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October 4, 2023 4:05 PM EDT

Resources Connection Reports Financial Results for First Quarter Fiscal 2024

IRVINE, Calif.--(BUSINESS WIRE)--Oct. 4, 2023-- Resources Connection, Inc. (Nasdaq: RGP) (the “Company”), a global consulting firm, today announced financial results for its fiscal first quarter ended August 26, 2023.

First Quarter Fiscal 2024 Highlights Compared to Prior Year Quarter:

  • Revenue of $170.2 million compared to $204.1 million
  • Same-day constant currency revenue, a non-GAAP measure, declined 17.0%
  • Gross margin of 39.4% compared to 40.9%
  • Net income of $3.1 million (net income margin of 1.8%) compared to $18.1 million (net income margin of 8.9%)
  • Diluted earnings per common share of $0.09 compared to $0.53
  • Adjusted EBITDA, a non-GAAP measure, of $11.5 million, or 6.8% Adjusted EBITDA margin compared to 15.0%
  • Cash dividends declared of $0.14 per share
  • Available financial liquidity of $286.8 million, up from $226.4 million

Management Commentary

“Our team produced revenue and profitability that was ahead of expectations, despite the ongoing pressures from the macro-environment and our typical, seasonally impacted first quarter,” said Kate W. Duchene, Chief Executive Officer. “While project extensions have increased, new project wins remain challenged as clients continue to operate with increased conservatism. As we look ahead, we are highly focused on sourcing and closing every revenue opportunity, while remaining vigilant on improving our cost structure to better align with market conditions. We are primed to execute as the market conditions improve. I want to thank our team for your continued passion and commitment to serve our clients and consultants and deliver value to shareholders.”

First Quarter Fiscal 2024 Results

Revenue of $170.2 million compared to $204.1 million in the first quarter of fiscal 2023. On a constant currency basis, revenue decreased by 17.0% reflecting the impact of a persistently challenging macroeconomic environment. While gross pipeline remained relatively resilient, opportunities are taking longer to close, typical in a tougher macro environment when clients are more hesitant to spend on professional services. Compared to the prior year quarter, billable hours decreased by 14.6% and the average bill rate declined by 2.3% (or 3.1% on a constant currency basis). The change in average bill rate was due to a shift in revenue mix across the globe to regions with lower average bill rate. The United States (U.S.) and Europe average bill rates increased by 2.1% and 4.4% on a constant currency basis, respectively, compared to the prior year as a result of the Company’s initiative focused on value based pricing.

Gross margin was 39.4% compared to 40.9% in the first quarter of fiscal 2023. The reduction in gross margin was due to a higher pay/bill ratio and a decrease in leverage on cost of service as a result of lower topline revenue. While the pay/bill ratio in the U.S. remained consistent with the prior year, the enterprise pay/bill ratio was negatively impacted by an increased proportion of revenue in regions with higher pay/bill ratio. The Company continues to execute its value-based pricing initiative to expand bill pay spread and improve operating leverage.

SG&A for the first quarter of fiscal 2024 was $59.9 million, or 35.2% of revenue, compared to $56.2 million, or 27.6% of revenue, for the first quarter of fiscal 2023. The increase in SG&A included a $0.9 million increase in technology transformation costs as the Company continued to execute its technology implementation project and a $1.2 million increase in computer software and certain professional services fees.

Income tax expense was $2.1 million (an effective tax rate of 40.0%), compared to $7.0 million (an effective tax rate of 27.8%) in the prior year quarter. The higher effective tax rate in the first quarter of fiscal 2024 was attributed to lower pre-tax income globally when compared to the first quarter of fiscal 2023. We incurred pre-tax losses in various foreign entities where we could not recognize income tax benefits as a result of the required valuation allowances. This lower global pre-tax income causes the effective tax rate to increase because the permanent GAAP to tax differences are measured against the lower base amount.

