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


    


    
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<p>MENLO PARK, Calif., <span class="xn-chron">July 21</span> /CNW/ -- <span class="xn-person">Robert Half</span> International Inc. (NYSE:   RHI) today reported revenues and earnings for the second quarter ended <span class="xn-chron">June 30, 2010</span>.</p>
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<p>For the quarter ended <span class="xn-chron">June 30, 2010</span>, net income was <span class="xn-money">$12.2 million</span> or <span class="xn-money">$.08</span> per share, on revenues of <span class="xn-money">$769.1 million</span>.  Net income for the prior year's second quarter was <span class="xn-money">$5.4 million</span> or <span class="xn-money">$.03</span> per share, on revenues of <span class="xn-money">$749.9 million</span>.</p>
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<p>For the six months ended <span class="xn-chron">June 30, 2010</span>, net income was <span class="xn-money">$20.7 million</span> or <span class="xn-money">$.13</span> per share, on revenues of <span class="xn-money">$1.51 billion</span>.  For the six months ended <span class="xn-chron">June 30, 2009</span>, net income was <span class="xn-money">$14.2 million</span> or <span class="xn-money">$.09</span> per share, on revenues of <span class="xn-money">$1.57 billion</span>.</p>
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<p>"We were pleased to see year-over-year and sequential revenue growth during the quarter," said Harold M. Messmer, Jr., chairman and CEO of <span class="xn-person">Robert Half</span> International.  "Second-quarter revenues and net income were up 3 percent and 125 percent, respectively, from the second quarter of 2009."</p>
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<p>Messmer added, "Our OfficeTeam and <span class="xn-person">Robert Half</span> Technology staffing divisions performed particularly well, as did our permanent-placement operations.  Second-quarter revenues for our <span class="xn-person">Robert Half</span> Finance & Accounting permanent placement division were up 29 percent from one year ago and up 15 percent sequentially."</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">July 28</span>.  The dial-in number for the replay is 800-283-8486 (+1-402-220-0869 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 business 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>
<p/>
<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>
<p/>
<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>
<p/>
<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/InvestorCenter.

    
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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                Six Months
                                Ended June 30,           Ended June 30,
                                --------------           --------------
                                 2010       2009        2010        2009
                                 ----       ----        ----        ----
                                  (Unaudited)             (Unaudited)
    Net service revenues     $769,090   $749,887  $1,506,263  $1,573,212
    Direct costs of services  479,232    484,830     948,277   1,014,427
                              -------    -------     -------   ---------
    Gross margin              289,858    265,057     557,986     558,785
    Selling, general and
     administrative           267,519    255,007     523,187     532,057
       expenses
    Amortization of
     intangible assets             46        280         315         898
    Interest income               (94)      (455)       (168)     (1,075)
                                  ---       ----        ----      ------
    Income before income
     taxes                     22,387     10,225      34,652      26,905
    Provision for income
     taxes                     10,206      4,809      13,996      12,701
                               ------      -----      ------      ------
    Net income                $12,181     $5,416     $20,656     $14,204
                              =======     ======     =======     =======
    Net income available to
     common                   $11,660     $4,801     $19,286     $13,110
         stockholders         =======     ======     =======     =======
    Diluted net income per
     share                       $.08       $.03        $.13        $.09
    Shares:
         Basic                143,100    146,443     143,667     146,660
         Diluted              144,331    147,044     144,999     147,092





    
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                   ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
                         SUPPLEMENTAL FINANCIAL INFORMATION
                                   (in thousands)
    
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                                  Quarter                  Six Months
                              Ended June 30,             Ended June 30,
                              --------------             --------------
                               2010        2009        2010          2009
                               ----        ----        ----          ----
                                (Unaudited)               (Unaudited)
    REVENUES:
        Accountemps        $294,523    $310,872    $583,625      $640,253
        OfficeTeam          150,420     135,711     291,854       281,101
        Robert Half
         Technology          81,765      75,260     156,919       159,024
        Robert Half
         Management
         Resources           93,089      94,490     186,085       208,540
        Robert Half
         Finance &
         Accounting          56,133      43,526     104,772        93,467
        Protiviti            93,160      90,028     183,008       190,827
                             ------      ------     -------       -------
        Total              $769,090    $749,887  $1,506,263    $1,573,212
                           ========    ========  ==========    ==========
    GROSS MARGIN:
        Temporary and
         consultant
         staffing          $211,430    $206,680    $412,499      $440,008
        Permanent
         placement
         staffing            56,110      43,488     104,704        93,361
    Risk consulting
     and internal
     audit                   22,318      14,889      40,783        25,416
               services      ------      ------      ------        ------
        Total              $289,858    $265,057    $557,986      $558,785
                           ========    ========    ========      ========
    OPERATING INCOME:
        Temporary and
         consultant
         staffing           $23,571     $25,208     $40,517       $65,045
        Permanent
         placement
         staffing             5,540      (1,965)      8,656        (6,198)
    Risk consulting
     and internal
     audit                   (6,772)    (13,193)    (14,374)      (32,119)
               services      ------     -------     -------       -------
        Total               $22,339     $10,050     $34,799       $26,728
                            =======     =======     =======       =======
    SELECTED CASH FLOW
     INFORMATION:
        Amortization of
         intangible assets      $46        $280        $315          $898
        Depreciation
         expense            $13,987     $16,525     $28,910       $32,788
        Capital
         expenditures        $6,136     $10,245     $14,412       $24,148
        Open market
         repurchases of       2,486       1,010       2,486         1,516
            common stock
             (shares)




    
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         ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
               SUPPLEMENTAL FINANCIAL INFORMATION
                          (in thousands)
    
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                                                      June 30,
                                                      --------
                                                     2010        2009
                                                     ----        ----
                                                    (Unaudited)
    
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    SELECTED BALANCE SHEET INFORMATION:
        Cash and cash equivalents                $290,044    $385,818
        Accounts receivable, less allowances     $384,642    $374,020
        Total assets                           $1,214,270  $1,323,811
        Current liabilities                      $357,659    $346,637
        Notes payable and other indebtedness,      $1,719      $1,836
                  less current portion
        Total stockholders' equity               $828,821    $961,169




    

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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