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RCM Technologies, Inc. Announces Results For The Thirteen And Thirty-Nine Week Periods Ended October 2, 2010

RCM Technologies, Inc. (NASDAQ: RCMT) today announced financial results for the thirteen and thirty-nine week periods ended October 2, 2010.

The Company announced revenues of $37.5 million for the thirteen week period ended October 2, 2010, decreased from $40.4 million for the thirteen week period ended September 26, 2009 (comparable prior year period). Net income from continuing operations was $1.2 million, or $0.08 per diluted share, for the thirteen week period ended October 2, 2010, as compared to net income from continuing operations of $0.6 million, or $0.04 per diluted share, for the comparable prior year period. Net income for the thirteen week period ended October 2, 2010 was $1.2 million, or $0.09 per diluted share, as compared to net income of $0.4 million, or $0.03 per diluted share, for the comparable prior year period.

The Company had operating income for the thirteen week period ended October 2, 2010 of $1.9 million, or $0.14 per diluted share, as compared to $0.9 million, or $0.07 per diluted share, for the comparable prior year period.

In September 2010, the Company sold its light industrial and clerical staffing business located in southern California and doing business under the name Intertec. The Company recognized a gain of $0.1 million on the sale of Intertec. 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 a net gain from discontinued operations for the thirteen week period ended October 2, 2010 of $0.1 million as compared to a net loss of $0.1 million for the comparable prior year period.

The Company announced revenues of $125.6 million for the thirty-nine week period ended October 2, 2010, decreased from $126.6 million for the thirty-nine week period ended September 26, 2009 (comparable prior year period). Net income from continuing operations was $5.2 million, or $0.40 per diluted share, for the thirty-nine week period ended October 2, 2010, as compared to net income from continuing operations of $6.8 million, or $0.52 per diluted share, for the comparable prior year period. Net income for the thirty-nine week period ended October 2, 2010 was $4.7 million, or $0.36 per diluted share, as compared to net income of $6.2 million, or $0.48 per diluted share, for the comparable prior year period. During the thirty-nine week period ended October 2, 2010, the Company recognized a tax benefit of $1.2 million due to an anticipated 2010 tax deduction for goodwill and intangible assets associated with the Oracle business unit discussed above. The Company recognized an impairment of the goodwill and intangible assets associated with this subsidiary in its 2008 Consolidated Financial Statements. During the thirty-nine week period ended September 26, 2009, the Company recorded legal settlement proceeds of $9.8 million, or $5.8 million net of income tax expense. The legal settlement resulted in an increase to earnings per diluted share of $0.45 during that period.

The Company had operating income for the thirty-nine week period ended October 2, 2010 of $6.7 million, or $0.51 per diluted share, as compared to $1.3 million, or $0.10 per diluted share, for the comparable prior year period.

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