KORN FERRY - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - FORM 8-K - KORN FERRY	c09398e8vk.htm

Exhibit 99.1

For Immediate Release

Contacts:
Investor Relations: Gregg Kvochak, (310) 556-8550
For Media: Mike Distefano, (310) 843-4199

Korn/Ferry International Announces Second Quarter Fiscal
2011 Results of Operations

Highlights

	•		Second quarter fiscal 2011 fee revenue increased 32% to $185.4 million, compared to $140.1 million in the same quarter last year.

	•		Q2 FY’11 diluted earnings per share, excluding net adjustments to previously recorded restructuring charges was $0.33, compared to diluted earnings per share of $0.09 in Q2 FY’10. Including net restructuring charges, Q2 FY’11 diluted earnings per share was $0.30 compared to $0.06 in Q2 FY’10.

Los Angeles, CA, December 8, 2010 — Korn/Ferry International (NYSE: KFY), a premier global provider of talent management solutions, announced Q2 FY’11 diluted earnings per share of $0.33 compared to $0.09 in Q2 FY’10 (excluding net adjustments to previously recorded restructuring charges of $2.1 million and $2.8 million, respectively). Diluted earnings per share was $0.30 and $0.06 in Q2 FY’11 and Q2 FY’10, respectively.

“As evidenced by our sixth consecutive sequential fee revenue increase, our clients are increasingly turning to Korn/Ferry for a variety of their most important human capital needs,” said Gary D. Burnison, CEO of Korn/Ferry International. “After meeting with many of our clients’ CEOs over the last several months, it’s evident that we are experiencing a two-speed labor recovery – global vs. local. Global enterprises are investing, hiring and expanding, while organizations more reliant on Western economies for growth have remained more cautious. Overall, I’m very pleased with our organization’s results this quarter, which validate our strategy of helping clients achieve extraordinary performance through people.”

Financial Results
(dollars in millions, except per share amounts)


	Second Quarter						Year to Date
	FY’11			FY’10			FY’11			FY’10
Fee revenue	$	185.4		$	140.1		$	360.5		$	256.9
Total revenue	$	193.2		$	146.5		$	376.4		$	269.8
Operating income (loss)	$	19.8		$	2.3		$	39.1		$	(22.7	)
Operating margin		10.7	%		1.6	%		10.8	%		(8.8	)%
Net income (loss)	$	13.7		$	2.8		$	24.6		$	(11.5	)
Basic earnings (loss) per share	$	0.30		$	0.06		$	0.55		$	(0.26	)
Diluted earnings (loss) per share	$	0.30		$	0.06		$	0.53		$	(0.26	)

Adjusted Results (a):


	Second Quarter						Year to Date
	FY’11			FY’10			FY’11			FY’10
Operating income (loss)	$	21.9		$	5.0		$	41.2		$	(1.8	)
Operating margin		11.8	%		3.6	%		11.4	%		(0.7	)%
Net income	$	15.0		$	4.3		$	25.9		$	2.0
Basic earnings per share	$	0.33		$	0.10		$	0.58		$	0.05
Diluted earnings per share	$	0.33		$	0.09		$	0.56		$	0.04


(a)		Adjusted results are non-GAAP financial measures that exclude restructuring charges, net of recoveries, of $2.1 million during the three and six months ended October 31, 2010. Comparative results exclude restructuring charges, net of recoveries, of $2.8 million and $21.0 million during the three and six months ended October 31, 2009, respectively (see attached reconciliations).

Fee revenue was $185.4 million in Q2 FY’11 compared to $140.1 million in Q2 FY’10, an increase of 32% (or an increase of 33%, or $45.7 million, on a constant currency basis), which reflects increases in revenue from all segments of the business driven primarily by a 28% increase in the number of executive recruitment engagements billed as well as a 4% (5% excluding the impact of exchange rates) increase in the weighted-average fee billed per executive recruitment engagement compared to the year-ago fiscal quarter. Furthermore, the Company experienced a 6% increase in fee revenue compared to Q1 FY’11.

