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Resources Connection revenue rises

July 17 2008

Resources Connection Inc. (NASD: RECN) reported a 14.2% increase in revenue for its fiscal year ended May 31, 2008, to $840.3 million.

Revenue in the U.S. rose 9.0% for the year at the Irvine CA-based company, which provides finance and accounting, information technology and legal staffing through its Resources Global Professionals subsidiary. International revenue increased 31.0%, or 20.6% on a constant currency basis. Revenue included $9.9 million from the company's acquisition of Domenica BV, a Netherlands-based provider of actuarial services.

Full-year gross margin dipped to 38.3% from 39.2%. Net income for the year fell 10.2% to $49.2 million from $54.8 million in the previous year.

Fourth-quarter revenue rose 18.1% year-over-year to $236.7 million.

Gross margin slipped to 39.4% from 39.5%. And fourth-quarter net income fell 1.0% to $15.9 million from $16.1 million in the fourth quarter of the previous year. The most-recent quarter had an extra week compared with the same period in the previous year.

Resources Connection Inc. (NASD: RECN)
For the fourth quarter ended May 31, 2008, compared with the same period in the previous year.
Revenue: $236.7 million, +18.1%
Net income: $15.9 million, -1.0%

For the full fiscal year ended May 31, 2008, compared with the previous year.
Revenue: $840.3 million, +14.2%
Net income: $49.2 million, -10.2%

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