Resources Connection, Inc. (RGP), a professional services firm, reported a narrower loss for the third quarter, supported mainly by the absence of prior year's goodwill impairment charge and lower operating expenses. Meanwhile, adjusted EBITDA slipped to loss due to weak revenues.
Separately, the company announced its agreement to sell Sitrick crisis communications business as part of the streamlining of its business portfolio.
On the Nasdaq, shares of RGP were gaining 4.26 percent after the bell, trading at $3.67, after closing Wednesday's regular trading 1.7 percent lower.
For the third quarter, net loss narrowed to $9.47 million or $0.28 per share from $44.05 million or $1.34 per share last year.
The prior year's results mainly included goodwill impairment charge of $1.28 per share.
Adjusted loss per share was $0.09, compared to loss of $0.08 last year.
Loss from operations reduced to $8.34 million from $49.73 million in the previous year.
Selling, general and administrative expenses improved to $45.85 million from $51.19 million in the prior year.
Excluding all non-run-rate items, adjusted EBITDA slipped to loss of $1.45 million from a profit of $1.65 million a year ago. Adjusted EBITDA margin was negative 1.3 percent, compared to positive 1.3 percent last year.
Quarterly revenue declined to $107.93 million from $129.44 million a year earlier.
"Third quarter results were aligned with our previously provided outlook for revenue and gross margin, and our run rate SG&A expense was better than the outlook," said Roger Carlile, Chief Executive Officer.
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