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Third-quarter net income fell 33.8% at Resources Connection Inc. (NASD: RECN), a financial, accounting, and legal staffing firm based in Irvine CA. The company posted net income of $8.7 million in its fiscal third quarter ended Feb. 29 compared with $13.1 million in the same period in the previous year.
Resources Connection's third-quarter revenue rose 8.2% to $202.8 million from $187.5 million in the third quarter of the previous year. However, gross margin slipped to 37.3% from 38.2%. The company cited an increase in selling, general and administrative expenses caused by new offices, adding of staff, and an increase of more than $1 million in the cost of stock options (a non-cash expense).
Resources Connection Inc. (NASD: RECN)
For the third quarter ended Feb. 29, 2008, compared with the same period in the previous year.
Revenue: $202.8 million, +8.2%
Net income: $8.7 million, -33.8%