Business
RCM Technologies, Inc. Announces Fourth Quarter and Full Year 2020 Results
PENNSAUKEN, N.J., April 01, 2021 (GLOBE NEWSWIRE) -- RCM Technologies, Inc. (NasdaqGM: RCMT), a premier provider of business and technology solutions designed
About this update from Rcm Technologies, Inc.
[{"type":"text","content":"PENNSAUKEN, N.J., April 01, 2021 (GLOBE NEWSWIRE) -- 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, specialty health care and information technology services, today announced financial results for the fourteen and fifty-three week periods ended January 2, 2021. RCM Technologies reported revenue of $41.2 million for the fourteen week period ended January 2, 2021 (the current period), a 15.2% decrease as compared to $48.6 million for the thirteen week period ended December 28, 2019 (the comparable prior year period). Gross profit was $10.7 million for the current period, a 15.5% decrease as compared to $12.7 million for the comparable prior year period. The Company experienced a GAAP operating loss of $1.9 million for the current period, as compared to GAAP operating income of $2.0 million for the comparable prior year period. The Company experienced a GAAP net loss of $1.7 million, or $0.15 per diluted share, for the current period as compared to GAAP net income of $1.0 million, or $0.08 per diluted share, for the comparable prior year period. RCM Technologies reported revenue of $150.4 million for the fifty-three week period ended January 2, 2021 (the current period), a 21.3% decrease as compared to $191.1 million for the fifty-two week period ended December 28, 2019 (the comparable prior year period). Gross profit was $38.9 million for the current period, a 20.0% decrease as compared to $48.6 million for the comparable prior year period. The Company experienced a GAAP operating loss of $11.0 million for the current period, as compared to GAAP operating income of $6.6 million for the comparable prior year period. The Company experienced a GAAP net loss of $8.9 million, or $0.73 per diluted share, for the current period as compared to GAAP net income of $4.1 million, or $0.31 per diluted share, for the comparable prior year period. Bradley Vizi, Executive Chairman of RCM Technologies, commented, “We are pleased with the quarterly trajectory of our adjusted EBITDA. After realizing just under $1 million in adjusted EBITDA in the fourth quarter of fiscal 2020, we expect to build on this progress and grow adjusted EBITDA sequentially in the first...