ROBERT HALF INTERNATIONAL, INC 
By MENLO PARK, Calif., Jan. 26, 2012 /PRNewswire/ -- Robert Half International Inc. (NYSE symbol: RHI) today reported revenues and earnings for the fourth quarter ended December 31, 2011.
For the quarter ended December 31, 2011, net income was $42.6 million or $.30 per share, on revenues of $973.5 million. Net income for the prior year's fourth quarter was $24.8 million or $.17 per share, on revenues of $851.6 million.
For the year ended December 31, 2011, net income was $149.9 million or $1.04 per share, on revenues of $3.78 billion. For the year ended December 31, 2010, net income was $66.1 million or $.44 per share, on revenues of $3.18 billion.
"Our specialized staffing divisions and Protiviti reported solid results in the fourth quarter. This marks the sixth consecutive quarter of double-digit, year-over-year revenue growth for the company," said Harold M. Messmer, Jr., chairman and CEO of Robert Half International. "Additionally, growth rates in net income and earnings per share have significantly exceeded revenue growth rates during this period. This reflects the ongoing strong demand for skilled talent, particularly in the technology and accounting sectors."
Robert Half International management will conduct a conference call today at 5 p.m. EST. 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 26. The dial-in number for the replay is 855-859-2056 (+1-404-537-3406 outside the United States). To access the replay, enter conference ID# 39930039. 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 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 interactive, design, marketing, advertising and public relations 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.
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 Year
Ended December 31, Ended December 31,
------------------ ------------------
2011 2010 2011 2010
---- ---- ---- ----
(Unaudited) (Unaudited)
Net
service
revenues $973,473 $851,572 $3,776,976 $3,175,093
Direct
costs
of
services 586,151 524,665 2,287,374 1,981,060
------- ------- --------- ---------
Gross
margin 387,322 326,907 1,489,602 1,194,033
Selling,
general
and
administrative 315,479 283,868 1,240,184 1,079,033
expenses
Amortization
of
intangible
assets 35 49 153 411
Interest
income (353) (258) (951) (579)
---- ---- ---- ----
Income
before
income
taxes 72,161 43,248 250,216 115,168
Provision
for
income
taxes 29,537 18,458 100,294 49,099
------ ------ ------- ------
Net
income $42,624 $24,790 $149,922 $66,069
======= ======= ======== =======
Net
income
available
to
common $42,037 $24,144 $147,772 $63,729
stockholders
-
diluted ======= ======= ======== =======
Diluted
net
income
per
share $.30 $.17 $1.04 $.44
Shares:
Basic 138,581 141,795 140,479 142,833
Diluted 140,059 143,142 141,790 144,028
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
Quarter Year
Ended December 31, Ended December 31,
------------------ ------------------
2011 2010 2011 2010
---- ---- ---- ----
(Unaudited) (Unaudited)
REVENUES:
Accountemps $363,820 $319,066 $1,405,782 $1,215,052
OfficeTeam 195,862 174,336 757,146 629,548
Robert
Half
Technology 112,981 92,064 428,482 336,285
Robert
Half
Management
Resources 116,563 103,128 459,589 387,370
Robert
Half
Finance
&
Accounting 74,824 59,270 302,155 221,219
Protiviti 109,423 103,708 423,822 385,619
------- ------- ------- -------
Total $973,473 $851,572 $3,776,976 $3,175,093
======== ======== ========== ==========
GROSS
MARGIN:
Temporary
and
consultant
staffing $282,412 $237,756 $1,074,006 $875,557
Permanent
placement
staffing 74,756 59,250 301,945 221,108
Risk
consulting
and
internal
audit 30,154 29,901 113,651 97,368
services ------ ------ ------- ------
Total $387,322 $326,907 $1,489,602 $1,194,033
======== ======== ========== ==========
OPERATING
INCOME:
Temporary
and
consultant
staffing $63,594 $35,970 $209,101 $108,443
Permanent
placement
staffing 5,879 3,754 35,340 17,502
Risk
consulting
and
internal
audit 2,370 3,315 4,977 (10,945)
services ----- ----- ----- -------
Total $71,843 $43,039 $249,418 $115,000
======= ======= ======== ========
SELECTED
CASH
FLOW
INFORMATION:
Amortization
of
intangible
assets $35 $49 $153 $411
Depreciation
expense $12,753 $13,177 $51,262 $55,547
Capital
expenditures $14,827 $13,039 $56,535 $35,088
Open
market
repurchases
of 286 717 5,308 3,678
common
stock
(shares)
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
December 31,
------------
2011 2010
---- ----
(Unaudited)
SELECTED BALANCE SHEET INFORMATION:
Cash and cash equivalents $279,336 $315,137
Accounts receivable, less allowances $493,327 $423,175
Total assets $1,311,836 $1,273,984
Current liabilities $473,001 $408,460
Notes payable and other indebtedness, $1,545 $1,656
less current portion
Total stockholders' equity $800,505 $834,371
SOURCE Robert Half International Inc.
