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ROBERT HALF INTERNATIONAL INC. REPORTS ANNUAL SALES AND EARNINGS FOR 1991

 ROBERT HALF INTERNATIONAL INC. REPORTS
 ANNUAL SALES AND EARNINGS FOR 1991
 MENLO PARK, Calif., Feb. 3 /PRNewswire/ -- Robert Half International Inc. (NYSE: RHI) today reported results for 1991.
 For the fourth quarter ended Dec. 31, 1991, net income was $977,000, or $.08 per share, on revenues of $50,822,000. By contrast, net income before extraordinary items for the prior year's fourth quarter was $643,000, or $.06 per share, on revenues of $59,034,000. Net income reported for the fourth quarter of 1990 reflected non- recurring charges of $900,000 ($.08 per share). Additionally, extraordinary gains from debenture repurchases during the fourth quarter of 1990 were realized in the amount of $246,000 ($.02 per share).
 For the year ended Dec. 31, 1991, net income was $4,115,000 or $.35 per share, on revenues of $209,455,000. For the year ended Dec. 31, 1990, net income before extraordinary items was $8,866,000 or $.78 per share, after charges for non-recurring items of $900,000 ($.08 per share). Additionally, extraordinary gains from debenture repurchases during 1990 were realized in the amount of $453,000 ($.04 per share).
 Harold M. Messmer, Jr., chairman and chief executive officer of the company, stated: "Fourth quarter results reflect continued sluggish demand for the company's services, especially in the permanent placement division. Our ongoing cost control program reduced selling, general and administrative expenses by $4.3 million during the quarter and by $15.7 million for the year. Cash flow remains strong, which enabled the company to repay $18.9 million or 22 percent of its bank and other indebtedness during 1991. Revenues in our Accountemps(R) division continue to improve, although permanent placement activity remains weak. The company is well-positioned to benefit from a recovery in the employment market."
 Robert Half International is the world's first and largest personnel services firm specializing in the placement of accounting, financial, information systems and banking personnel. The company places temporary employees through its Accountemps division and permanent employees through its Robert Half(R) division. These services are offered through more than 150 offices located in the United States, Canada, the United Kingdom and Belgium.
 ROBERT HALF INTERNATIONAL
 Summary of Operations
 (in thousands, except per share amounts)
 Quarter Year
 Ended Dec. 31, Ended Dec. 31,
 1991 1990 1991 1990
 (Unaudited)
 Net service revenues $50,822 $59,034 $209,455 $248,557
 Direct costs of services 29,244 32,065 117,275 130,567
 Gross margin 21,578 26,969 92,180 117,990
 Selling, general &
 administrative expenses 17,260 22,922(A) 73,634 90,743(A)
 Operating income 4,318 4,047 18,546 27,247
 Amortization of
 intangibles 985 1,023 3,896 3,721
 Interest expense 1,506 2,040 6,628 8,593
 Income before income taxes 1,827 984 8,022 14,933
 Provision for income taxes 904 341 3,961 6,067
 Income before extraordinary
 item 923 643 4,061 8,866
 Extraordinary item - gain
 from repurchases of
 debentures, net of
 income tax effects 54 246 54 453
 Net income $ 977 $ 889 $ 4,115 $ 9,319
 Primary Net Income
 Per Share:
 Income before
 extraordinary item $ .08 $ .06 $ .35 $ .78
 Extraordinary item - .02 - .04
 Net income per share $ .08 $ .08 $ .35 $ .82
 Fully Diluted Net Income
 Per Share:
 Income before
 extraordinary item $ .08 $ .06 $ .35 $ .77
 Extraordinary item - .02 - .04
 Net income $ .08 $ .08 $ .35 $ .81
 Average shares:
 Primary 11,736 11,177 11,603 11,376
 Fully diluted 11,736 11,183 11,637 11,468


(A) Includes non-recurring charges for additional reserves for accounts receivable and workers' compensation and medical insurance as well as costs associated with the consolidation of 45 field accounting departments. The amount for the fourth quarter and year ended Dec. 31, 1990 was $1,400,000 before income taxes and $900,000 after income taxes.
 -0- 2/3/92
 /CONTACT: Harold M. Messmer Jr. of Robert Half International, 415-854-9700/ CO: Robert Half International ST: California IN: SU: ERN


RM -- SF002 -- 6051 02/03/92 10:00 EST
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Publication:PR Newswire
Date:Feb 3, 1992
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