Robert Half International Inc. Reports Revenues and Earnings for the First
Quarter of 2010


    


    
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<p>MENLO PARK, Calif., <span class="xn-chron">April 27</span> /CNW/ -- <span class="xn-person">Robert Half</span> International Inc. (NYSE:   RHI) today reported revenues and earnings for the first quarter ended <span class="xn-chron">March 31, 2010</span>.</p>
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<p>For the quarter ended <span class="xn-chron">March 31, 2010</span>, net income was <span class="xn-money">$8.5 million</span> or <span class="xn-money">$.05</span> per share, on revenues of <span class="xn-money">$737.2 million</span>.  Net income for the prior year's first quarter was <span class="xn-money">$8.8 million</span> or <span class="xn-money">$.06</span> per share, on revenues of <span class="xn-money">$823.3 million</span>.</p>
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<p>"We are beginning to see improvement in the demand for our professional staffing services as a result of better economic conditions in <span class="xn-location">North America</span> and abroad," said Harold M. Messmer, Jr., chairman and CEO of <span class="xn-person">Robert Half</span> International.  "First-quarter revenues for our staffing operations were up 2 percent on a constant-currency basis from the results we reported for the fourth quarter."</p>
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<p>Messmer added, "Our permanent placement operations performed particularly well during the quarter, growing 9 percent on a constant-currency basis versus the fourth quarter of 2009.  We believe this relates directly to the depth and severity of personnel cuts made during the recession.  Many businesses have had to hire at the first sign of a pickup in demand as well as immediately replace workers lost due to turnover."</p>
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<p><span class="xn-person">Robert Half</span> International management will conduct a conference call today at <span class="xn-chron">5 p.m. EDT</span> following the release.  The dial-in number is 800-862-9098 (+1-785-424-1051 outside the <span class="xn-location">United States</span>).  A taped recording of this call will be available for replay beginning at approximately <span class="xn-chron">8 p.m. EDT</span> today and ending at <span class="xn-chron">8 p.m. EDT</span> on <span class="xn-chron">May 4</span>.  The dial-in number for the replay is 800-374-0934 (+1-402-220-0680 outside the <span class="xn-location">United States</span>).  The conference call also will be archived in audio format on the company's website at <a href="http://www.rhi.com">www.rhi.com</a>.</p>
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<p>Founded in 1948, <span class="xn-person">Robert Half</span> 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.</p>
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<p><span class="xn-person">Robert Half</span> International has staffing and consulting operations in more than 400 locations worldwide.</p>
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<p>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.</p>
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<p>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 <span class="xn-location">United States</span> 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.</p>
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<p>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.</p>
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<p>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.</p>
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    A copy of this release is available in the Investor Center at www.rhi.com.

    
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    ATTACHED:             Summary of Operations
    ---------
                          Supplemental Financial Information




    
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         ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
                      SUMMARY OF OPERATIONS
             (in thousands, except per share amounts)
    
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                                              Quarter
                                          Ended March 31,
                                          ---------------
                                           2010        2009
                                           ----        ----
                                            (Unaudited)
    Net service revenues               $737,173    $823,325
    Direct costs of services            469,045     529,597
                                        -------     -------
    Gross margin                        268,128     293,728
    Selling, general and
     administrative expenses            255,668     277,050
    Amortization of intangible
     assets                                 269         618
    Interest income                         (74)       (620)
                                            ---        ----
    Income before income taxes           12,265      16,680
    Provision for income taxes            3,790       7,892
                                          -----       -----
    Net income                           $8,475      $8,788
                                         ======      ======
    Net income available to common       $7,626      $8,308
         stockholders                    ======      ======
    Diluted net income per share           $.05        $.06
    Shares:
    Basic                               144,239     146,878
    Diluted                             145,673     147,142






    
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            ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
                  SUPPLEMENTAL FINANCIAL INFORMATION
                            (in thousands)
    
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                                                    Quarter
                                                Ended March 31,
                                                ---------------
                                                 2010       2009
                                                 ----       ----
                                                  (Unaudited)
    REVENUES:
    Accountemps                              $289,102   $329,381
    OfficeTeam                                141,434    145,390
    Robert Half Technology                     75,154     83,764
    Robert Half Management Resources           92,996    114,050
    Robert Half Finance & Accounting           48,639     49,941
    Protiviti                                  89,848    100,799
                                               ------    -------
    Total                                    $737,173   $823,325
                                             ========   ========
    GROSS MARGIN:
    Temporary and consultant staffing        $201,069   $233,328
    Permanent placement staffing               48,594     49,873
    Risk consulting and internal audit
     services                                  18,465     10,527
                                               ------     ------
    Total                                    $268,128   $293,728
                                             ========   ========
    OPERATING INCOME:
    Temporary and consultant staffing         $16,946    $39,837
    Permanent placement staffing                3,116     (4,233)
    Risk consulting and internal audit
     services                                  (7,602)   (18,926)
                                               ------    -------
    Total                                     $12,460    $16,678
                                              =======    =======
    SELECTED CASH FLOW INFORMATION:
    Amortization of intangible assets            $269       $618
    Depreciation expense                      $14,923    $16,263
    Capital expenditures                       $8,276    $13,903
    Open market repurchases of
    common stock (shares)                           -        506













    
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             ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
                   SUPPLEMENTAL FINANCIAL INFORMATION
                             (in thousands)
                                                     March 31,
                                                     ---------
                                                    2010        2009
                                                    ----        ----
                                                    (Unaudited)
    SELECTED BALANCE SHEET INFORMATION:
    Cash and cash equivalents                   $349,364    $359,309
    Accounts receivable, less allowances        $373,481    $412,115
    Total assets                              $1,271,045  $1,345,117
    Current liabilities                         $346,600    $365,211
    Notes payable and other indebtedness,
    less current portion                          $1,749      $1,865
    Total stockholders' equity                  $896,769    $964,432






    

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

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