Robert Half International Inc.

Reports First-Quarter Revenues and Earnings



Apr 17, 2001, 01:00 ET from Robert Half International Inc.

    MENLO PARK, Calif., April 17 /PRNewswire/ -- Robert Half International
 Inc. (NYSE:   RHI) today reported revenues and earnings for the first quarter
 ended March 31, 2001.
     For the quarter ended March 31, 2001, net income was $47.6 million or
 $.26 per share, on revenues of $719.3 million.  Net income for the prior
 year's first quarter was $43.4 million or $.24 per share, on revenues of
 $632.8 million.
     Harold M. Messmer, Jr., chairman and chief executive officer, said,
 "First-quarter revenues were up 14 percent, all internally generated.  While
 the candidate shortage eased somewhat during the quarter, demand for talent
 continued as a result of low unemployment rates, particularly within our
 professional areas of specialization.  Our ongoing technology investments
 combined with online and offline recruitment initiatives contributed to
 increased revenues as well as higher levels of selling, general and
 administrative expenses.  We believe our well-regarded brands and
 long-standing focus on personalized service are benefiting our company in both
 digital and traditional channels."
     The company also announced today that its board of directors has
 authorized the repurchase, from time to time, of up to an additional
 10 million shares of the company's common stock on the open market or in
 privately negotiated transactions, depending on market conditions.  This
 10-million-share authorization is in addition to the 200,000 shares remaining
 under the existing repurchase program.
     Robert Half International management will conduct a conference call today
 at 5 p.m. EDT to discuss the quarterly financial results.  The dial-in number
 is 888-942-8131 (Passcode:  Robert Half ).  A taped recording of this call
 will be available for replay beginning at approximately 9:30 p.m. EDT today
 and ending at 8 p.m. EDT on April 20, 2001.  The dial-in number for the replay
 is 800-510-9771.
     Robert Half International Inc. is the world's largest specialized staffing
 service.  Its divisions include Accountemps(R), Robert Half(R) and
 RHI Management Resources(R), for temporary, full-time and project
 professionals, respectively, in the fields of accounting and finance;
 OfficeTeam(R), for highly skilled temporary administrative support personnel;
 RHI Consulting(R), for information technology professionals; The
 Affiliates(R), for legal personnel; and The Creative Group(R), for
 advertising, marketing and web design professionals.  Robert Half
 International serves its clients and candidates through 330 offices worldwide
 and through online job search services at its divisional web sites, all of
 which can be accessed at www.rhi.com.
     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," "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 qualified
 candidates for temporary employment or the company's ability to attract
 qualified 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 profit margins; the possibility of the
 company incurring liability for the activities of its temporary employees or
 for events impacting its temporary employees on clients' premises; the success
 of the company in attracting, training and retaining qualified management
 personnel and other staff employees; and whether governments will impose
 additional regulations or licensing requirements on personnel services
 businesses in particular or on employer/employee relationships in general.
 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 press 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
                                                         Ended March 31,
                                                       2001           2000
                                                           (Unaudited)
 
     Net service revenues                            $719,273       $632,846
     Direct costs of services                         408,287        361,797
 
     Gross margin                                     310,986        271,049
 
     Selling, general and administrative expenses     234,984        200,944
     Amortization of intangibles                        1,336          1,253
     Interest income                                  (2,411)        (1,456)
 
     Income before income taxes                        77,077         70,308
     Provision for income taxes                        29,520         26,928
 
     Net income                                       $47,557        $43,380
 
     Diluted net income per share                       $ .26          $ .24
 
     Diluted shares                                   182,048        182,958
 
 
        All shares and per share amounts have been restated to retroactively
        reflect the two-for-one stock split effected in the form of a stock
                               dividend in June 2000.
 
 
                ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
                       SUPPLEMENTAL FINANCIAL INFORMATION
                                 (in thousands)
 
                                                             Quarter
                                                          Ended March 31,
                                                       2001            2000
                                                           (Unaudited)
     REVENUES:
         Accountemps                                 $316,311       $279,295
         OfficeTeam                                   168,800        147,832
         RHI Consulting                                92,786         88,071
         RHI Management Resources                      76,336         59,547
         Robert Half                                   65,040         58,101
         Total                                       $719,273       $632,846
 
     GROSS MARGIN:
         Temporary and consultant staffing           $245,946       $212,948
         Permanent placement staffing                  65,040         58,101
         Total                                       $310,986       $271,049
 
     SELECTED CASH FLOW INFORMATION:
         Amortization of intangible assets             $1,336         $1,253
         Depreciation expense                         $15,220        $12,177
         Capital expenditures                         $26,139        $13,452
         Open market repurchases of common
          stock (shares)                                2,121              0
 
     SELECTED BALANCE SHEET INFORMATION:
         Cash and cash equivalents                   $221,747       $204,607
         Accounts receivable, less allowances        $391,621       $339,125
         Total assets                                $967,677       $859,126
         Current liabilities                         $231,622       $218,766
         Notes payable and other indebtedness,
          less current portion                         $2,526         $2,584
         Total stockholders' equity                  $721,932       $621,752
 
 
       All shares have been restated to retroactively reflect the two-for-one
         stock split effected in the form of a stock dividend in June 2000.
 
