0000700841-15-000022.txt : 20151109 0000700841-15-000022.hdr.sgml : 20151109 20151105162145 ACCESSION NUMBER: 0000700841-15-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20151105 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151105 DATE AS OF CHANGE: 20151105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RCM TECHNOLOGIES INC CENTRAL INDEX KEY: 0000700841 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 951480559 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10245 FILM NUMBER: 151200971 BUSINESS ADDRESS: STREET 1: 2500 MCCLELLAN AVENUE STREET 2: STE 350 CITY: PENNSAUKEN STATE: NJ ZIP: 08109-4613 BUSINESS PHONE: 8563564500 MAIL ADDRESS: STREET 1: 2500 MCCLELLAN AVENUE STREET 2: STE 350 CITY: PENNSAUKEN STATE: NJ ZIP: 08109-4613 8-K 1 form8k110515.htm FORM 8-K 11/5/15 form8k110515.htm
UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON, DC 20549
 
________
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported): November 5, 2015
 
RCM Technologies, Inc.
(Exact Name of Registrant as Specified in Charter)
 
 
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)
 
Registrant’s telephone number, including area code: (856) 356-4500
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
   
[  ]
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.
 
On November 5, 2015, the Registrant issued a press release regarding its financial results for the thirteen and thirty-nine weeks ended October 3, 2015.  A copy of the press release is furnished as Exhibit 99 to this report.
 
The information set forth under this “Item 2.02. Results of Operations and Financial Condition” (including the exhibit) shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any filing made by the Registrant pursuant to the Securities Act of 1933, as amended, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto.
 
Item 9.01.        Financial Statements and Exhibits.
 
(a) Financial Statements of Businesses Acquired.
 
None.
 
(b) Pro Forma Financial Information.
 
None.
 
(c) Shell Company Transactions.
 
None.
 
(d) Exhibits.
 
Exhibit Number
 
99
Press Release by the Registrant, dated November 5, 2015, furnished in accordance with Item 2.02 of this Current Report on Form 8-K.
 

 
 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
RCM TECHNOLOGIES, INC.
 
 
 
By:
/s/ Kevin D. Miller
 
Kevin D. Miller
 
Chief Financial Officer, Treasurer and
Secretary
 
 
Dated: November 5, 2015

 
 

 

EXHIBIT INDEX
 
Exhibit Number
Exhibit Title
99
Press Release by the Registrant, dated November 5, 2015, furnished in accordance with Item 2.02 of this Current Report on Form 8-K.
 

EX-99 2 pressrel.htm PRESS RELEASE 11/5/15 pressrel.htm
 
RCM Technologies, Inc.
Tel:  856.356.4500
Corporate Contacts:
2500 McClellan Avenue
Fax: 856.356.4600
Rocco Campanelli
Pennsauken, NJ 08109
info@rcmt.com
President & CEO
 
www.rcmt.com
Kevin D. Miller
   
Chief Financial Officer

 
P R E S S   R E L E A S E

RCM TECHNOLOGIES, INC. ANNOUNCES THIRD QUARTER RESULTS

Pennsauken, NJ – November 5, 2015 -- RCM Technologies, Inc. (NasdaqGM: RCMT), a premier provider of business and technology solutions designed to enhance and maximize the operational performance of its customers through the adaptation and deployment of advanced engineering, information technology and specialty health care services, today announced financial results for the thirteen and thirty-nine week periods ended October 3, 2015.

RCM Technologies reported revenues of $45.1 million for the thirteen week period ended October 3, 2015, a 2.8% decrease as compared to $46.4 million for the thirteen week period ended September 27, 2014 (the comparable prior year period). Gross profit was $12.8 million for the thirteen week period ended October 3, 2015, a 2.7% decrease as compared to $13.2 million for the comparable prior year period.  Operating income was $1.9 million for the thirteen week period ended October 3, 2015, a 32.7% decrease as compared to $2.8 million for the comparable prior year period. Net income for the thirteen week period ended October 3, 2015 was $1.0 million, or $0.07 per diluted share, as compared to $1.9 million, or $0.15 per diluted share, for the comparable prior year period.

The Company reported revenues of $138.3 million for the thirty-nine week period ended October 3, 2015, a 4.2% decrease as compared to $144.5 million for the thirty-nine week period ended September 27, 2014 (the comparable prior year period). Gross profit was $38.2 million for the thirty-nine week period ended October 3, 2015, as compared to $38.4 million for the comparable prior year period.  Operating income was $5.5 million for the thirty-nine week period ended October 3, 2015, a 30.7% decrease as compared to $7.9 million for the comparable prior year period. Net income for the thirty-nine week period ended October 3, 2015 was $3.0 million, or $0.23 per diluted share, as compared to $5.1 million, or $0.40 per diluted share, for the comparable prior year period.

