$RGP
RESOURCES CONNECTION, INC.

2012 Q1 Form 10-Q Financial Statement

#000119312512151724 Filed on April 05, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q2 2011 Q1
Revenue $143.3M $145.7M $137.6M
YoY Change 4.13% 8.81% 9.82%
Cost Of Revenue $89.67M $90.20M $86.67M
YoY Change 3.46% 14.9% 12.71%
Gross Profit $53.63M $55.50M $50.94M
YoY Change 5.29% 0.18% 5.24%
Gross Profit Margin 37.42% 38.09% 37.01%
Selling, General & Admin $43.36M $43.70M $45.28M
YoY Change -4.24% 1.63% 2.67%
% of Gross Profit 80.85% 78.74% 88.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.900M $2.950M $2.980M
YoY Change -36.24% -11.41% -15.1%
% of Gross Profit 3.54% 5.32% 5.85%
Operating Expenses $43.36M $46.70M $45.28M
YoY Change -4.24% 0.65% -5.08%
Operating Profit $8.372M $8.800M $2.912M
YoY Change 187.5% -2.22% 316.0%
Interest Expense $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% -50.0%
% of Operating Profit 1.19% 1.14% 3.43%
Other Income/Expense, Net
YoY Change
Pretax Income $8.423M $12.10M $3.036M
YoY Change 177.44% 51.25% 2936.0%
Income Tax $4.092M $6.700M $2.283M
% Of Pretax Income 48.58% 55.37% 75.2%
Net Earnings $4.331M $5.400M $753.0K
YoY Change 475.17% 134.78% -115.06%
Net Earnings / Revenue 3.02% 3.71% 0.55%
Basic Earnings Per Share $0.10 $0.02
Diluted Earnings Per Share $0.10 $116.6K $0.02
COMMON SHARES
Basic Shares Outstanding 42.94M shares 46.23M shares
Diluted Shares Outstanding 43.00M shares 46.94M shares

Balance Sheet

Concept 2012 Q1 2011 Q2 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $121.4M $144.9M $150.9M
YoY Change -19.55% 2.84% 9.35%
Cash & Equivalents $96.41M $139.6M $145.6M
Short-Term Investments $25.00M $5.200M $5.200M
Other Short-Term Assets $14.00M $13.80M $12.00M
YoY Change 16.67% 16.95% -17.24%
Inventory
Prepaid Expenses
Receivables $90.61M $87.16M $85.20M
Other Receivables $2.900M $4.000M $7.500M
Total Short-Term Assets $228.9M $249.9M $255.7M
YoY Change -10.49% 8.08% 11.17%
LONG-TERM ASSETS
Property, Plant & Equipment $24.10M $26.39M $26.90M
YoY Change -10.4% -10.24% -11.51%
Goodwill $175.1M $176.5M $175.7M
YoY Change -0.38% 2.23%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.243M $1.339M $18.70M
YoY Change -93.35% -95.15% -27.52%
Total Long-Term Assets $204.0M $210.8M $230.2M
YoY Change -11.37% -12.9% -5.89%
TOTAL ASSETS
Total Short-Term Assets $228.9M $249.9M $255.7M
Total Long-Term Assets $204.0M $210.8M $230.2M
Total Assets $435.5M $476.4M $485.9M
YoY Change -10.37% 0.68% 2.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.40M $19.20M $18.40M
YoY Change 0.0% 31.51% 8.24%
Accrued Expenses $39.90M $41.30M $40.20M
YoY Change -0.75% 8.97% 6.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $66.03M $67.20M $66.00M
YoY Change 0.04% 16.46% 9.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.708M $36.47M $39.60M
YoY Change -93.16% -41.36% -34.65%
Total Long-Term Liabilities $2.708M $36.47M $39.60M
YoY Change -93.16% -41.36% -34.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $66.03M $67.20M $66.00M
Total Long-Term Liabilities $2.708M $36.47M $39.60M
Total Liabilities $68.74M $103.7M $105.6M
YoY Change -34.91% -13.61% -12.66%
SHAREHOLDERS EQUITY
Retained Earnings $273.9M $249.0M
YoY Change
Common Stock $334.3M $325.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $242.3M $204.7M
YoY Change
Treasury Stock Shares 12.97M shares 9.632M shares
Shareholders Equity $366.8M $372.7M $380.3M
YoY Change
Total Liabilities & Shareholders Equity $435.5M $476.4M $485.9M
YoY Change -10.37% 0.68% 2.38%

