$RECN (Resources Connection, Inc.)

$RECN {{ '2016-10-05T20:28:05+0000' | timeago}} • Announcement

Consulting firm $RECN reported a decrease in 1Q17 earnings hurt by lower revenues. Net income was $5.6MM or $0.15 per share in 1Q17 compared to $7.1MM or $0.19 per share in 1Q16. Revenue fell 3.3% to $143.4MM compared to last year partially due to fewer business opportunities in the financial services and energy sectors.

$RECN {{ '2017-04-05T22:04:16+0000' | timeago}} • Webcast

For 3Q17, $RECN's average consultant full time employee count was 2,503 versus 2,480 in the year ago quarter. Quarter end consultant headcount was 2,611 versus 2,584 a year ago. Total headcount of the company was 3,394 at the quarter end.

$RECN {{ '2017-04-05T21:56:37+0000' | timeago}} • Webcast

$RECN's sales transformation initiative is expected to increase the company's revenue in 2H18. The company has engaged an independent consulting firm to assist it with the sales transformation effort.

$RECN {{ '2017-04-05T21:31:41+0000' | timeago}} • Webcast

$RECN said that cost reduction plan eliminates approx. 6.5% of management headcount. This includes the closure of two offices; one in U.S. and one in Europe and the elimination of some positions in field offices and back office. The company will incur a restructuring charge tied to the cost reduction plan in 4Q17 results.

$RECN {{ '2017-04-05T20:23:51+0000' | timeago}} • Announcement

$RECN implemented 3 strategic initiatives to help improve its performance in both cost containment and revenue generation. These include lowering selling, general and administrative expenses by about $7MM per year, improving the sales culture and business development process, and redesigning the business model to enhance client offerings.

$RECN {{ '2017-04-05T20:21:58+0000' | timeago}} • Announcement

$RECN's gross margin for 3Q17 declined to 36.3% from 37.4% in the previous year quarter. This is as a result of an unfavorable change in the bill rate/pay rate ratio and a rise in costs related to teh company's self-insured medical program.

$RECN {{ '2017-04-05T20:20:42+0000' | timeago}} • Announcement

$RECN's revenue in the U.S. for 3Q17 declined 3.4% from last year, primarily impacted by decreases in financial services and energy sectors. International revenue increased 4.5%, reflecting Resources Global Professionals' improving performance overseas.

$RECN {{ '2017-04-05T20:18:04+0000' | timeago}} • Announcement

$RECN reported a drop in 3Q17 earnings due to declines in the financial services and energy sectors in the U.S. as well as higher costs and expenses. Net income fell to $2.88MM or $0.09 per share from $5.96MM or $0.16 per share last year. Revenue fell to $143.84MM from $146.78MM.

$RECN {{ '2017-01-04T23:11:36+0000' | timeago}} • Webcast

$RECN said that during the course of 2017, the company will get its sales teams up to speed and will be working to that aggressively. The company also added that in the course of the calendar year, one can see about over $1MM of CapEx related to this and some SG&A impact of just under $1MM.

$RECN {{ '2017-01-04T22:40:28+0000' | timeago}} • Webcast

$RECN said the company continues to face challenges in the financial services area in the energy sector. In 3Q17, the company expects GM to decline about 180 BP from the 2Q17 GM, mainly due to increasing employer payroll taxes and the impact of holidays.

$RECN {{ '2017-01-04T22:35:24+0000' | timeago}} • Webcast

$RECN stated that geographically, US revenue for 2Q17 was $117.6MM, down 4% YoverY, while up 1.7% sequentially. Internationally, total revenues rose 5.5% to $29.9MM from $28.3MM a year ago. Europe revenue rose 4% in 2Q17 from a year ago, while sequentially revenue was up 13%. In Asia-Pac, revenue rose 9.2% YoverY, while it was up 2.3% sequentially.

$RECN {{ '2017-01-04T21:31:55+0000' | timeago}} • Announcement

$RECN repurchased 68,600 shares of its common stock for $900,000 in 2Q17 and paid a quarterly dividend to shareholders totaling $4MM or $0.11 per diluted share. As of Nov. 26, 2016, $RECN's cash, cash equivalents and short-term investments were $63.6MM compared to $116MM at 4Q16-end.

$RECN {{ '2017-01-04T21:25:26+0000' | timeago}} • Announcement

Consulting and business services company $RECN reported lower 2Q17 earnings, hurt by lower revenue and higher expenses, as well as severance and related charges of $1.5MM. Net income for the quarter declined 34.59% to $5.69MM or $0.16 per share from $8.7MM or $0.23 per share a year ago. Revenue for the quarter fell 2.21% to $147.56MM.

$RECN {{ '2016-12-21T13:16:09+0000' | timeago}} • Announcement

$RECN promoted its Interim CEO Kate Duchene to President & CEO, effective December 19, 2016. Ms. Duchene served as the company's Interim CEO since October 5, 2016. $RECN's previous CEO Anthony Cherbak retired due to his health conditions.

$RECN {{ '2016-11-23T16:23:45+0000' | timeago}} • Webcast

$RECN announced final results of its modified Dutch auction tender offer. An aggregate of 6.52MM common shares were validly tendered and not validly withdrawn at or below $16 per share, including about 892,629 shares that were tendered through notice of guaranteed delivery.

$RECN {{ '2016-11-17T17:18:41+0000' | timeago}} • Announcement

$RECN announced preliminary results of its modified Dutch auction tender offer to buy up to 6MM common shares at price per share not greater than $16 nor less than $13.50. The offer expired on Nov. 15. Based on preliminary count, total of about 6.74MM common shares were validly tendered and not validly withdrawn at or below price of $16 per share.

$RECN {{ '2016-10-18T14:02:34+0000' | timeago}} • Announcement

$RECN commenced a modified Dutch auction tender offer to purchase up to 6,000,000 shares of its common stock at a price per share not greater than $16.00 nor less than $13.50.

$RECN {{ '2016-10-05T22:18:44+0000' | timeago}} • Webcast

In 2Q17, $RECN expects GM to improve approx. 20BP from 1Q17. The company expects SG&A in 2Q17 to be approx. $44.4MM. For 2Q17, $RECN expects a tax rate of 43.5%. $RECN expects quarterly stock compensation expense to approximate $1.4MM in the upcoming quarters.

$RECN {{ '2016-10-05T22:05:19+0000' | timeago}} • Webcast

$RECN said weekly revenues for the first five weeks of 2Q17 have averaged $11.2MM and totaled $55.8MM. The company is projecting 2Q17 revenues of approx. $143.5MM.  This assumption does not include potential increases or decreases in weekly run rates over the balance of the quarter.

$RECN {{ '2016-10-05T21:57:59+0000' | timeago}} • Webcast

In 1Q17, $RECN's revenue in Asia-Pacific grew 2.5% in dollars but was down 1.1% in constant currency. Revenue in Europe improved, growing 6.2% QoverQ. On a constant currency basis, in Europe, revenues grew 9.8%.

$RECN {{ '2016-10-05T21:49:08+0000' | timeago}} • Webcast

Irvine, California-based company $RECN said Mr. Anthony Cherbak  will resign as President and CEO effective October 7, 2016 due to health issues. Kate W. Duchene, the company's Chief Legal Officer, EVP, Human Resources and Secretary, will serve as interim CEO while the BoD conducts a search for a new CEO.

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