance of up to 1,250,000 shares of the Company’s common stock to officers and key employees of the Company and its subsidiaries through January 1, 2006, at which time the 1996 Plan expired. Options were generally granted at fair market value at the date of grant. The Compensation Committee of the Board of Directors determines the vesting period at the time of grant. As of June 29, 2013, options to purchase 132,000 shares of common stock granted under the 1996 Plan were outstanding. 2000 Employee Stock Incentive Plan (the 2000 Plan) The 2000 Plan, approved by the Company’s stockholders in April 2001, provided for the issuance of up to 1,500,000 shares of the Company’s common stock to officers and key employees of the Company and its subsidiaries or consultants and advisors utilized by the Company. The Compensation Committee of the Board of Directors may award incentive stock options or non-qualified stock options, as well as stock appreciation rights, and determines the vesting period at the time of grant. As of June 29, 2013, options to purchase 76,500 shares of common stock granted under the 2000 Plan were outstanding. The 1996 Plan and 2000 Plan are expired and therefore no shares are available for grant thereunder. 2007 Omnibus Equity Compensation Plan (the 2007 Plan) The 2007 Plan, approved by the Company’s stockholders in June 2007, provides for the issuance of up to 700,000 shares of the Company’s common stock to officers, non-employee directors, employees of the Company and its subsidiaries or consultants and advisors utilized by the Company. No more than 350,000 shares of common stock in the aggregate may be issued pursuant to grants of stock awards, stock units, performance shares and other stock-based awards. No more than 300,000 shares of common stock with respect to awards may be granted to any individual during any fiscal year. The Compensation Committee of the Board of Directors determines the vesting period at the time of grant. As of June 29, 2013, under the 2007 Plan, 34,100 shares of common stock were available for future grants and options to purchase 76,400 shares of common stock, as well as 350,000 restricted stock units, were outstanding. Stock Options There were 5,000 options granted during the twenty-six week period ended June 29, 2013 and 20,000 options granted during the twenty-six week period ended June 30, 2012. Activity regarding outstanding options for the twenty-six week period ended June 29, 2013 is as follows:
As of June 29, 2013, the Company had approximately $0.1 million of total unrecognized compensation cost related to non-vested stock option awards granted under the Company’s various share-based plans, which the Company expects to recognize over approximately a three-year period. These amounts do not include the cost of any additional options that may be granted in future periods or reflect any potential changes in the Company’s forfeiture rate. Restricted Stock Units On November 16, 2012, the Company granted 350,000 restricted stock units all of which fully vest after three years of continued service. All of these restricted stock units include dividend accrual equivalents, which means that any dividends paid by the Company during the three year vesting period become due and payable after the three year vesting period assuming the grantee’s restricted stock unit fully vests. Dividends for these grants are accrued on the dividend payment dates and included in accounts payable and accrued expenses on the accompanying consolidated balance sheet. Dividends for restricted share units that ultimately do not vest are forfeited. To date, the Company has only issued restricted stock units under the 2007 Plan. The following summarizes the restricted stock units activity under the 2007 Plan during 2013:
Based on the closing price of the Company’s common stock of $5.43 per share on June 28, 2013, the intrinsic value of the non-vested restricted stock units at June 29, 2013 was $1.9 million. As of June 29, 2013, there was approximately $1.4 million of total unrecognized compensation cost related to restricted stock units, which is expected to be recognized over a weighted-average period of approximately 28.5 months. Employee Stock Purchase Plan The Company implemented the 2001 Employee Stock Purchase Plan with stockholder approval, effective January 1, 2001. Such Plan was subsequently amended, pursuant to stockholder approval where required, effective June 18, 2009 and September 16, 2009 (the 2001 Employee Stock Purchase Plan, as so amended, the “Purchase Plan”). Under the Purchase Plan, employees meeting certain specific employment qualifications are eligible to participate and can purchase shares of common stock semi-annually through payroll deductions at the lower of 85% of the fair market value of the stock at the commencement or end of the offering period. The purchase plan permits eligible employees to purchase shares of common stock through payroll deductions for up to 10% of qualified compensation. The Company has two offering periods in the Purchase Plan coinciding with the Company’s first two fiscal quarters and the last two fiscal quarters. Actual shares are issued on the first day of the subsequent offering period for the prior offering period payroll deductions. The number of shares issued at the beginning of the current period (as of January 2, 2013) was 26,481. As of June 29, 2013, there were 221,271 shares available for issuance under the Purchase Plan. |
