Surna Reports Q2 2020 Results and Recent Sales Contracts

Surna Reports Q2 2020 Results and Recent Sales Contracts

Announces $3.1 million in New Sales Contracts in July

Boulder, Colorado (GLOBE NEWSWIRE) — Surna Inc. (OTCQB: SRNA) announced today operating and financial results for the three and six months ended June 30, 2020, as well as recent new sales contracts.

Financial Highlights

Our Q2 2020 revenue was $1,682,000, which represents a 60% decrease compared to Q2 2019 revenue of $4,210,000.
For Q2 2020, our operating loss and net loss was $606,000 and $614,000, respectively. This compares to a Q2 2019 operating income and net income of $136,000 and $140,000, respectively.
Our Q2 2020 adjusted net loss was $478,000, compared to a Q2 2019 adjusted net income of $394,000.
Our Q2 2020 gross profit margin was 16.3% compared to 34.4% for Q2 2019, a decrease of 18.1 percentage points.
As of June 30, 2020, our cash was $235,000, compared to cash of $922,000 as of December 31, 2019. Our working capital deficit was $1,599,000 as of June 30, 2020, compared to a working capital deficit of $1,437,00 as of December 31, 2019.
During the month of July 2020, we entered into several new sales contracts totaling approximately $3.1 million, including our largest-ever single contract for $2.8 million, most of which we expect to be realized as revenue in 2020.

Extended Downsizing of Operations and New Sales Contracts

As we noted in our 2019 Annual Report on Form 10-K, filed in March of this year, recent events in the national and global economies have had an adverse impact on our operations and financial condition, including constraints on capital availability for us and our customers and prospects who have commenced, or are contemplating, new and expanded cannabis cultivation facilities. Most recently, the response to this coronavirus pandemic by federal, state and local governments in the U.S. has resulted in significant market and business disruptions across many industries and affecting businesses of all sizes. This pandemic has also further tightened capital access for most businesses. The full extent to which COVID-19 will impact our business and financial results will depend on future developments, which are uncertain and cannot be predicted at this time.

In late March we implemented a downsizing of our operations, including workforce reductions, reductions of salaried employee compensation, and a reduction of hours worked to preserve cash resources, cut costs and focus our operations on customer-centric sales and project management activities. In April we were able to secure a potentially forgivable loan in the amount of $554,000, which allowed us to reinstate our employee base. In June we took further measures to reduce our operational expenses by furloughing several employees and reducing salaries for all employees with an eye towards meeting our customers’ requirements and continuing our operations while husbanding our resources. The duration and likelihood of success of this downsizing effort, workforce reduction and cost-cutting measures are uncertain.

The general economic conditions, government mandates about permitted work and working environments, and working capital constraints, all of which effect both our customers and us and our downsizing may have an adverse effect on our ability to effectively market our services, generate new customer orders, and contract implementation. If our customers or prospects are unable to continue operations or obtain project financing and we are unable to increase revenues or otherwise generate cash flows from operations, we will not be able to successfully execute on our various strategies and initiatives to grow our business. If these actions do not meet our expectations, or additional near-term capital is not available, we may not be able to continue our operations.

Recent Sales Contracts

During the month of July 2020, we entered into several new sales contracts totaling approximately $3.1 million, including our largest-ever single contract for $2.8 million, most of which we expect to be realized as revenue in 2020.

Tony McDonald, CEO, commented: “Despite a difficult second quarter, Surna has continued to market, sell, engineer manufacture and ship to deliver on our project commitments. And while we, and indeed the entire world economy, are weathering unpredictable and unprecedented times, we are very encouraged by the new sales contracts we have booked since the beginning of the third quarter. The $3.1 million in new sales contracts, coming in just the first month of the quarter, already marks the third quarter of 2020 as among the strongest in our Company’s recent history.”

About Surna Inc.

Surna Inc. (www.surna.com) designs, engineers and sells cultivation technologies for controlled environment agriculture including: (i) liquid-based process cooling systems and other climate control systems, (ii) air handling equipment and systems, (iii) a full-service engineering package for designing and engineering commercial scale thermodynamic systems specific to cannabis cultivation facilities, and (iv) automation and control devices, systems and technologies used for environmental, lighting and climate control. Our customers include commercial, state- and provincial-regulated cannabis growers in the U.S. and Canada as well as other international locations, including those growers building new facilities and those expanding or retrofitting existing facilities. Currently, our revenue stream is derived primarily from supplying our products, services and technologies to commercial indoor and hybrid sealed greenhouse facilities ranging from several thousand to more than 100,000 square feet.

Headquartered in Boulder, Colorado, we leverage our experience in this space to bring value-added climate control solutions to our customers that help improve their overall crop quality and yield, optimize energy and water efficiency, and satisfy the evolving state and local codes, permitting and regulatory requirements. Although our customers do, we neither produce nor sell cannabis.

Forward Looking Statements

This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to Surna’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.

Non-GAAP Financial Measures

To supplement our financial results on U.S. generally accepted accounting principles (“GAAP”) basis, we use non-GAAP measures including net bookings and backlog, as well as other significant non-cash expenses such as stock-based compensation and depreciation expenses. We believe these non-GAAP measures are helpful in understanding our past performance and are intended to aid in evaluating our potential future results. The presentation of these non-GAAP measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for financial information prepared or presented in accordance with GAAP. We believe these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.

Statement about Cannabis Markets

The use, possession, cultivation, and distribution of marijuana is prohibited by U.S. federal law for medical and recreational purposes. Although certain states have legalized medical and recreational cannabis, companies and individuals involved in the sector are still at risk of being prosecuted by federal authorities. Further, the landscape in the cannabis industry changes rapidly. This means that at any time the city, county, or state where cannabis is permitted can change the current laws and/or the federal government can supersede those laws and take prosecutorial action. Given the uncertain legal nature of the cannabis industry, it is imperative that investors understand that investments in the cannabis industry should be considered very high risk. A change in the current laws or enforcement policy can negatively affect the status and operation of our business, require additional fees, stricter operational guidelines and unanticipated shut-downs.

