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Resources Connection revenue falls 4%

April 03 2013

Resources Connection Inc. (NASD: RECN), a provider of finance/accounting, legal and IT staffing along with other services, reported revenue fell 3.7 percent year over year to $138.0 million in its fiscal third quarter ended Feb. 23. The Irvine, Calif.-based company provides services through its Resources Global Professionals subsidiary.

Third-quarter U.S. revenue edged up 1.1 percent year over year to $105.9 million. However, international revenue fell 16.8 percent to $32.1 million.

“Our third quarter revenues were negatively impacted due primarily to the wind down of a large mortgage servicing project resulting from our client’s settlement with the U.S. government and a decline in international revenues following the winter holidays,” said Tony Cherbak, president and chief operating officer of RGP.

Third-quarter gross margin narrowed to 37.1 percent from 37.4 percent in the third quarter of 2012.

Resource Connection’s third-quarter net income rose 3.7 percent to $4.5 million from $4.3 million in the year-ago quarter.

Resources Connection Inc. (NASD: RECN)
For the fiscal second quarter ended Feb. 23, 2013, compared with the same period in the previous fiscal year.
Revenue: $138.0 million, -3.7 percent
Net income: $4.5 million, +3.7 percent

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