RCMT--earnings are out and now the bash-all-the stocks-in-the-sector mentality will be found wanting tomorrow.
<<Nine Months ($1.01/Share) Operating Results
PENNSAUKEN, N.J., Sept. 7 /PRNewswire/ -- RCM Technologies, Inc. (Nasdaq: RCMT) today announced record financial results for the nine months and the three months ended July 31, 1999.
For the nine months ended July 31, 1999, the Company reported revenues of $229.8 million and net income of $10.9 million ($1.01/share), as compared to revenues of $138.2 million and net income of $6.6 million ($0.75/share), for the nine months ended July 31, 1998.
For the three months ended July 31, 1999, the Company reported revenues of $81.8 million and net income of $3.9 million ($0.36/share), as compared to revenues of $52.0 million and net income of $2.6 million ($0.26/share), for three months ended July 31, 1998.
Nine months Ended July 31,
1999 1998 Percent Change
Revenues $229,768,000 $138,183,000 + 66%
Gross profit 54,900,000 33,084,000 + 66%
Operating costs and expenses 36,300,000 21,836,000 + 66%
Operating income 18,607,000 11,248,000 + 65%
Income before income taxes 18,335,000 11,256,000 + 63%
Net income $10,938,000 $6,587,000 + 66%
Earnings per share:
Basic $1.04 $.80 + 30%
Diluted $1.01 $.75 + 35%
Weighted average shares
outstanding (diluted) 10,840,658 8,732,895 + 24%
Third Quarter Ended July 31,
1999 1998 Percent Change
Revenues $81,837,000 $52,009,000 + 57%
Gross profit 19,666,000 12,324,000 + 60%
Operating costs and expenses 12,859,000 8,102,000 + 59%
Operating income 6,807,000 4,221,000 + 61%
Income before income taxes 6,464,000 4,420,000 + 46%
Net income $3,885,000 $2,591,000 + 50%
Earnings per share:
Basic $.37 $.27 + 37%
Diluted $.36 $.26 + 39%
Weighted average shares
outstanding (diluted) 10,855,124 9,971,684 + 9%
Summary Consolidated Balance Sheet Data (In thousands)
As of July 31,
1999 1998
Cash and equivalents $1,396 $22,188
Working capital $52,096 $53,673
Total assets $168,540 $117,067
Long-term liabilities $32,200 $-
Shareholders' equity $117,927 $106,672
Leon Kopyt, Chairman, President and CEO of RCM, commented: "We are pleased that despite the current challenging period in our sector, we have achieved record revenues and earnings. We are making progress in responding to the changes in the market and technology orientation and continue to redeploy and position our resources to maintain strong growth."
RCM Technologies, Inc. is a premier provider of Business, Technology and Resource solutions in Information Technology and Professional Engineering to customers in corporate and government sectors. RCM's offices are located in major geographic regions throughout North America.
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. -0- 09/07/1999 /CONTACT: Leon Kopyt, Chairman, President & CEO, or Stanton Remer, CPA, Chief Financial Officer, or Kevin D. Miller, Senior Vice President of RCM Technologies, 609-486-1777, or fax, 609-488-8833, or info@rcmt.com/ /Web site: rcmt.com (RCMT) CO: RCM Technologies, Inc. ST: New Jersey>>
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