Nevada
(State or Other
Jurisdiction of
Incorporation)
|
1-10245
(Commission File
Number)
|
95-1480559
(I.R.S. Employer
Identification No.)
|
2500 McClellan Avenue, Suite 350
|
||
Pennsauken, NJ
|
08109-4613
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)).
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)).
|
Item 2.02.
|
Results of Operations and Financial Condition.
|
Exhibit Number
|
|
99
|
Press Release by the Registrant, dated August 12, 2014, furnished in accordance with Item 2.02 of this Current Report on Form 8-K.
|
By:
|
/s/ Kevin D. Miller
|
Kevin D. Miller
|
|
Chief Financial Officer, Treasurer and
Secretary
|
Exhibit Number
|
Exhibit Title
|
99
|
Press Release by the Registrant, dated August 12, 2014, 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
|
||||
June 28,
2014
|
June 29,
2013
|
|||
Revenues
|
$49,509
|
$42,379
|
||
Cost of services
|
36,554
|
31,117
|
||
Gross profit
|
12,955
|
11,262
|
||
Selling, general and administrative
|
9,653
|
8,974
|
||
Severance and other charges
|
-
|
293
|
||
Depreciation and amortization
|
277
|
281
|
||
Operating income
|
3,025
|
1,714
|
||
Other income (expense), net
|
37
|
(13
|
)
|
|
Income before income taxes
|
3,062
|
1,701
|
||
Income tax expense
|
1,045
|
231
|
||
Net income
|
$2,017
|
$1,470
|
||
Diluted net earnings per share data
|
$0.15
|
$0.12
|
Twenty-Six Week Periods Ended
|
||||
June 28,
2014
|
June 29,
2013
|
|||
Revenues
|
$98,078
|
$83,609
|
||
Cost of services
|
72,866
|
61,726
|
||
Gross profit
|
25,212
|
21,883
|
||
Selling, general and administrative
|
19,497
|
17,667
|
||
Severance and other charges
|
104
|
438
|
||
Depreciation and amortization
|
548
|
550
|
||
Operating income
|
5,063
|
3,228
|
||
Other (expense) income, net
|
(25
|
)
|
78
|
|
Income before income taxes
|
5,038
|
3,306
|
||
Income tax expense
|
1,818
|
876
|
||
Net income
|
$3,220
|
$2,430
|
||
Diluted net earnings per share data
|
$0.25
|
$0.20
|
June 28,
2014
(Unaudited)
|
December 28,
2013
|
|||
Cash and cash equivalents
|
$11,611
|
$9,317
|
||
Accounts receivable, net
|
$59,307
|
$55,726
|
||
Total current assets
|
$80,265
|
$72,704
|
||
Total assets
|
$94,650
|
$86,524
|
||
Total current liabilities
|
$29,268
|
$24,739
|
||
Total liabilities
|
$29,575
|
$25,146
|
||
Stockholders’ equity
|
$65,075
|
$61,378
|
Thirteen Week Periods Ended
|
|||||
June 28,
2014
|
June 29,
2013
|
||||
Net income
|
$2,017
|
$1,470
|
|||
Adjustments to reconcile net income to cash
provided by operating activities
|
1,615
|
671
|
|||
Changes in operating assets and liabilities
|
|||||
Accounts receivable
|
211
|
291
|
|||
Transit accounts receivable
|
(70
|
)
|
908
|
||
Prepaid expenses and other current assets
|
(649
|
)
|
(137
|
)
|
|
Accounts payable and accrued expenses
|
1,794
|
1,129
|
|||
Transit accounts payable
|
2,540
|
(3,824
|
)
|
||
Accrued payroll and related costs
|
(1,001
|
)
|
(746
|
)
|
|
Income taxes payable
|
257
|
(37
|
)
|
||
Total adjustments
|
4,697
|
(1,745
|
)
|
||
Cash provided by (used in) operating activities
|
$6,714
|
($275
|
)
|
||
Net cash used in investing activities
|
(923
|
)
|
(498
|
)
|
|
Net cash provided by financing activities
|
184
|
55
|
|||
Effect of exchange rate changes
|
41
|
17
|
|||
Increase (decrease) in cash and cash equivalents
|
$6,016
|
($701
|
)
|
Twenty-Six Week Periods Ended
|
|||||
June 28,
2014
|
June 29,
2013
|
||||
Net income
|
$3,220
|
$2,430
|
|||
Adjustments to reconcile net income to cash
provided by operating activities
|
2,237
|
953
|
|||
Changes in operating assets and liabilities
|
|||||
Accounts receivable
|
(4,036
|
)
|
(5,602
|
)
|
|
Transit accounts receivable
|
(382
|
)
|
4,141
|
||
Prepaid expenses and other current assets
|
(1,876
|
)
|
318
|
||
Accounts payable and accrued expenses
|
1,830
|
2,388
|
|||
Transit accounts payable
|
2,917
|
(5,325
|
)
|
||
Accrued payroll and related costs
|
49
|
165
|
|||
Income taxes payable
|
(52
|
)
|
330
|
||
Total adjustments
|
687
|
(2,632
|
)
|
||
Cash provided by (used in) operating activities
|
$3,907
|
($202
|
)
|
||
Net cash used in investing activities
|
(1,407
|
)
|
(811
|
)
|
|
Net cash provided by financing activities
|
90
|
122
|
|||
Effect of exchange rate changes
|
(296
|
)
|
(37
|
)
|
|
Increase (decrease) in cash and cash equivalents
|
$2,294
|
($928
|
)
|