UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
|
July
16, 2015
|
RESOURCES CONNECTION, INC.
|
|
|
|
Delaware
|
0-32113
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33-0832424
|
(State or other jurisdiction
|
(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
|
17101 Armstrong Avenue, Irvine, California
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92614
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(Address of principal executive offices)
|
(Zip Code)
|
|
|
Registrant’s telephone number, including area code
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(714) 430-6400
|
Not applicable
(Former name or former address, if changed since last
report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
___________________________________________________________________________
On July 16, 2015, Resources Connection, Inc. (“Resources” or “the
Company”) issued a press release announcing its financial results for
the quarterly period and fiscal year ended May 30, 2015. A copy of the
press release is attached hereto as Exhibit 99.1.
Within the attached press release, the Company makes reference to
certain non-generally accepted accounting principles (“non-GAAP”)
financial measures, including consolidated EBITDA, Adjusted EBITDA and
Adjusted EBITDA Margin. The Company believes that these non-GAAP
measures are useful to our investors because they are financial measures
used by management to assess the core performance of our Company.
Accordingly, where these non-GAAP measures are provided, it is done so
that investors have the same financial data that management uses with
the belief that such information will assist the investment community in
assessing the underlying performance of the Company on a year-over-year
and sequential basis. Whenever such information is presented, the
Company has complied with the provisions of the rules under Regulation G
and Item 2.02 of Form 8-K. In addition to the reasons described above,
specific reasons the Company’s management believes that the presentation
of certain non-GAAP financial measures provides useful information to
investors regarding the Company’s financial condition, results of
operations and cash flows are as follows:
The non-GAAP measures presented in the attached press release are not in
accordance with, or an alternative for, GAAP and may be different from
non-GAAP measures used by other companies. In addition, these non-GAAP
measures are not based on any comprehensive set of accounting rules or
principles. The Company believes that non-GAAP measures have limitations
in that they do not reflect all of the amounts associated with the
Company’s results of operations as determined in accordance with GAAP
and that these measures should only be used to evaluate the Company’s
results of operations in conjunction with the corresponding GAAP
measures.
For its internal budgeting process, the Company’s management uses
financial statements that include Consolidated EBITDA, Adjusted EBITDA
and EBITDA Margin. The Company’s management also uses the foregoing
non-GAAP measures, in addition to other GAAP measures, in reviewing the
financial results of the Company.
The information in Item 2.02 of this current report on Form 8-K, as well
as Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, and shall
not be incorporated by reference into any registration statement or
other document pursuant to the Securities Act of 1933, as amended.
Item
9.01 Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
Exhibit 99.1 Press Release issued July 16, 2015
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
RESOURCES CONNECTION, INC.
|
|
|
Date: July 16, 2015
|
|
|
By: /s/ ANTHONY CHERBAK
|
|
Anthony Cherbak
|
|
President and Chief Executive Officer
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EXHIBIT INDEX
Exhibit No.
|
|
Description
|
|
|
|
Exhibit 99.1
|
|
Press Release issued July 16, 2015
|
Exhibit 99.1
Resources
Connection, Inc. Reports Fourth Quarter and Year-End Results for Fiscal
2015
-
Company
reports revenues of $148.8 million for fourth quarter, $590.6 million
for fiscal year
-
Earnings
per share increases to $0.21 in fourth quarter, $0.72 for fiscal year
-
Adjusted
EBITDA* for fiscal year improves 21.7% to $60.6 million (10.3% of
revenue)
-
Adjusted
EBITDA* for fourth quarter improves 2.4% to $16.8 million (11.3% of
revenue)
-
Company
returns $8.9 million in capital to shareholders in fourth quarter and
$38.0 million in fiscal 2015
*Adjusted
EBITDA is defined as earnings before interest, income taxes,
depreciation, amortization and stock-based compensation
IRVINE, Calif.--(BUSINESS WIRE)--July 16, 2015--Resources Connection,
Inc. (NASDAQ: RECN) today announced financial results for its fiscal
fourth quarter and year ended May 30, 2015. Resources Connection, Inc.
(the “Company”) is a multinational professional services firm that
provides to clients – through its operating subsidiary, Resources Global
Professionals (“RGP”) – consulting services in the areas of accounting,
finance, risk management and internal audit, corporate advisory,
strategic communications and restructuring, information management,
human capital, supply chain management, healthcare solutions, and legal
and regulatory.
