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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) September 30, 2003
RESOURCES CONNECTION, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-32113 33-0832424
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
695 Town Center Drive, Suite 600, Costa Mesa, California 92626
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (714) 430-6400
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Not Applicable
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(Former name or former address, if changed since last report.)
ITEM 7. EXHIBITS
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Reference is made to the Exhibit Index annexed hereto and made a part
hereof.
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
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On September 30, 2003, Resources Connection, Inc. issued a press release
announcing its financial results for the quarterly period ended August 31, 2003.
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: September 30, 2003
RESOURCES CONNECTION, INC.
By: /s/ Donald B. Murray
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Donald B. Murray
Chief Executive Officer
EXHIBIT INDEX
Exhibit No. Name of Item
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99.1 Press Release issued on September 30, 2003
Exhibit 99.1
Resources Connection, Inc. Reports First Quarter Results
COSTA MESA, Calif., Sept. 30 /PRNewswire-FirstCall/ -- Resources
Connection, Inc. (Nasdaq: RECN), an international professional services firm
that provides accounting and finance, human capital, information technology,
procurement and internal audit/risk management services on a project basis,
today announced financial results for its first quarter ended August 31, 2003.
Total revenues were $59.5 million for the first quarter of fiscal 2004.
These revenues are slightly higher than the previous quarter and are higher
year over year by 37%. Revenues in the comparable quarter in fiscal 2003 were
$43.5 million. Net income for the quarter ended August 31, 2003 was
$3.4 million, or $0.15 per diluted share, compared to net income of
$2.5 million or $0.11 per diluted share in the August 2002 quarter. Revenue
includes a full quarter from the Australian practice acquired June 1, 2003,
seven weeks from the Dutch practice acquired July 15, 2003 and a full quarter
from the procurement services practices acquired in October 2002. Excluding
the revenue of these acquisitions, revenue grew 17% year-over-year.
"Since our last earnings release, we have continued to make progress as
our revenues grew year over year for the fourth straight quarter and we
successfully completed our Dutch acquisition during the quarter," said
Chairman and CEO Donald Murray. "The results for this quarter demonstrate a
continued strengthening of our domestic practice but do not yet reflect the
full impact of our international practices. As we move into the fall months,
we hope that our positioning as an alternative to the Big 4 will strengthen
our domestic momentum while helping us develop the Resources model
internationally as well."
Resources Connection, Inc. is an international professional services firm
that provides accounting and finance, human capital, information technology
and procurement services on a project basis. The Company also provides
internal audit, risk assessment, corporate governance and compensation
consulting through its wholly owned subsidiaries. Headquartered in Costa
Mesa, California, the company operates from more than 60 domestic and
international offices. More information about the company is available at
http://www.resourcesconnection.com /.
Resources Connection was founded in 1996 by a team from Deloitte & Touche,
and became independent in April 1999, following a management buyout. In
December 2000, the Company completed its initial public offering and listed on
NASDAQ. The U.S. client portfolio boasts 30 of the Fortune 50 companies. The
company was recently named to Forbes Best 200 Small Companies list.
Resources Connection will hold a conference call for interested analysts
and investors at 5:00 pm, EDT today, September 30, 2003. 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 (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.
For further information, please contact Stephen Giusto, Chief Financial
Officer of Resources Connection, Inc., +1-714-430-6500,
steve.giusto@resources-us.com
RESOURCES CONNECTION, INC.
SUMMARY OF OPERATIONS
(in thousands, except per share amounts)
Quarter
Ended August 31,
2003 2002
(unaudited)
Revenue $59,541 $43,528
Direct costs of services 36,055 26,301
Gross profit 23,486 17,227
Selling, general and administrative expenses 17,229 13,018
Amortization of intangible assets 306 31
Depreciation expense 387 315
Interest income (172) (338)
Income before provision for income taxes 5,736 4,201
Provision for income taxes 2,323 1,722
Net income $3,413 $2,479
Diluted net income per share $0.15 $0.11
Diluted shares 23,449 22,805
RESOURCES CONNECTION, INC.
SELECTED BALANCE SHEET INFORMATION
(in thousands)
August 31, 2003 May 31, 2003
(unaudited)
Cash, cash equivalents and
long-term marketable securities $37,938 $68,078
Accounts receivable, less allowances $34,270 $26,635
Total assets $162,209 $155,937
Current liabilities $20,734 $20,941
Total stockholders' equity $140,004 $133,531
SOURCE Resources Connection, Inc.
-0- 09/30/2003
/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 CPR
SU: ERN CCA