Surna Marketing
Jamie English
Managing Director of Marketing
jamie.english@surna.com
(303) 993-5271

Surna Inc.
Consolidated Balance Sheets

  June 30,     December 31,  
  2020     2019  
    (Unaudited)  
ASSETS
Current Assets
Cash and cash equivalents $ 235,438 $ 922,177
Accounts receivable (net of allowance for doubtful accounts of $154,823 and $151,673, respectively) 83,321 138,357
Inventory, net 804,600 1,231,243
Prepaid expenses and other 196,680 269,491
Total Current Assets 1,320,039 2,561,268
Noncurrent Assets
Property and equipment, net 208,232 257,923
Goodwill 631,064 631,064
Intangible assets, net 7,516 11,930
Deposits 51,000
Operating lease right-of-use asset 440,138 534,133
Total Noncurrent Assets 1,286,950 1,486,050
TOTAL ASSETS $ 2,606,989 $ 4,047,318
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 1,753,786 $ 1,832,959
Deferred revenue 867,989 1,444,472
Accrued equity compensation 69,900 503,466
Current portion of operating lease liability 227,008 217,843
Total Current Liabilities 2,918,683 3,998,740
NONCURRENT LIABILITIES
Note payable and accrued interest 555,047
Other liabilities 20,241
Operating lease liability, net of current portion 288,682 404,209
Total Noncurrent Liabilities 863,970 404,209
TOTAL LIABILITIES 3,782,653 4,402,949
Commitments and Contingencies (Note 7)
SHAREHOLDERS’ (DEFICIT) EQUITY
Preferred stock, $0.00001 par value; 150,000,000 shares authorized; 42,030,331 shares issued and outstanding 420 420
Common stock, $0.00001 par value; 350,000,000 shares authorized; 236,526,638 and 228,216,638 shares issued and outstanding, respectively 2,366 2,283
Additional paid in capital 26,058,307 25,326,593
Accumulated deficit (27,236,757 ) (25,684,927 )
Total Shareholders’ (Deficit) Equity (1,175,664 ) (355,631 )
TOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY $ 2,606,989 $ 4,047,318

Surna Inc.
Consolidated Statements of Operations
(Unaudited)

  For the Three Months Ended June 30,     For the Six Months Ended
June 30,
 
  2020     2019     2020     2019  
Revenue, net $ 1,682,424 $ 4,210,393 $ 3,492,349 $ 5,981,623
Cost of revenue 1,407,599 2,762,601 2,761,000 4,043,758
Gross profit 274,825 1,447,792 731,349 1,937,865
Operating expenses:
Advertising and marketing expenses 95,053 167,287 243,974 291,913
Product development costs 74,848 111,581 219,796 228,514
Selling, general and administrative expenses 710,536 1,032,605 1,819,529 2,203,191
Total operating expenses 880,437 1,311,473 2,283,299 2,723,618
Operating income (loss) (605,612 ) 136,319 (1,551,950 ) (785,753 )
Other (expense) income:
Other (expense) income, net 1,077 3,296 15,397 25,173
Interest expense (8,982 ) (15,277 )
Total other (expense) income (7,905 ) 3,296 120 25,173
Income (loss) before provision for income taxes (613,517 ) 139,615 (1,551,830 ) (760,580 )
Income taxes                        
Net income (loss) $ (613,517 ) $ 139,615 $ (1,551,830 ) $ (760,580 )
Income (loss) per common share – basic and dilutive $ (0.00 ) $ 0.00 $ (0.01 ) $ (0.00 )
Weighted average number of common shares outstanding, basic and dilutive 236,526,638 227,635,539 233,794,550 227,250,142

Surna Inc.
Consolidated Statements of Cash Flows
(Unaudited)

  For the Six Months Ended June 30,  
  2020     2019  
Cash Flows From Operating Activities:
Net loss $ (1,551,830 ) $ (760,580 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and intangible asset amortization expense 60,987 97,503
Compensation paid in equity 731,797 563,010
Provision for doubtful accounts 3,150 10,384
Provision for excess and obsolete inventory 191,446 (181,986 )
Loss on disposal of assets 4,124 58,024
Lease deposit 51,000
Changes in operating assets and liabilities:
Accounts receivable 51,886 (191,309 )
Inventory 235,197 507,037
Prepaid expenses and other 72,811 (779,794 )
Accounts payable and accrued liabilities (90,178 ) 394,782
Deferred revenue (576,483 ) 1,964,068
Accrued interest 1,047
Deferred Social Security Taxes 20,241
Lease liability, net (12,368 ) (8,846 )
Accrued equity compensation (433,566 )
Net cash provided by (used in) operating activities (1,240,739 ) 1,672,293
Cash Flows From Investing Activities
Net cash used in investing activities
Cash Flows From Financing Activities
Proceeds from issuance of note payable 554,000
Net cash provided by financing activities 554,000
Net increase (decrease) in cash (686,739 ) 1,672,293
Cash, beginning of period 922,177 253,387
Cash, end of period $ 235,438 $ 1,925,680
Non-cash investing and financing activities:
Interest paid $ $
Income taxes paid $ $

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Latest Release of Altair® PBS Professional® Offers Up to Tenfold Faster Performance for More Diverse and Dynamic HPC Workloads

Latest Release of Altair® PBS Professional® Offers Up to Tenfold Faster Performance for More Diverse and Dynamic HPC Workloads

TROY, Mich.2020 (GLOBE NEWSWIRE) — Altair (Nasdaq: ALTR), a global technology company providing solutions in product development, high-performance computing (HPC), and data analytics, today announced a major update to Altair® PBS Professional®, the market-leading HPC workload manager.