Note 18 - Facilities Consolidation Charge (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 29, 2013
|
|
Accounting Policies [Abstract] | |
Severance Costs | $ 0.3 |
Note 6 - Acquisitions (Details) - BGA purchase consideration (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||||
---|---|---|---|---|---|
Jun. 29, 2013
|
Dec. 29, 2012
|
Dec. 29, 2012
BGA [Member]
Restricted Covenants [Member]
|
Dec. 29, 2012
BGA [Member]
Customer Relationships [Member]
|
Dec. 29, 2012
BGA [Member]
|
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Business Acquisition [Line Items] | |||||
Cash | $ 1,292 | ||||
Lease in excess of market, net present value | 469 | ||||
Contingent consideration, net present value | 930 | ||||
Total consideration | 2,691 | ||||
Fixed assets | 28 | ||||
Intangible assets acquired | 70 | 180 | |||
Deferred tax asset | 187 | ||||
Goodwill | $ 9,545 | $ 9,545 | $ 2,226 |
Note 5 - Property and Equipment (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2013
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] |
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Note 4 - Accounts Receivable (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2013
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
|
Note 10 - Per Share Data (Details) - Unissued shares of common stock were reserved for the following purposes
|
Jun. 29, 2013
|
Dec. 29, 2012
|
---|---|---|
Unissued shares of common stock were reserved for the following purposes [Abstract] | ||
Exercise of options outstanding | 284,900 | 307,400 |
Restricted stock awards outstanding | 350,000 | 350,000 |
Future grants of options or shares | 34,100 | 34,100 |
Shares reserved for employee stock purchase plan | 221,271 | 247,752 |
Total | 890,271 | 939,252 |
Note 5 - Property and Equipment (Details) (USD $)
|
6 Months Ended | |
---|---|---|
Jun. 29, 2013
|
Jun. 30, 2012
|
|
Property, Plant and Equipment [Abstract] | ||
Annual Depreciation Rate | 20.00% | |
Write Off of Fully Depreciated Property and Equipment | $ 1,143 | $ 1,211 |
Note 7 - Goodwill (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 29, 2013
|
Dec. 29, 2012
|
---|---|---|
Note 7 - Goodwill (Details) [Line Items] | ||
Goodwill | $ 9,545 | $ 9,545 |
Information Technology [Member]
|
||
Note 7 - Goodwill (Details) [Line Items] | ||
Goodwill | 5,516 | 5,516 |
Engineering [Member]
|
||
Note 7 - Goodwill (Details) [Line Items] | ||
Goodwill | 2,326 | 2,326 |
Specialty Health Care [Member]
|
||
Note 7 - Goodwill (Details) [Line Items] | ||
Goodwill | $ 1,703 | $ 1,703 |
Note 11 - Share Based Compensation (Details) - Restricted stock units activity (Restricted Stock Units (RSUs) [Member], USD $)
|
0 Months Ended | 6 Months Ended |
---|---|---|
Nov. 16, 2012
|
Jun. 29, 2013
|
|
Restricted Stock Units (RSUs) [Member]
|
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Note 11 - Share Based Compensation (Details) - Restricted stock units activity [Line Items] | ||
Shares | 350,000 | |
Weighted Average Grant Date Fair Value (in Dollars per share) | $ 5.62 | |
Granted | 350,000 | 8,000 |
Granted (in Dollars per share) | $ 5.45 | |
Forfeited or expired | (8,000) | |
Forfeited or expired (in Dollars per share) | $ 5.62 | |
Shares | 350,000 | |
Weighted Average Grant Date Fair Value (in Dollars per share) | $ 5.62 |
Note 11 - Share Based Compensation (Tables)
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Jun. 29, 2013
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
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Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] |
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Note 9 - Line of Credit (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 29, 2013
|
Jun. 30, 2012
|
Feb. 20, 2009
Revolving Credit Facility [Member]
|
Feb. 20, 2009
Letter of Credit [Member]
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Note 9 - Line of Credit (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15 | $ 5 | ||
Line of Credit Facility, Amount Outstanding | 0.8 | 0.8 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 14.2 |
Note 18 - Facilities Consolidation Charge
|
6 Months Ended |
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Jun. 29, 2013
|
|
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 18. Facilities consolidation charge In early fiscal 2013 the Company’s Canadian operations elected to consolidate its Mississauga location into its expanded Pickering location. In addition to customary moving expenses the Company incurred severance costs as several employees elected to receive statutory mandated severance payments as opposed to relocating their place of work. The Company incurred $0.3 million in costs related to the office consolidation for the twenty-six weeks ended June 29, 2013 which primarily consisted of severance and other related costs. |
Consolidated Statements of Changes in Stockholders' Equity (unaudited) (USD $)
|
Common Stock [Member]
|
Additional Paid-in Capital [Member]
|
Accumulated Other Comprehensive Income (Loss) [Member]
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Accumulated Deficit [Member]
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Treasury Stock [Member]
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Total
|
---|---|---|---|---|---|---|
Balance at Dec. 29, 2012 | $ 688,000 | $ 109,390,000 | $ 1,370,000 | $ (45,259,000) | $ (7,417,000) | $ 58,772,000 |
