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

Robert Half International Inc. Reports Revenues and Earnings for the Second
Quarter of 2008

MENLO PARK, Calif., July 23 /PRNewswire-FirstCall/ -- Robert Half
International Inc. (NYSE: RHI) today reported revenues and earnings for the
second quarter ended June 30, 2008.
For the quarter ended June 30, 2008, net income was $74.6 million or $.48
per share, on revenues of $1.22 billion. Net income for the prior year's
second quarter was $72.7 million or $.44 per share, on revenues of $1.15
billion.
For the six months ended June 30, 2008, net income was $145.4 million or
$.93 per share, on revenues of $2.45 billion. For the six months ended June
30, 2007, net income was $143.4 million or $.86 per share, on revenues of
$2.25 billion.
Harold M. Messmer, Jr., chairman and chief executive officer of Robert
Half International Inc., said: "We were pleased with the company's business
performance during the second quarter. Revenues grew 7 percent from the
second quarter of last year and income per share increased 9 percent from the
prior year's second quarter.
"Revenues for our staffing operations remained at near-record levels, due
in part to continued robust growth in our international operations. Our
permanent placement operations had a particularly strong quarter, with
revenues and earnings reaching all-time-high levels."
Messmer also commented that the company's return on equity was 29 percent
for the quarter and has averaged 25 percent for the last five years.
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 July
30. The dial-in number for the replay is 800-283-8217 (+1-402-220-0868
outside the United States). The conference call also will be archived in
audio format on the company's website at http://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(R), a global consulting and internal audit firm composed of experts
in risk and advisory services. Robert Half's specialized staffing divisions
include Accountemps(R), Robert Half(R) Finance & Accounting and Robert Half(R)
Management Resources, for temporary, full-time and project professionals,
respectively, in the fields of accounting and finance; OfficeTeam(R), for
highly skilled temporary administrative support personnel; Robert Half(R)
Technology, for information technology professionals; Robert Half(R) Legal,
for legal personnel; and The Creative Group(R), 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.
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 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;
whether governments will impose additional regulations or licensing
requirements on personnel services businesses in particular or on
employer/employee relationships in general; whether there will be ongoing
demand for Sarbanes-Oxley or other regulatory compliance services; and
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.
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 http://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 Six Months
Ended June 30, Ended June 30,
2008 2007 2008 2007
(Unaudited) (Unaudited)

Net service
revenues $1,224,641 $1,149,128 $2,450,631 $2,246,553
Direct costs of
services 708,017 656,443 1,423,019 1,293,139

Gross margin 516,624 492,685 1,027,612 953,414

Selling, general
and administrative
expenses 393,393 374,636 787,824 723,015
Amortization of
intangible assets 618 818 1,259 1,092
Interest income (1,506) (3,073) (3,520) (7,090)

Income before income
taxes 124,119 120,304 242,049 236,397
Provision for income
taxes 49,551 47,578 96,697 92,964

Net income $74,568 $72,726 $145,352 $143,433

Diluted net income
per share $.48 $.44 $.93 $.86

Shares:
Basic 152,877 160,781 153,722 162,302
Diluted 154,520 164,770 155,459 166,818

ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)

Quarter Six Months
Ended June 30, Ended June 30,
2008 2007 2008 2007
(Unaudited) (Unaudited)

REVENUES:
Accountemps $459,154 $431,754 $926,573 $848,047
OfficeTeam 218,917 215,751 438,565 423,369
Robert Half
Technology 112,612 105,219 223,818 204,071
Robert Half
Management
Resources 165,012 151,117 334,984 296,711
Robert Half
Finance &
Accounting 127,850 115,023 243,464 213,709
Protiviti 141,096 130,264 283,227 260,646
Total $1,224,641 $1,149,128 $2,450,631 $2,246,553

GROSS MARGIN:
Temporary and
consultant
staffing $349,232 $335,635 $704,596 $656,112
Permanent placement
staffing 127,836 115,023 243,417 213,709
Risk consulting
and internal
audit services 39,556 42,027 79,599 83,593
Total $516,624 $492,685 $1,027,612 $953,414

OPERATING INCOME:
Temporary and
consultant
staffing $96,499 $90,659 $195,394 $178,456
Permanent placement
staffing 25,439 23,829 42,576 43,941
Risk consulting
and internal
audit services 1,293 3,561 1,818 8,002
Total $123,231 $118,049 $239,788 $230,399

SELECTED CASH FLOW
INFORMATION:
Amortization of
intangible assets $618 $818 $1,259 $1,092
Depreciation
expense $18,294 $17,331 $35,904 $33,250
Capital
expenditures $22,410 $22,284 $38,837 $46,383
Open market
repurchases of
common stock
(shares) 3,469 3,627 4,495 5,659

ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)

June 30,
2008 2007
(Unaudited)

SELECTED BALANCE SHEET INFORMATION:
Cash and cash equivalents $357,047 $389,600
Accounts receivable, less allowances $631,318 $591,573
Total assets $1,551,549 $1,497,900
Current liabilities $515,826 $476,333
Notes payable and other indebtedness,
less current portion $3,633 $3,663
Total stockholders' equity $1,018,026 $1,005,563

SOURCE Robert Half International Inc.

M. Keith Waddell, Vice Chairman, President and Chief Financial Officer of
Robert Half International Inc., +1-650-234-6000