PENNSAUKEN, N.J., Feb. 3, 2010 (GLOBE NEWSWIRE) -- RCM Technologies, Inc. (Nasdaq:RCMT) today announced that its Board of Directors has approved a program to repurchase up to $7.5 million of the Company's outstanding shares of common stock from time to time over the next 12 months, depending on market conditions, share price and other factors.
The repurchases may be made on the open market, in block trades or otherwise. The program may be suspended or discontinued at any time.
Leon Kopyt, Chairman and CEO of RCM, commented: "We believe that our stock repurchase program will benefit RCM's capital structure and our shareholders. Additionally, this action reaffirms the Board and management team's confidence in our business."
The stock repurchase program will be funded using the Company's working capital. As of September 26, 2009, the Company had cash, cash equivalents and marketable securities of approximately $12.0 million and no debt.
As of February 3, 2010, the Company had approximately 13 million shares of common stock outstanding.
About RCM
RCM Technologies, Inc. is a premier provider of business and technology solutions designed to enhance and maximize the operational performance of its customers through the adaptation and deployment of advanced information technology and engineering services. RCM is an innovative leader in the design, development and delivery of these solutions to commercial and government sectors for more than 35 years. RCM's offices are located in major metropolitan centers throughout North America. Additional information can be found at www.rcmt.com.
The Statements contained in this release that are not purely historical are forward-looking statements within the Private Securities Litigation Reform Act of 1995 and are subject to various risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements include, but are not limited to, those relating to demand for the Company's services, expected demand for our services and expectations regarding our revenues, the Company's ability to continue to utilize goodwill, to continue to increase gross margins, to achieve and manage growth, to develop and market new applications and services, risks relating to the acquisition and integration of acquired businesses, the ability of the Company to consummate acquisitions as to which it executes non-binding letters of intent, demand for new services and applications, timing of demand for services, industry strength and competition and general economic factors. Investors are directed to consider such risks, uncertainties and other factors described in documents filed by the Company with the Securities and Exchange Commission.