Net income was $3.1 million (net income margin of 1.8%), compared to $18.1 million (net income margin of 8.9%) in the prior year quarter, due primarily to lower gross profit resulting from the overall macro-environment and higher SG&A as the Company continued to execute on its technology implementation project to drive long-term growth and efficiency. The Company delivered an Adjusted EBITDA margin of 6.8% in the first quarter of fiscal 2024.

RESOURCES CONNECTION, INC.

SUMMARY OF CONSOLIDATED FINANCIAL RESULTS

(In thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

August 26,

 

August 27,

 

 

2023

 

2022

 

 

(Unaudited)

 

(Unaudited)

Revenue

 

$

170,169

 

 

$

204,062

 

Direct cost of services

 

 

103,168

 

 

 

120,595

 

Gross profit

 

 

67,001

 

 

 

83,467

 

Selling, general and administrative expenses

 

 

59,932

 

 

 

56,187

 

Amortization expense

 

 

1,314

 

 

 

1,252

 

Depreciation expense

 

 

877

 

 

 

887

 

Income from operations

 

 

4,878

 

 

 

25,141

 

Interest (income) expense, net

 

 

(312

)

 

 

316

 

Other income

 

 

(2

)

 

 

(307

)

Income before income tax expense

 

 

5,192

 

 

 

25,132

 

Income tax expense

 

 

2,075

 

 

 

6,992

 

Net income

 

$

3,117

 

 

$

18,140

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

Basic

 

$

0.09

 

 

$

0.55

 

Diluted

 

$

0.09

 

 

$

0.53

 

 

 

 

 

 

 

 

Weighted-average number of common and common equivalent shares outstanding:

 

 

 

 

 

 

Basic

 

 

33,412

 

 

 

33,277

 

Diluted

 

 

34,010

 

 

 

34,234

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.14

 

 

$

0.14

 

 

 

 

 

 

 

 

Revenue by Geography

 

 

 

 

 

 

North America

 

$

146,583

 

 

$

179,549

 

Europe

 

 

10,946

 

 

 

11,175

 

Asia Pacific

 

 

12,640

 

 

 

13,338

 

Total consolidated revenue

 

$

170,169

 

 

$

204,062

 

 

 

 

 

 

 

 

Cash dividend

 

 

 

 

 

 

Total cash dividends paid

 

$

4,681

 

 

$

4,647

 

Conference Call Information

RGP will hold a conference call for analysts and investors at 5:00 p.m., ET, today, October 4, 2023. A live webcast of the call will be available on the Events section of the Company’s Investor Relations website. To access the call by phone, please go to this link (registration link), and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time by visiting the https://ir.rgp.com/events section of the Company’s Investor Relations website.

About RGP

Recently named among Forbes’ World’s Best Management Consulting Firms for 2023, RGP is a global consulting firm focused on project execution services that power clients’ operational needs and change initiatives utilizing on-demand, expert and diverse talent. As a next-generation human capital partner for our clients, we specialize in co-delivery of enterprise initiatives typically precipitated by business transformation, strategic transactions or regulatory change. Our engagements are designed to leverage human connection and collaboration to deliver practical solutions and more impactful results that power our clients’, consultants’ and partners’ success.

A disruptor within the professional services industry since our founding in 1996, today the Company embraces our highly differentiated agile delivery model. We attract top-caliber professionals with in-demand skill sets who seek a workplace environment characterized by choice and control, collaboration and human connection. The trends in today’s marketplace favor flexibility and agility as businesses confront transformation pressures, severe skilled labor shortages and speed-to-market challenges. As talent preferences continue to shift in the direction of flexibility, employers competing in today’s business environment must rethink the way work gets done and consider implementing new, more agile workforce strategies. Our client engagement and talent delivery model offers speed and agility, strongly positioning us to help our clients transform their businesses and workplaces, especially at a time where high-quality talent is scarce and reliance on a flexible workforce to execute transformational projects is increasingly imperative.

With approximately 3,800 professionals collectively engaged with over 1,900 clients around the world from 41 physical practice offices and multiple virtual offices, we are their partner in delivering on the “now of work.” Headquartered in Irvine, California, RGP is proud to have served 88% of the Fortune 100.

