Robert Half International Inc. Reports Revenues and Earnings for the Fourth Quarter of 2008



    MENLO PARK, Calif., Jan. 28 /CNW/ -- Robert Half International Inc.
(NYSE:   RHI) today reported revenues and earnings for the fourth quarter ended
December 31, 2008.
    For the quarter ended December 31, 2008, net income was $39.0 million or
$.26 per share, on revenues of $989.8 million.  Net income for the prior
year's fourth quarter was $78.8 million or $.50 per share, on revenues of
$1.22 billion.
    For the year ended December 31, 2008, net income was $250.2 million or
$1.63 per share, on revenues of $4.60 billion.  For the year ended December
31, 2007, net income was $296.2 million or $1.81 per share, on revenues of
$4.65 billion.
    "Our financial results were impacted in North America and across the
globe by very difficult labor markets, which weakened as the quarter
progressed," said Harold M. Messmer, Jr., chairman and chief executive officer
of Robert Half International Inc.  "We are faced with a great deal of economic
uncertainty right now, but our financial condition remains solid, our
competitive position remains strong, and our experienced field management team
is both capable and determined.  I am confident in their strength and
experience as we navigate these rough waters."
    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 4.  The dial-in number for the replay is 800-839-5685
(+1-402-220-2567 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. is the world's first and
largest specialized staffing firm.  It also is the parent company of
Protiviti(R), a global consulting and internal audit firm composed of experts
in risk and advisory 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. 
Forward-looking 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; whether governments will impose
additional regulations or licensing requirements on personnel services
businesses in particular or on employer/employee relationships in general;
whether there will be ongoing demand for Sarbanes-Oxley or other regulatory
compliance services; and 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.
    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
    

    
                                  Quarter                    Year
                             Ended December 31,        Ended December 31,
                             2008          2007        2008          2007
                                (Unaudited)        (Unaudited)
    Net service revenues  $989,837    $1,220,068   $4,600,554    $4,645,666
    Direct costs of
     services              587,451       696,447    2,686,983     2,667,838
    

    
    Gross margin           402,386       523,621    1,913,571     1,977,828
    Selling, general and
     administrative
     expenses              334,895       393,911    1,496,839     1,497,957
    Amortization of
     intangible assets         740           754        2,617         2,594
    Interest income           (323)       (2,912)      (5,161)      (13,127)
    

    
    Income before income
     taxes                  67,074       131,868      419,276       490,404
    Provision for income
     taxes                  28,066        53,052      169,095       194,192
    

    
    Net income             $39,008       $78,816     $250,181      $296,212
    

    
    Diluted net income per
     share                    $.26          $.50        $1.63        $ 1.81
    Shares:
      Basic                148,190       156,068      151,607       159,767
      Diluted              149,496       158,459      153,289       163,479
    



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

    
                                 Quarter                    Year
                            Ended December 31,        Ended December 31,
                            2008         2007         2008         2007
                               (Unaudited)         (Unaudited)
    REVENUES:
      Accountemps         $374,179      $453,054   $1,735,412    $1,744,820
      OfficeTeam           179,882       222,212      827,559       860,744
      Robert Half
       Technology          101,360       110,841      437,477       425,086
      Robert Half
       Management
       Resources           134,654       165,276      625,735       618,624
      Robert Half Finance
       & Accounting         75,578       117,590      427,499       444,090
      Protiviti            124,184       151,095      546,872       552,302
      Total               $989,837    $1,220,068   $4,600,554    $4,645,666
    

    
    GROSS MARGIN:
      Temporary and
       consultant
       staffing           $292,564      $357,423   $1,331,549    $1,359,075
      Permanent placement
       staffing             75,546       117,576      427,375       444,071
      Risk consulting and
       internal audit
       services             34,276        48,622      154,647       174,682
      Total               $402,386      $523,621   $1,913,571    $1,977,828
    

    
    OPERATING INCOME:
      Temporary and
       consultant
       staffing            $63,421       $98,925     $348,963      $372,892
      Permanent placement
       staffing              2,589        21,906       60,482        86,109
      Risk consulting and
       internal audit
       services              1,481         8,879        7,287        20,870
      Total                $67,491      $129,710     $416,732      $479,871
    

    
    SELECTED CASH FLOW
     INFORMATION:
      Amortization of
       intangible assets      $740          $754       $2,617        $2,594
      Depreciation expense $16,708       $17,762      $70,593       $68,847
      Capital expenditures $17,926       $20,185      $73,413       $83,777
      Open market
       repurchases of
       common stock
       (shares)              4,018         3,041        9,376        12,202
    



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

    
                                                         December 31,
                                                      2008           2007
                                                  (Unaudited)
    SELECTED BALANCE SHEET INFORMATION:
      Cash and cash equivalents                     $344,896       $310,000
      Accounts receivable, less allowances          $484,808       $593,169
      Total assets                                $1,401,989     $1,450,298
      Current liabilities                           $402,991       $447,952
      Notes payable and other indebtedness, less
       current portion                                $1,892         $3,753
      Total stockholders' equity                    $983,888       $984,049

    




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.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890