$RCMT
RCM TECHNOLOGIES, INC.

2018 Q1 Form 10-Q Financial Statement

#000070084118000014 Filed on May 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q2
Revenue $50.81M $46.34M
YoY Change -1.77%
Cost Of Revenue $38.26M $34.59M
YoY Change 0.26%
Gross Profit $12.56M $11.75M
YoY Change -7.29%
Gross Profit Margin 24.71% 25.36%
Selling, General & Admin $10.42M $10.32M
YoY Change -1.41%
% of Gross Profit 83.0% 87.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $414.0K $397.0K
YoY Change 1.79%
% of Gross Profit 3.3% 3.38%
Operating Expenses $10.84M $10.32M
YoY Change -1.41%
Operating Profit $1.720M $1.038M
YoY Change -43.0%
Interest Expense -$310.0K -$140.0K
YoY Change -30.0%
% of Operating Profit -18.02% -13.49%
Other Income/Expense, Net -$307.0K -$136.0K
YoY Change -32.0%
Pretax Income $1.413M $902.0K
YoY Change -44.36%
Income Tax $362.0K $352.0K
% Of Pretax Income 25.62% 39.02%
Net Earnings $1.051M $550.0K
YoY Change -45.05%
Net Earnings / Revenue 2.07% 1.19%
Basic Earnings Per Share
Diluted Earnings Per Share $0.09 $45.64K
COMMON SHARES
Basic Shares Outstanding 12.24M 11.95M
Diluted Shares Outstanding 12.26M 12.05M

Balance Sheet

Concept 2018 Q1 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $500.0K $300.0K
YoY Change 200.0%
Cash & Equivalents $452.0K $293.0K
Short-Term Investments
Other Short-Term Assets $3.700M $3.300M
YoY Change -5.71%
Inventory
Prepaid Expenses
Receivables $51.91M $44.34M
Other Receivables $1.089M $1.362M
Total Short-Term Assets $57.12M $49.35M
YoY Change -16.65%
LONG-TERM ASSETS
Property, Plant & Equipment $3.337M $3.763M
YoY Change -20.36%
Goodwill $11.69M $12.33M
YoY Change 5.98%
Intangibles $87.00K $105.0K
YoY Change -54.15%
Long-Term Investments
YoY Change
Other Assets $2.300M $200.0K
YoY Change -60.0%
Total Long-Term Assets $14.10M $12.69M
YoY Change 3.05%
TOTAL ASSETS
Total Short-Term Assets $57.12M $49.35M
Total Long-Term Assets $14.10M $12.69M
Total Assets $74.55M $65.80M
YoY Change -13.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.900M $11.60M
YoY Change -16.55%
Accrued Expenses $7.700M $7.200M
YoY Change 5.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.44M $20.59M
YoY Change -5.65%
LONG-TERM LIABILITIES
Long-Term Debt $32.00M $12.70M
YoY Change -36.18%
Other Long-Term Liabilities $1.400M $200.0K
YoY Change -80.0%
Total Long-Term Liabilities $33.40M $12.90M
YoY Change -38.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.44M $20.59M
Total Long-Term Liabilities $33.40M $12.90M
Total Liabilities $51.23M $33.96M
YoY Change -20.94%
SHAREHOLDERS EQUITY
Retained Earnings -$64.83M -$67.34M
YoY Change -1.9%
Common Stock $753.0K $738.0K
YoY Change 1.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.99M $14.99M
YoY Change 36.71%
Treasury Stock Shares $2.823M $2.823M
Shareholders Equity $23.32M $31.84M
YoY Change
Total Liabilities & Shareholders Equity $74.55M $65.80M
YoY Change -13.7%

