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Resources Connection revenue down 43%

October 02 2009
Staffing Industry Analysts North American Daily News

Resources Connection Inc. (NASD: RECN) revenue fell 43.0% year over year to $118.3 million in the company's fiscal first quarter ended Aug. 29, 2009. The Irvine CA-based firm -- which provides finance/accounting, information technology and legal personnel through its Resources Global Professionals subsidiary -- announced results Thursday.

U.S. revenue fell 39.8% year over year to $88.0 million, the company said in a conference call with analysts.

First-quarter gross margin narrowed to 38.2% from 39.0% in the first quarter of the last fiscal year.

Resources Connection posted a first-quarter net loss of $7.2 million compared with net income of $12.5 million in the year-ago quarter. The firm said the first quarter included $7.0 million in expenses related to the departure of two senior executives.

Headcount at the company fell to 1,911 in the first quarter from 3,987 in the year-ago quarter, according to a conference call with analysts.

Resources Connection Inc. (NASD: RECN)
For the fiscal first quarter ended Aug. 29, 2009, compared with the same period in the previous fiscal year.
Revenue: $118.3 million, -43.0%
Net loss: $7.2 million vs. net income of $12.5 million

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