IRVINE, Calif., Sept. 27, 2011 /PRNewswire/ -- Resources Connection, Inc. (NASDAQ: RECN) today announced that it has been informed by S&P Indices that the Company's stock has been added to the S&P SmallCap 600 Index. The change in the Index will occur after the close of trading on Friday, September 30.
According to S&P, the S&P SmallCap 600, introduced in 1994, is fast becoming the preferred small cap index in the U.S., covering approximately 3% of the domestic equities market.
Criteria for Index additions include:
- U.S. Company. Determining factors include location of the company's assets & revenues, its corporate structure, its exchange listings.
- Market Capitalization. Companies with market cap in the range of US$ 300 million to US$ 1.4 billion. This range is reviewed to ensure consistency with market conditions.
- Financial Viability. Companies should have four consecutive quarters of positive as-reported earnings, where as-reported earnings are defined as GAAP Net Income excluding discontinued operations and extraordinary items.
- Public Float. There must be public float of at least 50%.
- Adequate Liquidity and Reasonable Price. The ratio of annual dollar value traded to float adjusted market capitalization for the company should be 1.0 or greater.
- Sector Representation. Companies' industry classifications contribute to the maintenance of a sector balance that is in line with the sector composition of the universe of eligible companies within the defined market cap range.
- Company Type. All U.S. common equities listed on the NYSE (including NYSE Arca and NYSE Amex) and the NASDAQ stock market.
"We are pleased to be a part of the S&P SmallCap 600 Index," said Donald Murray, Resources Chairman and CEO. "This action by S&P is another indication of the growing global recognition that our unique consulting company is achieving."
ABOUT RESOURCES CONNECTION, INC.
Resources Connection, Inc. is a multinational professional services firm that provides accomplished professionals through its operating subsidiary, Resources Global Professionals, in accounting and finance, risk management and internal audit, corporate advisory and strategic communications, information management, human capital, supply chain management and legal services. Headquartered in Irvine, California, Resources Global has served 83 of the Fortune 100 companies. More information is available at http://www.resourcesglobal.com.
SOURCE Resources Connection, Inc.