The Company is listed on the Nasdaq Global Select Market, the exchange’s highest tier by listing standards. To learn more about RGP, visit: http://www.rgp.com. (RGP-F)

Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to expectations concerning matters that are not historical facts. Such forward-looking statements may be identified by words such as “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “remain,” “should” or “will” or the negative of these terms or other comparable terminology. In this press release, such statements include statements regarding our growth and operational plans, our ability to capture demand when the buying environment improves and expectations regarding our continued growth and ability to deliver increased stockholder value. These statements and all phases of the Company’s operations are subject to known and unknown risks, uncertainties and other factors that could cause our actual results, levels of activity, performance or achievements and those of our industry to differ materially from those expressed or implied by these forward-looking statements. Risks and uncertainties include, but are not limited to, the following: risks related to an economic downturn or deterioration of general macroeconomic conditions, the highly competitive nature of the market for professional services, risks related to the loss of a significant number of our consultants, or an inability to attract and retain new consultants, the possible impact on our business from the loss of the services of one or more key members of our senior management, risks related to potential significant increases in wages or payroll-related costs, our ability to secure new projects from clients, our ability to achieve or maintain a suitable pay/bill ratio, our ability to compete effectively in the competitive bidding process, risks related to unfavorable provisions in our contracts which may permit our clients to, among other things, terminate the contracts partially or completely at any time prior to completion, potential adverse effects to our and our clients’ liquidity and financial performances from bank failures or other events affecting financial institutions, risks arising from epidemic diseases or pandemics, our ability to realize the level of benefit that we expect from our restructuring initiatives, risks that our recent digital expansion and technology transformation efforts may not be successful, our ability to build an efficient support structure as our business continues to grow and transform, our ability to grow our business, manage our growth or sustain our current business, our ability to serve clients internationally, additional operational challenges from our international activities including due to social, political, regulatory, legal and economic risks in the countries and regions in which we operate, possible disruption of our business from our past and future acquisitions, the possibility that our recent rebranding efforts may not be successful, our potential inability to adequately protect our intellectual property rights, risks that our computer hardware and software and telecommunications systems are damaged, breached or interrupted, risks related to the failure to comply with data privacy laws and regulations and the adverse effect it may have on our reputation, results of operations or financial condition, our ability to comply with governmental, regulatory and legal requirements and company policies, the possible legal liability for damages resulting from the performance of projects by our consultants or for our clients’ mistreatment of our personnel, risks arising from changes in applicable tax laws or adverse results in tax audits or interpretations, the possible adverse effect on our business model from the reclassification of our independent contractors by foreign tax and regulatory authorities, the possible difficulty for a third party to acquire us and resulting depression of our stock price, the operating and financial restrictions from our credit facility, risks related to the variable rate of interest in our credit facility, the possibility that we are unable to or elect not to pay our quarterly dividend payment, and other factors and uncertainties as are identified in our most recent Annual Report on Form 10-K for the year ended May 27, 2023 and our other public filings made with the Securities and Exchange Commission (File No. 0-32113). Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business or operating results. Readers are cautioned not to place undue reliance on the forward-looking statements included herein, which speak only as of the date of this press release. The Company does not intend, and undertakes no obligation, to update the forward-looking statements in this press release to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, unless required by law to do so.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures to assess our financial and operating performance that are not defined by, or calculated in accordance with, GAAP. A non-GAAP financial measure is defined as a numerical measure of a company’s financial performance that (i) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the comparable measure calculated and presented in accordance with GAAP in the Consolidated Statements of Operations; or (ii) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the comparable GAAP measure so calculated and presented. The following non-GAAP measures are presented in this press release:

