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


    



    
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<p>MENLO PARK, Calif., <chron>Jan. 28</chron> /CNW/ -- <person>Robert Half</person> International Inc. (NYSE:   RHI) today reported revenues and earnings for the fourth quarter ended <chron>December 31, 2009</chron>.</p>
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<p>For the quarter ended <chron>December 31, 2009</chron>, net income was <money>$13.5 million</money> or <money>$.09</money> per share, on revenues of <money>$737.4 million</money>.  Net income for the prior year's fourth quarter was <money>$39.0 million</money> or <money>$.25</money> per share, on revenues of <money>$989.8 million</money>.</p>
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<p>For the year ended <chron>December 31, 2009</chron>, net income was <money>$37.3 million</money> or <money>$.24</money> per share, on revenues of <money>$3.04 billion</money>.  For the year ended <chron>December 31, 2008</chron>, net income was <money>$250.2 million</money> or <money>$1.59</money> per share, on revenues of <money>$4.60 billion</money>.</p>
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<p>Harold M. Messmer, Jr., chairman and CEO of <person>Robert Half</person> 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."</p>
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<p><person>Robert Half</person> International management will conduct a conference call today at <chron>5 p.m. EST</chron> following the release.  The dial-in number is 800-862-9098 (+1-785-424-1051 outside the <location>United States</location>) and the passcode is "<person>Robert Half</person> International."  A taped recording of this call will be available for replay beginning at approximately <chron>8 p.m. EST</chron> today and ending at <chron>8 p.m. EST</chron> on <chron>February 5</chron>.  The dial-in number for the replay is 800-374-0934 (+1-402-220-0680 outside the <location>United States</location>).  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, <person>Robert Half</person> 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><person>Robert Half</person> 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 <location>United States</location> 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.</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 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                Year
                                    Ended December 31,    Ended December 31,
                                    ------------------    ------------------
                                      2009      2008        2009       2008
                                      ----      ----        ----       ----
                                        (Unaudited)     (Unaudited)
    
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    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
    
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    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



    
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                  ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
                        SUPPLEMENTAL FINANCIAL INFORMATION
                                    (in thousands)
    
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                                          Quarter               Year
                                    Ended December 31,    Ended December 31,
                                    ------------------    ------------------
                                        2009    2008       2009        2008
                                        ----    ----       ----        ----
                                         (Unaudited)   (Unaudited)
    
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    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



    
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                 ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
                        SUPPLEMENTAL FINANCIAL INFORMATION
                                    (in thousands)
    
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                                                        December 31,
                                                        ------------
                                                    2009            2008
                                                    ----            ----
                                                (Unaudited)
    
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    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






    

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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