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

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8-K - FORM 8-K - KORN FERRY	c13804e8vk.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 Third Quarter Fiscal 2011
Results of Operations

Highlights

•

Third quarter fiscal 2011 fee revenue increased 27% to $186.5 million, compared to $146.8 million in the same quarter last year.

•

Q3 FY’11 diluted earnings per share was $0.30, compared to diluted earnings per share of $0.17 in Q3 FY’10. Excluding certain adjustments discussed below, diluted earnings per share was $0.11 in Q3 FY’10.

Los Angeles, CA, March 9, 2011 - Korn/Ferry International (NYSE: KFY), a premier global provider of talent management solutions, announced third quarter fiscal 2011 diluted earnings per share of $0.30 compared to $0.11 in Q3 FY’10 (excluding a $2.8 million tax benefit and adjustments to previously recorded restructuring charges of $0.3 million). Including these adjustments, diluted earnings per share was $0.17 in Q3 FY’10.

“I continue to be pleased with our performance. The past 90 days brought with it our seventh consecutive quarter of fee revenue growth. We have rebounded substantially faster than the industry,” said Gary D. Burnison, CEO of Korn/Ferry International. “Korn/Ferry’s ongoing success, in an uneven global economic recovery and multi-speed labor cycle, is a testament to the steadfast efforts of our employees across the globe. We will continue to anchor our Company in helping clients better attract, deploy, develop and reward their workforce through the delivery of enterprise-wide talent management solutions.”

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


	Third Quarter						Year to Date
	FY’11			FY’10			FY’11			FY’10
Fee revenue	$	186.5		$	146.8		$	547.0		$	403.7
Total revenue	$	194.1		$	152.9		$	570.5		$	422.7
Operating income (loss)	$	20.5		$	6.4		$	59.6		$	(16.3	)
Operating margin		11.0	%		4.3	%		10.9	%		(4.1	)%
Net income (loss)	$	13.9		$	7.9		$	38.5		$	(3.6	)
Basic earnings (loss) per share	$	0.31		$	0.18		$	0.86		$	(0.08	)
Diluted earnings (loss) per share	$	0.30		$	0.17		$	0.84		$	(0.08	)

Adjusted Results (a):


	Third Quarter						Year to Date
	FY’11			FY’10			FY’11			FY’10
Operating income	$	20.5		$	6.0		$	61.7		$	4.2
Operating margin		11.0	%		4.1	%		11.3	%		1.1	%
Net income	$	13.9		$	4.8		$	39.8		$	6.8
Basic earnings per share	$	0.31		$	0.11		$	0.88		$	0.15
Diluted earnings per share	$	0.30		$	0.11		$	0.87		$	0.15


(a)		Adjusted results are non-GAAP financial measures that exclude the following:


	Third Quarter					Year to Date
	FY’11		FY’10			FY’11		FY’10
Restructuring (reductions) charges	$	—	$	(0.3	)	$	2.1	$	20.6
Certain tax adjustments (b)	$	—	$	(2.8	)	$	—	$	(2.8	)


(b)		Includes reversal of a reserve previously taken against an uncertain tax position and an increased valuation allowance related to cash repatriations and foreign tax credits.

Fee revenue was $186.5 million in Q3 FY’11 compared to $146.8 million in Q3 FY’10, an increase of 27% (or an increase of 28%, or $40.5 million, on a constant currency basis), which reflects increases in fee revenue from all segments of the business driven primarily by an 18% increase in the overall number of engagements billed as well as a 7% increase in the weighted-average fee billed per engagement compared to the year-ago fiscal quarter.

Compensation and benefits were $126.1 million in Q3 FY’11, an increase of $23.4 million, or 23% (on both an actual and constant currency basis), compared to $102.7 million in Q3 FY’10. This increase is attributable mainly to an increase in the variable component of compensation when compared to the year-ago fiscal quarter and an increase in worldwide headcount. Variable compensation was lower in Q3 FY’10 compared to Q3 FY’11 due to the challenging economic conditions in Q3 FY’10.

General and administrative expenses were $31.5 million in Q3 FY’11 and $31.6 million in Q3 FY’10. Changes in exchange rates impacted general and administrative expenses in Q3 FY’11 favorably by $0.3 million compared to Q3 FY’10.

