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Robert Half International Inc. Reports Revenues and Earnings for the Third Quarter of 2009
PR Newswire
Oct 21, 2009
MENLO PARK, Calif., Oct. 21 /PRNewswire-FirstCall/ -- Robert Half International Inc. (NYSE: RHI) today reported revenues and earnings for the third quarter ended September 30, 2009.
For the quarter ended September 30, 2009, net income was $9.5 million or $.06 per share, on revenues of $725.9 million. Net income for the prior year's third quarter was $65.8 million or $.42 per share, on revenues of $1.16 billion.
For the nine months ended September 30, 2009, net income was $23.7 million or $.15 per share, on revenues of $2.30 billion. For the nine months ended September 30, 2008, net income was $211.2 million or $1.33 per share, on revenues of $3.61 billion.
Harold M. Messmer, Jr., chairman and CEO of Robert Half International, commented: "While the global business environment during the third quarter remained challenging, year-over-year revenue declines in our staffing operations continued to moderate and, on a sequential basis, we saw some improvement in revenues in September. Our risk consulting subsidiary, Protiviti, reported an 8 percent sequential increase in third-quarter revenues compared to the second quarter and reported significantly improved operating results."
Messmer added, "We remain confident that our teams are well-positioned to take advantage of a recovering economy in North America and abroad."
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 October 28. The dial-in number for the replay is 800-374-0934 (+1-402-220-0680 outside the United States). 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. is the world's first and largest specialized staffing firm. It also is the parent company of Protiviti®, a global business consulting and internal audit firm composed of experts specializing in risk, advisory and transaction services. Robert Half's specialized staffing divisions include Accountemps®, Robert Half® Finance & Accounting and Robert Half® Management Resources, for temporary, full-time and 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 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.
A copy of this release is available at 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 Nine Months
Ended September 30, Ended September 30,
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
(Unaudited) (Unaudited)
Net service revenues $725,912 $1,160,086 $2,299,124 $3,610,717
Direct costs of services 459,501 676,513 1,473,928 2,099,532
------- ------- --------- ---------
Gross margin 266,411 483,573 825,196 1,511,185
Selling, general and
administrative expenses 248,870 374,120 780,927 1,161,944
Amortization of intangible
assets 281 618 1,179 1,877
Interest income (159) (1,318) (1,234) (4,838)
----- ------- ------- -------
Income before income taxes 17,419 110,153 44,324 352,202
Provision for income taxes 7,888 44,332 20,589 141,029
----- ------ ------ -------
Net income $9,531 $65,821 $23,735 $211,173
====== ======= ======= ========
Net income available to
common stockholders $8,988 $63,839 $22,098 $204,977
====== ======= ======= ========
Diluted net income per share $.06 $.42 $.15 $1.33
Shares:
Basic 146,227 150,838 146,514 152,754
Diluted 147,123 151,945 147,101 153,851
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
Quarter Nine Months
Ended September 30, Ended September 30,
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
(Unaudited) (Unaudited)
REVENUES:
Accountemps $286,772 $434,660 $927,025 $1,361,233
OfficeTeam 134,361 209,112 415,462 647,677
Robert Half Technology 74,567 112,299 233,591 336,117
Robert Half Management
Resources 90,271 156,097 298,811 491,081
Robert Half Finance &
Accounting 42,955 108,457 136,422 351,921
Protiviti 96,986 139,461 287,813 422,688
------ ------- ------- -------
Total $725,912 $1,160,086 $2,299,124 $3,610,717
======== ========== ========== ==========
GROSS MARGIN:
Temporary and consultant
staffing $196,496 $334,389 $636,504 $1,038,985
Permanent placement
staffing 42,906 108,412 136,267 351,829
Risk consulting and
internal audit services 27,009 40,772 52,425 120,371
------ ------ ------ -------
Total $266,411 $483,573 $825,196 $1,511,185
======== ======== ======== ==========
OPERATING INCOME:
Temporary and consultant
staffing $17,264 $90,148 $82,309 $285,542
Permanent placement staffing (781) 15,317 (6,979) 57,893
Risk consulting and
internal audit services 1,058 3,988 (31,061) 5,806
----- ----- ------- -----
Total $17,541 $109,453 $44,269 $349,241
======= ======== ======= ========
SELECTED CASH FLOW
INFORMATION:
Amortization of intangible
assets $281 $618 $1,179 $1,877
Depreciation expense $15,458 $17,981 $48,246 $53,885
Capital expenditures $6,852 $16,650 $31,000 $55,487
Open market repurchases of
common stock (shares) 1,204 863 2,720 5,358
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
September 30,
-------------
2009 2008
---- ----
(Unaudited)
SELECTED BALANCE SHEET INFORMATION:
Cash and cash equivalents $407,641 $373,692
Accounts receivable, less allowances $364,533 $586,762
Total assets $1,326,244 $1,523,950
Current liabilities $362,098 $467,495
Notes payable and other indebtedness,
less current portion $1,808 $3,541
Total stockholders' equity $947,998 $1,039,050
SOURCE Robert Half International Inc.
Copyright (2009) PR Newswire. All Rights Reserved.
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