  • Same-day constant currency revenue is adjusted for the following items:
    • Currency impact. In order to remove the impact of fluctuations in foreign currency exchange rates, the Company calculates same-day constant currency revenue, which represents the outcome that would have resulted had exchange rates in the current period been the same as those in effect in the comparable prior period.
    • Business days impact. In order to remove the fluctuations caused by comparable periods having a different number of business days, the Company calculates same-day revenue as current period revenue (adjusted for currency impact) divided by the number of business days in the current period, multiplied by the number of business days in the comparable prior period. The number of business days in each respective period is provided in the “Number of Business Days” section of the “Reconciliation of GAAP to Non-GAAP Financial Measures” table below.
  • EBITDA is calculated as net income before amortization expense, depreciation expense, interest and income taxes.
  • Adjusted EBITDA is calculated as EBITDA plus or minus stock-based compensation expense, technology transformation costs, and restructuring costs. Adjusted EBITDA at the segment level excludes certain shared corporate administrative costs that are not practical to allocate.
  • Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by revenue.
  • Cash tax rate excludes the non-cash tax impact of stock option expirations, non-cash tax impact of valuation allowances on international deferred tax assets, and other non-cash tax items.
  • Adjusted income tax expense is calculated based on the Company’s cash tax rates (as defined above).
  • Adjusted diluted earnings per common share is calculated as diluted earnings per common share, plus or minus the per share impact of stock-based compensation expense, technology transformation costs, restructuring costs, and adjusted for the related tax effects of these adjustments.

We believe the above-mentioned non-GAAP financial measures, which are used by management to assess the core performance of our Company, provide useful information and additional clarity of our operating results to our investors in their own evaluation of the core performance of our Company and facilitate a comparison of such performance from period to period. These are not measurements of financial performance or liquidity under GAAP and should not be considered in isolation or construed as substitutes for revenue, net income or other cash flow data prepared in accordance with GAAP for purposes of analyzing our revenue, profitability or liquidity. These measures should be considered in addition to, and not as a substitute for, revenue, net income, earnings per share, cash flows or other measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies, as other companies may calculate such financial results differently.

RESOURCES CONNECTION, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except number of business days)

 

 

 

Three Months Ended

August 26,

 

August 27,

Revenue by Geography

 

2023

 

2022

 

 

(Unaudited)

North America

As reported (GAAP)

 

$

146,583

 

 

$

179,549

Currency impact

 

 

(695

)

 

 

 

Business days impact

 

 

-

 

 

 

 

Same-day constant currency revenue

 

$

145,888

 

 

 

 

 

 

 

 

 

 

 

Europe

 

 

 

 

 

As reported (GAAP) (1)

 

$

10,946

 

 

$

11,175

Currency impact

 

 

(559

)

 

 

 

Business days impact

 

 

92

 

 

 

 

Same-day constant currency revenue

 

$

10,479

 

 

 

 

 

 

 

 

 

 

 

Asia Pacific

 

 

 

 

 

As reported (GAAP)

 

$

12,640

 

 

$

13,338

Currency impact

 

 

496

 

 

 

 

Business days impact

 

 

(199

)

 

 

 

Same-day constant currency revenue

 

$

12,937

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated

 

 

 

 

 

As reported (GAAP) (1)

 

$

170,169

 

 

$

204,062

Currency impact

 

 

(758

)

 

 

 

Business days impact

 

 

(107

)

 

 

 

Same-day constant currency revenue

 

$

169,304

 

 

 

 

 

 

 

 

 

 

 

Number of Business Days

 

 

 

 

 

North America (2)

 

 

63

 

 

 

63

Europe (3)

 

 

64

 

 

 

64

Asia Pacific (3)

 

 

63

 

 

 

62

(1) Total Consolidated revenue and Europe revenue as reported under GAAP include taskforce revenue of zero and $0.2 million for the three months ended August 26, 2023 and August 27, 2022, respectively.
(2) This represents the number of business days in the United States.
(3) The business days in international regions represents the weighted average number of business days.

