RCM Technologies(RCMT) Globenewswire·2025-03-12 20:05Core Viewpoint - RCM Technologies, Inc. reported financial results for the thirteen and fifty-two weeks ended December 28, 2024, showing revenue growth but a decline in net income compared to the previous periods [2][3][4]. Financial Performance - For the thirteen weeks ended December 28, 2024, revenue was $76.9 million, an increase of 8.3% from $71.0 million in the prior quarter [2]. - Gross profit for the current quarter was $21.6 million, consistent with the prior quarter [2]. - 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 [2]. - Adjusted EBITDA for the current quarter was $6.3 million, compared to $8.9 million in the prior quarter [2]. - For the fifty-two weeks ended December 28, 2024, revenue was $278.4 million, a 5.8% increase from $263.2 million in the prior year [3]. - Gross profit for the current year was $79.8 million, a 4.0% increase from $76.7 million in the prior year [3]. - GAAP net income for the current year was $13.3 million, or $1.68 per diluted share, down from $16.8 million, or $1.96 per diluted share, in the prior year [3]. - Adjusted EBITDA for the current year was $25.9 million, compared to $26.6 million in the prior year [3]. Strategic Insights - Executive Chairman Bradley Vizi noted that 2024 demonstrated substantial progress as many strategic initiatives gained traction [4]. - CFO Kevin Miller expressed confidence in the foundation laid for increased earnings power in 2025 [4]. Revenue Breakdown - For the thirteen weeks ended December 28, 2024, revenue by segment was $41.0 million in Specialty Health Care, $26.3 million in Engineering, and $9.6 million in Life Sciences and Data Solutions [18]. - For the fifty-two weeks ended December 28, 2024, revenue by segment was $142.7 million in Specialty Health Care, $96.5 million in Engineering, and $39.2 million in Life Sciences and Data Solutions [18]. Balance Sheet Highlights - As of December 28, 2024, total assets were $132.1 million, up from $120.5 million a year earlier [20]. - Current assets increased to $97.0 million from $90.5 million [20]. - Total liabilities were $98.6 million, compared to $94.7 million in the prior year [20]. Cash Flow Analysis - For the thirteen weeks ended December 28, 2024, net cash used in operating activities was $(1.6) million, compared to $(15.1) million in the prior quarter [23]. - For the fifty-two weeks ended December 28, 2024, net cash provided by operating activities was $6.2 million, down from $12.5 million in the prior year [24].