Wednesday December 16, 4:54 pm Eastern Time
Company Press Release
SOURCE: RCM Technologies, Inc.
RCM Technologies, Inc. Announces Record Operating Results
PENNSAUKEN, N.J., Dec. 16 /PRNewswire/ -- RCM Technologies, Inc. (Nasdaq: RCMT - news) today reported record operating results for the fourth quarter and year ended October 31, 1998.
For the fourth quarter ended October 31, 1998, the Company's revenues and net income increased to $63.3 million and $3.2 million ($.31/share - basic and $.30/share-diluted), respectively, as compared to revenues and net income of $37.4 million and $1.6 million ($.21/share-basic and $.20/share-diluted), respectively, in the fourth quarter ended October 31, 1997.
For the year ended October 31, 1998, the Company's revenues and net income increased to $201.5 million and $9.8 million ($1.11/share-basic and $1.07/share-diluted), respectively, as compared to revenues and net income of $114.0 million and $4.5 million ($.74/share basic and $.70/share diluted), respectively, in the year ended October 31, 1997.
Fourth Quarter Ended October 31,
1998 1997 Percent Change
Revenues $63,269,000 $37,419,000 +69%
Gross profit $15,340,000 $8,862,000 +73%
Operating costs and
expenses $10,080,000 $5,656,000 +78%
Operating income $5,260,000 $3,206,000 +64%
Income before income
taxes $5,489,000 $3,304,000 +66%
Net income $3,210,000 $1,573,000 +104%
Earnings per share:
Basic $.31 $.21 +48%
Diluted $.30 $.20 +50%
Weighted average shares
outstanding (diluted) 10,812,000 8,047,000 +34%
Year Ended October 31,
1998 1997 Percent Change
Revenues $201,452,000 $113,959,000 +77%
Gross profit $48,424,000 $27,127,000 +79%
Operating costs and
expenses $31,915,000 $18,641,000 +71%
Operating income $16,509,000 $8,486,000 +95%
Income before income
taxes $16,744,000 $8,301,000 +102%
Net income $9,797,000 $4,477,000 +119%
Earnings per share:
Basic $1.11 $.74 +50%
Diluted $1.07 $.70 +53%
Weighted average shares
outstanding (diluted) 9,152,000 6,361,000 +44%
Leon Kopyt, Chairman and CEO of RCM, commented: ''We are pleased with the record operating results and a strong upward momentum in our performance. This fiscal year is reflective of our many accomplishments in continued growth and profitability through a combination of internal expansion and acquisitions as well as strategic transition to higher value oriented services.''
RCM Technologies, Inc. is a national provider of specialty services and solutions principally focusing on the Information Technology, Professional Engineering and Government Services sectors. RCM offices are located in major geographic regions nationwide.
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. |