Compensation and benefits were $127.6 million in Q2 FY’11, an increase of $25.5 million, or 25%, compared to $102.1 million in Q2 FY’10. This increase is attributable mainly to an increase in the variable component of compensation when compared to the year-ago fiscal quarter. Compensation and benefits were lower in Q2 FY’10 compared to Q2 FY’11 due to the challenging economic conditions in Q2 FY’10.

General and administrative expenses were $27.4 million in Q2 FY’11, an increase of $0.2 million, or 1% from $27.2 million in Q2 FY’10. This increase is due primarily to an increase in bad debt provisions as a result of higher revenues and accounts receivable, a decrease in unrealized net foreign exchange gains, partially offset by a fair value contingent consideration adjustment from a prior acquisition. Changes in exchange rates impacted general and administrative expenses in Q2 FY’11 favorably by $0.4 million compared to Q2 FY’10.

Operating income was $19.8 million in Q2 FY’11 compared to $2.3 million in Q2 FY’10, an increase of $17.5 million. Excluding restructuring charges of $2.1 million in Q2 FY’11 and $2.8 million in Q2 FY’10, operating income was $21.9 million in Q2 FY’11 and $5.0 million in Q2 FY’10, an increase of $16.9 million.

Balance Sheet and Liquidity

Cash and marketable securities were $264.7 million at October 31, 2010 compared to $296.5 million at April 30, 2010. Cash and marketable securities include $67.0 million and $69.0 million, held in trust for deferred compensation plans, at October 31, 2010 and April 30, 2010, respectively. Cash and marketable securities decreased by $31.8 million from April 30, 2010, mainly due to the payment of FY’10 annual bonuses in Q1 FY’11, partially offset by cash provided by operating activities in Q2 FY’11.

Results by Segment

Selected Executive Recruitment Data
(dollars in millions)


	Second Quarter						Year to Date
	FY’11			FY’10			FY’11			FY’10
Fee revenue	$	164.1		$	123.3		$	319.0		$	224.6
Total revenue	$	170.5		$	128.3		$	331.9		$	234.9
Operating income (loss)	$	23.9		$	9.7		$	51.6		$	(3.4	)
Operating margin		14.6	%		7.8	%		16.2	%		(1.5	)%

Ending number of consultants		475			497			475			497
Average number of consultants		477			499			475			486
Engagements billed		3,795			2,981			6,324			4,643
New engagements (a)		1,970			1,578			3,860			2,896

Adjusted Results (b):


	Second Quarter						Year to Date
	FY’11			FY’10			FY’11			FY’10
Operating income	$	26.1		$	14.9		$	53.8		$	20.0
Operating margin		15.9	%		12.1	%		16.9	%		8.9	%


(a)		Represents new engagements opened in the respective period.

(b)		Adjusted results are non-GAAP financial measures that exclude restructuring charges, net of recoveries, of $2.2 million during the three and six months ended October 31, 2010. Comparative results exclude restructuring charges, net of recoveries, of $5.3 million and $23.4 million during the three and six months ended October 31, 2009, respectively (see attached reconciliations).

Fee revenue was $164.1 million in Q2 FY’11, an increase of $40.8 million ($41.2 million on a constant currency basis), or 33%, when compared to fee revenue of $123.3 million in Q2 FY’10. Fee revenue increased in all regions due to a 28% increase in the overall number of engagements billed and a 4% (5% excluding the impact of exchange rates) increase in the weighted-average fee per engagement billed when compared to Q2 FY’10.

Operating income was $23.9 million in Q2 FY’11 compared to $9.7 million in Q2 FY’10. Excluding restructuring charges of $2.2 million in Q2 FY’11 and $5.3 million in Q2 FY’10, operating income was $26.1 million and $14.9 million, respectively, an increase of $11.2 million compared to Q2 FY’10.

The total number of consultants at October 31, 2010 was 475, a decrease of 22 from October 31, 2009.