New features within the PBS Professional base scheduler enable customers to increase throughput as much as tenfold, manage costs and resources more accurately, and easily access efficient scaling through cloud bursting.

“For our users, the latest version of PBS Professional represents a significant increase in functionality and value. It will provide customers with the flexibility, scalability, and efficiency they need to flourish in a uniquely dynamic operating environment,” said Sam Mahalingam, chief technology officer at Altair. “The addition of a hierarchical structure makes PBS Professional a truly full-spectrum proposition – accommodating workloads ranging from multi-core, long-running HPC jobs to high-throughput workloads that could potentially involve tens of millions of high-frequency jobs in a single day.”

With the latest iteration of PBS Professional, users benefit from:

  • Massively high throughput scheduling, with the flexibility to accommodate more diverse and dynamic workloads via hierarchical scheduling. PBS Professional now embraces both high-performance and high-throughput computing workloads. Users can employ a “personal” scheduler to queue their own jobs sequentially, all within the same overall scheduler.
  • The ability to simulate workloads to find the most productive approach to scaling HPC resources.
  • Allocation management to control and optimize budgets across multiple sites, departments, and HPC clusters by scheduling resources to match an organization’s unique profile of costs and resources.
  • Cloud bursting via a graphical user interface (GUI) that requires no specialist expertise, with the freedom to leverage on-demand resources from both public and private clouds.

For more details on the advantages of PBS Professional, visit https://www.altair.com/pbs-professional/. To learn more about Altair’s HPC solutions, register for the Altair HPC Virtual Summit at https://web.altair.com/altair-virtual-hpc-summit.

About Altair (Nasdaq: ALTR)

Altair is a global technology company that provides software and cloud solutions in the areas of product development, high performance computing (HPC), and data analytics. Altair enables organizations across broad industry segments to compete more effectively in a connected world while creating a more sustainable future. To learn more, please visit www.altair.com.

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RCM Technologies, Inc. Announces Second Quarter Results

RCM Technologies, Inc. Announces Second Quarter Results

PENNSAUKEN, N.J., Aug. 10, 2020 (GLOBE NEWSWIRE) — RCM Technologies, Inc. (NasdaqGM: RCMT), 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 engineering, specialty health care and information technology services, today announced financial results for the thirteen and twenty-six week periods ended June 27, 2020.

RCM Technologies reported revenue of $32.7 million for the thirteen week period ended June 27, 2020 (the current period), a 35.6% decrease as compared to $50.7 million for the thirteen week period ended June 29, 2019 (the comparable prior year period). Gross profit was $8.5 million for the current period, a 33.6% decrease as compared to $12.8 million for the comparable prior year period. The Company experienced a GAAP operating loss of $1.2 million for the current period, as compared to GAAP operating income of $2.2 million for the comparable prior year period. The Company experienced a GAAP net loss of $1.0 million, or $0.08 per diluted share, for the current period as compared to GAAP net income of $1.3 million, or $0.10 per diluted share, for the comparable prior year period.

RCM Technologies reported revenue of $77.7 million for the twenty-six week period ended June 27, 2020 (the current period), a 24.1% decrease as compared to $102.3 million for the twenty-six week period ended June 29, 2019 (the comparable prior year period). Gross profit was $19.3 million for the current period, a 23.6% decrease as compared to $25.3 million for the comparable prior year period. The Company experienced a GAAP operating loss of $8.9 million for the current period, as compared to GAAP operating income of $3.8 million for the comparable prior year period. The Company experienced a GAAP net loss of $6.9 million, or $0.54 per diluted share, for the current period as compared to GAAP net income of $2.7 million, or $0.21 per diluted share, for the comparable prior year period.

Bradley Vizi, Executive Chairman of RCM Technologies, commented, “We believe that RCM performed well against our COVID plan that we outlined in May. We outlined a plan where we would surgically cut non-critical SGA expenses and focus heavily on utilization and gross margin, while at the same time working to maximize cash flow from operations. We are pleased with the results on all three fronts and look forward to the second half of 2020.”

Kevin Miller, Chief Financial Officer of RCM Technologies, commented, “As we reduced our net debt by 51% in only thirteen weeks, from $32.1 million on March 28, 2020, to $15.7 million on June 27, 2020, I believe we executed well against this high second-quarter priority. We expect to reduce our debt further during the third quarter.”

Conference Call
On Tuesday, August 11, 2020, RCM Technologies will host a conference call to discuss these results. The call will begin at 11:00 a.m. Eastern Time. The dial-in number is (866)-578-1005.

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 delivery of these solutions to commercial and government sectors. RCM is also a provider of specialty healthcare services to major health care institutions and educational facilities. RCM’s offices are located in major metropolitan centers throughout North America and Serbia. 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. These statements often include words such as “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “intend,” “believe,” “plan,” “seek,” “could,” “can,” “should,” “are confident” or similar expressions. In addition, statements that are not historical should also be considered forward-looking statements. These statements are based on assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. Forward-looking statements include, but are not limited to, those relating to the impact of the COVID-19 pandemic, demand for the Company’s services, expectations regarding our future revenues and other financial results, our pipeline and potential project wins and our expectations for growth in our business. Such statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors, which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. Risk, uncertainties and other factors may emerge from time to time that could cause the Company’s actual results to differ from those indicated by the forward-looking statements. Investors are directed to consider such risks, uncertainties and other factors described in documents filed by the Company with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. The Company assumes no obligation (and expressly disclaims any such obligation) to update any forward-looking statements contained in this release as a result of new information or future events or developments, except as may be required by law.

