Resources Connection Shares Dip on Revenue, Earnings DeclinesWednesday, July 17, 2013
Irvine-based professional services firm Resources Connection Inc. reported a drop in revenue and earnings for its fiscal year through May.
Shares of the company were off by more than 6% during morning trading.
Resources Connection operates through its Resources Global Professionals subsidiary, which is the largest management consulting firm based in Orange County.
The company had $556.3 million in revenue for its fiscal 2013, down nearly 3% from a year earlier.
Net income for the recent 12-month period was $20.5 million, half the year-ago profit.
Resources Connection had $140.2 million in revenue for its fiscal fourth quarter through May, down about 4% from the year-ago quarter. Profits totaled $5.3 million, down about 40%.
The company bought back about $12.3 million worth of shares of its common stock during the fiscal fourth quarter, and has $72.6 million remaining under its stock buyback program.