Robert Half International Inc. Reports Revenues and Earnings for the First Quarter of 2009



    MENLO PARK, Calif., April 22 /CNW/ -- Robert Half International Inc.
(NYSE:   RHI) today reported revenues and earnings for the first quarter ended
March 31, 2009.
    

    
    For the quarter ended March 31, 2009, net income was $8.8 million or $.06
per share, on revenues of $823.3 million.  Net income for the prior year's
first quarter was $70.8 million or $.45 per share, on revenues of $1.23
billion.
    

    
    "The labor markets in the United States and around the globe were
extremely weak during the first quarter, with the U.S. unemployment rate
reaching a 25-year high of 8.5 percent in March," said Harold M. Messmer, Jr.,
chairman and CEO of Robert Half International.  "Our experienced field and
corporate management teams did an excellent job of aggressively managing costs
in response to the challenging economic environment.
    

    
    "Robert Half International remains in solid financial condition with
virtually no debt, and we are confident in our ability to weather this cycle,"
Messmer said.  "We also believe the company is in a good position to grow
market share as some of our competitors contract their operations."
    

    
    Robert Half International management will conduct a conference call today
at 5 p.m. EDT 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. EDT today and ending at 8 p.m. EDT on April
29.  The dial-in number for the replay is 800-283-8217 (+1-402-220-0868
outside the United States).  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. is the world's first and
largest specialized staffing firm.  It also is the parent company of
Protiviti(R), a global business consulting and internal audit firm composed of
experts specializing in risk, advisory and transaction services.  Robert
Half's specialized staffing divisions include Accountemps(R), Robert Half(R)
Finance & Accounting and Robert Half(R) Management Resources, for temporary,
full-time and project professionals, respectively, in the fields of accounting
and finance; OfficeTeam(R), for highly skilled temporary administrative
support personnel; Robert Half(R) Technology, for information technology
professionals; Robert Half(R) Legal, for legal personnel; and The Creative
Group(R), 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 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
                                                     Ended March 31,
                                                   2009          2008
                                                       (Unaudited)
    Net service revenues                         $823,325    $1,225,990
    Direct costs of services                      529,597       715,002
    

    
    Gross margin                                  293,728       510,988
    

    
    Selling, general and administrative expenses  277,050       394,431
    Amortization of intangible assets                 618           641
    Interest income                                  (620)       (2,014)
    

    
    Income before income taxes                     16,680       117,930
    Provision for income taxes                      7,892        47,146
    

    
    Net income                                     $8,788       $70,784
    

    
    Diluted net income per share                     $.06          $.45
    Shares:
      Basic                                       146,878       154,567
      Diluted                                     148,070       156,398
    



    
               ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
                      SUPPLEMENTAL FINANCIAL INFORMATION
                               (in thousands)
    

    
                                                        Quarter
                                                    Ended March 31,
                                                  2009           2008
                                                      (Unaudited)
    REVENUES:
      Accountemps                               $329,381       $467,419
      OfficeTeam                                 145,390        219,648
      Robert Half Technology                      83,764        111,206
      Robert Half Management Resources           114,050        169,972
      Robert Half Finance & Accounting            49,941        115,614
      Protiviti                                  100,799        142,131
    

    
      Total                                     $823,325     $1,225,990
    

    
    GROSS MARGIN:
      Temporary and consultant staffing         $233,328       $355,364
      Permanent placement staffing                49,873        115,581
      Risk consulting and internal audit
       services                                   10,527         40,043
    

    
      Total                                     $293,728       $510,988
    

    
    OPERATING INCOME:
      Temporary and consultant staffing          $39,837        $98,895
      Permanent placement staffing                (4,233)        17,137
      Risk consulting and internal audit
       services                                  (18,926)           525
    

    
      Total                                      $16,678       $116,557
    

    
    SELECTED CASH FLOW INFORMATION:
      Amortization of intangible assets             $618           $641
      Depreciation expense                       $16,263        $17,610
      Capital expenditures                       $13,903        $16,427
      Open market repurchases of common
       stock (shares)                                506          1,026
    



    
                ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
                       SUPPLEMENTAL FINANCIAL INFORMATION
                                (in thousands)
    

    
                                                   March 31,
                                              2009           2008
                                                  (Unaudited)
    SELECTED BALANCE SHEET INFORMATION:
      Cash and cash equivalents             $359,309       $356,064
      Accounts receivable, less allowances  $412,115       $622,619
      Total assets                        $1,345,117     $1,526,358
      Current liabilities                   $365,211       $481,795
      Notes payable and other indebtedness,
      less current portion                    $1,865         $3,644
      Total stockholders' equity            $964,432     $1,027,297



    




For further information:

For further information: 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

Organization Profile

Robert Half International Inc.

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