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Resources Connection Inc (RECN) SEC Filing 10-K Annual report for the fiscal year ending Saturday, May 25, 2019

Resources Connection Inc

CIK: 1084765 Ticker: RECN
Exhibit 99.1

Resources Connection, Inc. Reports Fourth Quarter and Full Fiscal Year 2019 Financial Results

Fourth Quarter Fiscal 2019 Highlights:

  • Revenue $182.1 million, down 0.9% from prior year quarter, up 0.4% constant currency
  • Gross margin $73.0 million, up 3.6% from prior year quarter
  • Gross margin percentage of 40.1%, an improvement of 180 basis points from prior year quarter
  • SG&A as a percent of revenue of 31.2%, an improvement of 80 basis points from prior year quarter
  • Diluted earnings per common share increased to $0.29 compared $0.12 in prior year quarter, an improvement of 142%
  • Pretax income increased to $13.4 million from $8.9 million in prior year quarter
  • Net income increased to $9.4 million from $4.0 million in prior year quarter
  • Adjusted EBITDA increased to $17.5 million from $13.1 million in prior year quarter
  • Cash dividends declared of $0.13 per share

Full Fiscal Year 2019 Highlights:

  • Revenue $729.0 million, up 11.4% from prior year and up 12.4% constant currency
  • Gross margin $282.4 million, up 14.8% from prior year
  • Gross margin percentage of 38.7%, an improvement of 110 basis points from prior year
  • SG&A as a percent of revenue of 30.7%, an improvement of 130 basis points from prior year
  • Diluted earnings per common share increased to $0.98 compared to $0.60 in prior year, an improvement of 63%
  • Pretax income increased to $48.0 million from $28.9 million in prior year
  • Net income increased to $31.5 million from $18.8 million in prior year
  • Adjusted EBITDA increased to $64.6 million from $43.0 million in prior year
  • Cash dividends declared of $0.52 per share

IRVINE, Calif.--(BUSINESS WIRE)--July 18, 2019--Resources Connection, Inc. (Nasdaq: RECN), a multinational business consulting firm, operating as Resources Global Professionals (the “Company” or “RGP”), today announced its financial results for the fourth quarter and year ended May 25, 2019.

Management Commentary

“We are very pleased by the results we delivered in fiscal year 2019,” said Kate W. Duchene, chief executive officer of RGP. “We returned the company to real growth, we improved profitability substantially and we implemented a new organizational structure allowing us to better respond to our global clients.” Ms. Duchene added: “With this progress, we also believe there is greater opportunity ahead. As we have set forth previously, we are working to shift our mix of business to deliver high value project solutions that our clients are requesting from us. We will continue to leverage richer data to enhance decision making and prioritize deployment of resources towards high-potential opportunities including digital innovation.”


The following information was filed by Resources Connection Inc (RECN) on Thursday, July 18, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Resources Connection Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Stockholders' Equity
Consolidated Statement Of Stockholders' Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Accrued Salaries And Related Obligations
Accrued Salaries And Related Obligations (Schedule Of Accrued Salaries And Related Obligations) (Details)
Accrued Salaries And Related Obligations (Tables)
Acquisitions
Acquisitions (Narrative) (Details)
Acquisitions (Summary Of Fair Value Of Consideration Transferred) (Details)
Acquisitions (Summary Of Recognized Amounts Of Assets Acquired And Liabilities Assumed) (Details)
Acquisitions (Tables)
Benefit Plan
Benefit Plan (Narrative) (Details)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Schedule Of Lease Commitments And Purchase Obligations) (Details)
Commitments And Contingencies (Tables)
Concentrations Of Credit Risk
Concentrations Of Credit Risk (Narrative) (Details)
Description Of The Company And Its Business
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Current And Deferred Income Tax Provision For Federal And State Income Taxes Attributable To Operations) (Details)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Schedule Of Income Before Provision For Income Taxes) (Details)
Income Taxes (Schedule Of The Components Of Net Deferred Tax Asset (Liability)) (Details)
Income Taxes (Summary Of Activity In Valuation Allowance) (Details)
Income Taxes (Summary Of Net Operating Loss Expiration Periods) (Details)
Income Taxes (Summary Of The Activity Related To Gross Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Schedule Of Intangible Assets Amortization Expense) (Details)
Intangible Assets And Goodwill (Summary Of Activity In Goodwill Balance) (Details)
Intangible Assets And Goodwill (Summary Of Future Estimated Amortization Expense) (Details)
Intangible Assets And Goodwill (Summary Of Intangible Assets And Related Accumulated Amortization) (Details)
Intangible Assets And Goodwill (Tables)
Long-Term Debt
Long-Term Debt (Narrative) (Details)
Property And Equipment
Property And Equipment (Schedule Of Property And Equipment) (Details)
Property And Equipment (Tables)
Segment Information And Enterprise Reporting
Segment Information And Enterprise Reporting (Narrative) (Details)
Segment Information And Enterprise Reporting (Schedule Of Revenue From External Customers And Long-Lived Assets, By Geographical Areas) (Details)
Segment Information And Enterprise Reporting (Tables)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Narrative) (Details)
Stock-Based Compensation Plans (Schedule Of Share-Based Payment Award, Valuation Assumptions) (Details)
Stock-Based Compensation Plans (Summary Of Impact Of Stock Based Compensation Plans) (Details)
Stock-Based Compensation Plans (Summary Of Share-Based Award Activity) (Details)
Stock-Based Compensation Plans (Summary Of Unvested Restricted Shares Outstanding) (Details)
Stock-Based Compensation Plans (Tables)
Stockholders' Equity
Stockholders' Equity (Narrative) (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Calculation Of Net Income Per Share) (Details)
Summary Of Significant Accounting Policies (Financial Instruments Measured At Fair Value On A Recurring Basis) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives Of Property And Equipment) (Details)
Summary Of Significant Accounting Policies (Summary Of The Activity In Allowance For Doubtful Accounts) (Details)
Summary Of Significant Accounting Policies (Tables)
Supplemental Disclosure Of Cash Flow Information
Supplemental Disclosure Of Cash Flow Information (Schedule Of Additional Information Regarding Cash Flows) (Details)
Supplemental Disclosure Of Cash Flow Information (Tables)
Ticker: RECN
CIK: 1084765
Form Type: 10-K Annual Report
Accession Number: 0001084765-19-000011
Submitted to the SEC: Fri Jul 19 2019 11:57:12 AM EST
Accepted by the SEC: Fri Jul 19 2019
Period: Saturday, May 25, 2019
Industry: Business Services

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