RCM Technologies Q2 2020 Earnings Report
Key Takeaways
RCM Technologies reported a decrease in revenue by 35.6% and a GAAP net loss of $1.0 million, or $0.08 per diluted share, for the thirteen week period ended June 27, 2020. However, the company reduced its net debt by 51% in thirteen weeks and is pleased with the results against their COVID plan.
RCM Technologies reported revenue of $32.7 million, a 35.6% decrease compared to the prior year period.
The company experienced a GAAP operating loss of $1.2 million, compared to GAAP operating income of $2.2 million in the prior year period.
A GAAP net loss of $1.0 million, or $0.08 per diluted share, was reported, compared to GAAP net income of $1.3 million, or $0.10 per diluted share, in the prior year period.
Net debt was reduced by 51% in thirteen weeks, from $32.1 million to $15.7 million.
RCM Technologies
RCM Technologies
RCM Technologies Revenue by Segment
Forward Guidance
RCM Technologies believes they performed well against their COVID plan and expects to reduce debt further during the third quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income