Robert Half International Reports Fourth-Quarter Financial Results

Net Income Per Share Up 78 Percent on High Demand for Skilled Talent

MENLO PARK, Calif., Jan. 26, 2012 /CNW/ - Robert Half International Inc. (NYSE symbol: RHI) today reported revenues and earnings for the fourth quarter ended December 31, 2011.

For the quarter ended December 31, 2011, net income was $42.6 million or $.30 per share, on revenues of $973.5 million. Net income for the prior year's fourth quarter was $24.8 million or $.17 per share, on revenues of $851.6 million.

For the year ended December 31, 2011, net income was $149.9 million or $1.04 per share, on revenues of $3.78 billion. For the year ended December 31, 2010, net income was $66.1 million or $.44 per share, on revenues of $3.18 billion.

"Our specialized staffing divisions and Protiviti reported solid results in the fourth quarter. This marks the sixth consecutive quarter of double-digit, year-over-year revenue growth for the company," said Harold M. Messmer, Jr., chairman and CEO of Robert Half International. "Additionally, growth rates in net income and earnings per share have significantly exceeded revenue growth rates during this period. This reflects the ongoing strong demand for skilled talent, particularly in the technology and accounting sectors."

Robert Half International management will conduct a conference call today at 5 p.m. EST. The dial-in number is 877-814-0475 (+1-706-643-9224 outside the United States). The password to access the call is "Robert Half." 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 26. The dial-in number for the replay is 855-859-2056 (+1-404-537-3406 outside the United States). To access the replay, enter conference ID# 39930039. The conference call also will be archived in audio format on the company's website at 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 interactive, design, marketing, advertising and public relations 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 additional costs the company will incur as a result of health care reform legislation may adversely affect the company's profit margins or the demand for the company's services; 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 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,


2011

2010


2011

2010


(Unaudited)


(Unaudited)


Net service revenues

$ 973,473

$ 851,572


$3,776,976

$3,175,093

Direct costs of services

586,151

524,665


2,287,374

1,981,060







Gross margin

387,322

326,907


1,489,602

1,194,033







Selling, general and administrative

expenses

315,479

283,868


1,240,184

1,079,033

Amortization of intangible assets

35

49


153

411

Interest income

(353)

(258)


(951)

(579)







Income before income taxes

72,161

43,248


250,216

115,168

Provision for income taxes

29,537

18,458


100,294

49,099







Net income

$ 42,624

$ 24,790


$ 149,922

$ 66,069

Net income available to common

stockholders - diluted

$ 42,037

$ 24,144


$ 147,772

$ 63,729







Diluted net income per share

$ .30

$ .17


$ 1.04

$ .44







Shares:






Basic

138,581

141,795


140,479

142,833

Diluted

140,059

143,142


141,790

144,028




ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

(in thousands)



Quarter


Year


Ended December 31,


Ended December 31,


2011

2010


2011

2010


(Unaudited)


(Unaudited)


REVENUES:






Accountemps

$ 363,820

$ 319,066


$1,405,782

$ 1,215,052

OfficeTeam

195,862

174,336


757,146

629,548

Robert Half Technology

112,981

92,064


428,482

336,285

Robert Half Management Resources

116,563

103,128


459,589

387,370

Robert Half Finance & Accounting

74,824

59,270


302,155

221,219

Protiviti

109,423

103,708


423,822

385,619

Total

$ 973,473

$ 851,572


$3,776,976

$3,175,093







GROSS MARGIN:






Temporary and consultant staffing

$ 282,412

$ 237,756


$1,074,006

$ 875,557

Permanent placement staffing

74,756

59,250


301,945

221,108

Risk consulting and internal audit

services

30,154

29,901


113,651

97,368

Total

$ 387,322

$ 326,907


$1,489,602

$1,194,033







OPERATING INCOME:






Temporary and consultant staffing

$ 63,594

$ 35,970


$ 209,101

$ 108,443

Permanent placement staffing

5,879

3,754


35,340

17,502

Risk consulting and internal audit

services

2,370

3,315


4,977

(10,945)

Total

$ 71,843

$ 43,039


$ 249,418

$ 115,000







SELECTED CASH FLOW INFORMATION:






Amortization of intangible assets

$ 35

$ 49


$ 153

$ 411

Depreciation expense

$ 12,753

$ 13,177


$ 51,262

$ 55,547

Capital expenditures

$ 14,827

$ 13,039


$ 56,535

$ 35,088

Open market repurchases of

common stock (shares)

286

717


5,308

3,678




ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

(in thousands)




December 31,


2011

2010


(Unaudited)





SELECTED BALANCE SHEET INFORMATION:



Cash and cash equivalents

$ 279,336

$ 315,137

Accounts receivable, less allowances

$ 493,327

$ 423,175

Total assets

$1,311,836

$1,273,984

Current liabilities

$ 473,001

$ 408,460

Notes payable and other indebtedness,

less current portion

$ 1,545

$ 1,656

Total stockholders' equity

$ 800,505

$ 834,371




SOURCE Robert Half International Inc.

For further information:

M. Keith Waddell, Vice Chairman, President and Chief Financial Officer, +1-650-234-6000

http://www.rhi.com

Profil de l'entreprise

Robert Half International Inc.

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