Tables to Follow

RCM Technologies, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
 (In Thousands, Except Per Share Amounts)

Thirteen Week Periods Ended
June 27, 2020 June 29, 2019
Revenue $32,652 $50,705
Cost of services 24,149 37,902
Gross profit 8,503 12,803
Selling, general and administrative 8,994 10,202
Depreciation and amortization of property and equipment 246 325
Amortization of acquired intangible assets 80 83
Write-off of receivables and professional fees incurred related to arbitration 350
Operating (loss) income (1,167 ) 2,193
Other expense, net 233 483
(Loss) income before income taxes (1,400 ) 1,710
Income tax (benefit) expense (408 ) 459
Net (loss) income ($992 ) $1,251
Diluted net (loss) earnings per share data ($0.08 ) $0.10
Twenty-Six Week Periods Ended
June 27, 2020 June 29, 2019
Revenue $77,685 $102,300
Cost of services 58,339 76,980
Gross profit 19,346 25,320
Selling, general and administrative 19,231 20,667
Depreciation and amortization of property and equipment 501 640
Amortization of acquired intangible assets 160 165
Write-off of receivables and professional fees incurred related to arbitration 8,397
Operating (loss) income (8,943 ) 3,848
Other expense, net 642 949
(Loss) income before income taxes (9,585 ) 2,899
Income tax (benefit) expense (2,648 ) 185
Net (loss) income ($6,937 ) $2,714
Diluted net (loss) earnings per share data ($0.54 ) $0.21

RCM Technologies, Inc.
Summary Consolidated Selected Balance Sheet Data
 (In Thousands)

  June 27,
2020
  December 28,
2019
  (Unaudited)    
Cash and cash equivalents $1,632   $1,847
Accounts receivable, net $39,519   $59,760
Total current assets $43,646   $70,657
Total assets $70,178   $96,173
Total current liabilities $21,152   $21,408
Borrowing under line of credit $17,363   $34,761
Net debt (line of credit less cash) $15,731   $32,914
Note payable $2,230  
Total liabilities $46,640   $63,770
Stockholders’ equity $23,538   $32,403

RCM Technologies, Inc.
Supplemental Operating Results on a Non-GAAP Basis
(Unaudited)
(In Thousands)

The following non-GAAP data, which adjusts for the categories of expenses described below, is a non-GAAP financial measure. Our management believes that this non-GAAP financial measure is useful information for investors, shareholders and other stakeholders of our Company in gauging our results of operations on an ongoing basis. We believe that EBITDA and Adjusted EBITDA are performance measures and have provided a reconciliation between net income and EBITDA and Adjusted EBITDA. Neither EBITDA nor Adjusted EBITDA should be considered as an alternative to net income as an indicator of performance. In addition, neither EBITDA nor Adjusted EBITDA takes into account changes in certain assets and liabilities as well as interest and income taxes that can affect cash flows. We do not intend the presentation of these non-GAAP measures to be considered in isolation or as a substitute for results prepared in accordance with GAAP. These non-GAAP measures should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

The following unaudited table presents the Company’s GAAP net income measure and the corresponding adjustments used to calculate “EBITDA” and “Adjusted EBITDA” for the thirteen and twenty-six week periods ended June 27, 2020 and June 29, 2019.

Thirteen Week
Periods Ended
  Twenty-Six Week
Periods Ended
 
June 27,
2020
June 29,
2019
  June 27,
2020
June 29,
2019
 
GAAP net (loss) income ($992 ) $1,251 ($6,937 ) $2,714
Income tax (benefit) expense (408 ) 459 (2,648 ) 185
Interest expense 184 458 524 887
Imputed interest on contingent consideration 36 48 72 96
Depreciation of property and equipment 246 325 501 640
Amortization of acquired intangible assets 80 83 160 165
EBITDA (non-GAAP) ($854 ) $2,624 ($8,328 ) $4,687
Adjustments
Write-off of receivables and professional fees incurred related to arbitration 350 8,397
Loss (gain) on foreign currency transactions 13 (23 ) 46 (34 )
Adjusted EBITDA (non-GAAP) ($491 ) $2,601 $115 $4,653

RCM Technologies, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)

Thirteen Week Periods Ended
June 27,
2020
June 29,
2019
Net (loss) income ($992 ) $1,251
Adjustments to reconcile net income to cash used in operating activities (38 ) 761
Changes in operating assets and liabilities:
Accounts receivable 11,253 353
Prepaid expenses and other current assets 1,620 548
Net of transit accounts receivable and payable (66 ) 917
Accounts payable and accrued expenses 2,745 (639 )
Accrued payroll and related costs 2,239 (345 )
Right of use assets and liabilities (17 ) (7 )
Income taxes payable 110 239
Total adjustments 17,846 1,827
Cash provided by operating activities $16,854 $3,078
Net cash used in investing activities (76 ) (136 )
Net cash used in financing activities (15,830 ) (3,743 )
Effect of exchange rate changes 42 (24 )
Increase (decrease) in cash and cash equivalents $990 ($825 )
Twenty-Six Week Periods Ended
June 27,
2020
June 29,
2019
Net (loss) income ($6,937 ) $2,714
Adjustments to reconcile net income to cash used in operating activities 5,977 1,494
Changes in operating assets and liabilities:
Accounts receivable 12,227 (5,911 )
Prepaid expenses and other current assets 1,786 658
Net of transit accounts receivable and payable 907 962
Accounts payable and accrued expenses 2,739 (1,465 )
Accrued payroll and related costs 950 (1,217 )
Right of use assets and liabilities 3 259
Income taxes payable 131 29
Total adjustments 24,720 (5,191 )
Cash provided by (used in) operating activities $17,783 ($2,477 )
Net cash used in investing activities (111 ) (238 )
Net cash (used in) provided by financing activities (17,764 ) 3,140
Effect of exchange rate changes (123 ) (39 )
(Decrease) increase in cash and cash equivalents ($215 ) $386

