MENLO PARK, Calif., Jan. 28 /PRNewswire-FirstCall/ -- Robert Half
International Inc. (NYSE:RHI) today reported revenues and earnings
for the fourth quarter ended December 31, 2009. For the quarter
ended December 31, 2009, net income was $13.5 million or $.09 per
share, on revenues of $737.4 million. Net income for the prior
year's fourth quarter was $39.0 million or $.25 per share, on
revenues of $989.8 million. For the year ended December 31, 2009,
net income was $37.3 million or $.24 per share, on revenues of
$3.04 billion. For the year ended December 31, 2008, net income was
$250.2 million or $1.59 per share, on revenues of $4.60 billion.
Harold M. Messmer, Jr., chairman and CEO of Robert Half
International, commented: "We were encouraged to see broad-based,
improving demand for our professional staffing services during the
fourth quarter. Each of our staffing divisions reported sequential
revenue growth, as did Protiviti on a same-day basis." Robert Half
International management will conduct a conference call today at 5
p.m. EST following the release. The dial-in number is 800-862-9098
(+1-785-424-1051 outside the United States) and the passcode is
"Robert Half International." A taped recording of this call will be
available for replay beginning at approximately 8 p.m. EST today
and ending at 8 p.m. EST on February 5. The dial-in number for the
replay is 800-374-0934 (+1-402-220-0680 outside the United States).
The conference call also will be archived in audio format on the
company's website at http://www.rhi.com/. Founded in 1948, Robert
Half International Inc., the world's first and largest specialized
staffing firm, is a recognized leader in professional consulting
and staffing services, and is the parent company of Protiviti®, a
global consulting and internal audit firm composed of experts in
risk, advisory and transaction services. The company's specialized
staffing divisions include Accountemps®, Robert Half® Finance &
Accounting and Robert Half® Management Resources, for temporary,
full-time and senior-level project professionals, respectively, in
the fields of accounting and finance; OfficeTeam®, for highly
skilled temporary administrative support personnel; Robert Half®
Technology, for information technology professionals; Robert Half®
Legal, for legal personnel; and The Creative Group®, for
advertising, marketing and web design professionals. Robert Half
International has staffing and consulting operations in more than
400 locations worldwide. Certain information contained in this
press release may be deemed forward-looking statements regarding
events and financial trends that may affect the company's future
operating results or financial positions. These statements may be
identified by words such as "estimate", "forecast", "project",
"plan", "intend", "believe", "expect", "anticipate", or variations
or negatives thereof, or by similar or comparable words or phrases.
Forwardlooking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
expressed in the statements. These risks and uncertainties include,
but are not limited to, the following: the global financial and
economic situation; changes in levels of unemployment and other
economic conditions in the United States or foreign countries where
the company does business, or in particular regions or industries;
reduction in the supply of candidates for temporary employment or
the company's ability to attract candidates; the entry of new
competitors into the marketplace or expansion by existing
competitors; the ability of the company to maintain existing client
relationships and attract new clients in the context of changing
economic or competitive conditions; the impact of competitive
pressures, including any change in the demand for the company's
services, on the company's ability to maintain its margins; the
possibility of the company incurring liability for its activities,
including the activities of its temporary employees, or for events
impacting its temporary employees on clients' premises; the
possibility that adverse publicity could impact the company's
ability to attract and retain clients and candidates; the success
of the company in attracting, training, and retaining qualified
management personnel and other staff employees; the company's
ability to comply with governmental regulations affecting personnel
services businesses in particular or employer/employee
relationships in general; whether there will be ongoing demand for
Sarbanes-Oxley or other regulatory compliance services; the
company's reliance on short-term contracts for a significant
percentage of its business; litigation relating to prior or current
transactions or activities, including litigation that may be
disclosed from time to time in the company's SEC filings; the
ability of the company to manage its international operations and
comply with foreign laws and regulations; the impact of
fluctuations in foreign currency exchange rates; the possibility
that the company's computer and communications hardware and
software systems could be damaged or their service interrupted; and
the possibility that the company may fail to maintain adequate
financial and management controls and as a result suffer errors in
its financial reporting. Additionally, with respect to Protiviti,
other risks and uncertainties include the fact that future success
will depend on its ability to retain employees and attract clients;
there can be no assurance that there will be ongoing demand for
Sarbanes-Oxley or other regulatory compliance services; failure to
produce projected revenues could adversely affect financial
results; and there is the possibility of involvement in litigation
relating to prior or current transactions or activities. Because
long-term contracts are not a significant part of the company's
business, future results cannot be reliably predicted by
considering past trends or extrapolating past results. The company
undertakes no obligation to update information contained in this
release. A copy of this release is available at
http://www.rhi.com/. ATTACHED: Summary of Operations ---------
Supplemental Financial Information ROBERT HALF INTERNATIONAL INC.
