18 unchanged sentences
As of December 28, 2024, the Company has accrued $2.8 million for asserted claims.
−Removed: In April 2022, a client of the Company’s Industrial Processing Group alleged that a system partially designed by the Company is not operating as intended and that the Company is responsible.
+Added: In April 2022, a client of the Company’s Engineering segment alleged that a system partially designed by the Company is not operating as intended and that the Company is responsible.
The Company has not determined if it has any liability.
1 unchanged sentence
Furthermore, the Company believes that if it were found liable, any damages would be covered by insurance, subject to a deductible of $0.5 million and maximum coverage of $5.0 million.
+Added: While the clients estimated damages are not known, the client has either inferred or asserted during settlement discussions that it’s damages significantly exceed the Company’s insurance coverage of $5 million.
While the Company attempts to find a mutually agreeable solution, the Company has reserved $0.5 million for this project.
3 unchanged sentences
Not applicable.
−Removed: MARKET FOR REGISTRANT ’ S COMMON EQUITY, RELATED STOCKHOLDER
−Removed: MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
−Removed: Shares of the Company’s common stock are traded on The NASDAQ Global Market under the Symbol “RCMT.”
−Removed: As of February 20, 2024, the approximate number of holders of record of the Company’s Common Stock was 247 and the number of beneficial owners of its Common Stock was approximately 7,650.
−Removed: No dividends were declared in fiscal 2022 or fiscal 2023.
−Removed: All restricted share awards contain a dividend equivalent provision entitling holders to dividends paid between the restricted stock award grant date and ultimate share distribution date.
−Removed: As of December 30, 2023, there were no accrued dividends.
−Removed: While the Company, at this time, has no plans to issue any future dividends, any future payment of dividends will depend upon, among other things, the Company’s earnings, financial condition, capital requirements, level of indebtedness, contractual restrictions, and other factors that the Board of Directors deems relevant.
−Removed: The Revolving Credit Facility (as discussed in Item 7 hereof) prohibits the payment of any dividends or distributions on account of the Company’s capital stock without the prior consent of the majority of the Company’s lenders.
−Removed: Stock Repurchase by Issuer
−Removed: On April 25, 2023, the Company’s Board of Directors authorized a program to repurchase shares of its common stock up to an amount not to exceed $25.0 million.
−Removed: This program succeeds the Company’s prior repurchase program authorized in November 2021, which was substantially completed in April 2023.
−Removed: The program is designed to provide the Company with enhanced flexibility over the long term to optimize its capital structure.
−Removed: Shares of the Common Stock may be repurchased in the open market or through negotiated transactions.
−Removed: The program may be terminated or suspended at any time at the discretion of the Company.
−Removed: The Company may enter into a Rule 10b5-1 trading plan to effect a portion of the authorized purchases if the criteria set forth in the plan are met.
−Removed: Such a plan would enable the Company to repurchase its shares during periods outside of its normal trading windows when the Company typically would not be active in the market.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.