RCM Technologies, Inc.
Summary of Selected Income Statement Data
(Unaudited)
(In Thousands)

Thirteen Week Period Ended June 27, 2020
Engineering Specialty
Health Care
Information
Technology

Consolidated

Revenue $14,038 $10,684 $7,930 $32,652
Cost of services 9,804 8,487 5,858 24,149
Gross profit $4,234 $2,197 $2,072 $8,503
Gross profit margin 30.2 % 20.6 % 26.1 % 26.0 %
Thirteen Week Period Ended June 29, 2019
Engineering Specialty
Health Care
Information
Technology

Consolidated

Revenue $18,583 $23,370 $8,752 $50,705
Cost of services 13,324 18,057 6,521 37,902
Gross profit $5,259 $5,313 $2,231 $12,803
Gross profit margin 28.3 % 22.7 % 25.5 % 25.3 %
Twenty-Six Week Period Ended June 27, 2020
Engineering Specialty
Health Care
Information
Technology

Consolidated

Revenue $28,201 $32,881 $16,603 $77,685
Cost of services 20,001 26,311 12,027 58,339
Gross profit $8,200 $6,570 $4,576 $19,346
Gross profit margin 29.1 % 20.0 % 27.6 % 24.9 %
Twenty-Six Week Period Ended June 29, 2019
Engineering Specialty
Health Care
Information
Technology

Consolidated

Revenue $37,638 $47,540 $17,122 $102,300
Cost of services 27,682 36,593 12,705 76,980 <td style=”max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom

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What Labs Can Teach us About Safely Returning to Offices

What Labs Can Teach us About Safely Returning to Offices

Authored by: Dan Diehl, CEO of Aircuity

The COVID-19 pandemic has forced countries and companies around the world to think deeply about the health and safety of their people. It is morally and economically essential that, as employees begin to emerge from lock-downs, they can be confident that their offices and places of work are equipped to minimize the risks of infection. The bad news is that our built environment is not nearly as effective as it could be in keeping people safe, healthy and productive. The good news is that the technology we need to solve this problem already exists and is widely used in laboratories, hospitals and other critical environments.

Research has shown that buildings with poor indoor air quality (inadequate ventilation, filtration or humidity control) can promote the spread of airborne bacterial or viral infections. This is not a new phenomenon. In 1976 there was an outbreak of Legionnaire’s Disease in Philadelphia, caused by bacterial infiltration of a hotel air conditioning system. That outbreak led to a revolution in the design and regulation of HVAC systems. Today, the evidence of airborne spread of the novel coronavirus in poorly-ventilated buildings calls for a similar re-examination of how we manage indoor environmental quality. As Dr. Joseph Allen of the Harvard Chan School of Public Health said recently, “Your building manager has more impact on your health than your doctor.”

Managing the built environment to control humidity, ventilation and optimal filtration has long been much harder than it should be. The data show that many systems do not meet the needs of building occupants because of poor design, maintenance or operation. Fortunately, in recent years we have seen great improvement on these fronts in critical environments such as hospitals, vivariums and laboratories, with measurably better results for health and the bottom line. Higher outside air change rates, matching airflows to occupancy, and improved filtration methods can reduce the concentration of airborne virus particles. Accurate measurement and control systems can maintain proper indoor humidity, mitigating the spread of the novel coronavirus and other RNA viruses, and additional measures such as UV coil treatment can further reduce the potential for viral and bacterial transmission in air streams. Better data management protocols allow building managers to improve efficiency and effectiveness by targeting air-quality measures exactly where they are needed.

The Smart Labs program, created by UC Irvine with support from Aircuity, and subsequently adopted by the University of Pennsylvania, Michigan State, Arizona State, and Eli Lilly, has proven that these advanced technologies make buildings more efficient, safer, and smarter than they were previously. Those technologies and related best practices can now be put to wider use in all kinds of environments, through both new construction and the retrofit of existing buildings.

People are very rightly demanding that, as they return to work, they do so in buildings that are as healthy as possible. We have all the necessary tools to give them that assurance. We only need to recognize that from now on all environments are critical environments, and that schools, offices and other buildings can and should be made as safe and healthy as the best hospitals or laboratories are at present. Ensuring optimal indoor environmental quality thus has a vital part to play in the immediate recovery from the pandemic, by minimizing the risks of indoor virus transmission and cutting exposure to the chemicals being used in enhanced cleaning regimes. It will build employee confidence and speed economic recovery.

Implementation of such measures requires investment, but in the new post-pandemic era it will be an unavoidable requirement for doing business. Fortunately, these Smart IEQ systems deliver additional benefits including environmental sustainability as well as support for employee (or student) general wellness, productivity and cognitive function, resulting in an excellent return on investment.

To ensure that all buildings are healthy, productive and safe we need a comprehensive strategy, built upon a solid foundation of existing and proven technology, and drawing on local and international expertise. Such a strategy will ensure that, instead of spreading infections and distress, the built environment actively helps its inhabitants to achieve their full potential. The disruption of the present crisis, while we are re-thinking some fundamental tenets of how we live and work together, is the perfect time to begin.

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NEOM selects U.S. construction leader Bechtel to accelerate primary infrastructure development for its Cognitive Cities

NEOM selects U.S. construction leader Bechtel to accelerate primary infrastructure development for its Cognitive Cities

Global industry leader will provide design, construction and project management services

Bechtel to oversee and create resource-efficient utilities and a highly advanced transport system to connect NEOM’s cognitive cities. 

