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Resources Connection revenue down 20%

April 01 2010

Resources Connection Inc. (NASD: RECN) reported revenue fell 19.7% to $125.3 million in its fiscal third quarter ended Feb. 27 compared with the same period a year ago. Third-quarter revenue rose 3.1% compared with the second quarter.

The Irvine CA-based firm said its U.S. revenue fell 15.0% on a year-over-year basis, but rose 8.6% sequentially.

Chief Operating Officer Tony Cherbak said the company expects both year-over-year and sequential revenue growth in the fourth quarter.

Third-quarter gross margin improved to 38.6% from 37.2% in the year-ago quarter.

Resources Connection posted a third-quarter net loss of approximately $5.0 million compared with net income of $2.1 million in the third quarter of the previous fiscal year. CEO Don Murray said the third-quarter loss was largely the result of a non-cash tax valuation charge.

Resources Connection provides finance/accounting, information technology and legal personnel through its Resources Global Professionals subsidiary.

Resources Connection Inc. (NASD: RECN)
For the fiscal third quarter ended Feb. 27, 2010, compared with the same period in the previous fiscal year.
Revenue: $125.3 million, -19.7%
Net loss: $5.0 million vs. net income of $2.1 million


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