$RCMT
RCM TECHNOLOGIES, INC.

2016 Q3 Form 10-Q Financial Statement

#000070084116000050 Filed on August 12, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $45.38M $45.29M
YoY Change 0.21% -2.36%
Cost Of Revenue $33.28M $33.20M
YoY Change 0.24% -0.08%
Gross Profit $12.10M $12.09M
YoY Change 0.12% -8.14%
Gross Profit Margin 26.67% 26.7%
Selling, General & Admin $10.18M $10.55M
YoY Change -3.5% 5.55%
% of Gross Profit 84.08% 87.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $399.0K $334.0K
YoY Change 19.46% -0.89%
% of Gross Profit 3.3% 2.76%
Operating Expenses $10.18M $10.55M
YoY Change -3.5% 5.55%
Operating Profit $1.528M $1.210M
YoY Change 26.28% -57.29%
Interest Expense -$90.00K -$120.0K
YoY Change -25.0% -1300.0%
% of Operating Profit -5.89% -9.92%
Other Income/Expense, Net -$85.00K -$118.0K
YoY Change -27.97% -2066.67%
Pretax Income $1.443M $1.092M
YoY Change 32.14% -61.54%
Income Tax $580.0K $403.0K
% Of Pretax Income 40.19% 36.9%
Net Earnings $863.0K $689.0K
YoY Change 25.25% -63.29%
Net Earnings / Revenue 1.9% 1.52%
Basic Earnings Per Share $0.05
Diluted Earnings Per Share $68.97K $0.05
COMMON SHARES
Basic Shares Outstanding 12.36M 12.71M
Diluted Shares Outstanding 12.47M 12.95M

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $200.0K $2.600M
YoY Change -92.31% -68.67%
Cash & Equivalents $234.0K $2.646M
Short-Term Investments
Other Short-Term Assets $3.000M $3.300M
YoY Change -9.09% 0.0%
Inventory
Prepaid Expenses
Receivables $48.42M $60.85M
Other Receivables $2.281M $4.160M
Total Short-Term Assets $53.95M $70.97M
YoY Change -23.98% -10.28%
LONG-TERM ASSETS
Property, Plant & Equipment $4.611M $3.682M
YoY Change 25.23% 8.29%
Goodwill $11.63M $10.22M
YoY Change 13.76%
Intangibles $206.0K $155.0K
YoY Change 32.9%
Long-Term Investments
YoY Change
Other Assets $300.0K $700.0K
YoY Change -57.14% -50.0%
Total Long-Term Assets $12.18M $11.10M
YoY Change 9.68% -27.15%
TOTAL ASSETS
Total Short-Term Assets $53.95M $70.97M
Total Long-Term Assets $12.18M $11.10M
Total Assets $70.74M $85.75M
YoY Change -17.51% -9.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.50M $11.90M
YoY Change -3.36% -24.2%
Accrued Expenses $7.800M $7.800M
YoY Change 0.0% -15.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.68M $20.61M
YoY Change 0.35% -21.05%
LONG-TERM LIABILITIES
Long-Term Debt $14.90M $20.00M
YoY Change -25.5%
Other Long-Term Liabilities $900.0K $800.0K
YoY Change 12.5% -27.27%
Total Long-Term Liabilities $15.80M $20.80M
YoY Change -24.04% 1790.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.68M $20.61M
Total Long-Term Liabilities $15.80M $20.80M
Total Liabilities $36.73M $41.38M
YoY Change -11.23% 52.13%
SHAREHOLDERS EQUITY
Retained Earnings -$67.78M -$60.86M
YoY Change 11.38%
Common Stock $730.0K $709.0K
YoY Change 2.96%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.50M $7.529M
YoY Change 52.69%
Treasury Stock Shares $2.277M $1.477M
Shareholders Equity $34.01M $44.37M
YoY Change
Total Liabilities & Shareholders Equity $70.74M $85.75M
YoY Change -17.51% -9.06%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $863.0K $689.0K
YoY Change 25.25% -63.29%
Depreciation, Depletion And Amortization $399.0K $334.0K
YoY Change 19.46% -0.89%
Cash From Operating Activities $6.630M $2.430M
YoY Change 172.84% -189.01%
INVESTING ACTIVITIES
Capital Expenditures -$270.0K -$370.0K
YoY Change -27.03% -38.33%
Acquisitions
YoY Change
Other Investing Activities $20.00K $20.00K
YoY Change 0.0% -300.0%
Cash From Investing Activities -$250.0K -$360.0K
YoY Change -30.56% -40.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.220M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 6.630M 2.430M
Cash From Investing Activities -250.0K -360.0K
Cash From Financing Activities -6.220M 0.000
Net Change In Cash 160.0K 2.070M
YoY Change -92.27% -165.92%
FREE CASH FLOW
Cash From Operating Activities $6.630M $2.430M
Capital Expenditures -$270.0K -$370.0K
Free Cash Flow $6.900M $2.800M
YoY Change 146.43% -231.46%

Facts In Submission

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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="WIDTH: 18pt; VERTICAL-ALIGN: top"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">16.</div><div style="display: inline; font-weight: bold;"></div></div></div></td> <td style="VERTICAL-ALIGN: top"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"></div><div style="display: inline; font-weight: bold;">Contingencies </div></div></div></td> </tr> </table> <div style=" TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 18pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 18pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">From time to time, the Company is a defendant or plaintiff in various legal actions that arise in the normal course of business.&nbsp; As such, the Company is required to assess the likelihood of any adverse outcomes to these matters as well as potential ranges of losses and possible recoveries.&nbsp; The Company may not be covered by insurance as it pertains to some or all of these matters. A determination of the amount of the provision required for these commitments and contingencies, if any, which would be charged to earnings, is made after careful analysis of each matter.&nbsp; Once established, a provision may change in the future due to new developments or changes in circumstances, and could increase or decrease the Company&#x2019;s earnings in the period that the changes are made.&nbsp; Asserted claims in these matters sought approximately $1.1 million in damages as of both July 2, 2016 and January 2, 2016</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">. As of July 2, 2016, the Company did not accrue for any such liabilities. </div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 18pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 18pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company is also subject to other pending legal proceedings and claims that arise from time to time in the ordinary course of its business, which may not be covered by insurance.</div></div></div>
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-7766000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
108000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-642000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-976000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7681000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
481000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-1377000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
481000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-85000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-118000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-285000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-253000
us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
713000
us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
90000
CY2016Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
2281000
CY2016Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
7481000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
657000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
994000
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3018000
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4508000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
19000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
188000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
179000
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7618000
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9229000
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4611000
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4698000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-46000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
621000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
6110000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-67782000
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-69646000
CY2016Q3 us-gaap Revenues
Revenues
45379000
CY2015Q3 us-gaap Revenues
Revenues
45286000
us-gaap Revenues
Revenues
92555000
us-gaap Revenues
Revenues
93252000
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10177000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10546000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
20642000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21178000
us-gaap Share Based Compensation
ShareBasedCompensation
405000
us-gaap Share Based Compensation
ShareBasedCompensation
611000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
309391
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
349436
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
29500
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.15
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
44500
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
44500
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.12
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.12
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
9.81
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
188000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1131000
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
34010000
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
32203000
CY2016Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
1144000
CY2016Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
343000
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
2277324
CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
2062746
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
11496000
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
10365000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12465735
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12945153
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12508142
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12932710
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12363811
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12711660
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12423179
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12710404

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