Robert Half International Inc. (RHI, Financial) filed Quarterly Report for the period ended 2009-03-31.
Robert Half International Inc. is the world's largest specialized providerof temporary and permanent personnel in the fields of accounting and finance. Its divisions include ACCOUNTEMPS-Registered Trademark- and ROBERTHALF-Registered Trademark- providers of temporary and permanent personnelrespectively in the fields of accounting and finance. Robert Half International Inc. has a market cap of $3.61 billion; its shares were traded at around $23.79 with a P/E ratio of 19.3 and P/S ratio of 0.8. The dividend yield of Robert Half International Inc. stocks is 2%. Robert Half International Inc. had an annual average earning growth of 7.8% over the past 10 years.
For the three months ended March 31, 2009 and 2008, compensation expense related to restricted stock and stock units was $14.4 million and $15.6 million, respectively, of which $1.5 million and $3.0 million was related to grants made in 2009 and 2008, respectively. A one-percentage point deviation in the estimated forfeiture rates would have resulted in a $0.1 million and a $0.2 million increase or decrease in compensation expense related to restricted stock and stock units for the three months ended March 31, 2009 and 2008, respectively.
Operating Income. The Companys total operating income was $17 million, or 2.0% of revenues, for the three months ended March 31, 2009, decreasing by 86% compared to $117 million, or 9.5% of revenues, for the three months ended March 31, 2008. For the Companys temporary and consultant staffing services division, operating income was $40 million, or 5.9% of applicable revenues, down from $99 million, or 10.2% of applicable revenues, in the first quarter of 2008. For the Companys permanent placement staffing division, operating loss was $4 million, or negative 8.5% of applicable revenues, down from operating income of $17 million, or 14.8% of applicable revenues, in the first quarter of 2008. For the Companys risk consulting and internal audit services division, operating loss was $19 million, or negative 18.8% of applicable revenues, down from operating income of $1 million, or 0.4% of applicable revenues, in the first quarter of 2008.
Cash, and cash equivalents were $359 million and $356 million at March 31, 2009 and 2008, respectively. Operating activities provided $48 million during the three months ended March 31, 2009, partially offset by $13 million and $26 million of net cash used in investing activities and financing activities, respectively. Operating activities provided $119 million during the three months ended March 31, 2008, partially offset by $19 million and $54 million of net cash used in investing activities and financing activities, respectively.
Operating activitiesNet cash provided by operating activities for the three months ended March 31, 2009, was composed of net income of $9 million, adjusted for non-cash items of $33 million, and net cash provided by changes in working capital of $6 million. Net cash provided by operating activities for the three months ended March 31, 2008, was composed of net income of $71 million adjusted for non-cash items of $42 million, and net cash provided by changes in working capital of $6 million.
Financing activitiesCash used in financing activities for the three months ended March 31, 2009, was $26 million. This was primarily driven by repurchases of $8 million in common stock and $18 million in cash dividends to stockholders. Cash used in financing activities for the three months ended March 31, 2008, was $54 million. This included repurchases of $58 million in common stock and $18 million in cash dividends to stockholders, partially offset by proceeds of $21 million from exercises of stock options and the excess tax benefits from stock-based compensation of $1 million.
Read the The complete ReportRHI is in the portfolios of Ron Baron of Baron Funds.
Robert Half International Inc. is the world's largest specialized providerof temporary and permanent personnel in the fields of accounting and finance. Its divisions include ACCOUNTEMPS-Registered Trademark- and ROBERTHALF-Registered Trademark- providers of temporary and permanent personnelrespectively in the fields of accounting and finance. Robert Half International Inc. has a market cap of $3.61 billion; its shares were traded at around $23.79 with a P/E ratio of 19.3 and P/S ratio of 0.8. The dividend yield of Robert Half International Inc. stocks is 2%. Robert Half International Inc. had an annual average earning growth of 7.8% over the past 10 years.
Highlight of Business Operations:
The Companys reporting units are Accountemps, Robert Half Finance & Accounting, OfficeTeam, Robert Half Technology, Robert Half Management Resources and Protiviti, which had goodwill balances at March 31, 2009, of $126.8 million, $26.4 million, $0.0 million, $6.9 million, $0.0 million and $27.0 million, respectively, totaling $187.1 million. There were no changes to the Companys reporting units or to the allocations of goodwill by reporting unit in the first quarter of 2009.For the three months ended March 31, 2009 and 2008, compensation expense related to restricted stock and stock units was $14.4 million and $15.6 million, respectively, of which $1.5 million and $3.0 million was related to grants made in 2009 and 2008, respectively. A one-percentage point deviation in the estimated forfeiture rates would have resulted in a $0.1 million and a $0.2 million increase or decrease in compensation expense related to restricted stock and stock units for the three months ended March 31, 2009 and 2008, respectively.
Operating Income. The Companys total operating income was $17 million, or 2.0% of revenues, for the three months ended March 31, 2009, decreasing by 86% compared to $117 million, or 9.5% of revenues, for the three months ended March 31, 2008. For the Companys temporary and consultant staffing services division, operating income was $40 million, or 5.9% of applicable revenues, down from $99 million, or 10.2% of applicable revenues, in the first quarter of 2008. For the Companys permanent placement staffing division, operating loss was $4 million, or negative 8.5% of applicable revenues, down from operating income of $17 million, or 14.8% of applicable revenues, in the first quarter of 2008. For the Companys risk consulting and internal audit services division, operating loss was $19 million, or negative 18.8% of applicable revenues, down from operating income of $1 million, or 0.4% of applicable revenues, in the first quarter of 2008.
Cash, and cash equivalents were $359 million and $356 million at March 31, 2009 and 2008, respectively. Operating activities provided $48 million during the three months ended March 31, 2009, partially offset by $13 million and $26 million of net cash used in investing activities and financing activities, respectively. Operating activities provided $119 million during the three months ended March 31, 2008, partially offset by $19 million and $54 million of net cash used in investing activities and financing activities, respectively.
Operating activitiesNet cash provided by operating activities for the three months ended March 31, 2009, was composed of net income of $9 million, adjusted for non-cash items of $33 million, and net cash provided by changes in working capital of $6 million. Net cash provided by operating activities for the three months ended March 31, 2008, was composed of net income of $71 million adjusted for non-cash items of $42 million, and net cash provided by changes in working capital of $6 million.
Financing activitiesCash used in financing activities for the three months ended March 31, 2009, was $26 million. This was primarily driven by repurchases of $8 million in common stock and $18 million in cash dividends to stockholders. Cash used in financing activities for the three months ended March 31, 2008, was $54 million. This included repurchases of $58 million in common stock and $18 million in cash dividends to stockholders, partially offset by proceeds of $21 million from exercises of stock options and the excess tax benefits from stock-based compensation of $1 million.
Read the The complete ReportRHI is in the portfolios of Ron Baron of Baron Funds.