Cashflow Statement

Concept 2018 Q1 2017 Q2
OPERATING ACTIVITIES
Net Income $1.051M $550.0K
YoY Change -45.05%
Depreciation, Depletion And Amortization $414.0K $397.0K
YoY Change 1.79%
Cash From Operating Activities -$7.044M $1.869M
YoY Change 77.32%
INVESTING ACTIVITIES
Capital Expenditures $289.0K $92.00K
YoY Change -76.65%
Acquisitions
YoY Change
Other Investing Activities -$10.00K $0.00
YoY Change
Cash From Investing Activities -$300.0K -$92.00K
YoY Change -76.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $365.0K
YoY Change -38.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.928M -1.767M
YoY Change 14.37%
NET CHANGE
Cash From Operating Activities -7.044M 1.869M
Cash From Investing Activities -300.0K -92.00K
Cash From Financing Activities 4.928M -1.767M
Net Change In Cash -2.416M 10.00K
YoY Change -101.13%
FREE CASH FLOW
Cash From Operating Activities -$7.044M $1.869M
Capital Expenditures $289.0K $92.00K
Free Cash Flow -$7.333M $1.777M
YoY Change 169.24%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:18pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.</div></div></div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><div style="display: inline; font-weight: bold;">Contingencies</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:left;">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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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;">$10.0</div> million in damages (including <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.3</div> million in counter claims described below) as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018. </div>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the Company had an accrual of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million for any such liabilities.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:left;">The Company has a dispute with a customer that is a major utility in the United States. Essentially, the customer has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> paid the balance of accounts receivable the Company believes are owed to the Company. The Company recently compelled arbitration with this customer. &nbsp;As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>the total amount due from this customer is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.9</div> million, subject to an upward adjustment following disclosures by the customer in the arbitration.&nbsp; Additionally, as part of the arbitration process, the customer has asserted counter claims of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.3</div> million.&nbsp; The Company also believes these counter claims were retaliatory in nature.&nbsp; Prior to the arbitration, the customer had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> asserted any claims.&nbsp; The Company believes these asserted claims have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> merit and were merely asserted as a strategy to reduce the Company&#x2019;s claims in any arbitration award or potential settlement agreement. The Company believes that its accounts receivable balance, subject to reserves, is collectible. Furthermore, the Company believes that this arbitration will conclude sometime late in fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> or early fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div>&nbsp; While the Company believes the customer&#x2019;s counter claims to be frivolous and without merit, it can give <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> assurances that it will ultimately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have to pay all or a portion of such claims.&nbsp; The Company is continuing work on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the engagements that have given rise to this dispute and also on several engagements from the same client that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> currently part of the arbitration.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:left;">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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be covered by insurance.</div></div>
CY2018Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
9300000
CY2018Q1 us-gaap Loss Contingency Receivable
LossContingencyReceivable
5900000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4928000
CY2017Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1767000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-300000
CY2017Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-92000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7044000
CY2017Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1869000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
1051000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
550000
CY2018Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
10835000
CY2017Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
10714000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1720000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1038000
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-70000
CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
4000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-307000
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-136000
CY2018Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1089000
CY2017Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
3002000
CY2018Q1 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
CY2017Q2 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
8000
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
CY2017Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
365000
CY2018Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0
CY2017Q2 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
8000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
289000
CY2017Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
92000
CY2018Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3662000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3706000
CY2018Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
23716000
CY2017Q2 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
22058000
CY2018Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
194000
CY2017Q2 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
192000
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7618000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8009000
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3337000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3446000
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
162000
CY2017Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
161000
CY2018Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
18982000
CY2017Q2 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
23644000
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-64827000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-65878000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
50812000
CY2017Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
46341000
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10421000
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10317000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
112000
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
203000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
131872
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
177280
CY2018Q1 us-gaap Share Price
SharePrice
5.77
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2018Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
194000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
23318000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
22031000
CY2017 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
1200000
CY2018Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
98000
CY2017Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
372000
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
2823172
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2823172
CY2018Q1 us-gaap Treasury Stock Value
TreasuryStockValue
14987000
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
14987000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12257507
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12047767
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12238760
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11946653

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