AND SUBSIDIARIES SUMMARY OF OPERATIONS (in thousands, except per
share amounts) Quarter Year Ended December 31, Ended December 31,
------------------ ------------------ 2009 2008 2009 2008 ---- ----
---- ---- (Unaudited) (Unaudited) Net service revenues $737,423
$989,837 $3,036,547 $4,600,554 Direct costs of services 458,940
587,451 1,932,868 2,686,983 ------- ------- --------- ---------
Gross margin 278,483 402,386 1,103,679 1,913,571 Selling, general
and administrative expenses 255,972 334,895 1,036,899 1,496,839
Amortization of intangible assets 281 740 1,460 2,617 Interest
income (209) (323) (1,443) (5,161) ---- ---- ------ ------ Income
before income taxes 22,439 67,074 66,763 419,276 Provision for
income taxes 8,911 28,066 29,500 169,095 ------ ------ ------
------- Net income $13,528 $39,008 $37,263 $250,181 ======= =======
======= ======== Net income available to common stockholders
$12,969 $37,806 $35,067 $242,744 ======= ======= ======= ========
Diluted net income per share $.09 $.25 $.24 $1.59 Shares: Basic
144,124 148,191 145,912 151,607 Diluted 145,161 148,582 146,611
152,528 ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION (in thousands) Quarter Year
Ended December 31, Ended December 31, ------------------
------------------ 2009 2008 2009 2008 ---- ---- ---- ----
(Unaudited) (Unaudited) REVENUES: Accountemps $287,797 $374,179
$1,214,822 $1,735,412 OfficeTeam 141,587 179,882 557,049 827,559
Robert Half Technology 76,263 101,360 309,854 437,477 Robert Half
Management Resources 90,596 134,654 389,407 625,735 Robert Half
Finance & Accounting 45,434 75,578 181,856 427,499 Protiviti
95,746 124,184 383,559 546,872 ------ ----- ------- ------- Total
$737,423 $989,837 $3,036,547 $4,600,554 ======== ========
========== ========== GROSS MARGIN: Temporary and consultant
staffing $205,597 $292,564 $842,101 $1,331,549 Permanent placement
staffing 45,412 75,546 181,679 427,375 Risk consulting and internal
audit services 27,474 34,276 79,899 154,647 ------ ------ ------
------- Total $278,483 $402,386 $1,103,679 $1,913,571 ========
======== ========== ========== OPERATING INCOME: Temporary and
consultant staffing $22,212 $63,421 $104,521 $348,963 Permanent
placement staffing 6 2,589 (6,973) 60,482 Risk consulting and
internal audit services 293 1,481 (30,768) 7,287 ------ -----
------- ----- Total $22,511 $67,491 $66,780 $416,732 =======
======= ======= ======== SELECTED CASH FLOW INFORMATION:
Amortization of intangible assets $281 $740 $1,460 $2,617
Depreciation expense $15,560 $16,708 $63,806 $70,593 Capital
expenditures $10,248 $17,926 $41,248 $73,413 Open market
repurchases of common stock (shares) 2,004 4,018 4,724 9,376 ROBERT
HALF INTERNATIONAL INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL
INFORMATION (in thousands) December 31, ------------ 2009 2008 ----
---- (Unaudited) SELECTED BALANCE SHEET INFORMATION: Cash and cash
equivalents $365,794 $354,756 Accounts receivable, less allowances
$362,392 $484,808 Total assets $1,283,535 $1,411,850 Current
liabilities $366,968 $412,852 Notes payable and other indebtedness,
less current portion $1,779 $1,892 Total stockholders' equity
$899,810 $983,888 DATASOURCE: Robert Half International Inc.
CONTACT: M. Keith Waddell, Vice Chairman, President and Chief
Financial Officer of Robert Half International Inc.,
+1-650-234-6000 Web Site: http://www.rhi.com/
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