NEOM –  NEOM Co. has awarded a contract to U.S.-based Bechtel for executive project management work on the development of the primary, base infrastructure for NEOM as the Giga-project advances work to create the world’s leading destination to attract talent and investment.

NEOM, a beacon for the future of urban living, selected Bechtel to oversee and create resource-efficient utilities and a highly advanced transport system to connect NEOM’s cognitive cities. Integrating sustainable land use, intelligent urban design and multi-modal mobility, NEOM will deliver a community of exceptional liveability. Work will include simultaneous construction in multiple locations requiring extraordinary engineering solutions in challenging terrain. 

NEOM’s next generation cognitive cities will support its cutting-edge urban environments, improving the lives of residents and businesses far beyond the capabilities of today’s smart cities. NEOM’s infrastructure will utilize AI, robotics, and human-machine fusion to deliver greater predictive intelligence and enable faster decision making across all NEOM sectors.

Commenting on the award, NEOM CEO Nadhmi Al Nasr said: “Built from the ground up as a model of future living, NEOM will be one of the largest, most sophisticated and advanced infrastructure projects ever undertaken globally, and we are delighted to have a major industry leader like Bechtel on board to work with us to realize our ambitions.”

Bechtel Chairman & Chief Executive Officer, Brendan Bechtel said: “NEOM is one of the most complex projects in living memory and we are proud to be part of it. The vision for a futuristic, innovative and sustainable ecosystem is unique and bold, and we believe NEOM will change the way new cities are developed by future generations. We have helped our customers shape the Kingdom’s history with many key projects and we are honored to be a partner in building its future.”

Bechtel has deep experience of working in the Kingdom having been involved in many other high-profile Saudi projects, including Jubail Industrial City and the Riyadh metro. In its role as Executive Project Manager, Bechtel will draw on over 120 years of industry experience to deliver a lasting positive impact in NEOM.

NEOM will be home to an economy and society oriented to the future with a technologically advanced, sustainable infrastructure powered by 100% renewable energy to support truly liveable cities. NEOM has accelerated work this year in many areas including a contract with Saudi telecom giant, stc, for the establishment of a 5G network infrastructure that will accelerate NEOM’s digital ambitions. It also signed a $5-billion partnership with US-based Air Products and Saudi Acwa Power to develop the world’s largest green hydrogen and green ammonia plant to be operational in 2025.

About NEOM

NEOM is an accelerator of human progress and a vision of what a New Future might look like. It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this New Future. It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses, and reinventing environmental conservation.   

NEOM will be the home and workplace to more than a million residents from around the world. It will include hyperconnected, cognitive towns and cities, ports and enterprise zones, research centers, sports and entertainment venues, and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate and commercialize new technologies and enterprises in ground-breaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity – all supported by a progressive law compatible with international norms and conducive to economic growth.

For further information email: media@neom.com or visit www.neom.com. 

About Bechtel

Bechtel is a trusted engineering, construction and project management partner to industry and government. Differentiated by the quality of our people and our relentless drive to deliver the most successful outcomes, we align our capabilities to our customers’ objectives to create a lasting positive impact. Since 1898, we have helped customers complete more than 25,000 projects in 160 countries on all seven continents that have created jobs, grown economies, improved the resiliency of the world’s infrastructure, increased access to energy, resources, and vital services, and made the world a safer, cleaner place.  

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Hill International Receives Three ENR Awards of Merit for Astir Palace, ISEC Pedestrian Crossing Bridge, and Boeing V-22 Osprey Future Factory

Hill International Receives Three ENR Awards of Merit for Astir Palace, ISEC Pedestrian Crossing Bridge, and Boeing V-22 Osprey Future Factory

PHILADELPHIA and BOSTON and ATHENS, Greece (GLOBE NEWSWIRE) — Hill International (NYSE:HIL) (Hill), the global leader in managing construction risk, announced today that Engineering News-Record (ENR) magazine has recognized the Four Seasons Astir Palace Hotel Athens, Northeastern University’s Interdisciplinary Science and Engineering Complex (ISEC) Pedestrian Crossing, and Boeing’s V-22 Osprey Future Factory with Awards of Merit.

The Four Seasons Astir Palace Hotel Athens
ENR Global Best Projects Award of Merit, Residential/Hospitality

The Four Seasons Astir Palace Hotel Athens is an iconic hotel near Athens, Greece. Since the 1960s, the Hotel has been the crown jewel of the Athenian Riviera and a landmark for Greece’s tourism sector. The owner’s vision for the project respected Astir’s established history and identity while elevating the hotel to contemporary, world-class standards. Astir Palace Vouliagmenis S.A. invested more than $120 million into refurbishing and upgrading the facilities as part of a holistic, environmentally friendly, and master-planned approach.

The project involved transformative renovations for the hotel buildings (Arion and Nafsika) with 303 rooms and 58 luxury bungalows, spa and recreational facilities, conference and event spaces, infinity pools, beaches, a unique beachfront promenade, signature restaurants, a helipad, and more. The historic reopening of the hotels in March 2019 brought Four Seasons’ signature service to Greece for the first time. In its first year of operation, Four Seasons Astir Palace Hotel Athens became an award-winning, top luxury destination, featured on the 2020 Conde Nast Traveler Global Hot List.

“This award is a testament to the distinctive challenges, innovations, quality, and safety performance of the Astir project and a recognition of its special status as a hospitality project of global reverence,” says Hill Vice President & Managing Director for Southern Europe Manolis Sigalas. “Congratulations to the investors and to the wider project team. It has been our privilege and honor to work alongside them through each step of this journey. We are proud to have helped win this prestigious award for Hill, the whole project team, Astir, and Greece.”