Rocco Campanelli, President and Chief Executive Officer of RCM Technologies, commented, “While cognizant of the lower year over year consolidated comparisons of our operating results, we are pleased to see the improvement in our third quarter of 2015 results as compared to our second quarter of 2015. We are also observing encouraging signs in several of our businesses on a year over year basis.  Our Specialty Healthcare Staffing segment continues to reach new heights as their third quarter, which is typically a seasonal low, achieved another record result with $10.7 million in revenues. Our healthcare revenues grew by almost 50% as compared to the third quarter of 2014. Our Information Technology segment continued its steady performance and grew by 5.3% in the third quarter of 2015 as compared to the third quarter of 2014 despite our two largest life sciences clients from fiscal 2014 declining by $2.0 million in revenues. Our Engineering segment improved their gross profit contribution to $4.9 million in the third quarter of 2015 as compared to our disappointing second quarter of 2015 gross profit of $4.3 million. We are very excited about the master services agreement signed with Bruce Power during the quarter and expect that contract to act as a springboard for an improved fiscal 2016.”

Kevin Miller, Chief Financial Officer of RCM Technologies, added, “We are happy to see a rebound from our second quarter of 2015. We also generated $10.0 million in cash flow from operations and improved our net debt position to $10.5 million. We expect to see continued strong cash flow from operations in the fourth quarter.”

 
 

 

Conference Call
On Friday, November 6, 2015, RCM Technologies will host a conference call to discuss these results. The call will begin at 10:00 a.m. Eastern Time.  The dial-in number is (866) 240-5139.

About RCM
RCM Technologies, Inc. is a premier provider of business and technology solutions designed to enhance and maximize the operational performance of its customers through the adaptation and deployment of advanced information technology and engineering services. RCM is an innovative leader in the delivery of these solutions to commercial and government sectors.  RCM is also a provider of specialty healthcare services to major health care institutions and educational facilities. RCM’s offices are located in major metropolitan centers throughout North America.  Additional information can be found at www.rcmt.com.

The Statements contained in this release that are not purely historical are forward-looking statements within the Private Securities Litigation Reform Act of 1995 and are subject to various risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements.  These statements often include words such as “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “intend,” “believe,” “plan,” “seek,” “could,” “can,” “should” or similar expressions.  In addition, statements that are not historical should also be considered forward-looking statements. These statements are based on assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances.  Forward-looking statements include, but are not limited to, those relating to demand for the Company’s services, expectations regarding our future revenues and other financial results, our pipeline and potential project wins and our expectations for growth in our business. Such statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors, which may cause actual events to be materially different from those expressed or implied by such forward-looking statements.  Risk, uncertainties and other factors may emerge from time to time that could cause the Company’s actual results to differ from those indicated by the forward-looking statements. Investors are directed to consider such risks, uncertainties and other factors described in documents filed by the Company with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. The Company assumes no obligation (and expressly disclaims any such obligation) to update any forward-looking statements contained in this release as a result of new information or future events or developments, except as may be required by law.

Tables to Follow

 
 

 

RCM Technologies, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
 (In Thousands, Except Share and Per Share Amounts)

 
Thirteen Week Periods Ended
 
 
October 3,
2015
 
September 27,
2014
 
Revenues
$45,077
 
$46,382
 
Cost of services
32,275
 
33,221
 
Gross profit
12,802
 
13,161
 
Selling, general and administrative
10,462
 
9,991
 
Depreciation and amortization
434
 
337
 
Operating income
1,906
 
2,833
 
Other (expense) income, net
(174
)
6
 
Income before income taxes
1,732
 
2,839
 
Income tax expense
770
 
962
 
Net income
$962
 
$1,877
 
         
Diluted net earnings per share data
$0.07
 
$0.15
 

 
Thirty-Nine Week Periods Ended
 
 
October 3,
2015
 
September 27,
2014
 
Revenues
$138,329
 
$144,460
 
Cost of services
100,134
 
106,087
 
Gross profit
38,195
 
38,373
 
Selling, general and administrative
31,640
 
29,592
 
Depreciation and amortization
1,084
 
885
 
Operating income
5,471
 
7,896
 
Other expense, net
(427
)
(19
)
Income before income taxes
5,044
 
7,877
 
Income tax expense
2,005
 
2,780
 
Net income
$3,039
 
$5,097
 
         
Diluted net earnings per share data
$0.23
 
$0.40
 

RCM Technologies, Inc.
Summary Consolidated Selected Balance Sheet Data
 (In Thousands)

 
October 3,
2015
 
January 3,
2015
 
 
(Unaudited)
     
