$RCMT
RCM TECHNOLOGIES, INC.

2017 Q2 Form 10-Q Financial Statement

#000070084117000014 Filed on May 04, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $46.34M $47.18M
YoY Change -1.77% -1.65%
Cost Of Revenue $34.59M $34.50M
YoY Change 0.26% -0.47%
Gross Profit $11.75M $12.68M
YoY Change -7.29% -4.71%
Gross Profit Margin 25.36% 26.87%
Selling, General & Admin $10.32M $10.47M
YoY Change -1.41% -1.57%
% of Gross Profit 87.79% 82.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $397.0K $390.0K
YoY Change 1.79% 23.42%
% of Gross Profit 3.38% 3.08%
Operating Expenses $10.32M $10.47M
YoY Change -1.41% -1.57%
Operating Profit $1.038M $1.821M
YoY Change -43.0% -22.68%
Interest Expense -$140.0K -$200.0K
YoY Change -30.0% 42.86%
% of Operating Profit -13.49% -10.98%
Other Income/Expense, Net -$136.0K -$200.0K
YoY Change -32.0% 48.15%
Pretax Income $902.0K $1.621M
YoY Change -44.36% -26.98%
Income Tax $352.0K $620.0K
% Of Pretax Income 39.02% 38.25%
Net Earnings $550.0K $1.001M
YoY Change -45.05% -27.88%
Net Earnings / Revenue 1.19% 2.12%
Basic Earnings Per Share
Diluted Earnings Per Share $45.64K $79.68K
COMMON SHARES
Basic Shares Outstanding 11.95M 12.48M
Diluted Shares Outstanding 12.05M 12.55M

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $100.0K
YoY Change 200.0% -80.0%
Cash & Equivalents $293.0K $103.0K
Short-Term Investments
Other Short-Term Assets $3.300M $3.500M
YoY Change -5.71% 9.38%
Inventory
Prepaid Expenses
Receivables $44.34M $53.49M
Other Receivables $1.362M $2.084M
Total Short-Term Assets $49.35M $59.20M
YoY Change -16.65% -16.14%
LONG-TERM ASSETS
Property, Plant & Equipment $3.763M $4.725M
YoY Change -20.36% 30.52%
Goodwill $12.33M $11.63M
YoY Change 5.98%
Intangibles $105.0K $229.0K
YoY Change -54.15%
Long-Term Investments
YoY Change
Other Assets $200.0K $500.0K
YoY Change -60.0% -44.44%
Total Long-Term Assets $12.69M $12.32M
YoY Change 3.05% -17.17%
TOTAL ASSETS
Total Short-Term Assets $49.35M $59.20M
Total Long-Term Assets $12.69M $12.32M
Total Assets $65.80M $76.24M
YoY Change -13.7% -10.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.60M $13.90M
YoY Change -16.55% -3.47%
Accrued Expenses $7.200M $6.800M
YoY Change 5.88% 11.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.59M $21.82M
YoY Change -5.65% 1.01%
LONG-TERM LIABILITIES
Long-Term Debt $12.70M $19.90M
YoY Change -36.18% -0.5%
Other Long-Term Liabilities $200.0K $1.000M
YoY Change -80.0% 25.0%
Total Long-Term Liabilities $12.90M $20.90M
YoY Change -38.28% 0.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.59M $21.82M
Total Long-Term Liabilities $12.90M $20.90M
Total Liabilities $33.96M $42.96M
YoY Change -20.94% 1.31%
SHAREHOLDERS EQUITY
Retained Earnings -$67.34M -$68.65M
YoY Change -1.9%
Common Stock $738.0K $730.0K
YoY Change 1.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.99M $10.96M
YoY Change 36.71%
Treasury Stock Shares $2.823M $2.178M
Shareholders Equity $31.84M $33.29M
YoY Change
Total Liabilities & Shareholders Equity $65.80M $76.24M
YoY Change -13.7% -10.83%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $550.0K $1.001M
YoY Change -45.05% -27.88%
Depreciation, Depletion And Amortization $397.0K $390.0K
YoY Change 1.79% 23.42%
Cash From Operating Activities $1.869M $1.054M
YoY Change 77.32% -121.47%
INVESTING ACTIVITIES
Capital Expenditures $92.00K $394.0K
YoY Change -76.65% -35.93%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$92.00K -$393.0K
YoY Change -76.59% -36.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $365.0K $598.0K
YoY Change -38.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.767M -1.545M
YoY Change 14.37% -1530.56%
NET CHANGE
Cash From Operating Activities 1.869M 1.054M
Cash From Investing Activities -92.00K -393.0K
Cash From Financing Activities -1.767M -1.545M
Net Change In Cash 10.00K -884.0K
YoY Change -101.13% -83.68%
FREE CASH FLOW
Cash From Operating Activities $1.869M $1.054M
Capital Expenditures $92.00K $394.0K
Free Cash Flow $1.777M $660.0K
YoY Change 169.24% -111.95%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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AnnualDepreciationRate
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CY2017Q2 us-gaap Loss Contingency Disclosures
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<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;" 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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.</div></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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div></div> million in damages as of both <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div></div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">. As of both <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company accrued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div></div> million for 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> not be covered by insurance.</div></div></div>
CY2017Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1767000
CY2017Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
10714000
CY2016Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
10855000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1038000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1821000
CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
4000
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
292000
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-136000
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-200000
CY2017Q2 us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
8000
CY2016Q2 us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
35000
CY2017Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1362000
CY2016Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
4295000
CY2017Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
365000
CY2017Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
104000
CY2016Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
13000
CY2017Q2 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
23644000
CY2016Q2 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
23328000
CY2016Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
598000
CY2017Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
92000
CY2016Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
394000
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3347000
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3327000
CY2017Q2 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
22058000
CY2016Q2 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
22228000
CY2017Q2 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
192000
CY2016Q2 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
188000
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7106000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7370000
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3763000
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4052000
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-67338000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-67888000
CY2017Q2 us-gaap Revenues
Revenues
46341000
CY2016Q2 us-gaap Revenues
Revenues
47176000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10317000
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10465000
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
203000
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
201000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
224463
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
268211
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
27000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
42000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
42000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.27
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.27
CY2017Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2017Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2017Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
5.27
CY2017Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
9.81
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2017Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2017Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
192000
CY2017Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
365000
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
31839000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
31255000
CY2017Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
694000
CY2016Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
537000
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
2823172
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2763860
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
14987000
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
14622000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12047767
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12549745
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11946653
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12482547

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