Cashflow Statement

Concept 2012 Q1 2011 Q2 2011 Q1
OPERATING ACTIVITIES
Net Income $4.331M $5.400M $753.0K
YoY Change 475.17% 134.78% -115.06%
Depreciation, Depletion And Amortization $1.900M $2.950M $2.980M
YoY Change -36.24% -11.41% -15.1%
Cash From Operating Activities $12.79M $10.98M $3.920M
YoY Change 226.28% 69.18% -41.49%
INVESTING ACTIVITIES
Capital Expenditures -$670.0K -$1.160M -$1.380M
YoY Change -51.45% -17.73% 70.37%
Acquisitions
YoY Change
Other Investing Activities -$13.99M -$270.0K $10.00M
YoY Change -239.9% -108.21% 100.0%
Cash From Investing Activities -$14.66M -$1.430M $8.610M
YoY Change -270.27% -176.06% 105.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.13M -16.63M 1.240M
YoY Change -997.58% 1141.04% -149.21%
NET CHANGE
Cash From Operating Activities 12.79M 10.98M 3.920M
Cash From Investing Activities -14.66M -1.430M 8.610M
Cash From Financing Activities -11.13M -16.63M 1.240M
Net Change In Cash -13.00M -7.080M 13.77M
YoY Change -194.41% -200.71% 64.52%
FREE CASH FLOW
Cash From Operating Activities $12.79M $10.98M $3.920M
Capital Expenditures -$670.0K -$1.160M -$1.380M
Free Cash Flow $13.46M $12.14M $5.300M
YoY Change 153.96% 53.67% -29.43%

