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RCM Technologies, Inc. Announces Results For The Thirteen And Twenty-Six Week Periods Ended July 3, 2010

RCM Technologies, Inc. (NASDAQ: RCMT) today announced financial results for the thirteen and twenty-six week periods ended July 3, 2010.

The Company announced revenues of $46.9 million for the thirteen week period ended July 3, 2010, increased from $46.4 million for the thirteen week period ended June 27, 2009 (comparable prior year period). Net income from continuing operations was $1.7 million for the thirteen week period ended July 3, 2010, or $0.13 per diluted share, as compared to net income from continuing operations of $0.6 million, or $0.05 per diluted share, for the comparable prior year period. Net income for the thirteen week period ended July 3, 2010 was $1.7 million, or $0.13 per diluted share, as compared to net income of $0.2 million, or $0.02 per diluted share, for the comparable prior year period.

The Company had operating income for the thirteen week period ended July 3, 2010 of $2.9 million, or $0.22 per diluted share, as compared to $0.8 million, or $0.06 per diluted share, for the comparable prior year period.

The Company experienced no activity in its discontinued operations for the thirteen week period ended July 3, 2010, as compared to a loss from discontinued operations, net of tax benefit of $0.4 million, or $0.03 per diluted share, for the comparable prior year period. In March 2010 the Company closed its Oracle business unit located in southern California. The closed business unit sold Oracle software applications and provided implementation, hosting and maintenance services for the suite of Oracle and related software applications.

The Company announced revenues of $95.9 million for the twenty-six week period ended July 3, 2010, increased from $93.0 million for the twenty-six week period ended June 27, 2009 (comparable prior year period). Net income from continuing operations was $4.1 million for the twenty-six week period ended July 3, 2010, or $0.31 per diluted share, as compared to net income from continuing operations of $6.3 million, or $0.49 per diluted share, for the comparable prior year period. Net income for the twenty-six week period ended July 3, 2010 was $3.5 million, or $0.27 per diluted share, as compared to net income of $5.8 million, or $0.45 per diluted share, for the comparable prior year period. The Company recorded legal settlement proceeds of $9.8 million, or $5.8 million net of income tax expense, for the twenty-six week period ended June 27, 2009. The legal settlement resulted in an increase to earnings per diluted share of $0.45. During the twenty-six week period ended July 3, 2010, the Company recognized a tax benefit of $1.1 million due to an anticipated 2010 tax deduction for goodwill and intangible assets associated with the closed subsidiary discussed above. The Company recognized an impairment of the goodwill and intangible assets associated with this subsidiary in its 2008 Consolidated Financial Statements.

The Company had operating income for the twenty-six week period ended July 3, 2010 of $4.9 million, or $0.38 per diluted share, as compared to $0.5 million, or $0.04 per diluted share, for the comparable prior year period.

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