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TheStreet Open House

Robert Half International's CEO Discusses Q1 2012 Results - Earnings Call Transcript

We believe these remarks to be reasonable but would remind you that they are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. We've described some of these risks and uncertainties in today's press release and in our SEC filings, including our 10-Ks, 10-Qs and today's 8-K. We assume no obligation to update the statements made on this call.

Now let's discuss the first quarter.

Global revenues for the first quarter were $1,020,000,000, an increase of 15% from the first quarter of 2011. Income per share was $0.34, up 88% from the $0.18 per share reported in the first quarter of last year. Cash flow from operations during the first quarter was $23 million, capital expenditures were $10 million. We paid our stockholders a cash dividend of $0.15 at a cost of $21 million. We also repurchased 1 million RHI shares for a total of $29 million. There are approximately 5.1 million shares still available under our board approved stock repurchase plan.

We were pleased with the financial results for the quarter which were the result of continued strong demand for our specialized staffing and consulting services. This is the seventh straight quarter of the company has reported double-digit year-over-year revenue growth. In each of these quarters' growth and net income and earnings per share has greatly outpaced revenue growth.

Now I'll turn the call over to Keith Waddell for more detailed review of our first quarter financial results.

M. Keith Waddell

Thank you, Max. As you noted, first quarter revenues for the company were $1.02 billion, an increase of 15% year-over-year, and a 4% increase sequentially. We calculated 63.7 billing days in the first quarter compared to 63.1 days in the first quarter of 2011, and compared to 61.0 days in the fourth quarter of 2011. The higher number of billing days had the effect of increasing first quarter 2012 sequential growth rates by 5%, and year-over-year growth rates by 1.1%. The current quarter, has 63.1 billing days.

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