Operating income was $20.5 million in Q3 FY’11 compared to $6.4 million in Q3 FY’10 (or $6.0 million excluding recoveries of previously recorded restructuring charges in Q3 FY’10), an increase of $14.1 million (or $14.5 million excluding recoveries of previously recorded restructuring charges in Q3 FY’10).

Balance Sheet and Liquidity

Cash and marketable securities were $303.6 million at January 31, 2011 compared to $296.5 million at April 30, 2010. Cash and marketable securities include $68.6 million and $69.0 million, held in trust for deferred compensation plans, at January 31, 2011 and April 30, 2010, respectively. Cash and marketable securities increased by $7.1 million from April 30, 2010, mainly due to cash provided by operating activities partially offset by bonuses earned in FY’10 and paid in FY’11.

Results by Segment

Selected Executive Recruitment Data
(dollars in millions)


	Third Quarter						Year to Date
	FY’11			FY’10			FY’11			FY’10
Fee revenue	$	163.1		$	129.2		$	482.1		$	353.8
Total revenue	$	169.6		$	134.3		$	501.5		$	369.2
Operating income	$	29.1		$	18.5		$	80.7		$	15.1
Operating margin		17.8	%		14.3	%		16.7	%		4.3	%

Ending number of consultants		474			483			474			483
Average number of consultants		475			490			475			486
Engagements billed		3,930			3,281			8,853			6,786
New engagements (a)		1,914			1,683			5,774			4,580

Adjusted Results (b):


	Third Quarter						Year to Date
	FY’11			FY’10			FY’11			FY’10
Operating income	$	29.1		$	18.5		$	82.9		$	38.5
Operating margin		17.8	%		14.3	%		17.2	%		10.9	%


(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 and $23.4 million during the nine months ended January 31, 2011 and 2010, respectively (see attached reconciliations). There were no adjustments during the three months ended January 31, 2011 and 2010.

Fee revenue was $163.1 million in Q3 FY’11, an increase of $33.9 million ($34.7 million on a constant currency basis), or 26%, when compared to fee revenue of $129.2 million in Q3 FY’10. Fee revenue increased in all regions due to a 20% increase in the number of executive recruitment engagements billed and a 5% increase in the weighted-average fee per engagement billed when compared to Q3 FY’10.

Operating income was $29.1 million in Q3 FY’11 compared to $18.5 million in Q3 FY’10.

The total number of consultants at January 31, 2011 was 474, a decrease of 9 from January 31, 2010.

Selected Futurestep Data
(dollars in millions)


	Third Quarter						Year to Date
	FY’11			FY’10			FY’11			FY’10
Fee revenue	$	23.4		$	17.6		$	64.9		$	49.9
Total revenue	$	24.5		$	18.6		$	69.0		$	53.5
Operating income	$	1.3		$	0.6		$	3.5		$	2.4
Operating margin		5.4	%		3.2	%		5.3	%		4.7	%

Adjusted Results (a):


	Third Quarter						Year to Date
	FY’11			FY’10			FY’11			FY’10
Operating income (loss)	$	1.3		$	0.2		$	3.4		$	(0.5	)
Operating margin		5.4	%		1.1	%		5.2	%		(1.0	)%


(a)		Adjusted results are non-GAAP financial measures that exclude recoveries of restructuring charges of $0.1 million and $2.8 million during nine months ended January 31, 2011 and 2010, respectively. Adjusted results for the three months ended January 31, 2010 exclude recoveries of restructuring charges of $0.3 million (see attached reconciliations). There were no adjustments during the three months ended January 31, 2011.

Fee revenue was $23.4 million in Q3 FY’11, an increase of $5.8 million, or 33%, from $17.6 million in Q3 FY’10. The improvement in fee revenue was driven by a 16% increase in the weighted-average fee billed per engagement, as well as a 14% increase in the number of engagements billed.

Operating income was $1.3 million in Q3 FY’11 compared to $0.6 million in Q3 FY’10. Q3 FY’10 operating income includes recoveries of restructuring costs of $0.3 million which primarily relates to lower facility lease costs than originally recorded; without which operating income would have been $0.2 million.

