$RCMT
RCM TECHNOLOGIES, INC.

2018 Q2 Form 10-Q Financial Statement

#000070084118000022 Filed on August 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q3
Revenue $51.71M $43.83M
YoY Change 11.59% -3.42%
Cost Of Revenue $38.98M $32.11M
YoY Change 12.68% -3.5%
Gross Profit $12.74M $11.72M
YoY Change 8.36% -3.19%
Gross Profit Margin 24.63% 26.74%
Selling, General & Admin $10.08M $9.700M
YoY Change -2.34% -4.69%
% of Gross Profit 79.12% 82.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $398.0K $422.0K
YoY Change 0.25% 5.76%
% of Gross Profit 3.13% 3.6%
Operating Expenses $11.85M $10.12M
YoY Change 14.81% -0.54%
Operating Profit $890.0K $1.596M
YoY Change -14.26% 4.45%
Interest Expense -$390.0K -$80.00K
YoY Change 178.57% -11.11%
% of Operating Profit -43.82% -5.01%
Other Income/Expense, Net -$388.0K -$154.0K
YoY Change 185.29% 81.18%
Pretax Income $502.0K $1.442M
YoY Change -44.35% -0.07%
Income Tax $121.0K $422.0K
% Of Pretax Income 24.1% 29.26%
Net Earnings $381.0K $1.020M
YoY Change -30.73% 18.19%
Net Earnings / Revenue 0.74% 2.33%
Basic Earnings Per Share
Diluted Earnings Per Share $0.03 $15.74K
COMMON SHARES
Basic Shares Outstanding 12.24M 12.01M
Diluted Shares Outstanding 12.26M 12.15M

Balance Sheet

Concept 2018 Q2 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $400.0K $400.0K
YoY Change 33.33% 100.0%
Cash & Equivalents $431.0K $825.0K
Short-Term Investments
Other Short-Term Assets $3.100M $3.100M
YoY Change -6.06% 3.33%
Inventory
Prepaid Expenses
Receivables $51.74M $41.94M
Other Receivables $1.227M $1.664M
Total Short-Term Assets $56.46M $47.64M
YoY Change 14.41% -11.69%
LONG-TERM ASSETS
Property, Plant & Equipment $3.259M $3.619M
YoY Change -13.39% -21.51%
Goodwill $11.69M $12.46M
YoY Change -5.19% 7.12%
Intangibles $71.00K $137.0K
YoY Change -32.38% -33.5%
Long-Term Investments
YoY Change
Other Assets $2.300M $200.0K
YoY Change 1050.0% -33.33%
Total Long-Term Assets $14.10M $12.79M
YoY Change 11.09% 4.99%
TOTAL ASSETS
Total Short-Term Assets $56.46M $47.64M
Total Long-Term Assets $14.10M $12.79M
Total Assets $73.81M $64.05M
YoY Change 12.18% -9.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.700M $12.30M
YoY Change -25.0% 6.96%
Accrued Expenses $9.400M $7.700M
YoY Change 30.56% -1.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.22M $19.66M
YoY Change -6.64% -4.93%
LONG-TERM LIABILITIES
Long-Term Debt $29.20M $10.10M
YoY Change 129.92% -32.21%
Other Long-Term Liabilities $1.300M $200.0K
YoY Change 550.0% -77.78%
Total Long-Term Liabilities $30.50M $10.30M
YoY Change 136.43% -34.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.22M $19.66M
Total Long-Term Liabilities $30.50M $10.30M
Total Liabilities $50.10M $30.05M
YoY Change 47.51% -18.2%
SHAREHOLDERS EQUITY
Retained Earnings -$64.45M -$66.13M
YoY Change -4.29% -2.44%
Common Stock $753.0K $741.0K
YoY Change 2.03% 1.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.99M $14.99M
YoY Change 0.0% 30.37%
Treasury Stock Shares $2.823M $2.823M
Shareholders Equity $23.72M $34.00M
YoY Change
Total Liabilities & Shareholders Equity $73.81M $64.05M
YoY Change 12.18% -9.46%

