RCM Technologies Inc (RCMT)

[crudeoil24]

RCM Technologies reported revenue of $82.0 million for the thirteen weeks ended April 2, 2022 (the current period), an 84.0% increase compared to $44.5 million for the thirteen weeks ended April 3, 2021 (the comparable prior-year period). Gross profit was $23.4 million for the current period, a 115.8% increase compared to $10.9 million for the comparable prior-year period. The Company experienced GAAP operating income of $9.0 million for the current period compared to $1.4 million for the comparable prior-year period. The Company experienced GAAP net income of $6.5 million, or $0.62 per diluted share, for the current period compared to $1.0 million, or $0.08 per diluted share, for the comparable prior-year period. The Company experienced adjusted EBITDA of $9.3 million for the current period compared to $1.8 million for the comparable prior-year period.

Bradley Vizi, Executive Chairman of RCM Technologies, commented, "RCM's first-quarter results demonstrated a good start to 2022. We continue to build on the strong foundation established and drive execution across our business units. We generated record profitability for the second-straight quarter, with adjusted EBITDA of $9.3 million, growing sequentially by 74% and 440% year-over-year. I want to thank the team for a job well done and their continued commitment to propelling RCM to the next level."