Resources Connection, Inc. Reports Second Quarter Fiscal 2011 Revenue of $138.5M

Resources Connection, Inc. RECN today announced financial results for its fiscal second quarter ended November 27, 2010. Total revenue for the second quarter of fiscal 2011 was $138.5 million, up 14.0% on a quarter-over-quarter basis and 12.0% on a sequential quarter basis. Revenues in the U.S. were up 16.2% quarter-over-quarter and 6.4% sequentially. International revenues improved 8.5% quarter-over-quarter and 31.2% sequentially. The Company's net income for the second quarter ended November 27, 2010, was $17.5 million, or $0.38 per diluted share, which includes the after tax impact of the adjustment of the estimated fair value of contingent consideration expense of $14.0 million or $0.30 per share, partially offset by a $0.01 per share charge related to newly established tax valuation allowances. This compares with a net loss for the second quarter ended November 28, 2009 of $1.9 million, or $0.04 per diluted share.