-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A+6ZdH8yNeZD786dJ2VugRb1G4wbYW1ZEYHtJg+OtrX51hCpiQEgGXXV//7EgmSZ 1KjEmiA0ibVDFf3PubAPYA== 0001104659-03-015048.txt : 20030717 0001104659-03-015048.hdr.sgml : 20030717 20030717160636 ACCESSION NUMBER: 0001104659-03-015048 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030717 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HALF ROBERT INTERNATIONAL INC /DE/ CENTRAL INDEX KEY: 0000315213 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 941648752 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10427 FILM NUMBER: 03791384 BUSINESS ADDRESS: STREET 1: 2884 SAND HILL RD STREET 2: STE 200 CITY: MENLO PARK STATE: CA ZIP: 94025 BUSINESS PHONE: 6502346000 MAIL ADDRESS: STREET 1: 2884 SAND HILL ROAD STREET 2: STE 200 CITY: MENLO PARK STATE: CA ZIP: 94025 FORMER COMPANY: FORMER CONFORMED NAME: BOOTHE FINANCIAL CORP /DE/ DATE OF NAME CHANGE: 19870721 FORMER COMPANY: FORMER CONFORMED NAME: BOOTHE INTERIM CORP DATE OF NAME CHANGE: 19600201 8-K 1 a03-1005_18k.htm 8-K

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 


 

FORM 8-K

 

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): July 17, 2003

 

Robert Half International Inc.

(Exact name of registrant as specified in charter)

 

Delaware

 

1-10427

 

94-1648752

(State or Other Jurisdiction of
Incorporation)

 

(Commission File Number)

 

(IRS Employer
Identification No.)

 

 

 

 

 

2884 Sand Hill Road, Menlo Park, CA 94025

(Address of principal executive offices)

 

(650) 234-6000

(Registrant’s telephone number, including area code)

 

 

 

 

 

NO CHANGE

(Former name or former address, if changed since last report)

 

 



 

Item 7. Financial Statements and Exhibits

 

(c)           Exhibits

 

Exhibit

 

Description

99

 

Robert Half International Inc. July 17, 2003 Press Release.

 

Item 9. Regulation FD Disclosure

 

On July 17, 2003, Robert Half International Inc. issued a press release reporting earnings for the second fiscal quarter of 2003.

 

A copy of the press release is attached hereto as Exhibit 99.

 

The foregoing information and Exhibit 99 are being furnished pursuant to “Item 12 Results of Operations and Financial Condition”, but appear herein under the caption “Item 9 Regulation FD Disclosure” pursuant to Securities and Exchange Commission Release 34-47583.  In accordance with Securities and Exchange Commission Releases 34-47226 and 34-47583, the foregoing information is “furnished”, but not “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.

 

2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Robert Half International Inc.

 

 

Date: July 17, 2003

By:

/s/  M. KEITH WADDELL

 

 

Name:

M. Keith Waddell

 

Title:

Vice Chairman, Chief Financial Officer
and Treasurer

 

3


EX-99.1 3 a03-1005_1ex991.htm EX-99.1

Exhibit 99

 

FOR IMMEDIATE RELEASE

 

Contact:

M. Keith Waddell

 

Vice Chairman and

 

Chief Financial Officer

 

(650) 234-6000

 

 

ROBERT HALF INTERNATIONAL INC.

 

REPORTS SECOND-QUARTER REVENUES AND EARNINGS

 

MENLO PARK, California, July 17, 2003 — Robert Half International Inc.  (NYSE symbol: RHI) today reported revenues and earnings for the second quarter ended June 30, 2003.

 

For the quarter ended June 30, 2003, net income was $.1 million or $.00 per share, on revenues of $483.0 million.  Net income for the prior year’s second quarter was $3.2 million or $.02 per share, on revenues of $473.1 million.  The $.00 per share reported for the second quarter of 2003 is after a $.04 loss per share impact from the company’s new ProtivitiSM subsidiary.

 

For the six months ended June 30, 2003, the company recorded a net loss of $3.3 million or $.02 per share, on revenues of $956.2 million.  For the six months ended June 30, 2002, net income was $12.3 million or $.07 per share, on revenues of $941.6 million.

 



 

“Our financial results were in line with our guidance for the second quarter and reflect the still-cautious hiring climate,” said Harold M. Messmer, Jr., chairman and chief executive officer of Robert Half International Inc.  “We were encouraged by the sequential improvements in the gross margins of our staffing operations and the continued generation of strong cash flow.”

 

Revenues increased significantly for the company’s Protiviti subsidiary, which specializes in internal audit and business and technology risk consulting.  “We are pleased with the rapid growth and market acceptance of Protiviti.  This business is seeing increased demand in areas such as Sarbanes-Oxley Section 404 compliance and the establishment of an internal audit function for clients, forensic and regulatory investigations, and technology risk consulting to help firms safeguard IT assets and manage other risks related to technology.”

 

Shortly after the end of the second quarter, Robert Half International Inc. completed the acquisition of its last independent Robert Half franchise with offices in Overland Park, Kan., and Kansas City, Mo.  “As of July 1, all RHI locations throughout the United States, Canada and abroad are now company-owned and operated,” Messmer said.

 

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 888-989-0720 (+1-630-395-0017 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 22, 2003.  The dial-in number for the replay is 800-947-6621 (+1-402-220-4613 outside the United States).  The conference call will also be archived in audio format on the company’s website at www.rhi.com.