Balance (in Shares) at Dec. 29, 2012 | 13,756,589 | 1,457,856 | ||||
Issuance of stock under employee stock purchase plan | 1,000 | 119,000 | 120,000 | |||
Issuance of stock under employee stock purchase plan (in Shares) | 26,481 | 26,481 | ||||
Translation adjustment | (298,000) | (298,000) | ||||
Issuance of stock upon exercise of stock options | 1,000 | 84,000 | 85,000 | |||
Issuance of stock upon exercise of stock options (in Shares) | 19,500 | (19,500) | ||||
Share-based compensation expense | 369,000 | 369,000 | ||||
Common stock repurchase | (83,000) | (83,000) | ||||
Common stock repurchase (in Shares) | 15,450 | |||||
Net income | 2,430,000 | 2,430,000 | ||||
Balance at Jun. 29, 2013 | $ 690,000 | $ 109,962,000 | $ 1,072,000 | $ (42,829,000) | $ (7,500,000) | $ 61,395,000 |
Balance (in Shares) at Jun. 29, 2013 | 13,802,570 | 1,473,306 |
Note 1 - Basis of Presentation
|
6 Months Ended |
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Jun. 29, 2013
|
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Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Basis of Presentation The accompanying consolidated interim financial statements of RCM Technologies, Inc. and subsidiaries (“RCM” or the “Company”) are unaudited. The year-end consolidated balance sheet was derived from audited statements but does not include all disclosures required by accounting principles generally accepted in the United States. These statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission pertaining to reports on Form 10-Q and should be read in conjunction with the Company’s consolidated financial statements and the notes thereto for the year ended December 29, 2012 included in the Company’s Annual Report Form 10-K for such period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The consolidated financial statements for the unaudited interim periods presented include all adjustments (consisting only of normal, recurring adjustments except for the reduction of the contingent consideration pertaining to the PSG acquisition) necessary for a fair presentation of financial position, results of operations and cash flows for such interim periods. Results for the thirteen and twenty-six week periods ended June 29, 2013 are not necessarily indicative of results that may be expected for the full year. |
Note 4 - Accounts Receivable
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2013
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Accounts Receivable The Company’s accounts receivable are comprised as follows:
Unbilled receivables primarily represent revenues earned whereby those services are ready to be billed as of the balance sheet ending date. Work-in-process primarily represents revenues earned under contracts which the Company contractually invoices at future dates. |
Note 2 - Fiscal Year
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6 Months Ended | |||||||||
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Jun. 29, 2013
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Disclosure Text Block [Abstract] | ||||||||||
Business Description and Basis of Presentation [Text Block] | 2. Fiscal Year The Company follows a 52/53 week fiscal reporting calendar ending on the Saturday closest to December 31. The fiscal year ended December 29, 2012 was a 52-week reporting year. The second fiscal quarters of 2013 and 2012 ended on the following dates, respectively:
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Note 8 - Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Disclosure Text Block [Abstract] | |
Impairment of Intangible Assets, Finite-lived | $ 171 |
Note 6 - Acquisitions (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2013
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] |
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Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
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Business Acquisition, Pro Forma Information [Table Text Block] |
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Note 14 - Segment Information (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2013
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] |
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Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] |
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Note 6 - Acquisitions (Details) - Maximum Deferred Consideratoin Payments (BGA [Member], USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2016
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Jan. 02, 2016
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Jan. 03, 2015
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Dec. 28, 2013
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Jun. 29, 2013
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BGA [Member]
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Business Acquisition, Contingent Consideration [Line Items] | |||||
Estimated contingent consideration payments | $ 307 | $ 269 | $ 253 | $ 313 | $ 1,142 |
Note 16 - Contingencies (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |
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Jun. 29, 2013
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Dec. 29, 2012
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Loss Contingency [Abstract] | ||
Loss Contingency Accrual | $ 0.1 | $ 0.2 |
Loss Contingency, Damages Sought, Value | $ 10.4 |