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Robert Half fourth-quarter revenue falls 26%

January 29, 2010

Fourth-quarter revenue fell 25.5% on a year-over-year basis at Robert Half International Inc. (NYSE: RHI). However, the Menlo Park CA-based professional staffing firm said demand improved during the fourth quarter.

Robert Half posted fourth-quarter revenue of $737.4 million compared with $989.8 million in the fourth quarter of the previous year. The amount was above analysts' estimate of $703.6 million, according to Yahoo.

The company's largest division, Accountemps, posted a 23.1% year-over-year decline in revenue to $287.8 million. Accountemps provides temporary finance and accounting staffing.

Fourth-quarter gross margin narrowed to 37.8% from 40.7% in the year-ago quarter.

Net income fell 65.3% to $13.5 million from $39.0 million in the fourth quarter of 2008.

Full-year revenue fell 34.0% to $3.04 billion from $4.60 billion in 2008, and full-year gross margin narrowed to 36.3% from 41.6%.

2009 net income was $37.3 million, down 85.1% from $250.2 million.

Robert Half International Inc. (NYSE: RHI)
For the fourth quarter ended Dec. 31, 2009, compared with the same period in 2008.
Revenue: $737.4 million, -25.5%
Net income: $13.5 million, -65.3%

For the 2009 fiscal year ended Dec. 31, compared with the previous year.
Revenue: $3.04 billion, -34.0%
Net income: $37.3 million, -85.1%