RCM Technologies(RCMT) - 2024 Q4 - Annual Results

Revenue Performance - RCM Technologies reported revenue of $76.9 million for the thirteen weeks ended December 28, 2024, an increase of 8.3% compared to $71.0 million for the prior quarter[3] - For the fifty-two weeks ended December 28, 2024, revenue was $278.4 million, reflecting a 5.8% increase from $263.2 million in the prior year[4] - Revenue for the thirteen weeks ended December 28, 2024, was $76,912 million, an increase of 8.1% compared to $71,028 million for the same period in 2023[19] - For the fifty-two weeks ended December 28, 2024, total revenue reached $278,380 million, up from $263,237 million in the previous year, representing a growth of 5.8%[19] Profitability - GAAP net income for the current quarter was $2.9 million, or $0.37 per diluted share, down from $5.3 million, or $0.65 per diluted share, in the comparable prior quarter[3] - The company experienced a GAAP net income of $13.3 million, or $1.68 per diluted share, for the current year, compared to $16.8 million, or $1.96 per diluted share, for the prior year[4] - Adjusted net income per diluted share (non-GAAP) for the current year was $2.03, slightly down from $2.04 in the prior year[4] - Adjusted EBITDA for the current quarter was $6.3 million, compared to $8.9 million for the prior quarter[3] - The company reported a net income of $2,867 million for the thirteen weeks ended December 28, 2024, compared to $5,255 million for the same period in 2023[23] Expenses and Costs - Selling, general and administrative expenses increased to $16.0 million in the current quarter from $13.4 million in the prior quarter[3] - Gross profit for the current quarter was $21.6 million, consistent with the prior quarter's gross profit of $21.6 million[3] - The company’s gross profit for the fifty-two weeks ended December 28, 2024, was $79,778 million, compared to $76,696 million in the previous year[19] - Gross profit margin for the consolidated segment improved to 28.0% in Q4 2024 from 30.5% in Q4 2023[19] Assets and Liabilities - Total current assets increased to $97,038 million as of December 28, 2024, from $90,502 million a year earlier[21] - Cash and cash equivalents decreased to $4,729 million in Q4 2024 from $6,284 million in Q4 2023[21] - The company’s total liabilities rose to $98,593 million as of December 28, 2024, compared to $94,694 million in the previous year[21] - Stockholders' equity increased to $33,484 million as of December 28, 2024, from $25,790 million a year earlier[21] Future Outlook - The company plans to leverage its strategic initiatives to enhance earnings power in 2025[5] - RCM Technologies will host a conference call on March 13, 2025, to discuss these results[6] Cash Flow - Net cash used in operating activities for the thirteen weeks ended December 28, 2024, was $1,637 million, a decrease from $15,066 million in the same period of 2023[23]