$RCMT
RCM TECHNOLOGIES, INC.

2022 Q2 Form 10-Q Financial Statement

#000143774922010082 Filed on April 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q2
Revenue $81.96M $44.55M
YoY Change 83.98% 36.44%
Cost Of Revenue $58.54M $33.70M
YoY Change 73.72% 39.55%
Gross Profit $23.42M $10.85M
YoY Change 115.85% 27.6%
Gross Profit Margin 28.57% 24.36%
Selling, General & Admin $14.15M $9.129M
YoY Change 54.97% 1.5%
% of Gross Profit 60.41% 84.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $238.0K $346.0K
YoY Change -31.21% 40.65%
% of Gross Profit 1.02% 3.19%
Operating Expenses $14.39M $9.475M
YoY Change 51.82% -2.02%
Operating Profit $9.035M $1.375M
YoY Change 557.09% -217.82%
Interest Expense -$52.00K $10.00K
YoY Change -620.0% -105.0%
% of Operating Profit -0.58% 0.73%
Other Income/Expense, Net -$52.00K -$12.00K
YoY Change 333.33% -94.85%
Pretax Income $8.983M $1.363M
YoY Change 559.06% -197.36%
Income Tax $2.500M $400.0K
% Of Pretax Income 27.83% 29.35%
Net Earnings $6.520M $1.007M
YoY Change 547.47% -201.51%
Net Earnings / Revenue 7.96% 2.26%
Basic Earnings Per Share $0.64 $0.09
Diluted Earnings Per Share $0.62 $0.08
COMMON SHARES
Basic Shares Outstanding 10.23M 11.54M
Diluted Shares Outstanding 10.56M 11.93M

Balance Sheet

Concept 2022 Q2 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $859.0K $700.0K
YoY Change 22.71% -56.25%
Cash & Equivalents $859.0K $678.0K
Short-Term Investments
Other Short-Term Assets $2.338M $4.200M
YoY Change -44.33% 82.61%
Inventory
Prepaid Expenses
Receivables $58.76M $45.28M
Other Receivables $1.115M $3.947M
Total Short-Term Assets $63.07M $54.11M
YoY Change 16.56% 23.97%
LONG-TERM ASSETS
Property, Plant & Equipment $1.919M $1.859M
YoY Change 3.23% -21.13%
Goodwill $16.35M $16.35M
YoY Change 0.0% 0.0%
Intangibles $15.00K
YoY Change -94.14%
Long-Term Investments
YoY Change
Other Assets $660.0K $3.200M
YoY Change -79.38% 23.08%
Total Long-Term Assets $21.14M $23.66M
YoY Change -10.65% -10.82%
TOTAL ASSETS
Total Short-Term Assets $63.07M $54.11M
Total Long-Term Assets $21.14M $23.66M
Total Assets $84.21M $77.77M
YoY Change 8.28% 10.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.04M $11.90M
YoY Change -7.2% 25.26%
Accrued Expenses $19.82M $14.80M
YoY Change 33.93% 39.62%
Deferred Revenue $2.496M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $428.0K $200.0K
YoY Change 114.0% -33.33%
Total Short-Term Liabilities $35.65M $27.76M
YoY Change 28.43% 31.25%
LONG-TERM LIABILITIES
Long-Term Debt $15.71M $22.10M
YoY Change -28.94% 12.76%
Other Long-Term Liabilities $2.507M $4.600M
YoY Change -45.5% -16.36%
Total Long-Term Liabilities $18.21M $26.70M
YoY Change -31.79% 6.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.65M $27.76M
Total Long-Term Liabilities $18.21M $26.70M
Total Liabilities $54.01M $54.84M
YoY Change -1.52% 17.59%
SHAREHOLDERS EQUITY
Retained Earnings -$50.47M -$66.97M
YoY Change -24.64% 1.4%
Common Stock $856.0K $826.0K
YoY Change 3.63% 3.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $29.04M $18.13M
YoY Change 60.2% 5.29%
Treasury Stock Shares $7.019M $5.025M
Shareholders Equity $30.20M $22.93M
YoY Change
Total Liabilities & Shareholders Equity $84.21M $77.77M
YoY Change 8.28% 10.82%