Outlook

Assuming constant foreign exchange rates, stable economic conditions and steady financial markets, Q4 FY’11 fee revenue is likely to be in the range of $183 million to $197 million and diluted earnings per share is likely to be in the range of $0.30 to $0.36.

Earnings Conference Call Webcast

The earnings conference call will be held today at 1:00 PM (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, deploy, develop and reward 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. The statements, which include words such as “believes”, “expects” or “likely” include references to our outlook. 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, maintaining our brand name and professional reputation, potential legal liability, the portability of client relationships, global and local political or economic developments in or affecting countries where we have operations, currency fluctuations in our international operations, risks related to the growth, alignment of our cost structure with our growth, restrictions imposed by off-limits agreements, reliance on information processing systems, our ability to enhance and develop new technology, the successful integration of acquired businesses, our ability to develop new products and services, impairment of goodwill and other intangible assets, deferred tax assets 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:

•

adjusted operating income (loss) and operating margin, adjusted to exclude charges (recoveries) of restructuring charges, net;

•

adjusted net income (loss), adjusted to exclude charges (recoveries) of restructuring charges, net and certain tax adjustments;

•

adjusted basic and diluted earnings (loss) per share, adjusted to exclude charges (recoveries) of restructuring charges, net and certain tax adjustments; 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					Nine Months Ended
	January 31,					January 31,
	2011		2010			2011		2010
	(unaudited)

Fee revenue	$	186,489	$	146,742		$	546,951	$	403,690
Reimbursed out-of-pocket engagement expenses		7,620		6,158			23,524		19,054

Total revenue		194,109		152,900			570,475		422,744


Compensation and benefits		126,088		102,654			373,851		295,115
General and administrative expenses		31,534		31,635			87,512		86,853
Out-of-pocket engagement expenses		12,756		9,837			38,092		28,090
Depreciation and amortization		3,239		2,755			9,351		8,444
Restructuring (reductions) charges, net		—		(364	)		2,130		20,593

Total operating expenses		173,617		146,517			510,936		439,095


Operating income (loss)		20,492		6,383			59,539		(16,351	)

Interest and other income, net		1,547		893			895		5,364

Income (loss) before provision (benefit) for income taxes and equity in earnings of unconsolidated subsidiaries		22,039		7,276			60,434		(10,987	)
Income tax provision (benefit)		8,598		(244	)		23,407		(6,730	)
Equity in earnings of unconsolidated subsidiaries, net		534		390			1,508		639

Net income (loss)	$	13,975	$	7,910		$	38,535	$	(3,618	)


Earnings (loss) per common share:
Basic	$	0.31	$	0.18		$	0.86	$	(0.08	)

Diluted	$	0.30	$	0.17		$	0.84	$	(0.08	)


Weighted-average common shares outstanding:
Basic		45,349		44,622			45,040		44,290

Diluted		46,720		45,811			46,026		44,290

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


	Three Months Ended												Nine Months Ended
	January 31,												January 31,
	2011						2010			% Change			2011						2010			% Change
Fee Revenue:
Executive recruitment:
North America	$	94,991					$	70,187			35	%	$	279,032					$	193,709			44	%
EMEA		40,068						36,643			9	%		113,760						101,240			12	%
Asia Pacific		20,445						16,503			24	%		65,685						42,437			55	%
South America		7,638						5,829			31	%		23,602						16,396			44	%

Total executive recruitment		163,142						129,162			26	%		482,079						353,782			36	%
Futurestep		23,347						17,580			33	%		64,872						49,908			30	%

Total fee revenue		186,489						146,742			27	%		546,951						403,690			35	%
Reimbursed out-of-pocket engagement expenses		7,620						6,158			24	%		23,524						19,054			23	%

Total revenue	$	194,109					$	152,900			27	%	$	570,475					$	422,744			35	%


				Margin						Margin						Margin						Margin
Adjusted Operating Income (Loss): (Excluding Restructuring Charges)
Executive recruitment:
North America	$	21,650			22.8	%	$	13,353			19.0	%	$	60,580			21.7	%	$	28,810			14.9	%
EMEA		3,360			8.4	%		2,935			8.0	%		9,066			8.0	%		5,909			5.8	%
Asia Pacific		2,487			12.2	%		1,203			7.3	%		7,117			10.8	%		2,239			5.3	%
South America		1,559			20.4	%		1,010			17.3	%		6,136			26.0	%		1,526			9.3	%

