Nevada
(State or Other
Jurisdiction of
Incorporation)
|
1-10245
(Commission File
Number)
|
95-1480559
(I.R.S. Employer
Identification No.)
|
2500 McClellan Avenue, Suite 350
|
||
Pennsauken, NJ
|
08109-4613
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)).
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)).
|
Item 2.02.
|
Results of Operations and Financial Condition.
|
Exhibit Number
|
|
99
|
Press Release by the Registrant, dated November 5, 2015, furnished in accordance with Item 2.02 of this Current Report on Form 8-K.
|
By:
|
/s/ Kevin D. Miller
|
Kevin D. Miller
|
|
Chief Financial Officer, Treasurer and
Secretary
|
Exhibit Number
|
Exhibit Title
|
99
|
Press Release by the Registrant, dated November 5, 2015, furnished in accordance with Item 2.02 of this Current Report on Form 8-K.
|
RCM Technologies, Inc.
|
Tel: 856.356.4500
|
Corporate Contacts:
|
2500 McClellan Avenue
|
Fax: 856.356.4600
|
Rocco Campanelli
|
Pennsauken, NJ 08109
|
info@rcmt.com
|
President & CEO
|
www.rcmt.com
|
Kevin D. Miller
|
|
Chief Financial Officer
|
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
|
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
|
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
|
)
|
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
|
%
|