RCM Technologies(RCMT) - 2024 Q2 - Quarterly Results

Financial Performance - RCM Technologies reported revenue of $69.2 million for the thirteen weeks ended June 29, 2024, a 3.2% increase from $67.0 million in the prior year[2] - Gross profit for the current quarter was $20.0 million, reflecting a 6.6% increase compared to $18.8 million in the comparable prior quarter[2] - GAAP net income for the current quarter was $3.8 million, or $0.47 per diluted share, compared to $4.0 million, or $0.47 per diluted share, in the prior year[2] - Adjusted EBITDA (non-GAAP) for the current quarter was $7.2 million, a 10.8% increase from $6.5 million in the comparable prior quarter[2] - For the twenty-six weeks ended June 29, 2024, revenue was $141.1 million, a 5.2% increase from $134.2 million in the prior year[3] - Gross profit for the twenty-six weeks was $40.4 million, a 6.8% increase compared to $37.8 million in the prior year[3] - The company experienced adjusted net income per diluted share (non-GAAP) of $1.10 for the current period, up from $0.92 in the prior year[3] Segment Performance - Engineering segment growth was highlighted as a key driver of second-quarter performance, with project activity increasing[4] - The gross profit for the Specialty Health Care segment was $10,639,000 for the thirteen weeks ended June 29, 2024, representing a gross profit margin of 28.8%[14] Cash Flow and Assets - Net cash provided by operating activities for the thirteen weeks ended June 29, 2024, was $5,725,000, a decrease from $17,343,000 for the same period last year[19] - Total current assets decreased to $85,287,000 as of June 29, 2024, down from $90,502,000 at December 30, 2023[18] - Cash and cash equivalents decreased to $3,480,000 as of June 29, 2024, from $6,284,000 at December 30, 2023[18] - Net cash used in financing activities for the thirteen weeks ended June 29, 2024, was $(3,796,000), compared to $(17,631,000) for the same period last year[19] Liabilities and Deficit - Total liabilities decreased to $89,826,000 as of June 29, 2024, from $94,694,000 at December 30, 2023[18] - The company’s accumulated deficit improved to $(11,551,000) as of June 29, 2024, from $(19,265,000) at December 30, 2023[18] Future Outlook - The company emphasized its strong cash-generating business model, which supports growth and capital management[4] - RCM Technologies will host a conference call on August 8, 2024, to discuss these results further[5] Consolidated Results - Consolidated revenue for the thirteen weeks ended June 29, 2024, was $69,164,000, a 3.2% increase from $67,035,000 for the same period last year[14] - Gross profit margin for the consolidated results improved to 28.9% for the thirteen weeks ended June 29, 2024, compared to 28.0% for the same period last year[14] - The company reported a net income of $3,762,000 for the thirteen weeks ended June 29, 2024, compared to $3,983,000 for the same period last year[19]