$KFY
KORN FERRY

2012 Q3 Form 10-Q Financial Statement

#000119312512386640 Filed on September 10, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3
Revenue $196.0M $214.6M
YoY Change -8.65% 22.54%
Cost Of Revenue $4.464M $13.10M
YoY Change -65.92% 8.26%
Gross Profit $191.6M $201.5M
YoY Change -4.93% 17.77%
Gross Profit Margin 97.72% 93.9%
Selling, General & Admin $161.5M $172.1M
YoY Change -6.16% 15.66%
% of Gross Profit 84.31% 85.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.742M $3.369M
YoY Change 11.07% 12.3%
% of Gross Profit 1.95% 1.67%
Operating Expenses $179.0M $188.6M
YoY Change -5.11% 24.27%
Operating Profit $17.01M $25.94M
YoY Change -34.43% 34.61%
Interest Expense $599.0K $581.0K
YoY Change 3.1% -172.63%
% of Operating Profit 3.52% 2.24%
Other Income/Expense, Net -$1.017M -$2.022M
YoY Change -49.7% 34.8%
Pretax Income $15.39M $23.34M
YoY Change -34.05% 37.29%
Income Tax $5.605M $8.435M
% Of Pretax Income 36.41% 36.14%
Net Earnings $10.42M $15.41M
YoY Change -32.4% 41.33%
Net Earnings / Revenue 5.31% 7.18%
Basic Earnings Per Share $0.22 $0.34
Diluted Earnings Per Share $0.22 $0.33
COMMON SHARES
Basic Shares Outstanding 46.81M shares 45.97M shares
Diluted Shares Outstanding 47.66M shares 47.30M shares

Balance Sheet

Concept 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $332.9M $178.2M
YoY Change 86.82% 12.15%
Cash & Equivalents $196.4M $156.9M
Short-Term Investments $136.5M $21.20M
Other Short-Term Assets $37.00M $43.50M
YoY Change -14.94% -9.19%
Inventory
Prepaid Expenses
Receivables $137.4M $152.3M
Other Receivables $11.60M $4.700M
Total Short-Term Assets $413.4M $378.6M
YoY Change 9.2% 10.12%
LONG-TERM ASSETS
Property, Plant & Equipment $48.99M $46.00M
YoY Change 6.5% 34.5%
Goodwill $171.5M
YoY Change
Intangibles $19.84M
YoY Change
Long-Term Investments $134.3M $150.1M
YoY Change -10.53% 45.73%
Other Assets $142.9M $134.2M
YoY Change 6.48% 9.46%
Total Long-Term Assets $517.5M $534.2M
YoY Change -3.12% 17.28%
TOTAL ASSETS
Total Short-Term Assets $413.4M $378.6M
Total Long-Term Assets $517.5M $534.2M
Total Assets $931.0M $912.8M
YoY Change 1.99% 14.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.23M $13.40M
YoY Change 13.66% 24.07%
Accrued Expenses $102.5M $140.3M
YoY Change -26.94% 0.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $137.7M $158.1M
YoY Change -12.91% 1.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $20.44M $157.8M
YoY Change -87.05% 6.33%
Total Long-Term Liabilities $20.44M $157.8M
YoY Change -87.05% 6.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $137.7M $158.1M
Total Long-Term Liabilities $20.44M $157.8M
Total Liabilities $300.0M $315.9M
YoY Change -5.03% 3.78%
SHAREHOLDERS EQUITY
Retained Earnings $213.2M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $631.0M $596.9M
YoY Change
Total Liabilities & Shareholders Equity $931.0M $912.8M
YoY Change 1.99% 14.2%

Cashflow Statement

Concept 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $10.42M $15.41M
YoY Change -32.4% 41.33%
Depreciation, Depletion And Amortization $3.742M $3.369M
YoY Change 11.07% 12.3%
Cash From Operating Activities -$74.53M -$82.98M
YoY Change -10.19% 103.39%
INVESTING ACTIVITIES
Capital Expenditures $3.011M $5.207M
YoY Change -42.17% -144.5%
Acquisitions
YoY Change
Other Investing Activities -$1.600M -$3.900M
YoY Change -58.97% -65.18%
Cash From Investing Activities -$4.630M -$9.133M
YoY Change -49.3% -60.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.499M $4.014M
YoY Change -37.74%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.327M 1.104M
YoY Change -310.78% -115.55%
NET CHANGE
Cash From Operating Activities -74.53M -82.98M
Cash From Investing Activities -4.630M -9.133M
Cash From Financing Activities -2.327M 1.104M
Net Change In Cash -81.49M -91.01M
YoY Change -10.47% 28.55%
FREE CASH FLOW
Cash From Operating Activities -$74.53M -$82.98M
Capital Expenditures $3.011M $5.207M
Free Cash Flow -$77.54M -$88.19M
YoY Change -12.08% 203.06%