Selected Futurestep Data
(dollars in millions)


	Second Quarter						Year to Date
	FY’11			FY’10			FY’11			FY’10
Fee revenue	$	21.3		$	16.8		$	41.5		$	32.3
Total revenue	$	22.7		$	18.2		$	44.5		$	34.9
Operating income	$	1.2		$	2.6		$	2.2		$	1.8
Operating margin		5.6	%		15.5	%		5.2	%		5.6	%

Adjusted Results (a):


	Second Quarter						Year to Date
	FY’11			FY’10			FY’11			FY’10
Operating income (loss)	$	1.1		$	0.1		$	2.1		$	(0.7	)
Operating margin		5.1	%		0.8	%		5.0	%		(2.1	)%


(a)		Adjusted results are non-GAAP financial measures that exclude recoveries of restructuring charges of $0.1 million during each of the three and six months ended October 31, 2010. Comparative results exclude restructuring charges, net of recoveries, of $2.5 million during each of the three and six months ended October 31, 2009, respectively (see attached reconciliations).

Fee revenue was $21.3 million in Q2 FY’11, an increase of $4.5 million (also $4.5 million on a constant currency basis), or 27%, from $16.8 million in Q2 FY’10. The improvement in fee revenue was driven by a 30% increase in the overall number of engagements billed, partially offset by a 3% decrease in the weighted-average fee billed per engagement.

Operating income was $1.2 million in Q2 FY’11 compared to $2.6 million in Q2 FY’10. Operating income includes recovery of restructuring costs of $0.1 million and $2.5 million, during Q2 FY’11 and Q2 FY’10, respectively, which in Q2 FY’10 primarily relates to lower facility lease costs than originally recorded; without which operating income would have been $1.1 million and $0.1 million, respectively.

Outlook

Assuming constant foreign exchange rates, stable economic conditions and steady financial markets, Q3 FY’11 fee revenue is likely to be in the range of $175 million to $190 million and diluted earnings per share is likely to be in the range of $0.25 to $0.32.

Earnings Conference Call Webcast

The earnings conference call will be held today at 9:00 AM (EST) and hosted by CEO Gary Burnison, CFO Mike DiGregorio and SVP Finance Gregg Kvochak. The conference call will be webcast and available online at www.kornferry.com, accessible through the Investor Relations section.

Korn/Ferry International (NYSE: KFY), with a presence throughout the Americas, Asia Pacific, Europe, the Middle East and Africa, is a premier global provider of talent management solutions. Based in Los Angeles, the firm delivers an array of solutions that help clients to attract, develop, retain and sustain their talent. Visit www.kornferry.com for more information on the Korn/Ferry International family of companies, and www.kornferryinstitute.com for thought leadership, intellectual property and research.

Forward-Looking Statements

Statements in this press release and our conference call that relate to future results and events (“forward-looking statements”) are based on Korn/Ferry’s current expectations. Readers are cautioned not to place undue reliance on such statements. Actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties that are beyond the control of Korn/Ferry. The potential risks and uncertainties include those relating to competition, the dependence on attracting and retaining qualified and experienced consultants, the portability of client relationships, local political or economic developments in or affecting countries where we have operations, including fluctuations in exchange rates, risks related to the growth and results of Futurestep, global economic developments, restrictions imposed by off-limits agreements, reliance on information systems, the successful integration of acquired businesses and employment liability risk. For a detailed description of risks and uncertainties that could cause differences, please refer to Korn/Ferry’s periodic filings with the Securities and Exchange Commission. Korn/Ferry disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

This press release contains financial information calculated other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP financial measures include the following (each of which has been adjusted to exclude restructuring charges):

	•		adjusted operating income (loss) and operating margin;

	•		adjusted net income (loss);

	•		adjusted basic and diluted earnings (loss) per share; and

	•		constant currency amounts that represent the outcome that would have resulted had exchange rates in the reported period been the same as those in effect in the comparable prior year period.

This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial information determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Management believes the presentation of non-GAAP financial measures in this press release provides meaningful supplemental information regarding Korn/Ferry’s performance by excluding certain charges that may not be indicative of Korn/Ferry’s ongoing operating results. The use of these non-GAAP financial measures facilitate comparisons to Korn/Ferry’s historical performance. Korn/Ferry includes these non-GAAP financial measures because management believes it is useful to investors in allowing for greater transparency with respect to supplemental information used by management in its evaluation of Korn/Ferry’s ongoing operations and financial and operational decision-making.

