View:
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 15, 2004
RESOURCES CONNECTION, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-32113 33-0832424
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
695 Town Center Drive, Suite 600, Costa Mesa, California 92626
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (714) 430-6400
----------
Not Applicable
--------------------------------------------------------------
(Former name or former address, if changed since last report.)
ITEM 7. EXHIBITS
Reference is made to the Exhibit Index annexed hereto and made a part
hereof.
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On July 15, 2004, Resources Connection, Inc. issued a press release
announcing its financial results for the quarterly period and fiscal year ended
May 31, 2004. A copy of the press release is furnished as Exhibit 99.1 to this
report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Date: July 15, 2004
RESOURCES CONNECTION, INC.
By: /s/ Donald B. Murray
-----------------------
Donald B. Murray
Chief Executive Officer
EXHIBIT INDEX
Exhibit No. Name of Item
- ----------- ------------
99.1 Press Release issued on July 15, 2004
Exhibit 99.1
Resources Connection, Inc. Reports Year-End Results
Revenue Grows 81% Year-Over-Year and Profits Improve Over 160%
COSTA MESA, Calif., July 15 /PRNewswire-FirstCall/ -- Resources
Connection, Inc. (Nasdaq: RECN), an international professional services firm
that provides accounting and finance, human capital, information management,
supply chain management and internal audit/risk management services on a
project basis, today announced financial results for its fourth quarter and
year ended May 31, 2004.
Total revenue improved 81% to $107.0 million for the fourth quarter of
fiscal 2004, from $59.0 million for the comparable quarter in fiscal 2003, and
22% from the previous quarter. Excluding the impact of acquisitions made
early in fiscal 2004, revenue grew 56% year-over-year. Net income for the
quarter ended May 31, 2004, was $10.7 million, or $0.43 per diluted share,
compared to net income of $4.1 million, or $0.18 per diluted share, in the May
2003 quarter.
Revenues for the fiscal year ended May 31, 2004 increased 63% to
$328.3 million compared to $202.0 million for the fiscal year ended May 31,
2003. Excluding the impact of acquisitions made early in fiscal 2004, revenue
grew 37% year-over-year. Net income for fiscal year 2004 grew 94% to
$24.3 million, or $1.00 per diluted share, compared to $12.5 million, or
$0.55 per diluted share in fiscal year 2003.
"Our strong revenue and net income growth can be directly attributed to
our unwavering focus on delivering excellent service to our clients, including
our growing number of multinational clients," said Chairman and CEO, Donald
Murray. "The successful integration of our fiscal 2004 acquisitions in the
Netherlands and Australia and our recent organic expansion to Japan has
extended our footprint, positioning us as a true global professional services
firm. Despite our strong growth, I am pleased that we have remained flexible
and nimble enough to meet our clients' ever-changing market needs including,
most recently, initial and ongoing compliance with the Sarbanes-Oxley Act.
Our geographic expansion combined with growth in almost all of our service
lines, including the core accounting and finance practice, positions us very
well for the future."
ABOUT RESOURCES CONNECTION
Resources Connection, Inc. is an international professional services firm
that provides accounting and finance, human capital, information management,
supply chain management and internal audit/risk management services on a
project basis. The Company was originated as part of Deloitte in North
America. Its legacy in Europe is from Ernst & Young and in Asia Pacific from
Deloitte. Resources Connection today is completely independent, autonomous
and publicly traded on Nasdaq. In addition to its project professional
services, Resources Connection has established itself as a leading business
services provider for companies seeking independent and cost effective
assistance for meeting or complying with many of the complex business and
regulatory issues in today's marketplace.
Headquartered in Costa Mesa, California, the company operates from more
than 60 domestic and international offices. The U.S. client portfolio boasts
more than 30 of the Fortune 50 companies. The company was recently named to
Forbes Best 200 Small Companies list for the second consecutive year. More
information about the company is available at
http://www.resourcesconnection.com.
Resources Connection will hold a conference call for interested analysts
and investors at 5:00 pm, EDT today, July 15, 2004. This conference call will
be available for listening via a webcast on the Company's Internet web site,
at http://www.resourcesconnection.com/.
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," "should," or "will" or the negative of these terms or
other comparable terminology. Such statements and all phases of Resources
Connection's operations are subject to known and unknown risks, uncertainties
and other factors, including seasonality, overall economic conditions and
other factors and uncertainties as are identified in Resources Connection's
Form 10-K for the year ended May 31, 2003 and Form 10-Qs for the quarters
ended August 31, 2003, November 30, 2003 and February 29, 2004
(File No. 0-32113). Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date hereof.
Resources Connection's, and its industry's, actual results, levels of
activity, performance or achievements may be materially different from any
future results, levels of activity, performance or achievements expressed or
implied by these forward-looking statements. The Company undertakes no
obligation to update the forward-looking statements in this press release.
RESOURCES CONNECTION, INC.
SUMMARY OF OPERATIONS
(in thousands, except per share amounts)
Quarter Year
Ended May 31, Ended May 31,
2004 2003 2004 2003
(unaudited) (unaudited)
Revenue $107,018 $59,048 $328,333 $202,022
Direct costs of services
64,042 35,285 199,870 121,648
Gross profit 42,976 23,763 128,463 80,374
Selling, general and
administrative expenses 23,877 16,534 84,301 58,248
Operating income 19,099 7,229 44,162 22,126
Amortization of
intangible assets 504 200 1,716 655
Depreciation expense 580 335 1,907 1,290
Interest income (171) (238) (593) (1,077)
Income before provision
for income taxes 18,186 6,932 41,132 21,258
Provision for income taxes 7,456 2,843 16,798 8,716
Net income $10,730 $4,089 $24,334 $12,542
Diluted net income
per share $0.43 $0.18 $1.00 $0.55
Diluted shares 24,972 23,143 24,390 22,896
RESOURCES CONNECTION, INC.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
May 31, 2004 May 31, 2003
(unaudited)
Cash, cash equivalents and
long-term marketable securities $69,839 $68,078
Accounts receivable, less allowances $59,766 $26,635
Total assets $230,760 $155,937
Current liabilities $47,760 $20,941
Total stockholders' equity $180,334 $133,531
SOURCE Resources Connection, Inc.
-0- 07/15/2004
/CONTACT: Stephen Giusto, Chief Financial Officer of Resources
Connection, Inc., +1-714-430-6500, steve.giusto@resources-us.com/
/Web site: http://www.resourcesconnection.com/
(RECN)
CO: Resources Connection, Inc.
ST: California
IN: FIN
SU: ERN CCA