Revenue for the fourth quarter of fiscal 2015 increased 1.3% to $148.8
million compared to the prior year’s adjusted fourth quarter of $147.0
million. Since fiscal 2014 contained 53 weeks of operations, results for
the fourth quarter of fiscal 2014 (a 14-week quarter) of $156.8 million
include an extra week of revenue of approximately $9.8 million as
compared to the fourth quarter of fiscal 2015 (a 13-week quarter). On a
sequential basis, fourth quarter revenue was up 1.4% compared to $146.8
million in the third quarter of fiscal 2015.
Adjusting for the impact of currency fluctuations, fiscal 2015’s fourth
quarter revenue would have been $153.4 million, up 4.4%
quarter-over-quarter on a comparable 13-week basis, and revenue for the
year would have been $599.4 million, up 7.6% on a comparable 52-week
basis.
Revenue in the U.S. increased 3.4% on an adjusted quarter-over-quarter
basis and was down 0.6% sequentially. International revenue decreased
7.2% on an adjusted quarter-over-quarter basis but improved 10.6%
sequentially. Adjusting for the impact of currency fluctuations, the
increase in international revenue adjusted quarter-over-quarter was 7.9%
and the sequential increase was 14.5%.
The Company’s fourth quarter of fiscal 2015 net income improved 17.4% to
$8.1 million, or $0.21 per diluted share, compared to the prior year’s
fourth quarter of $6.9 million, or $0.18 per diluted share (which
included severance and related charges for European personnel reductions
totaling $2.0 million or $0.05 per diluted share).
“I am pleased with our results for fiscal 2015 which show good
improvement in revenues, gross margin and adjusted EBITDA,” said Tony
Cherbak, president and chief executive officer of RGP. “While we
experienced some softness in weekly revenues in the latter part of the
fourth quarter, the early weeks of the first quarter of fiscal 2016 have
improved, approaching levels experienced early in the fourth quarter.”
Gross margin was 38.9% in the fourth quarter of both fiscal 2015 and
2014. Sequentially, gross margin improved 160 basis points from 37.3%,
primarily due to the decrease in employer payroll taxes as the calendar
year progresses and one fewer compensated holiday in the U.S. in the
fourth quarter compared to the third quarter of fiscal 2015.
Selling, general and administrative expenses for the fourth quarter of
fiscal 2015 were $42.5 million (28.5% of revenue) compared to the prior
year fourth quarter amount of $46.2 million (29.5% of revenue) and $43.5
million in the preceding quarter (29.6% of revenue). The
quarter-over-quarter decrease is primarily attributable to $1.7 million
related to European severance charges and the extra week of activity in
the fourth quarter of fiscal 2014; sequentially, the decrease is
primarily due to lower payroll taxes as the calendar year progresses and
lower marketing expenses.
Cash provided by operations and Adjusted EBITDA were $28.9 million and
$16.8 million (11.3% of revenue), respectively, for the fourth quarter
of fiscal 2015 compared to cash provided by operations and Adjusted
EBITDA of $18.4 million and $16.4 million (10.5% of revenue),
respectively, for the fourth quarter of fiscal 2014.
“I am encouraged by the progress we have made in our international
operations,” said Don Murray, chairman of the board of RGP. “Asia
Pacific revenue grew almost 15% during our fourth quarter and Europe’s
weekly revenues during the first few weeks of our new fiscal year are
showing signs of stability.”
The Company’s revenue for the year ended May 30, 2015 improved 6.0% to
$590.6 million compared to a 52-week adjusted amount of $557.4 million
for the year ended May 31, 2014 ($567.2 million on a 53-week basis). The
Company’s net income for the year ended May 30, 2015 was $27.5 million
or $0.72 per diluted share while net income for the year ended May 31,
2014 was $19.9 million, or $0.51 per diluted share.
Cash provided by operations and Adjusted EBITDA were $31.8 million and
$60.6 million (10.3% of revenue), respectively, for fiscal 2015 compared
to cash provided by operations and Adjusted EBITDA of $32.0 million and
$49.8 million (8.8% of revenue), respectively, for fiscal 2014.
In the fourth quarter of fiscal 2015, the Company repurchased 364,000
shares of common stock for $5.9 million and paid a quarterly dividend
totaling $3.0 million ($0.08 per diluted share) to shareholders.
During fiscal 2015, the Company repurchased 1.7 million shares
(approximately 4.4% of the outstanding shares at the beginning of fiscal
2015) for $26.3 million. In addition, the Company paid quarterly
dividends totaling $11.7 million to shareholders during the fiscal year.
In total, the Company returned $38.0 million in cash to shareholders
during fiscal 2015. As of May 30, 2015, the Company’s cash, cash
equivalents and short-term investments were $112.2 million compared to
$114.3 million at fiscal year-end May 31, 2014.