Cash and cash equivalents
$4,542
 
$6,411
 
Accounts receivable, net
$52,766
 
$59,187
 
Total current assets
$64,328
 
$72,579
 
Total assets
$81,674
 
$87,273
 
Total current liabilities
$21,068
 
$23,633
 
Borrowing under line of credit
$15,000
 
$20,000
 
Net debt (borrowings less cash)
$10,458
 
$13,589
 
Total liabilities
$37,589
 
$44,408
 
Stockholders’ equity
$44,085
 
$42,865
 
Treasury stock
$8,037
 
$7,529
 

 
 

 

RCM Technologies, Inc.
Condensed Consolidated Statements of Cash Flows
 (Unaudited)
(In Thousands)

 
Thirteen Week Periods Ended
 
 
October 3,
2015
 
September 27,
2014
 
Net income
$962
 
$1,877
 
Adjustments to reconcile net income to cash
  provided by operating activities
1,072
 
1,341
 
Changes in operating assets and liabilities
       
 
Accounts receivable
6,717
 
(1,609
)
 
Prepaid expenses and other current assets
130
 
1,450
 
 
Net of transit accounts receivable and payable
(478
)
(2,404
)
 
Accounts payable and accrued expenses
1,174
 
(2,798
)
 
Accrued payroll and related costs
(248
)
(931
)
 
Income taxes payable
634
 
351
 
Total adjustments
9,001
 
(4,600
)
Cash provided by (used in) operating activities
$9,963
 
($2,723
)
         
Net cash used in investing activities
(2,357
)
(616
)
Net cash (used in) provided by financing activities,
principally repayment of borrowings under
line of credit
(5,314
)
202
 
Effect of exchange rate changes
(396
)
(169
)
Increase (decrease) in cash and cash equivalents
$1,896
 
($3,306
)


 
Thirty-Nine Week Periods Ended
 
 
October 3,
2015
 
September 27,
2014
 
Net income
$3,039
 
$5,097
 
Adjustments to reconcile net income to cash
  provided by operating activities
3,204
 
3,578
 
Changes in operating assets and liabilities
       
 
Accounts receivable
3,272
 
(5,645
)
 
Prepaid expenses and other current assets
(45
)
(426
)
 
Net of transit accounts receivable and payable
(2,263
)
131
 
 
Accounts payable and accrued expenses
251
 
(968
)
 
Accrued payroll and related costs
(175
)
(882
)
 
Income taxes payable
205
 
299
 
Total adjustments
4,449
 
(3,913
)
Cash provided by operating activities
$7,488
 
$1,184
 
         
Net cash used in investing activities
(3,333
)
(2,023
)
Net cash (used in) provided by financing activities
(5,206
)
292
 
Effect of exchange rate changes
(818
)
(465
)
Decrease in cash and cash equivalents
($1,869
)
($1,012
)


 
 

 

RCM Technologies, Inc.
Summary of Selected Income Statement Data
 (Unaudited)
(In Thousands)


 
Thirteen Week Period Ended October 3, 2015
 
 
Engineering
 
Information
Technology
 
Specialty
Health Care
 
 
Consolidated
 
                 
Revenue
$19,224
 
$15,171
 
$10,682
 
$45,077
 
Cost of services
14,325
 
10,477
 
7,473
 
32,275
 
Gross Profit
$4,899
 
$4,694
 
$3,209
 
$12,802
 
Gross Margin
25.5
%
30.9
%
30.0
%
28.4
%



 
Thirteen Week Period Ended September 27, 2014
 
 
Engineering
 
Information
Technology
 
Specialty
Health Care
 
 
Consolidated
 
                 
Revenue
$24,835
 
$14,405
 
$7,142
 
$46,382
 
Cost of services
18,239
 
9,941
 
5,041
 
33,221
 
Gross Profit
$6,596
 
$4,464
 
$2,101
 
$13,161
 
Gross Margin
26.6
%
31.0
%
29.4
%
28.4
%



 
Thirty-Nine Week Period Ended October 3, 2015
 
 
Engineering
 
Information
Technology
 
Specialty
Health Care
 
 
Consolidated
 
                 
Revenue
$61,843
 
$44,684
 
$31,802
 
$138,329
 
Cost of services
46,989
 
30,904
 
22,241
 
100,134
 
Gross Profit
$14,854
 
$13,780
 
$9,561
 
$38,195
 
Gross Margin
24.0
%
30.8
%
30.1
%
27.6
%



 
Thirty-Nine Week Period Ended September 27, 2014
 
 
Engineering
 
Information
Technology
 
Specialty
Health Care
 
 
Consolidated
 
                 
Revenue
$75,615
 
$44,076
 
$24,769
 
$144,460
 
Cost of services
57,695
 
30,734
 
17,658
 
106,087
 
Gross Profit
$17,920
 
$13,342
 
$7,111
 
$38,373
 
Gross Margin
23.7
%
30.3
%
28.7
%
26.6
%
 
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