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Robert Half revenue dips 37%

October 22 2009
Staffing Industry Analysts North American Daily News

Robert Half International Inc. (NYSE: RHI) reported third-quarter revenue fell 37.4% to $725.9 million from $1.16 billion in the third quarter of last year.

At the company's Robert Half Finance & Accounting division, which specializes in direct hire, third-quarter revenue fell 60.4% over the year to $43.0 million.

Accountemps revenue fell 34.0% to $286.8 million, OfficeTeam revenue fell 35.7% to $134.4 million, Robert Half Technology revenue fell 33.6% to $74.6 million, Robert Half Management Resources revenue fell 42.2% to $90.3 million and Protiviti revenue fell 30.5% to $97.0 million.

"While the global business environment during the third quarter remained challenging, year-over-year revenue declines in our staffing operations continued to moderate, and, on a sequential basis, we saw some improvement in revenues in September and early October," Chairman and CEO Max Messmer said in a conference call with analysts.

Gross margin fell to 36.7% from 41.7%.

Third-quarter net income shrank 85.5% to $9.5 million from $65.8 million in the year-ago quarter.

Fourth-quarter revenue is expected at between $675 million to $720 million, CFO Keith Waddell said in a conference call with analysts. The amounts represent a year-over-year decrease of approximately 27% to 32%.

Robert Half International Inc. (NYSE: RHI)
For the third quarter ended Sept. 30, 2009, compared with the same period in 2008.
Revenue: $725.9 million, -37.4%
Net income: $9.5 million, -85.5%

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