Northeastern University ISEC Pedestrian Crossing Bridge
ENR New England Award of Merit, Highway/Bridge

The $39 million, 320-foot-long Northeastern University ISEC Pedestrian Crossing Bridge links the university’s north and south campuses and, by extension, the Roxbury and Fenway neighborhoods of Boston, MA. Traversing five Massachusetts Bay Transportation Authority (MBTA) and Amtrak rail lines, the bridge required a Manitowoc MLC-650, one of the largest cranes on the East Coast, to be set into place. The team achieved this over two consecutive night shifts, carefully coordinated with the MBTA and Amtrak to minimize disruptions to railway operations. Realized on time and on budget, the project has also been recognized with several awards from other industry organizations, earning the 2020 Design Honor Award by the Boston Society of Landscape Architects and the 2020 Envision Bronze Award by the Institute for Sustainable Infrastructure.

“We are proud to have supported Northeastern University with owner’s representative services for this award-winning project,” says Hill Vice President Peter Martini. “In addition to being a functional and safe means of addressing campus and neighborhood traffic, this bridge was beautifully designed with glass panels that allow for excellent views of downtown Boston and special weathering steel, which will age in a controlled and deliberate way to protect the structure with a corrosion-resistant layer of rust. This material gives the bridge a unique industrial color and prevents the need for regular repainting—limiting disruptions to the railway operations beneath. The final product is a testament to the hard work of the whole project team.” Martini specifically mentioned Skanska USA Civil, King Fabrication LLC, Atlantic Bridge & Engineering Inc., Arup, Payette Associates Inc., STIMSON, Coghlin Electrical Contractors, North American Crane and Rigging, Xquisite Landscaping, and J.A.J. Co., Inc.

Boeing V-22 Osprey Future Factory
ENR Mid-Atlantic Award of Merit, Manufacturing

In a Philadelphia suburb, the Boeing Company converted a vacant 350,000 SF warehouse into a $115 million factory to manufacture V-22 Osprey military aircraft. At the new facility, employees will build fuselages for the specialized aircraft and modernize the existing V-22 fleet. Hill provided a full audit for the design-build project, which spanned only 12 months from design through construction. The team worked directly with Boeing to define priorities for analysis on a weekly or as-needed basis. In addition, Hill evaluated contractor estimates, verified all submitted documentation, and produced reports at the client’s request. The Future Factory was submitted to ENR Mid-Atlantic’s Best Projects by project partner STV.

“We’re very proud to see Boeing’s project recognized with an Award of Merit,” says Hill Senior Vice President & Regional Manager for the Mid-Atlantic Region Vic Spinabelli Jr., PE, LEED AP. “This new facility will provide a source of jobs to residents of the Philadelphia area and allow those employees to work safely and efficiently on the Ospreys. Congratulations to Boeing, our project partners, and the Hill team that helped to deliver the new factory successfully.”

Raouf Ghali, Hill’s Chief Executive Officer, says of the achievements: “These projects are among the best that Hill has had the opportunity to support over the past year. The trio set benchmarks in their respective market sectors. We are extremely proud that ENR has recognized the efforts of our teams, our clients, and our partners with Awards of Merit. I would like to congratulate all of the Hill professionals and our partner firms that contributed to the success of these incredible, award-winning projects.”

ENR is a leading provider of engineering and construction news, analysis, commentary, and data. ENR reports on the top design firms, both architects and engineers, and the top construction companies as well as projects in the U.S. and around the world. For more information, please visit ENR’s website at www.enr.com.

About Hill International

Hill International, with approximately 2,700 professionals in more than 65 offices worldwide, provides program management, project management, construction management, and other consulting services to clients in a variety of market sectors. Engineering News-Record magazine recently ranked Hill as the eighth-largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.

Forward Looking Statements

Certain statements contained herein may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any statements of belief or intent, any statements concerning our plans, strategies, and objectives for future operations are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates, and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission, including that unfavorable global economic conditions may adversely impact our business, our backlog may not be fully realized as revenue, and our expenses may be higher than anticipated. We do not intend, and undertake no obligation, to update any forward-looking statement.

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Georgia DOT Awards nearly $1.35 Billion in Fiscal Year 2020, $33.2 Million in Construction Contracts for June

Georgia DOT Awards nearly $1.35 Billion in Fiscal Year 2020, $33.2 Million in Construction Contracts for June

ATLANTA, GA – In Fiscal Year 2020, the Georgia Department of Transportation awarded a total of 330 projects, valued at approximately $1.349 billion. This includes 299 projects valued at approximately $1.18 billion, of which three were Design Build projects totaling $142.6 million. The remaining 31 projects, worth approximately $169 million, were locally let.

The 330 awarded projects for FY 2020 by project type include:

  • 189 maintenance projects, accounting for 57 percent of the awarded projects
  • The remaining 43 percent include 51 safety projects, 20 road projects, 51 bridge projects and 19 enhancement projects.

FY 2020 began on July 1, 2019 and ended on June 30, 2020.

In June, the last month of FY 2020, a total of 16 construction contracts were awarded for statewide transportation projects totaling $33,173,439.

The largest single investment, worth approximately $6.5 million, was awarded to C.W. Matthews Contracting Co., Inc. to resurface 10.47 miles along US 19/State Route 3 from north of Ernest W. Barrett Parkway to the Bartow County line in Cobb County.

The second largest contract, $5.7 million, was also awarded to C.W. Matthews Contracting Co., Inc. to resurface 9.08 miles along US 19/State Route 3 from north of State Route 54 to the Fulton County line in Clayton County.

These contracts, along with one other resurfacing contract, represent 46 percent or $15.4 million of the awarded funds. The remaining 54 percent, or $17.8 million, is allotted for safety, bridge rehabilitation and bridge construction projects at various locations throughout the state.