Cashflow Statement

Concept 2022 Q2 2021 Q2
OPERATING ACTIVITIES
Net Income $6.520M $1.007M
YoY Change 547.47% -201.51%
Depreciation, Depletion And Amortization $238.0K $346.0K
YoY Change -31.21% 40.65%
Cash From Operating Activities $2.468M -$9.112M
YoY Change -127.09% -154.08%
INVESTING ACTIVITIES
Capital Expenditures $217.0K $47.00K
YoY Change 361.7% -142.73%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$217.0K -$47.00K
YoY Change 361.7% -32.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.781M $911.0K
YoY Change 205.27%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.612M $9.215M
YoY Change -117.49% -158.21%
NET CHANGE
Cash From Operating Activities $2.468M -$9.112M
Cash From Investing Activities -$217.0K -$47.00K
Cash From Financing Activities -$1.612M $9.215M
Net Change In Cash $624.0K -$56.00K
YoY Change -1214.29% -105.89%
FREE CASH FLOW
Cash From Operating Activities $2.468M -$9.112M
Capital Expenditures $217.0K $47.00K
Free Cash Flow $2.251M -$9.159M
YoY Change -124.58% -154.0%

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<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="width:26pt;"><b><em style="font: inherit;">15.</em></b></td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Contingencies</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;">From time to time, the Company is a defendant in various legal actions that arise in the ordinary business course.  These matters <em style="font: inherit;"> may </em>relate to professional liability, tax, compensation, contract, competitor disputes, and employee-related matters and include individual and class action lawsuits, as well as inquiries and investigations by governmental agencies regarding the Company’s employment and compensation practices. Additionally, some of the Company’s clients <em style="font: inherit;"> may </em>also become subject to claims, governmental inquiries and investigations, and legal actions relating to the Company’s professional services. Depending upon the particular facts and circumstances, the Company <em style="font: inherit;"> may </em>also be subject to indemnification obligations under its contracts with such clients relating to these matters.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;">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.  The Company <em style="font: inherit;"> may </em><em style="font: inherit;">not</em> 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.  The Company records a liability when management believes an adverse outcome from a loss contingency is both probable and the amount, or a range, can be reasonably estimated. From time to time, the Company must estimate the potential loss even though the party adverse to the Company has <em style="font: inherit;">not</em> asserted any specific amounts.  Significant judgment is required to determine both probability of loss and the estimated amount. The Company reviews its loss contingencies at least quarterly and adjusts its accruals and/or disclosures to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, or other new information, as deemed necessary. Once established, a provision <em style="font: inherit;"> may </em>change in the future due to new developments or changes in circumstances and could increase or decrease the Company’s earnings in the period that the changes are made. </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;">The Company is exposed to various asserted claims as of <em style="font: inherit;"> April 2, 2022, </em>where the Company believes it has a probability of loss. Additionally, the Company is exposed to other asserted claims whereby an amount of loss has <em style="font: inherit;">not</em> been declared, and the Company cannot determine the potential loss. Any of these various claims could result in an unfavorable outcome or settlement that exceeds the accrued amounts. However, the Company believes that such matters will <em style="font: inherit;">not,</em> either individually or in the aggregate, have a material adverse effect on its business, consolidated financial position, results of operations, or cash flows. As of <em style="font: inherit;"> April 2, 2022, </em>the Company has accrued $1.9 million for asserted claims. </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;">In <em style="font: inherit;"> April 2022, </em>a client of the Company’s Industrial Processing Group alleged that a system partially designed by the Company is <em style="font: inherit;">not</em> operating as intended, and that the Company is responsible. The Company is attempting to find a mutually agreeable solution but has <em style="font: inherit;">not</em> determined if it has any liability. In the event of liability, the Company believes its damages are contractually limited to $3.3 million. Since the Company has <em style="font: inherit;">not</em> determined that a loss is probable, the Company has <em style="font: inherit;">not</em> accrued any liability for this project.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;">In <em style="font: inherit;"> March 2020, </em>the World Health Organization declared the outbreak of a novel coronavirus (COVID-<em style="font: inherit;">19</em>) as a pandemic, which continues to present various health, business and other challenges throughout the United States. As a result, we have temporarily closed or reduced many of our office locations, with much of our workforce working from home. The duration and ultimate magnitude of the disruption remains uncertain. Therefore, we experienced a negative impact during fiscal <em style="font: inherit;">2020</em> and in fiscal <em style="font: inherit;">2021</em> for certain of our business lines.  The COVID-<em style="font: inherit;">19</em> pandemic <em style="font: inherit;"> may </em>negatively impact our business, results of operations, and financial position in fiscal <em style="font: inherit;">2022</em> and possibly beyond.  The related financial impact, if any, cannot be reasonably estimated at this time.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 26pt;"> </p><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="border-bottom:solid 1px #000000;vertical-align:top;width:105.7%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"/> </td></tr> </tbody></table>
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3385000 USD
CY2022Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
857000 USD
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
135000 USD
CY2022Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
11000 USD
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
3250000 USD
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
846000 USD

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rcmt-20220402.xsd Edgar Link pending
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