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
20, 2010
|
RESOURCES
CONNECTION, INC.
|
Delaware
(State
or other jurisdiction
|
0-32113
(Commission
|
33-0832424
(IRS
Employer
|
|
of
incorporation)
|
File
Number)
|
Identification
No.)
|
|
17101
Armstrong Avenue, Irvine, California
|
92614
|
|
(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.)
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:
o Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01 Other Events.
On July 20, 2010, the board of
directors of Resources Connection, Inc. (“Resources” or “the Company”) declared
a regular quarterly dividend of $.04 per share on the Company’s common
stock. The dividend is payable on September 15, 2010 to stockholders
of record at the close of business on August 18, 2010. The Company’s
board of directors will assess and approve future dividends
quarterly.
Item
9.01 Financial Statements and Exhibits.
(c) Exhibits
|
Exhibit No.
|
Description
|
|
|
Exhibit
99.1
|
Press
Release entitled “Resources Connection, Inc.
Announces Regular Quarterly Dividend,” issued July 20,
2010
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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
20, 2010
|
|
|
By: /s/ Donald
B. Murray
|
|
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Donald
B. Murray
|
|
|
Chief
Executive Officer
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EXHIBIT
INDEX
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Exhibit No.
|
Description
|
|
|
Exhibit
99.1
|
Press
Release issued July 20, 2010
|
Immediate
Release
Media
Contact:
Michael
Sitrick
(US+) 1-310-788-2850 or mike_sitrick@sitrick.com
Analyst Contact:
Nate
Franke, Chief Financial Officer
(US+)
1-714-430-6500 or nate.franke@resources-us.com
Resources
Connection, Inc. Announces Regular Quarterly Dividend
IRVINE, Calif., July 20, 2010
– Resources Global Professionals (“Resources Global”), a leading multinational
provider of professional services and the operating subsidiary of Resources
Connection, Inc. (NASDAQ: RECN), announced today its Board of Directors has
authorized the establishment of a regular quarterly dividend of $0.04 per share
payable to shareholders of record on August 18, 2010 and payable September 15,
2010.
On an
annualized basis, at the Company’s recent stock price, this dividend represents
a dividend yield of approximately 1.2% and anticipates cash usage of
approximately $7.4 million per annum based upon the current shares
outstanding.
“The
establishment of a regular dividend reflects the Board’s confidence in the cash
generation capabilities of the Company’s business model, even in a difficult
economy,” said Bob Pisano, lead independent director of the Company’s Board of
Directors. “We believe that the payment of a regular dividend, along
with the continuance of our stock repurchase plan, gives us the ability to
return cash to our shareholders with consistency.”
Resources
Global has generated cash from operations of approximately $131.7 million
cumulatively over the past three years ended May 29, 2010. The Company ended its
fiscal year end, May 29, 2010, with $140.9 million of cash, cash equivalents and
short-term investments and no long-term debt on its balance sheet.
“In light
of the poor economic conditions in which we have operated over the last two
years, we are pleased to have generated strong cash results,” commented Don
Murray, chairman and chief executive of Resources. “Our ability to generate
cash, in an economic environment that continues to be challenging, will allow us
the flexibility of returning cash to our shareholders while being opportunistic
on investments for our future growth.”
The
Company’s on-going stock repurchase plan has approximately $26.6 million
remaining. During the fiscal year ended May 29, 2010, the Company
purchased approximately 496,000 shares for approximately $9.0
million.
ABOUT
RESOURCES GLOBAL PROFESSIONALS
Resources
Global Professionals, 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 – finance and
accounting, information management, internal audit, corporate advisory and
strategic communications, human capital, legal services and supply chain
management.
Resources
Global was founded in 1996 within a Big Four accounting firm. Today, we are a
publicly traded company with over 2,700 professionals, annually serving 1,800
clients around the world from more than 80 practice offices.
Headquartered
in Irvine, California, Resources Global has served 83 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 Resources Global is available
at http://www.resourcesglobal.com.