Wednesday August 26, 4:05 pm Eastern Time
Company Press Release
SOURCE: RCM Technologies, Inc.
RCM Technologies, Inc. Announces Record Third Quarter Operating Results And the Closing of a $75 Million Credit Facility
PENNSAUKEN, N.J., Aug. 26 /PRNewswire/ -- RCM Technologies, Inc. (Nasdaq: RCMT - news) today announced record operating results for the nine months and the three months ended July 31, 1998.
For the nine months ended July 31, 1998, the Company's revenues and net income increased to $138.2 million and $6.6 million ($0.75/share), respectively, as compared to revenues and net income of $76.5 million and $2.9 million ($0.53/share), respectively, in the nine months ended July 31, 1997.
For the three months ended July 31, 1998, the Company's revenues and net income increased to $52.0 million and $2.6 million ($0.26/share), respectively, as compared to revenues and net income of $28.0 million and $1.2 million ($0.19/share), respectively, in the three months ended July 31, 1997.
Nine Months Ended*
July 31, (Unaudited)
Percent
1998 1997 Change
Revenues $138.2 $76.5 + 80.1%
Net Income 6.6 2.9 + 126.8%
Net Income per share (Diluted) $0.75 $0.53 + 41.5%
Weighted average shares outstanding 8,732,895 5,465,851 + 59.8%
Third Quarter Ended*
July 31, (Unaudited)
Percent
1998 1997 Change
Revenues $52.0 $28.0 + 85.7%
Net Income 2.6 1.2 + 114.8%
Net Income per share (Diluted) $0.26 $0.19 + 36.8%
Weighted average shares outstanding 9,971,684 6,429,006 + 55.1%
*Dollars in millions, except per share data.
Leon Kopyt, Chairman and CEO of RCM, commented: ''We are pleased with the record operating results and continued upward momentum in our performance. We remain focused on growth and profitability through a combination of internal expansion and accretive acquisitions. The success of our business strategy has contributed to building financial strength, improving operational efficiencies and enhancing shareholder value.''
Closing of $75 Million Credit Facility
In addition, RCM Technologies, Inc. announced the closing of a $75 million credit facility with the banking syndicate consisting of Mellon Bank as administrative agent, Bank of America, Fleet Bank, First National Bank of Maryland and SunTrust Bank.
Leon Kopyt, Chairman and CEO of RCM, further added: ''The new credit facility concludes the second phase of our capital funding plan that we initiated in June with the completion of the secondary offering. This facility together with our cash position provides us in excess of $105 million in capital which is available to us to continue our successful acquisition program.''
RCM Technologies, Inc. is a multi-regional provider of specialty professional services to U.S. businesses. The Company principally focuses its services in the Information Technology and Professional Engineering sectors. RCM currently operates 54 branches in 23 states.
The Statements contained in this release that are not purely historical are forward-looking statements within the Private Securities Litigation Reform Act of 1995 and are subject to various risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to, the Company's ability to achieve and manage growth, risks relating to the acquisition and integration of acquired businesses and industry competition. Investors are directed to consider such risks, uncertainties and other factors described in documents filed by the Company with the Securities and Exchange Commission.
SOURCE: RCM Technologies, Inc. |