[Tables attached]

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)


	Three Months Ended				Six Months Ended
	October 31,				October 31,
	2010		2009		2010			2009
	(unaudited)
Fee revenue	$	185,350	$	140,145	$	360,462		$	256,948
Reimbursed out-of-pocket engagement expenses		7,854		6,411		15,904			12,896

Total revenue		193,204		146,556		376,366			269,844


Compensation and benefits		127,555		102,076		247,763			192,461
General and administrative expenses		27,363		27,164		55,978			55,218
Out-of-pocket engagement expenses		13,237		9,464		25,336			18,253
Depreciation and amortization		3,144		2,860		6,112			5,689
Restructuring charges, net		2,130		2,774		2,130			20,957

Total operating expenses		173,429		144,338		337,319			292,578


Operating income (loss)		19,775		2,218		39,047			(22,734	)

Interest and other income (loss), net		1,657		1,180		(652	)		4,471

Income (loss) before provision (benefit) for income taxes and equity in earnings of unconsolidated subsidiaries		21,432		3,398		38,395			(18,263	)
Income tax provision (benefit)		8,288		879		14,809			(6,486	)
Equity in earnings of unconsolidated subsidiaries, net		512		226		974			249

Net income (loss)	$	13,656	$	2,745	$	24,560		$	(11,528	)


Earnings (loss) per common share:
Basic	$	0.30	$	0.06	$	0.55		$	(0.26	)

Diluted	$	0.30	$	0.06	$	0.53		$	(0.26	)


Weighted-average common shares outstanding:
Basic		45,130		44,470		44,886			44,123

Diluted		45,918		45,291		46,061			44,123

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES
FINANCIAL SUMMARY BY SEGMENT
(in thousands)
(unaudited)


	Three Months Ended												Six Months Ended
	October 31,												October 31,
	2010						2009			% Change			2010						2009			% Change

Fee Revenue:
Executive recruitment:
North America	$	94,066					$	68,230			38	%	$	184,041					$	123,522			49	%
EMEA		37,424						35,376			6	%		73,692						64,597			14	%
Asia Pacific		24,098						13,563			78	%		45,240						25,934			74	%
South America		8,478						6,122			38	%		15,964						10,567			51	%

Total executive recruitment		164,066						123,291			33	%		318,937						224,620			42	%
Futurestep		21,284						16,854			26	%		41,525						32,328			28	%

Total fee revenue		185,350						140,145			32	%		360,462						256,948			40	%
Reimbursed out-of-pocket engagement expenses		7,854						6,411			23	%		15,904						12,896			23	%

Total revenue	$	193,204					$	146,556			32	%	$	376,366					$	269,844			39	%


				Margin						Margin						Margin						Margin
Adjusted Operating Income (Loss): (Excluding Restructuring Charges)
Executive recruitment:
North America	$	19,255			20.5	%	$	11,250			16.5	%	$	38,930			21.2	%	$	15,457			12.5	%
EMEA		2,653			7.1	%		2,411			6.8	%		5,706			7.7	%		2,974			4.6	%
Asia Pacific		1,561			6.5	%		61			0.4	%		4,630			10.2	%		1,036			4.0	%
South America		2,698			31.8	%		1,202			19.6	%		4,577			28.7	%		516			4.9	%

Total executive recruitment		26,167			15.9	%		14,924			12.1	%		53,843			16.9	%		19,983			8.9	%
Futurestep		1,084			5.1	%		141			0.8	%		2,073			5.0	%		(674	)		(2.1	%)
Corporate (1)		(5,346	)					(10,073	)					(14,739	)					(21,086	)

Total adjusted operating income (loss)	$	21,905			11.8	%	$	4,992			3.6	%	$	41,177			11.4	%	$	(1,777	)		(0.7	%)


Restructuring Charges (Reductions), net:
Executive recruitment:
North America	$	(340	)		(0.3	%)	$	(1,279	)		(1.9	%)	$	(340	)		(0.1	%)	$	(1,279	)		(1.0	%)
EMEA		2,569			6.9	%		6,615			18.7	%		2,569			3.4	%		24,798			38.4	%
Asia Pacific		—			0.0	%		87			0.6	%		—			0.0	%		87			0.3	%
South America		—			0.0	%		(173	)		(2.9	%)		—			0.0	%		(173	)		(1.6	%)