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WeightedAverageNumberOfDilutedSharesOutstanding
46544000 shares
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4122000
us-gaap Cost Of Services
CostOfServices
244882000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-106000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
365000 shares
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Trading Symbol
TradingSymbol
RECN
dei Entity Registrant Name
EntityRegistrantName
RESOURCES CONNECTION INC
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-02-25
dei Entity Central Index Key
EntityCentralIndexKey
0001084765
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--05-26
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-22072000
us-gaap Investment Income Interest
InvestmentIncomeInterest
204000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
19975
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4652000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
21500000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
19800000
us-gaap Reimbursement Revenue
ReimbursementRevenue
9800000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
11000 shares
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6181000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
662000 shares
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
58606000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
4300000
us-gaap Share Based Compensation
ShareBasedCompensation
5837000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.73
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.73
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-580000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-54000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm
4.26 Year
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
13023000
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>12. Recent Accounting Pronouncements</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In September 2011, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued revised authoritative guidance for annual and interim goodwill impairment tests performed for fiscal years beginning after December&#xA0;15, 2011. The guidance allows an entity the option to make a qualitative evaluation about the likelihood of goodwill impairment for a reporting unit. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative two-step impairment test is unnecessary. Early adoption is permitted for annual and interim goodwill impairment tests if an entity&#x2019;s financial statements for the most recent interim period have not yet been issued. The Company does not expect that adoption of this guidance will have a material impact on the Company&#x2019;s consolidated financial position, results of operations and cash flows.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In June 2011, the FASB issued new guidance on the presentation of comprehensive income that will require a company to present components of net income and other comprehensive income in one continuous statement of net income and other comprehensive income or in two separate, but consecutive statements. There are no changes to the components that are recognized in net income or other comprehensive income under current GAAP. In December 2011, the FASB issued guidance which indefinitely defers the guidance related to the presentation of reclassification adjustments. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December&#xA0;15, 2011, with early adoption permitted. It is applicable to the Company&#x2019;s fiscal year beginning May&#xA0;27, 2012. The Company does not expect adoption of this guidance will have a material effect on its consolidated financial statements.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In May 2011, the FASB issued guidance to amend certain measurement and disclosure requirements related to fair value measurements to improve consistency with international reporting standards. This guidance is effective prospectively for public entities for interim and annual reporting periods beginning after December&#xA0;15, 2011, with early adoption by public entities prohibited, and is applicable to the Company&#x2019;s fiscal quarter beginning May&#xA0;27, 2012. The Company does not expect its adoption will have a material effect on its consolidated financial statements.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants and the SEC did not, or are not expected to, have a material effect on the Company&#x2019;s results of operations or financial position.</font></p> </div>
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition
30 Month
us-gaap Net Income Loss
NetIncomeLoss
32248000
us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-1415000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
17000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability
33440000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
38400000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-1044000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44008000 shares
CY2009Q4 us-gaap Business Acquisition Contingent Consideration Accounting Treatment
BusinessAcquisitionContingentConsiderationAccountingTreatment
At the end of the four-year earn-out period, the Company will determine if the average annual EBITDA exceeded $11.3 million; if so, the contingent consideration payable is determined by multiplying the average annual EBITDA by 3.15 (representing the agreed upon multiple to be paid by the Company as specified in the Acquisition Agreements). If Sitrick Brincko Group’s annual average EBITDA during the four-year earn-out period exceeds $11.3 million, the Company may, in its sole discretion, pay up to 50% of any earn-out payment in restricted stock of the Company.
CY2011Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
124000
us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>1. Description of the Company and its Business</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">Resources Connection, Inc. (&#x201C;Resources Connection&#x201D;) was incorporated on November&#xA0;16, 1998. Resources Connection is a multinational professional services firm; its operating entities provide services primarily under the name Resources Global Professionals (&#x201C;Resources Global&#x201D; or &#x201C;the Company&#x201D;). The Company provides clients with experienced professionals specializing in accounting, finance, risk management and internal audit, corporate advisory, strategic communications and restructuring, information management, human capital, supply chain management, healthcare solutions, actuarial and legal and regulatory services in support of client-led projects and initiatives. The Company has offices in the United States (&#x201C;U.S.&#x201D;), Asia, Australia, Canada, Europe and Mexico. Resources Connection is a Delaware corporation.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The Company&#x2019;s fiscal year consists of 52 or 53 weeks, ending on the last Saturday in May. The third quarters of fiscal 2012 and 2011 consisted of 13 weeks each.</font></p> </div>
us-gaap Depreciation And Amortization