ABOUT RGP
RGP, the operating subsidiary of Resources Connection, Inc. (NASDAQ:
RECN), is a multinational professional services firm that helps business
leaders execute internal initiatives. Partnering with business leaders,
we drive internal change across all parts of a global enterprise –
accounting, finance, risk management and internal audit, corporate
advisory, strategic communications and restructuring, information
management, human capital, supply chain management, healthcare
solutions, and legal and regulatory services.
RGP was founded in 1996 within a Big Four accounting firm. Today, we are
a publicly traded company with over 3,300 professionals, annually
serving over 1,700 clients around the world from 68 practice offices.
Headquartered in Irvine, California, RGP has served 87 of the Fortune
100 companies.
The Company is listed on the NASDAQ Global Select Market, the exchange’s
highest tier by listing standards. More information about RGP is
available at http://www.rgp.com.
RGP will hold a conference call for interested analysts and investors at
5:00 p.m., ET today, July 16, 2015. This conference call will be
available for listening via a webcast on the Company’s website: http://rgp.com.
An audio replay of the conference call will be available through July
23, 2015 at 855-859-2056. The conference ID number for the replay is
61058502. The call will also be archived on the RGP website for 30 days.
Certain statements in this press release are “forward-looking
statements” within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements may be identified by words such as
“anticipates,” “believes,” “can,” “continue,” “could,” “estimates,”
“expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “remain,”
“should” or “will” or the negative of these terms or other comparable
terminology. In this press release, such statements include (i) the
Company’s improved weekly revenues in the early part of the first
quarter of fiscal 2016 and (ii) Europe’s weekly revenues during the
first few weeks of fiscal 2016 showing signs of stability. Such
statements and all phases of the Company’s operations are subject to
known and unknown risks, uncertainties and other factors that could
cause our actual results, levels of activity, performance or
achievements and those of our industry to differ materially from those
expressed or implied by these forward-looking statements. Risks and
uncertainties include seasonality, overall economic conditions and other
factors and uncertainties as are identified in our most recent Quarterly
Report on Form 10-Q and our other public filings made with the
Securities and Exchange Commission (File No. 0-32113). Additional risks
and uncertainties not presently known to us or that we currently deem
immaterial may also affect our business or operating results. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The Company does not
intend, and undertakes no obligation, to update the forward-looking
statements in this press release to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events, unless required by law to do so.
RESOURCES CONNECTION, INC.
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CONSOLIDATED STATEMENT OF OPERATIONS
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(Amounts in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Years Ended
|
|
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May 30,
|
|
May 31,
|
|
May 30,
|
|
May 31,
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenue
|
|
$
|
148,814
|
|
|
$
|
156,783
|
|
|
$
|
590,589
|
|
|
$
|
567,181
|
|
Direct costs of services
|
|
|
90,953
|
|
|
|
95,841
|
|
|
|
362,227
|
|
|
|
351,359
|
|
Gross margin
|
|
|
57,861
|
|
|
|
60,942
|
|
|
|
228,362
|
|
|
|
215,822
|
|
Selling, general and administrative expenses (1)
|
|
|
42,464
|
|
|
|
46,194
|
|
|
|
173,797
|
|
|
|
172,531
|
|
Operating income before amortization and depreciation (1)
|
|
|
15,397
|
|
|
|
14,748
|
|
|
|
54,565
|
|
|
|
43,291
|
|
Amortization of intangible assets
|
|
|
30
|
|
|
|
426
|
|
|
|
918
|
|
|
|
1,688
|
|
Depreciation expense
|
|
|
847
|
|
|
|
881
|
|
|
|
3,389
|
|
|
|
3,628
|
|
Operating income (1)
|
|
|
14,520
|
|
|
|
13,441
|
|
|
|
50,258
|
|
|
|
37,975
|
|
Interest income
|
|
|
(34
|
)
|
|
|
(45
|
)
|
|
|
(148
|
)
|
|
|
(168
|
)
|
Income before provision for income taxes (1)
|
|
|
14,554
|
|
|
|
13,486
|
|
|
|
50,406
|
|
|
|
38,143
|
|
Provision for income taxes (2)
|
|
|
6,446
|
|
|
|
6,627
|
|
|
|
22,898
|
|
|
|
18,257
|
|
Net income (1), (2)
|
|
$
|
8,108
|
|
|
$
|
6,859
|
|
|
$
|
27,508
|
|
|
$
|
19,886
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
Basic (1), (2)
|
|
$
|
