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Resources Connection revenue falls 36%

January 07 2010
Staffing Industry Analysts North American Daily News

Resources Connection Inc. (NASD: RECN) reported revenue fell 36.1% to $121.5 million in its fiscal second quarter ended Nov. 28 on a year-over-year basis. However, revenue rose 2.7% compared with the first quarter.

The Irvine CA-based firm -- which provides finance/accounting, information technology and legal personnel through its Resources Global Professionals subsidiary -- announced results Wednesday afternoon.

U.S. revenue fell 35.0% on a year-over-year basis in the second quarter.

Resources Connections' second-quarter gross margin was 38.1% down from 39.0% in the year-ago quarter.

Second-quarter net loss was $1.9 million compared with net income of $9.5 million in the second quarter of the previous fiscal year.

The company had announced in October that it was acquiring public relations firm Sitrick and Company Inc. and corporate restructuring advisory firm Brincko Associates Inc. That deal closed in November 20.

Resources Connection Inc. (NASD: RECN)
For the fiscal second quarter ended Nov. 28, 2009, compared with the same period in the previous fiscal year.
Revenue: $121.5 million, -36.1%
Net loss: $1.8 million vs. net income of $9.5 million


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