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Robert Half revenue falls 11%

April 28 2010

Robert Half International Inc. (NYSE: RHI) announced first-quarter revenue fell 10.5% to $737.2 million from revenue of $823.3 million in the year-ago quarter.

The Menlo Park CA-based professional staffing firm reported revenue in its largest division, Accountemps, fell 12.2% on a year-over-year basis to $289.1 million.

Revenue also fell in other divisions:
*OfficeTeam, down 2.7% to $141.4 million
*Robert Half Technology, down 10.3% to $75.2 million
*Robert Half Management Resources, down 18.5% to $93.0 million
*Robert Half Finance & Accounting, down 2.6% to $48.6 million
*Protiviti, down 10.9% to $89.8 million

However, first-quarter gross margin improved to 36.4% from 35.7% in the year-ago quarter.

Net income fell 3.6% to $8.5 million in the first quarter from $8.8 million in the first quarter of 2009.

The company estimated second-quarter revenue between $730 million to $780 million, according to a conference call with analysts. That would range from a year-over-year decline of 2.7% to an increase of 4.0%.

Robert Half also reported that a class-action lawsuit filed April 23 in federal court claims staffing managers across the U.S. were misclassified as exempt from overtime pay, according to a filing Tuesday with the U.S. Securities and Exchange Commission. The lawsuit, filed in federal court in New Jersey, seeks unpaid overtime.

Separate lawsuits also claiming overtime pay is owed to staffing managers had previously been filed in state courts in California and Florida, according to Robert Half's 10-K filing.

Robert Half International Inc. (NYSE: RHI)
For the first quarter ended March 31, 2010, compared with the same period in 2009.
Revenue: $737.2 million, -10.5%
Net income: $8.5 million, -3.6%

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