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



    MENLO PARK, Calif., July 23 /CNW/ -- Robert Half International Inc.
(NYSE:   RHI) today reported revenues and earnings for the second quarter ended
June 30, 2008.
    For the quarter ended June 30, 2008, net income was $74.6 million or $.48
per share, on revenues of $1.22 billion.  Net income for the prior year's
second quarter was $72.7 million or $.44 per share, on revenues of $1.15
billion.
    For the six months ended June 30, 2008, net income was $145.4 million or
$.93 per share, on revenues of $2.45 billion.  For the six months ended June
30, 2007, net income was $143.4 million or $.86 per share, on revenues of
$2.25 billion.
    Harold M. Messmer, Jr., chairman and chief executive officer of Robert
Half International Inc., said: "We were pleased with the company's business
performance during the second quarter.  Revenues grew 7 percent from the
second quarter of last year and income per share increased 9 percent from the
prior year's second quarter.
    "Revenues for our staffing operations remained at near-record levels, due
in part to continued robust growth in our international operations.  Our
permanent placement operations had a particularly strong quarter, with
revenues and earnings reaching all-time-high levels."
    Messmer also commented that the company's return on equity was 29 percent
for the quarter and has averaged 25 percent for the last five years.
    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 July
30.  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 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: 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
                   (in thousands, except per share amounts)
    


    
                                 Quarter                Six Months
                              Ended June 30,           Ended June 30,
                            2008         2007         2008         2007
                               (Unaudited)               (Unaudited)
    

    
    Net service
     revenues           $1,224,641   $1,149,128   $2,450,631   $2,246,553
    Direct costs of
     services              708,017      656,443    1,423,019    1,293,139
    

    
    Gross margin           516,624      492,685    1,027,612      953,414
    

    
    Selling, general
     and administrative
     expenses              393,393      374,636      787,824      723,015
    Amortization of
     intangible assets         618          818        1,259        1,092
    Interest income         (1,506)      (3,073)      (3,520)      (7,090)
    

    
    Income before income
     taxes                 124,119      120,304      242,049      236,397
    Provision for income
     taxes                  49,551       47,578       96,697       92,964
    

    
    Net income             $74,568      $72,726     $145,352     $143,433
    

    
    Diluted net income
     per share                $.48         $.44         $.93         $.86
    

    
    Shares:
      Basic                152,877      160,781      153,722      162,302
      Diluted              154,520      164,770      155,459      166,818
    



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

    
                                 Quarter                  Six Months
                              Ended June 30,            Ended June 30,
                            2008         2007         2008         2007
                               (Unaudited)               (Unaudited)
    

    
    REVENUES:
      Accountemps         $459,154     $431,754     $926,573     $848,047
      OfficeTeam           218,917      215,751      438,565      423,369
      Robert Half
       Technology          112,612      105,219      223,818      204,071
      Robert Half
       Management
       Resources           165,012      151,117      334,984      296,711
      Robert Half
       Finance &
       Accounting          127,850      115,023      243,464      213,709
      Protiviti            141,096      130,264      283,227      260,646
      Total             $1,224,641   $1,149,128   $2,450,631   $2,246,553
    

    
    GROSS MARGIN:
      Temporary and
       consultant
       staffing           $349,232     $335,635     $704,596     $656,112
      Permanent placement
       staffing            127,836      115,023      243,417      213,709
      Risk consulting
       and internal
       audit services       39,556       42,027       79,599       83,593
      Total               $516,624     $492,685   $1,027,612     $953,414
    

    
    OPERATING INCOME:
      Temporary and
       consultant
       staffing            $96,499      $90,659     $195,394     $178,456
      Permanent placement
       staffing             25,439       23,829       42,576       43,941
      Risk consulting
       and internal
       audit services        1,293        3,561        1,818        8,002
      Total               $123,231     $118,049     $239,788     $230,399
    

    
    SELECTED CASH FLOW
     INFORMATION:
      Amortization of
       intangible assets      $618         $818       $1,259       $1,092
      Depreciation
       expense             $18,294      $17,331      $35,904      $33,250
      Capital
       expenditures        $22,410      $22,284      $38,837      $46,383
      Open market
       repurchases of
       common stock
       (shares)              3,469        3,627        4,495        5,659
    



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

    
                                                            June 30,
                                                       2008           2007
                                                           (Unaudited)
    

    
    SELECTED BALANCE SHEET INFORMATION:
      Cash and cash equivalents                     $357,047       $389,600
      Accounts receivable, less allowances          $631,318       $591,573
      Total assets                                $1,551,549     $1,497,900
      Current liabilities                           $515,826       $476,333
      Notes payable and other indebtedness,
       less current portion                           $3,633         $3,663
      Total stockholders' equity                  $1,018,026     $1,005,563

    




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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Robert Half International Inc.

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