Total executive recruitment		2,229			1.3	%		5,250			4.3	%		2,229			0.7	%		23,433			10.4	%
Futurestep		(99	)		(0.5	%)		(2,476	)		(14.7	%)		(99	)		(0.2	%)		(2,476	)		(7.7	%)
Corporate		—						—						—						—

Total restructuring charges (reductions), net	$	2,130			1.1	%	$	2,774			2.0	%	$	2,130			0.6	%	$	20,957			8.1	%


				Margin						Margin						Margin						Margin
Operating Income (Loss):
Executive recruitment:
North America	$	19,595			20.8	%	$	12,529			18.4	%	$	39,270			21.3	%	$	16,736			13.5	%
EMEA		84			0.2	%		(4,204	)		(11.9	%)		3,137			4.3	%		(21,824	)		(33.8	%)
Asia Pacific		1,561			6.5	%		(26	)		(0.2	%)		4,630			10.2	%		949			3.7	%
South America		2,698			31.8	%		1,375			22.5	%		4,577			28.7	%		689			6.5	%

Total executive recruitment		23,938			14.6	%		9,674			7.8	%		51,614			16.2	%		(3,450	)		(1.5	%)
Futurestep		1,183			5.6	%		2,617			15.5	%		2,172			5.2	%		1,802			5.6	%
Corporate (1)		(5,346	)					(10,073	)					(14,739	)					(21,086	)

Total operating income (loss)	$	19,775			10.7	%	$	2,218			1.6	%	$	39,047			10.8	%	$	(22,734	)		(8.8	%)


(1)		Improvement primarily due to a decrease in net expenses related to the change in amounts due under deferred compensation plans determined by an increase (or decrease) in market values, and adjustment to the fair value of contingent consideration for a prior acquisition, totaling $4.3 million and $3.8 million during the three and six months ended October 31, 2010 compared to the three and six months ended October 31, 2009, respectively.

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)


	October 31,			April 30,
	2010			2010
	(unaudited)
ASSETS
Cash and cash equivalents	$	151,118		$	219,233
Marketable securities		16,189			4,114
Receivables due from clients, net of allowance for doubtful accounts of $8,106 and $5,983, respectively		145,043			107,215
Income taxes and other receivables		8,476			6,292
Deferred income taxes		21,375			20,844
Prepaid expenses and other assets		27,940			23,166

Total current assets		370,141			380,864


Marketable securities, non-current		97,410			73,105
Property and equipment, net		37,470			24,963
Cash surrender value of company owned life insurance policies, net of loans		71,929			69,069
Deferred income taxes		53,526			59,742
Goodwill		177,562			172,273
Intangible assets, net		24,310			25,425
Investments and other assets		31,931			21,657

Total assets	$	864,279		$	827,098


LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	11,308		$	11,148
Income taxes payable		8,487			6,323
Compensation and benefits payable		121,894			131,550
Other accrued liabilities		50,762			49,062

Total current liabilities		192,451			198,083


Deferred compensation and other retirement plans		131,009			123,794
Other liabilities		21,706			13,879

Total liabilities		345,166			335,756

Stockholders’ equity
Common stock: $0.01 par value, 150,000 shares authorized, 58,548 and 57,614 shares issued and 46,388 and 45,979 shares outstanding, respectively		387,909			388,717
Retained earnings		114,780			90,220
Accumulated other comprehensive income, net		16,949			12,934

Stockholders’ equity		519,638			491,871
Less: notes receivable from stockholders		(525	)		(529	)

Total stockholders’ equity		519,113			491,342

Total liabilities and stockholders’ equity	$	864,279		$	827,098

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
RECONCILIATION OF AS REPORTED (GAAP) TO AS ADJUSTED (NON-GAAP)
(in thousands, except per share amounts)
(unaudited)