 

2



 

Robert Half International Inc. is the world’s largest provider of specialized staffing services.  Its 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; The Affiliates®, for legal personnel; and The Creative Group®, for advertising, marketing and web design professionals.  The company serves its clients and candidates through more than 320 offices worldwide and through online job search services at its divisional websites, all of which can be accessed at www.rhi.com.  Robert Half International is also the parent company of Protiviti (www.protiviti.com), a leading independent business risk consulting and internal audit firm.

 

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 qualified candidates for temporary employment or the company’s ability to attract qualified

 

3



 

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 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.

 

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; significant costs and diversion of management time could be incurred in integrating key personnel into Protiviti; certain capitalizable costs associated with the employment arrangements could become impaired and written off; failure to produce projected revenues could adversely affect financial results; and we could become involved in litigation relating to prior 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 press release is available at www.rhi.com.

 

 

ATTACHED:

 

Summary of Operations

 

 

 

 

 

Supplemental Financial Information

 

4



 

ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

SUMMARY OF OPERATIONS

(in thousands, except per share amounts)

 

 

 

Quarter
Ended June 30,

 

Six Months
Ended June 30,

 

 

 

2003

 

2002

 

2003

 

2002

 

 

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Net service revenues

 

$

482,962

 

$

473,121

 

$

956,190

 

$

941,592

 

Direct costs of services

 

305,587

 

290,003

 

609,163

 

573,573

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

177,375

 

183,118

 

347,027

 

368,019

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

175,002

 

178,564

 

347,910

 

350,075

 

Amortization of intangible assets

 

2,759

 

859

 

5,534

 

859

 

Interest income

 

(590

)

(1,458

)

(1,371

)

(2,765

)

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

204

 

5,153

 

(5,046

)

19,850

 

Provision for income taxes

 

70

 

1,958

 

(1,741

)

7,543

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

134

 

$

3,195

 

$

(3,305

)

$

12,307

 

 

 

 

 

 

 

 

 

 

 

Diluted net income (loss) per share

 

$

.00

 

$

.02

 

$

(.02

)

$

.07

 

 

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

 

 

Basic

 

168,597

 

174,826

 

168,475

 

174,440

 

Diluted

 

171,839

 

180,905

 

168,475

 

180,939

 

 

5



 

ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

(in thousands)

 

 

 

Quarter
Ended June 30,

 

Six Months
Ended June 30,

 

 

 

2003

 

2002

 

2003

 

2002

 

 

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

REVENUES:

 

 

 

 

 

 

 

 

 

Accountemps

 

$

202,327

 

$

209,471

 

$

406,624

 

$

423,380

 

OfficeTeam

 

124,601

 

120,588

 

245,188

 

238,080

 

RH Technology

 

50,947

 

56,048

 

101,696

 

112,997

 

RH Management Resources

 

50,432

 

54,165

 

101,579

 

108,011

 

RH Finance & Accounting

 

23,991

 

26,039

 

46,331

 

52,314

 

Protiviti

 

30,664

 

6,810

 

54,772

 

6,810

 

Total

 

$

482,962

 

$

473,121

 

$

956,190

 

$

941,592

 

 

 

 

 

 

 

 

 

 

 

GROSS MARGIN:

 

 

 

 

 

 

 

 

 

Temporary and consultant staffing

 

$

150,825

 

$

159,282

 

$

299,487

 

$

317,908

 

Permanent placement staffing

 

23,991

 

26,039

 

46,331

 

52,314

 

Risk consulting and internal audit services

 

2,559

 

(2,203

)

1,209

 

(2,203

)

Total

 

$

177,375

 

$

183,118

 

$

347,027

 

$

368,019

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME (LOSS):

 

 

 

 

 

 

 

 

 

Temporary and consultant staffing

 

$

9,824

 

$

11,292

 

$

18,415

 

$

25,907

 

Permanent placement staffing

 

1,357

 

(957

)

728

 

(2,182

)

Risk consulting and internal audit services

 

(8,808

)

(5,781

)

(20,026

)

(5,781

)

Total

 

$

2,373

 

$

4,554

 

$

(883

)

$

17,944

 

 

 

 

 

 

 

 

 

 

 

SELECTED CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

$

2,759

 

$

859

 

$

5,534

 

$

859

 

Depreciation expense

 

$

13,741

 

$

17,561

 

$

27,503

 

$

34,783

 

Capital expenditures

 

$

8,583

 

$

12,867

 

$

19,596

 

$

24,349

 

Open market repurchases of common stock (shares)

 

167

 

1,889

 

1,159

 

1,889

 

 

6



 

 

 

June 30,

 

 

 

2003

 

2002

 

 

 

(Unaudited)

 

 

 

 

 

 

 

SELECTED BALANCE SHEET INFORMATION:

 

 

 

 

 

Cash and cash equivalents

 

$

317,674

 

$

373,426

 

Accounts receivable, less allowances

 

$

224,844

 

$

245,359

 

Total assets

 

$

946,729

 

$

1,020,902

 

Current liabilities

 

$

198,189

 

$

191,840

 

Notes payable and other indebtedness, less current portion

 

$

2,379

 

$

2,447

 

Total stockholders’ equity

 

$

745,498

 

$

819,461

 

 

7


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