RESOURCES CONNECTION, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except per share amounts and percentages)

 

 

 

Three Months Ended

 

 

August 26,

 

% of

 

August 27,

 

% of

 

 

2023

 

Revenue

 

2022

 

Revenue

Adjusted EBITDA

 

(Unaudited)

 

(Unaudited)

Net income

 

$

3,117

 

 

1.8

%

 

$

18,140

 

 

8.9

%

Adjustments:

 

 

 

 

 

 

 

 

 

 

Amortization expense

 

 

1,314

 

 

0.8

 

 

 

1,252

 

 

0.6

 

Depreciation expense

 

 

877

 

 

0.5

 

 

 

887

 

 

0.4

 

Interest (income) expense, net

 

 

(312

)

 

(0.2

)

 

 

316

 

 

0.2

 

Income tax expense

 

 

2,075

 

 

1.3

 

 

 

6,992

 

 

3.4

 

EBITDA

 

 

7,071

 

 

4.2

 

 

 

27,587

 

 

13.5

 

Stock-based compensation expense

 

 

2,552

 

 

1.5

 

 

 

2,529

 

 

1.2

 

Technology transformation costs (1)

 

 

1,923

 

 

1.1

 

 

 

991

 

 

0.5

 

Restructuring adjustments (2)

 

 

-

 

 

-

 

 

 

(397

)

 

(0.2

)

Adjusted EBITDA

 

$

11,546

 

 

6.8

%

 

$

30,710

 

 

15.0

%

 

 

 

 

 

 

 

 

 

 

 

Adjusted Diluted Earnings per Common Share

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share, as reported

 

$

0.09

 

 

 

 

$

0.53

 

 

 

Stock-based compensation expense

 

 

0.08

 

 

 

 

 

0.07

 

 

 

Technology transformation costs (1)

 

 

0.06

 

 

 

 

 

0.03

 

 

 

Restructuring costs (2)

 

 

-

 

 

 

 

 

(0.01

)

 

 

Income tax impact of adjustments

 

 

(0.03

)

 

 

 

 

(0.02

)

 

 

Adjusted diluted earnings per common share

 

$

0.20

 

 

 

 

$

0.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Income Tax Expense and Cash Tax Rate

 

Income tax expense

 

$

2,075

 

 

 

 

$

6,992

 

 

 

Effect of non-cash tax items:

 

 

 

 

 

 

 

 

 

 

Stock option expirations

 

 

(22

)

 

 

 

 

(1

)

 

 

Valuation allowance on international deferred tax assets

 

 

(96

)

 

 

 

 

(208

)

 

 

Net uncertain tax position adjustments

 

 

(16

)

 

 

 

 

(11

)

 

 

Other adjustments

 

 

-

 

 

 

 

 

54

 

 

 

Adjusted income tax expense

 

$

1,941

 

 

 

 

$

6,826

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate

 

 

40.0

%

 

 

 

 

27.8

%

 

 

Total effect of non-cash tax items on effective tax rate

 

 

(2.6

%)

 

 

 

 

(0.6

%)

 

 

Cash tax rate

 

 

37.4

%

 

 

 

 

27.2

%

 

 

(1) Technology transformation costs represent costs included in net income related to the Company’s initiative to upgrade its technology platform globally, including a cloud-based enterprise resource planning system and talent acquisition and management systems. Such costs primarily include hosting and certain other software licensing costs, third-party consulting fees and costs associated with dedicated internal resources that are not capitalized.
(2) The Company substantially completed our global restructuring and business transformation plan in fiscal 2021. All of the remaining accrued restructuring liability on the books related to employee termination costs that were either paid or released in fiscal 2023.

Segment Results

On May 31, 2022, the Company divested taskforce – Management on Demand GmbH, and its wholly owned subsidiary skillforce – Executive Search GmbH, a German professional services firm operating under the taskforce brand (“taskforce). Since the second quarter of fiscal 2021, the business operated by taskforce, along with its parent company, Resources Global Professionals (Germany) GmbH, an affiliate of the Company, represented an operating segment of the Company and was reported as a part of Other Segments. Effective May 31, 2022, the Company’s operating segments consist of RGP and Sitrick, within the Other Segment category. Prior-period comparative segment information was not restated as a result of the divestiture of taskforce as the Company did not have a change in internal organization or the financial information that the Chief Operating Decision Maker uses to assess performance and allocate resources.

