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Resources Connection Inc (RECN) SEC Filing 10-K Annual report for the fiscal year ending Saturday, May 29, 2010

Resources Connection Inc

CIK: 1084765 Ticker: RECN


Immediate Release

Media Contact:
Michael Sitrick
(US+) 1-310-788-2850 or mike_sitrick@sitrick.com

Analyst Contact:
Nate Franke, Chief Financial Officer
(US+) 1-714-430-6500 or nate.franke@resources-us.com
 
Resources Connection, Inc. Reports Fourth Quarter and Year-End Results for
Fiscal 2010
 
 
·
Company reports fourth quarter earnings per share of $0.05, including contingent consideration and tax valuation allowance of $0.03 per share
 
·
Fourth quarter gross margin improves to 41.4%
 
·
Board of Directors announces regular quarterly dividend of $.04 per share
 
·
Fourth quarter cash flow from operations and adjusted EBITDA improve to $6.8 million and $14.8 million, respectively

IRVINE, Calif., July 20, 2010
– Resources Connection, Inc. (NASDAQ: RECN), a multinational professional services firm that provides to clients – through its operating subsidiary, Resources Global Professionals (“Resources”) – accomplished professionals in accounting and finance, risk management and internal audit, corporate advisory and strategic communications, information management, human capital, supply chain management and legal services, today announced financial results for its fiscal fourth quarter and year ended May 29, 2010.

Total revenue for the fourth quarter of fiscal 2010 was $133.9 million, up 6.9% and 1.4% on a sequential quarter and quarter-over-quarter basis, respectively. Revenues in the U.S. were up 8.9% and 7.4% sequentially and quarter-over-quarter, respectively, while international revenues increased 0.7% sequentially but declined 14.8% quarter-over-quarter (up 4.6% sequentially but down 19.2% quarter-over-quarter on a constant dollar basis).

Gross margin was 41.4% in the fourth quarter of fiscal 2010, up 280 basis points from the third quarter of fiscal 2010 and 320 basis points from 38.2% in the comparable period of fiscal 2009.  The improvement stems in part from the Sitrick Brincko acquisition.  Selling, general and administrative expenses for the fourth quarter of fiscal 2010 were $43.0 million, down $1.1 million from the third quarter of fiscal 2010 amount of $44.1 million.

Cash flow from operations and adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, stock based compensation and contingent consideration expense) were $6.8 million and $14.8 million, respectively, for the fourth quarter of fiscal 2010.

“Our improvement this quarter across all significant metrics we track, including revenue, gross margin, adjusted EBITDA and cash flows, is a significant achievement by our offices around the world given the tough macroeconomic environment,” said Tony Cherbak, chief operating officer.  “These results demonstrate the leveragability of our business model.”

 

The following information was filed by Resources Connection Inc (RECN) on Tuesday, July 20, 2010 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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Ticker: RECN
CIK: 1084765
Form Type: 10-K Annual Report
Accession Number: 0000950123-10-068245
Submitted to the SEC: Mon Jul 26 2010 9:47:01 PM EST
Accepted by the SEC: Tue Jul 27 2010
Period: Saturday, May 29, 2010
Industry: Business Services

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