Facts In Submission

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CY2011Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
137371000
CY2011Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8435000
CY2011Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
1093000
CY2011Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
53000
CY2011Q3 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
13135000
CY2011Q3 us-gaap Interest Expense
InterestExpense
581000
CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.61
CY2011Q3 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-270000
CY2011Q3 kfy Weighted Average Number Shares Employee Stock Purchase Plan
WeightedAverageNumberSharesEmployeeStockPurchasePlan
3000 shares
CY2011Q3 kfy Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Options And Stock Appreciation Rights Vested In Period Total Fair Values
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOptionsAndStockAppreciationRightsVestedInPeriodTotalFairValues
816000
CY2011Q3 kfy Increase Decrease In Performance Related Bonus Expenses
IncreaseDecreaseInPerformanceRelatedBonusExpenses
-1200000
CY2011Q3 kfy Gain Loss On Cash Surrender Value Of Life Insurance Policies
GainLossOnCashSurrenderValueOfLifeInsurancePolicies
905000
CY2011Q3 kfy Performance Related Bonus After Reduction In Previous Year Estimate
PerformanceRelatedBonusAfterReductionInPreviousYearEstimate
31500000
CY2011Q3 kfy Performance Related Bonus Expenses
PerformanceRelatedBonusExpenses
32700000
CY2011Q3 kfy Change In Current And Deferred Income Taxes
ChangeInCurrentAndDeferredIncomeTaxes
1374000
CY2012Q3 dei Trading Symbol
TradingSymbol
KFY
CY2012Q3 dei Entity Registrant Name
EntityRegistrantName
KORN FERRY INTERNATIONAL
CY2012Q3 dei Amendment Flag
AmendmentFlag
false
CY2012Q3 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2012Q3 dei Document Type
DocumentType
10-Q
CY2012Q3 dei Document Period End Date
DocumentPeriodEndDate
2012-07-31
CY2012Q3 dei Entity Central Index Key
EntityCentralIndexKey
0000056679
CY2012Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--04-30
CY2012Q3 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Reclassifications</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Certain prior year amounts have been reclassified to conform to the current year presentation, including reclassifications related to the Company&#x2019;s new reporting segment structure.</font></p> </div>
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
160000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
17009000
CY2012Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1164000
CY2012Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
661000 shares
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
586000
CY2012Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
200000
CY2012Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2499000
CY2012Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
184000 shares
CY2012Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
173000
CY2012Q3 us-gaap Deferred Compensation Arrangement With Individual Employer Contribution
DeferredCompensationArrangementWithIndividualEmployerContribution
17500000
CY2012Q3 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
1070000
CY2012Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3742000
CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
3196000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
CY2012Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-74494000
CY2012Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1387000
CY2012Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-74530000
CY2012Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4630000
CY2012Q3 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
423000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
179014000
CY2012Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3011000
CY2012Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-85633000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
33443000
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47655000 shares
CY2012Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
12166000
CY2012Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-9859000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
15393000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
CY2012Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2327000
CY2012Q3 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
1914000
CY2012Q3 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
418000
CY2012Q3 us-gaap Marketable Securities Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments
-831000
CY2012Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
2032000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46810000 shares
CY2012Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2012Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
630000
CY2012Q3 us-gaap Revenues
Revenues
196023000
CY2012Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
186694000
CY2012Q3 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
-6138000
CY2012Q3 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
21055000
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3196000
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
800000 shares
CY2012Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
19441000
CY2012Q3 us-gaap Reimbursement Revenue
ReimbursementRevenue
9329000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
10418000
CY2012Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1017000
CY2012Q3 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
-1000
CY2012Q3 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-235000
CY2012Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
128036000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5605000
CY2012Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-4146000
CY2012Q3 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates and Uncertainties</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates, and changes in estimates are reported in current operations as new information is learned or upon the amounts becoming fixed and determinable. The most significant areas that require management judgment are revenue recognition, deferred compensation, annual performance related bonus, evaluation of the carrying value of receivables, marketable securities, goodwill and other intangible assets, fair value of contingent consideration and the recoverability of deferred income taxes.</font></p> </div>
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
27000
CY2012Q3 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
13793000
CY2012Q3 us-gaap Interest Expense
InterestExpense
599000
CY2012Q3 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-4108000
CY2012Q3 kfy Deferred Compensation Arrangement With Individual Employee Contribution
DeferredCompensationArrangementWithIndividualEmployeeContribution
1300000
CY2012Q3 kfy Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Options And Stock Appreciation Rights Vested In Period Total Fair Values
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOptionsAndStockAppreciationRightsVestedInPeriodTotalFairValues
829000
CY2012Q3 kfy Increase Decrease In Performance Related Bonus Expenses
IncreaseDecreaseInPerformanceRelatedBonusExpenses
-200000
CY2012Q3 kfy Gain Loss On Cash Surrender Value Of Life Insurance Policies
GainLossOnCashSurrenderValueOfLifeInsurancePolicies
671000
CY2012Q3 kfy Performance Related Bonus After Reduction In Previous Year Estimate
PerformanceRelatedBonusAfterReductionInPreviousYearEstimate
26400000
CY2012Q3 kfy Performance Related Bonus Expenses
PerformanceRelatedBonusExpenses
26600000
CY2012Q3 kfy Change In Current And Deferred Income Taxes
ChangeInCurrentAndDeferredIncomeTaxes
6852000

Files In Submission

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0001193125-12-386640.txt Edgar Link pending
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d383287d10q.htm Edgar Link pending
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