	Three Months Ended							Three Months Ended
	October 31, 2010							October 31, 2009
	As Reported		Adjustments			As Adjusted		As Reported		Adjustments			As Adjusted

Fee revenue	$	185,350				$	185,350	$	140,145				$	140,145
Reimbursed out-of-pocket engagement expenses		7,854					7,854		6,411					6,411

Total revenue		193,204					193,204		146,556					146,556


Compensation and benefits		127,555					127,555		102,076					102,076
General and administrative expenses		27,363					27,363		27,164					27,164
Out-of-pocket engagement expenses		13,237					13,237		9,464					9,464
Depreciation and amortization		3,144					3,144		2,860					2,860
Restructuring charges, net		2,130		(2,130	)		—		2,774		(2,774	)		—

Total operating expenses		173,429		(2,130	)		171,299		144,338		(2,774	)		141,564


Operating income		19,775		2,130			21,905		2,218		2,774			4,992

Interest and other income, net		1,657					1,657		1,180					1,180

Income before provision for income taxes and equity in earnings of unconsolidated subsidiaries		21,432		2,130			23,562		3,398		2,774			6,172
Income tax provision (1)		8,288		821			9,109		879		1,260			2,139
Equity in earnings of unconsolidated subsidiaries, net		512					512		226					226

Net income	$	13,656	$	1,309		$	14,965	$	2,745	$	1,514		$	4,259


Earnings per common share:
Basic	$	0.30				$	0.33	$	0.06				$	0.10

Diluted	$	0.30				$	0.33	$	0.06				$	0.09


Weighted-average common shares outstanding:
Basic		45,130					45,130		44,470					44,470

Diluted		45,918					45,918		45,291					45,291


Explanation of Non-GAAP Adjustments

(1)		Calculated using an annual effective tax rate of 39% and 35% on operating expenses, adjusted for the three months ended October 31, 2010 and 2009, respectively.

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
RECONCILIATION OF AS REPORTED (GAAP) TO AS ADJUSTED (NON-GAAP)
(in thousands, except per share amounts)
(unaudited)


	Six Months Ended									Six Months Ended
	October 31, 2010									October 31, 2009
	As Reported			Adjustments			As Adjusted			As Reported			Adjustments			As Adjusted

Fee revenue	$	360,462					$	360,462		$	256,948					$	256,948
Reimbursed out-of-pocket engagement expenses		15,904						15,904			12,896						12,896

Total revenue		376,366						376,366			269,844						269,844


Compensation and benefits		247,763						247,763			192,461						192,461
General and administrative expenses		55,978						55,978			55,218						55,218
Out-of-pocket engagement expenses		25,336						25,336			18,253						18,253
Depreciation and amortization		6,112						6,112			5,689						5,689
Restructuring charges, net		2,130			(2,130	)		—			20,957			(20,957	)		—

Total operating expenses		337,319			(2,130	)		335,189			292,578			(20,957	)		271,621


Operating income (loss)		39,047			2,130			41,177			(22,734	)		20,957			(1,777	)

Interest and other (loss) income, net		(652	)					(652	)		4,471			—			4,471

Income (loss) before provision (benefit) for income taxes and equity in earnings of unconsolidated subsidiaries		38,395			2,130			40,525			(18,263	)		20,957			2,694
Income tax provision (benefit) (1)		14,809			821			15,630			(6,486	)		7,442			956
Equity in earnings of unconsolidated subsidiaries, net		974						974			249						249

Net income (loss)	$	24,560		$	1,309		$	25,869		$	(11,528	)	$	13,515		$	1,987


Earnings (loss) per common share:
Basic	$	0.55					$	0.58		$	(0.26	)				$	0.05

Diluted	$	0.53					$	0.56		$	(0.26	)				$	0.04


Weighted-average common shares outstanding:
Basic		44,886						44,886			44,123						44,123

Diluted		46,061						46,061			44,123						44,824


Explanation of Non-GAAP Adjustments

(1)		Calculated using an annual effective tax rate of 39% and 35% on operating expenses, adjusted for the six months ended October 31, 2010 and 2009, respectively.

KORN FERRY - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - December 8, 2010

Attached files

KORN FERRY Reports