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Thursday, 8 January 2004
January 8, 2004 Resources Connection (RECN)
Hello Friends! Found this one today on the lists. By the way, take a look at the same store sales numbers on Sharper Image....one of our earlier posts. As always, please remember to check with your financial advisors before acting on any information on this website!

Resources connection (RECN), as described on money.cnn.com is "a professional services firm that provides experienced accounting and finance, human capital management and information technology professionals on a project-by-project basis." RECN, as I write, is trading at $34.50, up $3.76 or 12.23% on earnings news.

Yesterday, after the close of trading, RECN reported their second quarter 2004 results on Yahoo.com from a story run on PRNewswire-FirstCall. During the quarter, total revenue increased 47% to $74.0 million compared to $50.2 million last year. (Removing the contribution from acquisitions of Netherlands and Australian businesses, the revenue still grew a healthy 21% year over year.) Net income for the quarter was $4.4 million or $.19/diluted share vs $.15/diluted share last year in the same quarter ended November 30, 2002.

Looking at RECN on the
"5-yr restated" financials on Morningstar we find that revenue has grown from $15.4 millin in 1999, $127.5 million in 2000, $191.5 million in 2001, dipped to $181.7 million in 2002, rebounded to $202 million in 2003, and has come in at $218 million in the trailing twelve months.

Earnings/share have thus far shown little growth at $.58/share in 2002 and $.59/share in trailing twelve months. However, with the current quarter, the company is running at least at a $.76/share rate for 2004. Free cash flow has been positive at $19 million in 2001, and dipping slightly to $13 million in the trailing twelve months. The balance sheet on Morningstar.com is also very nice with $30.9 million in cash, more than enough to cover both the current liabilities of $20.7 million and the long-term liabilities of $1.5 million combined. In addition, they have $38.8 million in other current assets.

Looking at "key statistics" on Yahoo.com for RECN, we find the Market cap at $779.92 million. The trailing p/e is a bit pricey at 54.83, with forward p/e of 31.69 (estimates for fye 31-May-05). PEG is moderate at 1.44, with price/sales at 3.19.

There are 22.61 million shares outstanding and 20.20 million that float. 1.07 million shares are out short which is quite a few shares as this is 5.30% of the float, or more interesting, 10.398 trading days of volume. No dividend is paid and no stock dividend has been reported on Yahoo.com.

Resources connection is actually a "recycled" company formed from Deloitte in North America. Per Yahoo, "its legacy in Europe is from Ernst & Young and in Asia Pacific from Deloitte". If you are interested in an accounting/consulting business that is growing nicely this may be for you. I like their numbers but not the value elements as the p/e is actually a bit steep...but that is just my take on the matter.

Thanks again for stopping by. If you have any questions, comments, or words of encouragement, please feel free to post them right here or email me at Bobsadviceforstocks@lycos.com

Bob


Posted by bobsadviceforstocks at 10:20 AM CST | Post Comment | Permalink

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