RCM Technologies reported a revenue of $45.0 million, a 12.7% decrease compared to the previous year. The company experienced a GAAP net loss of $5.9 million, or ($0.45) per diluted share, primarily driven by an $8.0 million impairment charge. The company is focused on cost and debt reduction and maximizing cash flow.
Revenue decreased by 12.7% compared to the same period last year.
GAAP net loss was $5.9 million, or ($0.45) per diluted share.
An $8.0 million impairment charge related to a customer dispute significantly impacted the operating loss.
COVID-19 pandemic negatively impacted the Healthcare segment, with an estimated $3.0 million revenue loss.
During the next two quarters, the primary focus will be cost and debt reduction without sacrificing the long-term progress made in the business. The company is aggressively applying two principles across all three segments on a going-forward basis: 1) maximize utilization, and 2) reduce SGA expense as much as possible. A material reduction in debt is expected throughout the second and third quarters of 2020.
Visualization of income flow from segment revenue to net income
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