EXHIBIT 99
FOR IMMEDIATE RELEASE
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Contact: Harold M. Messmer, Jr.
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Chairman and Chief
Executive Officer
(415) 854-9700
ROBERT HALF INTERNATIONAL INC.
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REPORTS INCREASE IN THIRD QUARTER EARNINGS PER SHARE
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MENLO PARK, California, October 19, 1994 -- Robert Half International Inc.
(NYSE symbol: RHI) today reported record revenues and earnings for the third
quarter ended September 30, 1994.
For the quarter ended September 30, 1994, net income was $6,742,000, or $.24
per share, on revenues of $114,903,000. Net income for the prior year's third
quarter was $3,091,000, or $.12 per share, on revenues of $77,061,000.
For the nine months ended September 30, 1994, net income was $18,619,000, or
$.66 per share, on revenues of $321,313,000. For the nine months ended September
30, 1993, net income was $8,378,000, or $.33 per share, on revenues of
$219,080,000.
Harold M. Messmer, Jr., chairman and chief executive officer, said: "The
record third quarter results reflect continued strong demand for the company's
specialized staffing services."
Robert Half International Inc. provides specialized staffing services
through such divisions as Accountemps-R-, Robert Half-R- and OfficeTeam-R-. The
company, through its Accountemps and Robert Half divisions, is the world's
largest specialized provider of temporary and permanent personnel in the fields
of accounting and finance. OfficeTeam specializes in the placement of skilled
temporary office and administrative personnel. The company has more than 160
offices worldwide.
ATTACHED: TABLE OF OPERATIONS
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ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
SUMMARY OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
QUARTER ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1994 1993 1994 1993
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Net service revenues........................................... $ 114,903 $ 77,061 $ 321,313 $ 219,080
Direct costs of services....................................... 70,259 47,661 196,676 133,916
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Gross margin................................................... 44,644 29,400 124,637 85,164
Selling, general and administrative expenses................... 31,455 21,599 87,540 63,580
Amortization of intangibles.................................... 1,152 1,064 3,431 3,142
Interest expense............................................... 371 864 1,326 2,813
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Income before income taxes..................................... 11,666 5,873 32,340 15,629
Provision for income taxes..................................... 4,924 2,782 13,721 7,251
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Net income..................................................... $ 6,742 $ 3,091 $ 18,619 $ 8,378
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NET INCOME PER FULLY DILUTED SHARE............................. $ .24 $ .12 $ .66 $ .33
Weighted average number of fully diluted shares................ 28,388 25,320 28,213 25,040
ALL SHARE AND PER SHARE AMOUNTS HAVE BEEN RESTATED TO RETROACTIVELY REFLECT
THE TWO-FOR-ONE STOCK SPLIT EFFECTED IN THE FORM OF A STOCK DIVIDEND IN AUGUST
1994.