The department invested in 10 safety contracts, including four that add rumble strips to existing roadways in various counties throughout the state. Rumble strips are a road safety feature that alert distracted drivers who drift from the travel lane with a physical and audible vibration that is transmitted through the wheels and into the vehicle. Four other safety contracts will upgrade signing at various locations across the state.

In addition, and not included in the June award figures, GDOT deferred four contracts totaling $100.7 million. The department intends to award these projects in the future.

Award Announcement list (includes deferred projects). Bids for Design-Bid-Build projects were received on June 19 and contracts were awarded to the lowest qualified bidders on July 6. To view a list of lettings by year, please visit: https://www.bidx.com/ga/lettings.

Information on schedules, lane closures and detours will be available in advance of construction activities taking place.

Contractors and consultants including Disadvantaged Business Enterprises (DBEs), registered small businesses and veteran-owned small businesses interested in bidding on projects or performing work must prequalify with Georgia DOT. To learn more please visit: http://www.dot.ga.gov/PS/Business/Prequalification/PrequalContractors

Georgia Department of Transportation plans, constructs and maintains Georgia’s state and federal highways. We’re involved in bridge, waterway, public transit, rail, general aviation, bike and pedestrian programs. And we help local governments maintain their roads. Georgia DOT and its nearly 4,000 employees are committed to delivering a transportation system focused on innovation, safety, sustainability and mobility. The Department’s vision is to boost Georgia’s competitiveness through leadership in transportation.

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Dodge Momentum Index Increases in July

Dodge Momentum Index Increases in July

NEW JERSEY – August 7, 2020 – The Dodge Momentum Index moved 3.4% higher in July to 124.7 (2000=1000) from the revised June reading of 120.5. The Momentum Index, issued by Dodge Data & Analytics, is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year. During the month, the commercial component increased 5.3% while the institutional component was unchanged.

This month’s increase in the Dodge Momentum Index was the first in all of 2020. Since December 2019, the Momentum Index has lost 18% with most of the decline coming in April when the COVID-19 pandemic led to numerous business shutdowns across the country. The pullback has largely come from institutional planning, rather than commercial plans. State and local government revenues have been squeezed as declines in economic activity have led to a drop in tax revenue just as costs related to the pandemic have skyrocketed. The institutional component is currently 28% below its December 2019 peak and 21% lower than its year ago level. Commercial planning is down 13% from its January 2020 peak, but is actually 1% higher than its year-ago level.

In July, 13 projects each with a value of $100 million or more entered planning. The leading commercial projects were the first two phases of the Centene Healthcare headquarters in Charlotte NC, with each phase valued at $500 million. The leading institutional projects were the $320 million Dignity Health Hospital in Elk Grove CA and the $155 million first phase of the West Henderson Hospital in Henderson NV.

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COLLABORATION LEADS TO SUCCESS FOR LAND & WATER GROUP AT SOUTHMERE LAKE RESTORATION

COLLABORATION LEADS TO SUCCESS FOR LAND & WATER GROUP AT SOUTHMERE LAKE RESTORATION

Land & Water Group, a leading provider of wet civil engineering services, has received an honourable ‘Performance beyond Compliance’ recognition on behalf of the Considerate Constructors Scheme for its exceptional work overseeing a lake restoration project in South Thamesmead. On behalf of client Peabody, the team at Land & Water completed environmental enhancement works on the lake at the end of June, helping to enhance the area as part of a wider redevelopment scheme.

The project, which was a collaborative effort between the different arms of the Land & Water Group, successfully progressed over the past few months despite the COVID-19 lockdown. The Land & Water team worked efficiently within all government guidelines, whilst meeting specific criteria including ‘Respect the Community’, ‘Protect the Environment’, ‘Secure everyone’s Safety’ and ‘Protect their Workforce’. As a result, the Considerate Contractor Scheme recognition is even more significant to the Group, who have continued to carry out essential works throughout the Coronavirus pandemic

The project is part of Peabody’s wider regeneration plans to create 20,000 new homes, more job opportunities as well as improving the blue and green spaces in Thamesmead. Using their exceptional expertise on site, Land & Water’s team has helped to ensure that Southmere Lake fulfils the requirements of this project, a venture which incorporates a comprehensive 30-year plan.

Land & Water Services worked alongside Terraqua Environmental Solutions (TES) to create five floating islands, reed beds and wetlands, providing much needed habitat in the area. In turn, this has helped to encourage wildlife and improve the ecological status of the lake. These structures promise to help stabilise banks and filter out bacteria, fungi and algae, futureproofing the biodiversity of Southmere Lake. TES has also grown native wildflowers from seed to provide interest and add to the habitat created around the lake. Meanwhile, Land & Water Services has dredged material which will be used to create further reed bed areas, whilst improving navigation within the lake for boating and sailing.

An ornamental fountain has also been installed. This helps to aerate the water of Southmere Lake, improving aquatic conditions. Similarly, the team’s experts have installed fishing platforms to provide safe access and positions from which visitors can enjoy the lake’s exceptional facilities, enriching Southmere Lake in a variety of ways.”

Discussing this recognition and what it means to Land & Water, the project’s Site Manager, Andy Mickelburgh, says: “We have all loved working on this project. Contributing to the rejuvenation of this area and the enjoyment it will provide for years to come is something we’re very proud of.

“Every member of our Land & Water Services and TES teams have helped to make this project a success. Using our impressive fleet of plant and vast expertise, we have managed to exceed expectations during a period of adversity and all in a timely manner. To have these efforts be recognised by an accredited body is an accomplishment which the Land & Water Group values immensely. This is a true reflection of the team’s unwavering hard work and determination over what has been, for everyone, a challenging few months. As always, Land & Water has delivered excellence.”

Land & Water has, despite the uncertainty of recent events, enjoyed a successful start to 2020. This lake restoration project is one of many successful projects completed by Land & Water so far this year.

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