-----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, R8hRqUa9X086ZVWHz1TyVbADp0AjrzHFajABKp88iF1uLl99ywkrvIT1Sj6FDS7h iVBiu229ExJL6AahiOmpKA== 0001104659-04-001823.txt : 20040127 0001104659-04-001823.hdr.sgml : 20040127 20040127160325 ACCESSION NUMBER: 0001104659-04-001823 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040127 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040127 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: 04546462 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 a04-1391_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): January 27, 2004

 

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. January 27, 2004 Press Release.

 

Item 12. Results of Operations and Financial Condition

 

On January 27, 2004, Robert Half International Inc. issued a press release reporting earnings for the fourth fiscal quarter of 2003.  A copy of the press release is attached hereto as Exhibit 99.

 

The foregoing information and the information contained in the press release are being “furnished” but not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference in any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

 

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: January 27, 2004

By:

/s/  M. KEITH WADDELL

 

 

Name:

M. Keith Waddell

 

Title:

Vice Chairman, Chief Financial Officer
and Treasurer

 

3


EX-99 3 a04-1391_1ex99.htm EX-99

Exhibit 99

 

FOR IMMEDIATE RELEASE

 

 

 

Contact:

 

M. Keith Waddell

 

 

Vice Chairman and

 

 

Chief Financial Officer

 

 

(650) 234-6000

 

 

ROBERT HALF INTERNATIONAL INC.

 

REPORTS FOURTH-QUARTER REVENUES AND EARNINGS

 

MENLO PARK, California, January 27, 2004 — Robert Half International Inc.  (NYSE symbol: RHI) today reported revenues and earnings for the fourth quarter ended December 31, 2003.

 

For the quarter ended December 31, 2003, net income was $4.8 million or $.03 per share, on revenues of $517.7 million.  Net loss for the prior year’s fourth quarter was $7.1 million or $.04 per share, on revenues of $478.6 million.  The $.03 per share reported for the fourth quarter of 2003 is after a $.01 loss per share impact from the company’s Protiviti® subsidiary.

 

For the year ended December 31, 2003, net income was $6.4 million or $.04 per share, on revenues of $2.0 billion.  For the year ended December 31, 2002, net income was $2.2 million or $.01 per share, on revenues of $1.9 billion.

 

(more)

 



 

Harold M. Messmer, Jr., chairman and CEO of Robert Half International Inc., said:  “We were pleased with our financial results for the fourth quarter and are encouraged by eight months of uninterrupted job growth in the temporary services industry.  This is the third consecutive quarter of sequential revenue improvement in our staffing operations.

 

“Protiviti, our internal audit and risk-consulting subsidiary, recorded continued growth for the quarter,” Messmer said.  “Engagements with clients on Sarbanes-Oxley Act Section 404 compliance and the establishment of new internal audit functions continued to drive demand.  This business is also broadening the scope of its services in business and technology risk consulting, with expanding work in regulatory and forensic investigations, IT security and other areas.”

 

Robert Half International management will conduct a conference call today at 5 p.m. EST to discuss the quarterly financial results.  The dial-in number is 888-469-0487 (+1-210-839-8500 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. EST today and ending at 8 p.m. EST on February 2, 2004.  The dial-in number for the replay is 800-839-2290 (+1-402-998-0585 outside the United States).  The conference call will also be archived in audio format on the company’s website at www.rhi.com.

 

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

 

2



 

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 325 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 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

 

3



 

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; 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 we could become involved 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 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 December 31,

 

Year
Ended December 31,

 

 

 

2003

 

2002

 

2003

 

2002

 

 

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net service revenues

 

$

517,664

 

$

478,581

 

$

1,974,991

 

$

1,904,951

 

 

 

 

 

 

 

 

 

 

 

Direct costs of services

 

325,064

 

307,301

 

1,248,253

 

1,190,216

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

192,600

 

171,280

 

726,738

 

714,735

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

183,342

 

180,736

 

707,349

 

709,542

 

Amortization of intangible assets

 

1,952

 

2,737

 

10,277

 

6,281

 

Interest income

 

(642

)

(794

)

(2,603

)

(4,585

)

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

7,948

 

(11,399

)

11,715

 

3,497

 

Provision (benefit) for income taxes

 

3,100

 

(4,332

)

5,325

 

1,329

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

4,848

 

$

(7,067

)

$

6,390

 

$

2,168

 

 

 

 

 

 

 

 

 

 

 

Diluted net income (loss) per share

 

$

.03

 

$

(.04

)

$

.04

 

$

.01

 

 

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

 

 

Basic

 

169,119

 

169,571

 

168,719

 

172,484

 

Diluted

 

174,866

 

169,571

 

173,175

 

177,791

 

 

5



 

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

 

 

 

Quarter
Ended December 31,

 

Year
Ended December 31,

 

 

 

2003

 

2002

 

2003

 

2002

 

 

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES:

 

 

 

 

 

 

 

 

 

Accountemps

 

$

210,366

 

$

205,663

 

$

823,058

 

$

840,108

 

OfficeTeam

 

126,098

 

127,371

 

499,100

 

488,679

 

RH Technology

 

58,240

 

52,915

 

214,534

 

220,716

 

RH Management Resources

 

57,593

 

52,539

 

210,160

 

213,715

 

RH Finance & Accounting

 

24,910

 

22,973

 

94,840

 

100,029

 

Protiviti

 

40,457

 

17,120

 

133,299

 

41,704

 

Total

 

$

517,664

 

$

478,581

 

$

1,974,991

 

$

1,904,951

 

 

 

 

 

 

 

 

 

 

 

GROSS MARGIN:

 

 

 

 

 

 

 

 

 

Temporary and consultant staffing

 

$

156,654

 

$

153,820

 

$

610,248

 

$

627,903

 

Permanent placement staffing

 

24,910

 

22,973

 

94,840

 

100,029

 

Risk consulting and internal audit services

 

11,036

 

(5,513

)

21,650

 

(13,197

)

Total

 

$

192,600

 

$

171,280

 

$

726,738

 

$

714,735

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME (LOSS):

 

 

 

 

 

 

 

 

 

Temporary and consultant staffing

 

$

8,416

 

$

8,059

 

$

38,259

 

$

47,404

 

Permanent placement staffing

 

1,326

 

(2,644

)

2,559

 

(6,852

)

Risk consulting and internal audit services

 

(484

)

(14,871

)

(21,429

)

(35,359

)

Total

 

$

9,258

 

$

(9,456

)

$

19,389

 

$

5,193

 

 

 

 

 

 

 

 

 

 

 

SELECTED CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

$

1,952

 

$

2,737

 

$

10,277

 

$

6,281

 

Depreciation expense

 

$

13,924

 

$

15,093

 

$

55,627

 

$

66,027

 

Capital expenditures

 

$

6,925

 

$

7,477

 

$

36,492

 

$

48,300

 

Open market repurchases of common stock (shares)

 

0

 

795

 

1,559

 

6,865

 

 

6



 

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

 

 

 

December 31,

 

 

 

2003

 

2002

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

SELECTED BALANCE SHEET INFORMATION:

 

 

 

 

 

Cash and cash equivalents

 

$

376,523

 

$

316,927

 

Accounts receivable, less allowances

 

$

242,348

 

$

225,721

 

Total assets

 

$

979,903

 

$

937,996

 

Current liabilities

 

$

188,899

 

$

186,540

 

Notes payable and other indebtedness, less current portion

 

$

2,343

 

$

2,414

 

Total stockholders’ equity

 

$

788,661

 

$

744,966

 

 

7


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