Attached files
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| 8-K - RESOURCES CONNECTION, INC. | v191028_8k.htm |
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.