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

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MENLO PARK, Calif., Jan. 26, 2011 /CNW/ -- Robert Half International Inc. (NYSE: RHI) today reported revenues and earnings for the fourth quarter ended December 31, 2010.

For the quarter ended December 31, 2010, net income was $24.8 million or $.17 per share, on revenues of $851.6 million. Net income for the prior year's fourth quarter was $13.5 million or $.09 per share, on revenues of $737.4 million.

For the year ended December 31, 2010, net income was $66.1 million or $.44 per share, on revenues of $3.18 billion. For the year ended December 31, 2009, net income was $37.3 million or $.24 per share, on revenues of $3.04 billion.

"During the fourth quarter, demand for our professional staffing and consulting services continued to improve across the board," said Harold M. Messmer, Jr., chairman and CEO of Robert Half International. "Each of our lines of business reported sequential and year-over-year revenue growth in the quarter."

Messmer added, "Our Robert Half Finance & Accounting permanent placement division once again performed well, with fourth-quarter revenues up 30 percent versus one year ago. Our technology and office administration divisions also reported strong revenue growth, as did international operations. Protiviti reported its best operating results in more than two years."

Robert Half International management will conduct a conference call today at 5 p.m. EST following the release. The dial-in number is 877-814-0475 (+1-706-643-9224 outside the United States). The password to access the call is "Robert Half." 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 2. The dial-in number for the replay is 800-642-1687 (+1-706-645-9291 outside the United States). To access the replay, enter conference ID# 36559165. The conference call also will be archived in audio format on the company's website at www.rhi.com.

Founded in 1948, Robert Half 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.

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. Forwardlooking 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; 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.

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.

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    A copy of this release is available at www.rhi.com.

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    ATTACHED:   Summary of Operations
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                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,
                              ------------------         ------------------
                               2010          2009        2010           2009
                               ----          ----        ----           ----
    Net service revenues          (Unaudited)        (Unaudited)
                           $851,572      $737,423  $3,175,093     $3,036,547
    Direct costs of
     services               524,665       458,940   1,981,060      1,932,868
                            -------       -------   ---------      ---------
    Gross margin            326,907       278,483   1,194,033      1,103,679
    Selling, general and
     administrative         283,868       255,972   1,079,033      1,036,899
          expenses
    Amortization of
     intangible assets           49           281         411          1,460
    Interest income            (258)         (209)       (579)        (1,443)
                               ----          ----        ----         ------
    Income before income
     taxes                   43,248        22,439     115,168         66,763
    Provision for income
     taxes                   18,458         8,911      49,099         29,500
                             ------         -----      ------         ------
    Net income              $24,790       $13,528     $66,069        $37,263
                            =======       =======     =======        =======
    Net income available
     to common              $24,144       $12,969     $63,729        $35,067
          stockholders      =======       =======     =======        =======
    Diluted net income per
     share                     $.17          $.09        $.44           $.24
    Shares:
         Basic              141,795       144,124     142,833        145,912
         Diluted            143,142       145,161     144,028        146,611



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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,
                              ---------------        ------------------
                             2010            2009          2010         2009
                             ----            ----          ----         ----
                              (Unaudited)         (Unaudited)
    REVENUES:
        Accountemps      $319,066        $287,797    $1,215,052   $1,214,822
        OfficeTeam        174,336         141,587       629,548      557,049
        Robert Half
         Technology        92,064          76,263       336,285      309,854
        Robert Half
         Management
         Resources        103,128          90,596       387,370      389,407
        Robert Half
         Finance &
         Accounting        59,270          45,434       221,219      181,856
        Protiviti         103,708          95,746       385,619      383,559
                          -------          ------       -------      -------
        Total            $851,572        $737,423    $3,175,093   $3,036,547
                         ========        ========    ==========   ==========
    GROSS MARGIN:
        Temporary and
         consultant
         staffing        $237,756        $205,597      $875,557     $842,101
        Permanent
         placement
         staffing          59,250          45,412       221,108      181,679
        Risk consulting
         and internal
         audit             29,901          27,474        97,368       79,899
          services         ------          ------        ------       ------
        Total            $326,907        $278,483    $1,194,033   $1,103,679
                         ========        ========    ==========   ==========
    OPERATING
     INCOME:
        Temporary and
         consultant
         staffing         $35,970         $22,212      $108,443     $104,521
        Permanent
         placement
         staffing           3,754               6        17,502       (6,973)
        Risk consulting
         and internal
         audit              3,315             293       (10,945)     (30,768)
          services          -----             ---       -------      -------
        Total             $43,039         $22,511      $115,000      $66,780
                          =======         =======      ========      =======
    SELECTED CASH
     FLOW
     INFORMATION:
        Amortization of
         intangible
         assets               $49            $281          $411       $1,460
        Depreciation
         expense          $13,177         $15,560       $55,547      $63,806
        Capital
         expenditures     $13,039         $10,248       $35,088      $41,248
        Open market
         repurchases of       717           2,004         3,678        4,724
            common stock
             (shares)




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     ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
           SUPPLEMENTAL FINANCIAL INFORMATION
                     (in thousands)
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                                         December 31,
                                         ------------
                                          2010        2009
                                          ----        ----
                                    (Unaudited)
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    SELECTED BALANCE SHEET
     INFORMATION:
        Cash and cash equivalents     $315,137    $365,794
        Accounts receivable, less
         allowances                   $423,175    $362,392
        Total assets                $1,273,984  $1,283,535
        Current liabilities           $408,460    $366,968
        Notes payable and other
         indebtedness,                  $1,656      $1,779
          less current portion
        Total stockholders' equity    $834,371    $899,810




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SOURCE Robert Half International Inc.

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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