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RCM Technologies Inc. (NASD: RCMT) reported a first-quarter net loss of $2.7 million, saying it took a $6.1 million charge for bad debt from a former customer. RCM reported net income of $1.6 million in the first quarter of last year.
First-quarter revenue at the Pennsauken NJ-based staffing firm fell 9.9% to $49.1 million from $54.5 million in the same period in 2007. Gross margin improved to 25.0% from 22.7%.
RCM also announced Wednesday that it completed its acquisition of MBH Solutions Inc., a Teaneck NJ-based information technology solutions and software firm. MBH had revenue of $13 million in 2007. Its president and CEO, Peter McCree, will remain with the company.
RCM Technologies Inc. (NASD: RCMT)
For the first quarter ended March 29, 2008, compared with the same period in 2007.
Revenue: $49.1 million, -9.9%
Net loss: $2.7 million vs. net income of $1.6 million