RCM TECHNOLOGIES, INC. ANNOUNCES THIRD QUARTER RESULTS, WRITES OFF SYSTEM '99'
RCM TECHNOLOGIES, INC. ANNOUNCES THIRD QUARTER RESULTS, WRITES OFF SYSTEM '99' PENNSAUKEN, N.J., Sept. 16 /PRNewswire/ -- RCM Technologies, Inc. (NASDAQ: RCMT; BSE: RMT) today reported results for the third quarter ended July 31, 1992. Due to the one time write-off and discontinuance of the System "99" operations, the company sustained a net loss of $915,453 or $.06 per share on revenues of $6,760,508 for the third quarter. For the comparable third quarter of 1991, the company sustained a loss of $261,267 or $.02 on revenues of $6,234,967. For the nine months ended July 31, 1992, the company sustained a net loss of $1,164,321 or $.08 per share on revenues of $19,084,329. For the comparable nine months of 1991, the company sustained a loss of $1,402,680 or $.10 per share on revenues of $16,679,599. The third quarter results for the company's core business, Intertec Design, Inc., were substantially improved over those for the nine months ended July 31, 1991. Continuing operations resulted in a loss of $138,675 in 1992 as opposed to a loss of $861,690 in 1991. Commenting on the results, Leon Kopyt, president and chief operating officer of RCM Technologies, Inc., stated: "Although we are disappointed with the termination of System '99' operations, we have now eliminated a large cash drain within the company and are free to focus our energies and resources on solidifying and expanding the core business, Intertec Design, Inc." RCM Technologies, Inc., through its Intertec Design subsidiary, is primarily involved in providing professional engineering, technical, clerical and light industrial services through 12 offices nationwide to major corporations in aerospace, chemical and industrial manufacturing. RCM TECHNOLOGIES, INC. Summary of Financial Information (Unaudited) Periods ended Three months Nine months July 31 1992 1991 1992 1991 Revenues $6,760,508 $6,234,967 $19,084,329 $16,679,599 Net loss (915,453) (261,267) (1,164,321) (1,402,680) Net loss per share ($.06) ($.02) ($.08) ($.10) Average shares outstanding 14,339,565 14,319,076 14,339,565 14,316,914 /delval/ -0- 9/16/92 /CONTACT: Leon Kopyt, president and chief operating officer of RCM Technologies, 609-486-1777/ (RCMT) CO: RCM Technologies, Inc.; Intertec Design, Inc. ST: New Jersey IN: SU: ERN
MJ-CC -- PH015 -- 0119 09/16/92 12:22 EDT
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|Date:||Sep 16, 1992|
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