DepreciationAndAmortization
7313000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2881000
us-gaap Operating Income Loss
OperatingIncomeLoss
58402000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
41239000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure and recording of contingent assets and liabilities, such as contingent consideration and recovery of deferred tax assets, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates and assumptions are reasonable, actual results could differ significantly from the estimates and assumptions used.</font></p> </div>
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
426256000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
128945000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26358000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-43210000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43959000 shares
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
560000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-631000
CY2009Q4 us-gaap Business Combination Contingent Consideration Arrangements Description
BusinessCombinationContingentConsiderationArrangementsDescription
Contingent consideration will be payable to the Sellers in a lump sum following the fourth anniversary of the acquisition only if the average annual (calculated from each of the four one-year periods following the acquisition date) earnings before interest, taxes, depreciation and amortization (“EBITDA”) of Sitrick Brincko Group exceed $11.3 million.
CY2011Q1 us-gaap Reimbursement Revenue
ReimbursementRevenue
3100000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-40307000
us-gaap Cost Of Services
CostOfServices
265536000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-126000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
49000 shares
us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2012-02-16
recn Share Repurchases Price Paid Per Share
ShareRepurchasesPricePaidPerShare
11.38
recn Business Combination Contingent Consideration Arrangements Change In Employee Portion Of Contingent Consideration
BusinessCombinationContingentConsiderationArrangementsChangeInEmployeePortionOfContingentConsideration
500000
recn Business Combination Contingent Consideration Arrangements Change In Employee Portion Of Contingent Consideration Tax Effect
BusinessCombinationContingentConsiderationArrangementsChangeInEmployeePortionOfContingentConsiderationTaxEffect
200000
CY2009Q4 us-gaap Business Combination Contingent Consideration Arrangements Basis For Amount
BusinessCombinationContingentConsiderationArrangementsBasisForAmount
The Company estimated at November 28, 2009 the fair value of the obligation to pay contingent consideration based on a number of different projections of the average EBITDA during the four-year earn-out measurement period and then assigned a probability weight to each scenario. In accordance with the Acquisition Agreements, the resultant probability-weighted average EBITDA amounts were then multiplied by 3.15.
CY2012Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
913000 shares
CY2012Q1 us-gaap Future Amortization Expense Year Two
FutureAmortizationExpenseYearTwo
1700000
CY2011Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
3036000
CY2011Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2600000
CY2011Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2011Q1 us-gaap Net Income Loss
NetIncomeLoss
753000
CY2011Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability
239000
CY2011Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4800000 shares
CY2011Q1 us-gaap Depreciation Nonproduction
DepreciationNonproduction
1761000
CY2011Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.04
CY2011Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2011Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1224000
CY2011Q1 us-gaap Tax Benefit From Stock Options Exercised
TaxBenefitFromStockOptionsExercised
1100000
CY2011Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2912000
CY2011Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
137607000
CY2011Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
45277000
CY2011Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2283000
CY2011Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46226000 shares
CY2011Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.75 pure
CY2011Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46938000 shares
CY2011Q1 us-gaap Cost Of Services
CostOfServices
86672000
CY2011Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
712000 shares
CY2012Q1 us-gaap Gross Profit
GrossProfit
53627000
CY2012Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
51000
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.009 pure
CY2012Q1 us-gaap Reimbursement Revenue
ReimbursementRevenue
3000000
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
8423000
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2000000
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.92
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
4331000
CY2012Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
113800000
CY2012Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8000000 shares
CY2012Q1 us-gaap Future Amortization Expense Year One
FutureAmortizationExpenseYearOne
1700000
CY2012Q1 us-gaap Depreciation Nonproduction
DepreciationNonproduction
1412000
CY2012Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
CY2012Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
487000
CY2012Q1 us-gaap Tax Benefit From Stock Options Exercised
TaxBenefitFromStockOptionsExercised
677000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
8372000
CY2012Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
143294000
CY2012Q1 us-gaap Future Amortization Expense Year Three
FutureAmortizationExpenseYearThree
900000
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTerm
5.2 Year
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
43356000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4092000
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42943000 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.019 pure
CY2012Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.49 pure
CY2012Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
10900000
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43002000 shares
CY2012Q1 us-gaap Future Amortization Expense Year Four
FutureAmortizationExpenseYearFour
0
CY2012Q1 us-gaap Cost Of Services
CostOfServices
89667000
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.47 pure
CY2012Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
59000 shares
CY2012Q1 recn Share Repurchases Price Paid Per Share
ShareRepurchasesPricePaidPerShare
11.91
CY2012Q1 recn Business Combination Contingent Consideration Arrangements Change In Employee Portion Of Contingent Consideration Tax Effect
BusinessCombinationContingentConsiderationArrangementsChangeInEmployeePortionOfContingentConsiderationTaxEffect
200000
CY2012Q1 recn Estimated Amortization Expense Current Fiscal Year
EstimatedAmortizationExpenseCurrentFiscalYear
3400000

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