0.22
|
|
|
$
|
0.18
|
|
|
$
|
0.73
|
|
|
$
|
0.51
|
|
Diluted (1), (2)
|
|
$
|
0.21
|
|
|
$
|
0.18
|
|
|
$
|
0.72
|
|
|
$
|
0.51
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
37,486
|
|
|
|
38,580
|
|
|
|
37,825
|
|
|
|
39,216
|
|
Diluted
|
|
|
38,092
|
|
|
|
38,720
|
|
|
|
38,248
|
|
|
|
39,307
|
|
Cash dividends declared per common share
|
|
$
|
0.08
|
|
|
$
|
0.07
|
|
|
$
|
0.32
|
|
|
$
|
0.28
|
|
|
EXPLANATORY NOTES
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Selling, general and administrative expenses include non-cash
compensation expense for employee stock option grants and employee
stock purchases of $1.4 million and $1.6 million for the three
months ended May 30, 2015 and May 31, 2014, respectively, and $6.0
million and $6.5 million for the years ended May 30, 2015 and May
31, 2014, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
The Company's effective tax rate was approximately 44% and
approximately 49% for the three months ended May 30, 2015 and May
31, 2014, respectively, and approximately 45% and approximately 48%
for the years ended May 30, 2015 and May 31, 2014, respectively. For
all periods presented, the Company is unable to benefit from, or has
limitations on the benefit of, tax losses in certain foreign
jurisdictions. To a lesser extent, the accounting treatment under
GAAP for the cost associated with incentive stock options and shares
purchased through the Employee Stock Purchase Plan have caused
volatility in the Company's effective tax rate. In addition, the
effective tax rate during the year ended May 31, 2014 benefited from
the reversal of $690,000 of uncertain international tax position
accruals for which the statute of limitations has expired.
|
|
RESOURCES CONNECTION, INC.
|
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
|
(Amounts in thousands, except Adjusted EBITDA Margin)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Years Ended
|
|
|
May 30,
|
|
May 31,
|
|
May 30,
|
|
May 31,
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
8,108
|
|
|
$
|
6,859
|
|
|
$
|
27,508
|
|
|
$
|
19,886
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
30
|
|
|
|
426
|
|
|
|
918
|
|
|
|
1,688
|
|
Depreciation expense
|
|
|
847
|
|
|
|
881
|
|
|
|
3,389
|
|
|
|
3,628
|
|
Interest income
|
|
|
(34
|
)
|
|
|
(45
|
)
|
|
|
(148
|
)
|
|
|
(168
|
)
|
Provision for income taxes
|
|
|
6,446
|
|
|
|
6,627
|
|
|
|
22,898
|
|
|
|
18,257
|
|
EBITDA
|
|
|
15,397
|
|
|
|
14,748
|
|
|
|
54,565
|
|
|
|
43,291
|
|
Stock-based compensation expense
|
|
|
1,362
|
|
|
|
1,640
|
|
|
|
5,989
|
|
|
|
6,519
|
|
Adjusted EBITDA
|
|
$
|
16,759
|
|
|
$
|
16,388
|
|
|
$
|
60,554
|
|
|
$
|
49,810
|
|
Revenue
|
|
$
|
148,814
|
|
|
$
|
156,783
|
|
|
$
|
590,589
|
|
|
$
|
567,181
|
|
Adjusted EBITDA Margin
|
|
|
11.3
|
%
|
|
|
10.5
|
%
|
|
|
10.3
|
%
|
|
|
8.8
|
%
|
|
EXPLANATORY NOTE
|
|
The Company utilizes certain financial measures and key performance
indicators that are not defined by, or calculated in accordance
with, GAAP to assess our financial and operating performance. A
non-GAAP financial measure is defined as a numerical measure of a
company's financial performance that (i) excludes amounts, or is
subject to adjustments that have the effect of excluding amounts,
that are included in the comparable measure calculated and presented
in accordance with GAAP in the statement of operations; or (ii)
includes amounts, or is subject to adjustments that have the effect
of including amounts, that are excluded from the comparable measure
so calculated and presented.
|
|
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP
financial measures. EBITDA is calculated as net income before
amortization of intangible assets, depreciation expense, interest
income and income taxes. Adjusted EBITDA is calculated as EBITDA
plus stock-based compensation expense. Adjusted EBITDA Margin is
calculated by dividing Adjusted EBITDA by Revenue. We believe that
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin provide useful
measures to our investors because they are financial measures used
by management to assess the core performance of our Company. EBITDA,
Adjusted EBITDA and Adjusted EBITDA Margin are not measurements of
financial performance or liquidity under GAAP and should not be
considered in isolation or construed as substitutes for net income
or other cash flow data prepared in accordance with GAAP for
purposes of analyzing our profitability or liquidity. These measures
should be considered in addition to, and not as a substitute to, net
income, earnings per share, cash flows or other measures of
financial performance prepared in accordance with GAAP.