 

SOURCE Robert Half International Inc.
    MENLO PARK, Calif., April 17 /PRNewswire/ -- Robert Half International
 Inc. (NYSE:   RHI) today reported revenues and earnings for the first quarter
 ended March 31, 2001.
     For the quarter ended March 31, 2001, net income was $47.6 million or
 $.26 per share, on revenues of $719.3 million.  Net income for the prior
 year's first quarter was $43.4 million or $.24 per share, on revenues of
 $632.8 million.
     Harold M. Messmer, Jr., chairman and chief executive officer, said,
 "First-quarter revenues were up 14 percent, all internally generated.  While
 the candidate shortage eased somewhat during the quarter, demand for talent
 continued as a result of low unemployment rates, particularly within our
 professional areas of specialization.  Our ongoing technology investments
 combined with online and offline recruitment initiatives contributed to
 increased revenues as well as higher levels of selling, general and
 administrative expenses.  We believe our well-regarded brands and
 long-standing focus on personalized service are benefiting our company in both
 digital and traditional channels."
     The company also announced today that its board of directors has
 authorized the repurchase, from time to time, of up to an additional
 10 million shares of the company's common stock on the open market or in
 privately negotiated transactions, depending on market conditions.  This
 10-million-share authorization is in addition to the 200,000 shares remaining
 under the existing repurchase program.
     Robert Half International management will conduct a conference call today
 at 5 p.m. EDT to discuss the quarterly financial results.  The dial-in number
 is 888-942-8131 (Passcode:  Robert Half ).  A taped recording of this call
 will be available for replay beginning at approximately 9:30 p.m. EDT today
 and ending at 8 p.m. EDT on April 20, 2001.  The dial-in number for the replay
 is 800-510-9771.
     Robert Half International Inc. is the world's largest specialized staffing
 service.  Its divisions include Accountemps(R), Robert Half(R) and
 RHI Management Resources(R), for temporary, full-time and project
 professionals, respectively, in the fields of accounting and finance;
 OfficeTeam(R), for highly skilled temporary administrative support personnel;
 RHI Consulting(R), for information technology professionals; The
 Affiliates(R), for legal personnel; and The Creative Group(R), for
 advertising, marketing and web design professionals.  Robert Half
 International serves its clients and candidates through 330 offices worldwide
 and through online job search services at its divisional web sites, all of
 which can be accessed at www.rhi.com.
     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," "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 qualified
 candidates for temporary employment or the company's ability to attract
 qualified 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 profit margins; the possibility of the
 company incurring liability for the activities of its temporary employees or
 for events impacting its temporary employees on clients' premises; the success
 of the company in attracting, training and retaining qualified management
 personnel and other staff employees; and whether governments will impose
 additional regulations or licensing requirements on personnel services
 businesses in particular or on employer/employee relationships in general.
 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 press 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
                                                         Ended March 31,
                                                       2001           2000
                                                           (Unaudited)
 
     Net service revenues                            $719,273       $632,846
     Direct costs of services                         408,287        361,797
 
     Gross margin                                     310,986        271,049
 
     Selling, general and administrative expenses     234,984        200,944
     Amortization of intangibles                        1,336          1,253
     Interest income                                  (2,411)        (1,456)
 
     Income before income taxes                        77,077         70,308
     Provision for income taxes                        29,520         26,928
 
     Net income                                       $47,557        $43,380
 
     Diluted net income per share                       $ .26          $ .24
 
     Diluted shares                                   182,048        182,958
 
 
        All shares and per share amounts have been restated to retroactively
        reflect the two-for-one stock split effected in the form of a stock
                               dividend in June 2000.
 
 
                ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
                       SUPPLEMENTAL FINANCIAL INFORMATION
                                 (in thousands)
 
                                                             Quarter
                                                          Ended March 31,
                                                       2001            2000
                                                           (Unaudited)
     REVENUES:
         Accountemps                                 $316,311       $279,295
         OfficeTeam                                   168,800        147,832
         RHI Consulting                                92,786         88,071
         RHI Management Resources                      76,336         59,547
         Robert Half                                   65,040         58,101
         Total                                       $719,273       $632,846
 
     GROSS MARGIN:
         Temporary and consultant staffing           $245,946       $212,948
         Permanent placement staffing                  65,040         58,101
         Total                                       $310,986       $271,049
 
     SELECTED CASH FLOW INFORMATION:
         Amortization of intangible assets             $1,336         $1,253
         Depreciation expense                         $15,220        $12,177
         Capital expenditures                         $26,139        $13,452
         Open market repurchases of common
          stock (shares)                                2,121              0
 
     SELECTED BALANCE SHEET INFORMATION:
         Cash and cash equivalents                   $221,747       $204,607
         Accounts receivable, less allowances        $391,621       $339,125
         Total assets                                $967,677       $859,126
         Current liabilities                         $231,622       $218,766
         Notes payable and other indebtedness,
          less current portion                         $2,526         $2,584
         Total stockholders' equity                  $721,932       $621,752
 
 
       All shares have been restated to retroactively reflect the two-for-one
         stock split effected in the form of a stock dividend in June 2000.
 
 SOURCE  Robert Half International Inc.