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RCM Technologies reports Q3 results

The Company announced revenues of $41.3 million for the thirteen week period ended September 28, 2013, increased from $34.8 million for the thirteen week period ended September 29, 2012 (comparable prior year period), an increase of 18.6%. The Company had operating income of $1.8 million for the thirteen week period ended September 28, 2013 as compared to $1.1 million for the comparable prior year period, an increase of 63.1%. Net income for the thirteen week period ended September 28, 2013 was $1.1 million, or $0.09 per diluted share, as compared to net income of $0.6 million, or $0.05 per diluted share, for the comparable prior year period, an increase of 80.1%.

The Company announced revenues of $124.9 million for the thirty-nine week period ended September 28, 2013, increased from $108.8 million for the thirty-nine week period ended September 29, 2012 (comparable prior year period), an increase of 14.8%. The Company had operating income of $5.0 million for the thirty-nine week period ended September 28, 2013 as compared to $3.9 million for the comparable prior year period, an increase of 29.2%. Net income for the thirty-nine week period ended September 28, 2013 was $3.6 million, or $0.29 per diluted share, as compared to net income of $2.2 million, or $0.17 per diluted share, for the comparable prior year period, an increase of 62.6%.

The thirty-nine week period ended September 28, 2013 reflects an increase to net income of $0.5 million, or $0.04 per diluted share, resulting from the reduction of a previously unrecognized tax benefit.

Leon Kopyt, chairman and CEO of RCM, commented, "Based on our current backlog, customer demand remains strong for RCM's expertise in providing responsive, high-quality, reliable, technologically advanced, and cost-effective services that enable our customers to efficiently and effectively meet their business objectives. As such, the third quarter was a record quarter on a number of fronts, notwithstanding that it historically has been our weakest quarter principally due to increased billable employee vacation across all of our business lines and school closings for our Specialty Health Care segment, both of which occurred as usual in 2013. Our Engineering segment set record highs for revenue and gross profit for the third consecutive quarter, our Information Technology segment posted another strong quarterly performance and our Specialty Health Care segment grew its revenues in the third quarter of 2013 by 15.8% as compared to the 2012 third quarter despite significant decreases in revenues from its largest client in fiscal 2013. Our organic growth and revenue diversification initiatives continue to exhibit progressively improved performance from operations despite a sluggish economic environment in the sector and overall."

 

 

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