Cashflow Statement

Concept 2018 Q2 2017 Q3
OPERATING ACTIVITIES
Net Income $381.0K $1.020M
YoY Change -30.73% 18.19%
Depreciation, Depletion And Amortization $398.0K $422.0K
YoY Change 0.25% 5.76%
Cash From Operating Activities $3.430M $3.460M
YoY Change 83.52% -47.81%
INVESTING ACTIVITIES
Capital Expenditures -$310.0K -$460.0K
YoY Change -436.96% 70.37%
Acquisitions
YoY Change
Other Investing Activities -$10.00K $0.00
YoY Change -100.0%
Cash From Investing Activities -$310.0K -$460.0K
YoY Change 236.96% 84.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.110M -2.880M
YoY Change 76.0% -53.7%
NET CHANGE
Cash From Operating Activities 3.430M 3.460M
Cash From Investing Activities -310.0K -460.0K
Cash From Financing Activities -3.110M -2.880M
Net Change In Cash 10.00K 120.0K
YoY Change 0.0% -25.0%
FREE CASH FLOW
Cash From Operating Activities $3.430M $3.460M
Capital Expenditures -$310.0K -$460.0K
Free Cash Flow $3.740M $3.920M
YoY Change 110.47% -43.19%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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AnnualDepreciationRate
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CY2018Q2 rcmt Estimated Future Contingent Consideration Payments
EstimatedFutureContingentConsiderationPayments
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CY2018Q2 rcmt Estimated Future Contingent Consideration Payments Year Three
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CY2018Q2 rcmt Estimated Future Contingent Consideration Payments Year Two
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CY2018Q2 rcmt Future Grants Of Options Or Shares
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CY2017Q4 rcmt Future Grants Of Options Or Shares
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CY2017Q4 rcmt Liabilities Net
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CY2018Q2 rcmt Severance Professional Fees And Other Charges
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rcmt Severance Professional Fees And Other Charges
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rcmt Vesting Of Restricted Stock Units
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rcmt Write Off Of Fully Depreciated Property And Equipment
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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <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> <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;">$9.4</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;"> June 30, 2018. </div>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company had a negligible accrual 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 for certain disputed projects. The Company recently compelled arbitration with this customer. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>the total amount of outstanding receivables from this customer is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.4</div> million, subject to an upward adjustment following disclosures by the customer in the arbitration. 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. The Company also believes these counter claims were retaliatory in nature. 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. 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 fully 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> 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. 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-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">&nbsp;</div></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 style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div></div>
CY2018Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
9300000
CY2018Q2 us-gaap Loss Contingency Receivable
LossContingencyReceivable
6400000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1817000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4649000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-613000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-551000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3610000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5330000
us-gaap Net Income Loss
NetIncomeLoss
1432000
us-gaap Net Income Loss
NetIncomeLoss
739000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
381000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
189000
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
133
CY2018Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
11845000
CY2017Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
11266000
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
22680000
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
21980000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
890000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
847000
us-gaap Operating Income Loss
OperatingIncomeLoss
2610000
us-gaap Operating Income Loss
OperatingIncomeLoss
1885000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-141000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-3000
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-388000
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-81000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-695000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-217000
CY2018Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1227000
CY2017Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
3002000
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
300000
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
258000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
365000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
300000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
300000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
598000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
552000
CY2018Q2 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
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3056000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3706000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
44044000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
42569000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
194000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
192000
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7896000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8009000
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3259000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3446000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
323000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
428000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
42121000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
46787000
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-64446000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-65878000
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
51710000
CY2017Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
45512000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
102522000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
91853000
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10076000
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10075000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
20497000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
20392000
us-gaap Share Based Compensation
ShareBasedCompensation
201000
us-gaap Share Based Compensation
ShareBasedCompensation
395000
CY2018Q2 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
CY2018Q2 us-gaap Share Price
SharePrice
4.94
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
194000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
23717000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
22031000
CY2017 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
1200000
CY2018Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
658000
CY2017Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
372000
CY2018Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
2823172
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2823172
CY2018Q2 us-gaap Treasury Stock Value
TreasuryStockValue
14987000
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
14987000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12261653
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12069288
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12259459
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12058362
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12239758
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11961967
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12239259
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11954310

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