$RECN (Resources Connection, Inc.)

$RECN {{ '2016-04-07T20:46:11+0000' | timeago}} • Announcement

$RECN announced the planned retirement of its Nathan Franke, Executive Vice President and Chief Financial Officer. Franke will continue to remain in his current position until the end of July. The company said it has started the search for his successor.

$RECN {{ '2018-01-03T21:37:08+0000' | timeago}} • Announcement

During 2Q18, $RECN’s revenue in the US increased by 1.5% YoY, reflecting increased activity and bill rates in several of the company's largest markets. International revenue improved by 24.7% YoY, reflecting strength in the UK, Ireland and Sweden practices. Revenue in Europe grew 20.9% YoY, excluding revenue attributable to taskforce.

$RECN {{ '2018-01-03T21:32:48+0000' | timeago}} • Announcement

$RECN reported net income of $8.1MM or $0.27 per share in 2Q18 compared to $5.7MM or $0.16 per share in 2Q17. Revenue increased by 6.2% to $156.7MM compared to 2Q17. Excluding taskforce's revenue of $3.7MM in the quarter, revenue was up 3.7%.

$RECN {{ '2017-12-05T14:38:34+0000' | timeago}} • Announcement

$RECN completed the acquisition of Accretive Solutions, Inc. $RECN plans to transition Accretive's business into the $RECN brand over the next 6-9 months, with the exception of Countsy, which will operate as a standalone business. $RECN expects the transaction to increase revenue by approx. $65-70MM and EBITDA by $6.5-7.5MM after 9-12 months.

$RECN {{ '2017-10-05T16:10:26+0000' | timeago}} • Webcast

$RECN stated that during FY18, it will work through a variety of initiatives. The long-term goal is to be a 38-39% gross margin business with 27-28% in SG&A and 4-5% organic growth on an annualized basis.

$RECN {{ '2017-10-05T16:01:21+0000' | timeago}} • Webcast

$RECN expects the taskforce transaction to be substantially accretive to revenue and EBITDA from day one. The company expects taskforce to contribute $14-16MM annually in revenue and 10-12% EBITDA at its operating pace. The acquisition drove approx. $400,000 in acquisition costs in 1Q18.

$RECN {{ '2017-10-05T16:01:05+0000' | timeago}} • Webcast

Looking at $RECN’s early revenue trends for 2Q18, weekly revenues were trending 3% ahead of last year, excluding taskforce acquisition-related revenue. This includes the impact of approx. $350,000 in lost revenue from the hurricanes. Europe is doing well and Asia-Pacific is beginning to rebound after getting off to a slow start in 1Q18.

$RECN {{ '2017-10-05T16:00:44+0000' | timeago}} • Webcast

In October, $RECN will roll out the new operating model for sales within RGP for all of North America. The company has established the SCP program with dedicated account teams to lift revenue and target long-term global clients. $RECN also implemented its new sales process and technology platform SalesForce throughout the global business in 1Q18.

$RECN {{ '2017-10-04T20:29:05+0000' | timeago}} • Announcement

On September 1, 2017, $RECN acquired German professional services firm taskforce-Management on Demand AG. The purchase was for initial consideration of approx. $7.1MM in a combination of cash and restricted stock, plus an earn-out based on performance in calendar 2017, 2018 and 2019.

$RECN {{ '2017-10-04T20:23:42+0000' | timeago}} • Announcement

During 1Q18, $RECN’s revenue in the US decreased by 2.2% QoQ, primarily impacted by ongoing weakness in the Tri-State area. International revenue improved by 1.1% QoQ, or 1.8% constant currency, while decreasing 3.2% sequentially.

$RECN {{ '2017-10-04T20:20:51+0000' | timeago}} • Announcement

$RECN reported a decline in 1Q18 earnings. Net income declined to $2.1MM or $0.07 per share, including $0.05 per share related to severance and acquisition related costs taken during the quarter, compared to $5.6MM or $0.15 per share in 1Q17. Revenue fell by 1.5% to $141.2MM compared to 1Q17.

$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.

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