Business
Resources Connection, Inc. Reports Financial Results for Third Quarter Fiscal 2021
Sustained Sequential Revenue Acceleration and Margin Expansion IRVINE, Calif.--(BUSINESS WIRE)-- Resources Connection, Inc. (Nasdaq: RGP), a multinational
About this update from Resources Connection, Inc.
[{"type":"text","content":"\nSustained Sequential Revenue Acceleration and Margin Expansion\n\n IRVINE, Calif.--(BUSINESS WIRE)--\nResources Connection, Inc. (Nasdaq: RGP), a multinational business consulting firm operating as RGP (the “Company”), today announced financial results for its fiscal third quarter ended February 27, 2021.\n\nThird Quarter Fiscal 2021 Highlights:\n\n\nRevenue up 2.2% sequentially to $156.6 million compared to $153.2 million in the second quarter and as compared to $168.1 million in the prior year quarter\n\n\nSame day constant currency revenue up 3.4% sequentially and off 10.4% from the prior year quarter\n\n\nSG&A improved 4.5% to $52.8 million compared to $55.3 million in the prior year quarter\n\n\nNet income of $0.7 million, or $0.02 diluted earnings per common share, compared to $6.9 million in the prior year quarter, or $0.21 diluted earnings per common share, which included a discrete tax benefit of $6.6 million or $0.18 per diluted share\n\n\nAdjusted diluted earnings per common share of $0.14 compared to $0.25 in the prior year quarter\n\n\nAdjusted EBITDA margin of 6.0%, up 200 basis points compared to 4.0% in the prior year quarter\n\n\nAvailable financial liquidity of $149.7 million as of February 27, 2021, up from $126.3 million as of May 30, 2020\n\n\nCash dividends declared of $0.14 per share, consistent with the prior year quarter\n\n\nManagement Commentary\n\n“We again delivered sequential growth despite the typical holiday impact during our fiscal third quarter,” said Kate W. Duchene, chief executive officer. “I am especially proud of our progress expanding Adjusted EBITDA margin by 200 basis points year over year. As we look forward, we are rapidly strengthening our business reach especially in digital transformation, healthcare and financial advisory services. As the macro environment continues to evolve, we are experiencing increased interest from both new and existing clients around implementing an agile workforce strategy, and we are well-positioned to capture the multitude of opportunities as clients seek more cost flexibility in their human capital requirements and as talent demands more radical flexibility. RGP is truly built for the Now of Work.”\n\nThird Quarter Fiscal 2021 Results\n\nRevenue increased 2.2% sequentially, or 3.4% on a same day constant currency basis, compared to the second quarter of...