|
|
RESOURCES CONNECTION, INC.
|
ADJUSTED REVENUE COMPARISON
|
(Amounts in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Incr. (Decr.)
|
|
|
|
% Incr. (Decr.)
|
|
|
May 30, 2015
|
|
May 31, 2014
|
|
May 31, 2014
|
|
May 30, 2015 vs
|
|
% Incr. (Decr.)
|
|
May 30, 2015 vs
|
|
% Incr. (Decr.)
|
13 week basis
|
|
14 week basis
|
|
13 week basis
|
|
May 31, 2014
|
|
Constant
|
|
May 31, 2014
|
|
Constant Currency
|
GAAP
|
|
GAAP
|
|
|
|
GAAP
|
|
Currency
|
|
13 week adjusted
|
|
13 week adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
148,814
|
|
$
|
156,783
|
|
$
|
146,947
|
|
(5.1%)
|
|
(2.2%)
|
|
1.3%
|
|
4.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Incr. (Decr.)
|
|
|
|
% Incr. (Decr.)
|
|
|
May 30, 2015
|
|
May 31, 2014
|
|
May 31, 2014
|
|
May 30, 2015 vs
|
|
% Incr. (Decr.)
|
|
May 30, 2015 vs
|
|
% Incr. (Decr.)
|
52 week basis
|
|
53 week basis
|
|
52 week basis
|
|
May 31, 2014
|
|
Constant
|
|
May 31, 2014
|
|
Constant Currency
|
GAAP
|
|
GAAP
|
|
|
|
GAAP
|
|
Currency
|
|
52 week adjusted
|
|
52 week adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
590,589
|
|
$
|
567,181
|
|
$
|
557,345
|
|
4.1%
|
|
5.7%
|
|
6.0%
|
|
7.6%
|
|
EXPLANATORY NOTE
|
|
The Company’s fiscal year and quarterly periods ended May 31, 2014
consisted of 53 weeks and 14 weeks, respectively, while the fiscal
year and quarterly period ended May 30, 2015 consisted of 52 weeks
and 13 weeks, respectively. In order to provide a better basis for
comparison, this table shows revenue data on an as reported basis
(GAAP) and an adjusted basis to exclude the 53rd and 14th
week in the fiscal year and quarterly periods ended May 31, 2014,
respectively, and provides information regarding the impact of
currency fluctuations during the same periods. The Company estimates
that revenue during the 53rd week (14th week
of the quarter ended May 31, 2014) was approximately $9.8 million.
|
|
RESOURCES CONNECTION, INC.
|
SELECTED BALANCE SHEET, CASH FLOW AND OTHER INFORMATION
|
(Amounts in thousands, except consultant headcount)
|
|
|
|
|
|
|
|
May 30,
|
|
May 31,
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Cash, cash equivalents and short-term investments
|
|
$
|
112,238
|
|
|
$
|
114,277
|
|
Accounts receivable, less allowances
|
|
$
|
96,574
|
|
|
$
|
90,334
|
|
Total assets
|
|
$
|
416,981
|
|
|
$
|
420,078
|
|
Current liabilities
|
|
$
|
68,946
|
|
|
$
|
67,175
|
|
Total stockholders’ equity
|
|
$
|
340,452
|
|
|
$
|
345,761
|
|
Consultant headcount, end of period
|
|
|
2,516
|
|
|
|
2,401
|
|
Shares outstanding, end of period
|
|
|
37,272
|
|
|
|
38,158
|
|
|
|
|
|
|
|
|
Years Ended
|
|
|
May 30,
|
|
May 31,
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Cash flow from operating activities
|
|
$
|
31,751
|
|
|
$
|
32,018
|
|
Cash flow from investing activities
|
|
$
|
6,634
|
|
|
$
|
(12,715
|
)
|
Cash flow from financing activities
|
|
$
|
(28,864
|
)
|
|
$
|
(32,910
|
)
|
CONTACT:
Resources Connection, Inc.
Media Contact:
Michael
Sitrick
(US+) 1-310-788-2850
mike_sitrick@sitrick.com
or
Analyst
Contact:
Nate Franke, Chief Financial Officer
(US+)
1-714-430-6500
nate.franke@rgp.com
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