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RCM Technologies, Inc. Announces Fourth Quarter and Fiscal Year 2024 Results
RCMTRCM Technologies(RCMT) GlobeNewswire·2025-03-12 20:05

Core 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 76.9million,anincreaseof8.376.9 million, an increase of 8.3% from 71.0 million in the prior quarter [2]. - Gross profit for the current quarter was 21.6million,consistentwiththepriorquarter[2].−GAAPnetincomeforthecurrentquarterwas21.6 million, consistent with the prior quarter [2]. - GAAP net income for the current quarter was 2.9 million, or 0.37perdilutedshare,downfrom0.37 per diluted share, down from 5.3 million, or 0.65perdilutedshare,inthecomparablepriorquarter[2].−AdjustedEBITDAforthecurrentquarterwas0.65 per diluted share, in the comparable prior quarter [2]. - Adjusted EBITDA for the current quarter was 6.3 million, compared to 8.9millioninthepriorquarter[2].−Forthefifty−twoweeksendedDecember28,2024,revenuewas8.9 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 263.2millionintheprioryear[3].−Grossprofitforthecurrentyearwas263.2 million in the prior year [3]. - Gross profit for the current year was 79.8 million, a 4.0% increase from 76.7millionintheprioryear[3].−GAAPnetincomeforthecurrentyearwas76.7 million in the prior year [3]. - GAAP net income for the current year was 13.3 million, or 1.68perdilutedshare,downfrom1.68 per diluted share, down from 16.8 million, or 1.96perdilutedshare,intheprioryear[3].−AdjustedEBITDAforthecurrentyearwas1.96 per diluted share, in the prior year [3]. - Adjusted EBITDA for the current year was 25.9 million, compared to 26.6millionintheprioryear[3].StrategicInsights−ExecutiveChairmanBradleyVizinotedthat2024demonstratedsubstantialprogressasmanystrategicinitiativesgainedtraction[4].−CFOKevinMillerexpressedconfidenceinthefoundationlaidforincreasedearningspowerin2025[4].RevenueBreakdown−ForthethirteenweeksendedDecember28,2024,revenuebysegmentwas26.6 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, 26.3millioninEngineering,and26.3 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 142.7millioninSpecialtyHealthCare,142.7 million in Specialty Health Care, 96.5 million in Engineering, and 39.2millioninLifeSciencesandDataSolutions[18].BalanceSheetHighlights−AsofDecember28,2024,totalassetswere39.2 million in Life Sciences and Data Solutions [18]. Balance Sheet Highlights - As of December 28, 2024, total assets were 132.1 million, up from 120.5millionayearearlier[20].−Currentassetsincreasedto120.5 million a year earlier [20]. - Current assets increased to 97.0 million from 90.5million[20].−Totalliabilitieswere90.5 million [20]. - Total liabilities were 98.6 million, compared to 94.7millionintheprioryear[20].CashFlowAnalysis−ForthethirteenweeksendedDecember28,2024,netcashusedinoperatingactivitieswas94.7 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)millioninthepriorquarter[23].−Forthefifty−twoweeksendedDecember28,2024,netcashprovidedbyoperatingactivitieswas(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].