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Third-quarter revenue slipped 4.6% at RCM Technologies Inc. (NASD: RCMT) to $51.6 million from $54.1 million in the same period last year.
"The financial results for the third quarter fell short of expectations and were impacted by the softness and uncertainty of the global economy, a temporary slowdown in IT spending and higher expenses related to two recent acquisitions," said Chairman and CEO Leon Kopyt.
Still, gross margin at the Pennsauken NJ-based engineering, information technology and commercial staffing firm improved to 25.7% year over year from 24.8%.
Third-quarter net income, however, fell 67.2% to $565,000 from $1.7 million in the third quarter of 2007.
RCM Technologies Inc. (NASD: RCMT)
For the third quarter ended Sept. 27, 2008, compared with the same period in 2007.
Revenue: $51.6 million, -4.6%
Net income: $565,000, -67.2%