RGP is the Company’s only operating segment that meets the quantitative threshold of a reportable segment. Sitrick does not individually meet the quantitative threshold to qualify as a reportable segment. Therefore, Sitrick is disclosed in Other Segments.

The following table discloses the Company’s revenue and Adjusted EBITDA by segment for each of the periods presented (in thousands):

 

 

Three Months Ended

 

 

August 26,

 

August 27,

 

 

2023

 

2022

Revenue:

 

(Unaudited)

 

(Unaudited)

RGP

 

$

167,504

 

 

$

200,995

 

Other Segments (1)

 

 

2,665

 

 

 

3,067

 

Total revenue

 

$

170,169

 

 

$

204,062

 

 

 

 

 

 

 

 

Adjusted EBITDA:

 

 

 

 

 

 

RGP

 

$

20,798

 

 

$

38,347

 

Other Segments (1)

 

 

71

 

 

 

316

 

Reconciling items (2)

 

 

(9,323

)

 

 

(7,953

)

Total Adjusted EBITDA (3)

 

$

11,546

 

 

$

30,710

 

(1) Amounts reported in Other Segments for the three months ended August 27, 2022 include Sitrick and an immaterial amount from taskforce from May 29, 2022 through May 31, 2022, the completion date of the sale.
(2) Reconciling items are generally comprised of unallocated corporate administrative costs, including management and board compensation, corporate support function costs and other general corporate costs that are not allocated to segments.
(3) A reconciliation of the Company’s net income to Adjusted EBITDA on a consolidated basis is presented in the table on page 6.

RESOURCES CONNECTION, INC.

SELECTED BALANCE SHEET, CASH FLOW AND OTHER INFORMATION

(In thousands, except consultant headcount and average rates)

 

 

 

August 26,

 

May 27,

SELECTED BALANCE SHEET INFORMATION:

 

2023

 

2023

 

 

(Unaudited)

 

 

 

Cash and cash equivalents

 

$

112,595

 

 

$

116,784

 

Trade accounts receivable, net of allowance for doubtful accounts

 

$

131,628

 

 

$

137,356

 

Total assets

 

$

522,387

 

 

$

531,999

 

Current liabilities

 

$

83,890

 

 

$

97,084

 

Long-term debt

 

$

-

 

 

$

-

 

Total liabilities

 

$

103,546

 

 

$

117,479

 

Total stockholders’ equity

 

$

418,841

 

 

$

414,520

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

August 26,

 

August 27,

SELECTED CASH FLOW INFORMATION:

 

2023

 

2022

 

 

(Unaudited)

 

(Unaudited)

Cash flow -- operating activities

 

$

(2,214

)

 

$

(5,296

)

Cash flow -- investing activities

 

$

(548

)

 

$

2,275

 

Cash flow -- financing activities

 

$

(1,557

)

 

$

(29,118

)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

August 26,

 

August 27,

SELECTED OTHER INFORMATION:

 

2023

 

2022

 

 

(Unaudited)

 

(Unaudited)

Consultant headcount, end of period

 

 

2,885

 

 

 

3,386

 

Average bill rate (1)

 

$

125

 

 

$

128

 

Average pay rate (1)

 

$

60

 

 

$

61

 

Common shares outstanding, end of period

 

 

33,697

 

 

 

33,751

 

(1) Rates represent the weighted average bill rates and pay rates across the countries in which we operate. Such weighted average rates are impacted by the mix of our business across the geographies as well as fluctuations in currency rates. Constant currency average bill and pay rates using the same exchange rates in the first quarter of fiscal 2023 were $124 and $61, respectively.

Analyst Contact:
Jennifer Ryu, Chief Financial Officer
(US+) 1-714-430-6500
Jennifer.Ryu@rgp.com

Media Contact:
Michael Sitrick
(US+) 1-310-788-2850
mike_sitrick@sitrick.com

Source: Resources Connection, Inc.