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Resources Connection Inc (RECN) SEC Filing 10-Q Quarterly report for the period ending Saturday, February 23, 2019

Resources Connection Inc

CIK: 1084765 Ticker: RECN

Exhibit 99.1

Resources Connection, Inc. Reports Third Quarter Results for Fiscal 2019

Q3 2019 revenue increases 4.1% year-over-year to $179.5 million

Q3 2019 gross margin improves to 37.8% from 36.3% in prior year

SG&A as a percent of revenue improves by 110 basis points YOY

Q3 2019 diluted earnings per common share increases to $0.18 compared to $0.14 in prior year quarter

Q3 2019 adjusted diluted earnings per common share increases to $0.20 compared to $0.09 in prior year quarter

Q3 2019 pretax income more than doubles to $9.6 million from $4.6 million in prior year quarter

Company announces appointment of Tim Brackney as President and Chief Operating Officer

IRVINE, Calif.--(BUSINESS WIRE)--April 3, 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 third quarter ended February 23, 2019.

Third Quarter 2019 Revenue Financial Highlights

  • Revenue of $179.5 million, up $7.1 million (4.1%) over third quarter of fiscal 2018.
  • U.S. revenue* increased 6.0% over third quarter of fiscal 2018.
  • European revenue decreased 9.7% (3.5% constant currency**) over third quarter of fiscal 2018.
  • Asia Pacific revenue increased 4.0% (7.5% constant currency**) over third quarter of fiscal 2018.

Management Commentary

“We continue to make good progress in improving our top and bottom line results,” said Kate W. Duchene, Chief Executive Officer. “While Europe has faced macro headwinds, our business in North America and Asia Pacific delivered growth in the quarter and have performed well cumulatively through the first three quarters of the fiscal year. We are also pleased that we have made progress with our critical initiatives to improve bill rates and expand our mix of business to drive more profitable results through our solutions offerings.”

“Today, I am delighted to announce the appointment of Tim Brackney as RGP’s President and Chief Operating Officer, effective immediately,” said Kate Duchene. “Having previously served as the President of North America, Tim moves into this role to drive and align our growth and Go-To-Market strategies across the globe. Tim is an accomplished operator with tremendous work ethic and business acumen. I am excited to embrace the opportunities ahead with Tim as a trusted and valued senior leader.”


The following information was filed by Resources Connection Inc (RECN) on Wednesday, April 3, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Resources Connection Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

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Inside Resources Connection Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly 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
Acquisitions
Acquisitions (Narrative) (Details)
Description Of The Company And Its Business
Income Taxes
Income Taxes (Narrative) (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Narrative) (Details)
Intangible Assets And Goodwill (Summary Of Activity In Goodwill Balance) (Details)
Intangible Assets And Goodwill (Summary Of Intangible Assets And Related Accumulated Amortization) (Details)
Intangible Assets And Goodwill (Tables)
Legal Proceedings
Long-Term Debt
Long-Term Debt (Narrative) (Details)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Narrative) (Details)
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 (Summary Of Share-Based Award Activity) (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 (Narrative) (Details)
Summary Of Significant Accounting Policies (Policy)
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)

Material Contracts, Statements, Certifications & more

Resources Connection Inc provided additional information to their SEC Filing as exhibits

Ticker: RECN
CIK: 1084765
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-19-097802
Submitted to the SEC: Thu Apr 04 2019 11:08:33 AM EST
Accepted by the SEC: Thu Apr 04 2019
Period: Saturday, February 23, 2019
Industry: Business Services

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