Total executive recruitment		29,056			17.8	%		18,501			14.3	%		82,899			17.2	%		38,484			10.9	%
Futurestep		1,268			5.4	%		191			1.1	%		3,341			5.2	%		(483	)		(1.0	%)
Corporate (1)		(9,832	)					(12,673	)					(24,571	)					(33,759	)

Total adjusted operating income (loss)	$	20,492			11.0	%	$	6,019			4.1	%	$	61,669			11.3	%	$	4,242			1.1	%


Restructuring (Reductions) Charges, net:
Executive recruitment:
North America	$	—			0.0	%	$	—			0.0	%	$	(340	)		(0.1	%)	$	(1,279	)		(0.6	%)
EMEA		—			0.0	%		—			0.0	%		2,569			2.3	%		24,798			24.5	%
Asia Pacific		—			0.0	%		—			0.0	%		—			0.0	%		87			0.2	%
South America		—			0.0	%		—			0.0	%		—			0.0	%		(173	)		(1.1	%)

Total executive recruitment		—			0.0	%		—			0.0	%		2,229			0.5	%		23,433			6.6	%
Futurestep		—			0.0	%		(364	)		(2.1	%)		(99	)		(0.1	%)		(2,840	)		(5.7	%)
Corporate		—						—						—						—

Total restructuring (reductions) charges, net	$	—			0.0	%	$	(364	)		(0.2	%)	$	2,130			0.4	%	$	20,593			5.2	%


				Margin						Margin						Margin						Margin
Operating Income (Loss):
Executive recruitment:
North America	$	21,650			22.8	%	$	13,353			19.0	%	$	60,920			21.8	%	$	30,089			15.5	%
EMEA		3,360			8.4	%		2,935			8.0	%		6,497			5.7	%		(18,889	)		(18.7	%)
Asia Pacific		2,487			12.2	%		1,203			7.3	%		7,117			10.8	%		2,152			5.1	%
South America		1,559			20.4	%		1,010			17.3	%		6,136			26.0	%		1,699			10.4	%

Total executive recruitment		29,056			17.8	%		18,501			14.3	%		80,670			16.7	%		15,051			4.3	%
Futurestep		1,268			5.4	%		555			3.2	%		3,440			5.3	%		2,357			4.7	%
Corporate (1)		(9,832	)					(12,673	)					(24,571	)					(33,759	)

Total operating income (loss)	$	20,492			11.0	%	$	6,383			4.3	%	$	59,539			10.9	%	$	(16,351	)		(4.1	%)


(1)		Lower net expenses primarily 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 $1.1 million and $4.9 million during the three and nine months ended January 31, 2011 compared to the three and nine months ended January 31, 2010, respectively.

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)


	January 31,			April 30,
	2011			2010
	(unaudited)
ASSETS
Cash and cash equivalents	$	181,309		$	219,233
Marketable securities		19,949			4,114
Receivables due from clients, net of allowance for doubtful accounts of $9,081 and $5,983, respectively		137,408			107,215
Income taxes and other receivables		11,859			6,292
Deferred income taxes		16,251			20,844
Prepaid expenses and other assets		27,898			23,166

Total current assets		394,674			380,864


Marketable securities, non-current		102,301			73,105
Property and equipment, net		39,903			24,963
Cash surrender value of company owned life insurance policies, net of loans		73,257			69,069
Deferred income taxes		62,385			59,742
Goodwill		176,988			172,273
Intangible assets, net		23,697			25,425
Investments and other assets		34,312			21,657

Total assets	$	907,517		$	827,098


LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	11,072		$	11,148
Income taxes payable		11,786			6,323
Compensation and benefits payable		143,037			131,550
Other accrued liabilities		45,300			49,062

Total current liabilities		211,195			198,083


Deferred compensation and other retirement plans		128,552			123,794
Other liabilities		24,518			13,879

Total liabilities		364,265			335,756

Stockholders’ equity
Common stock: $0.01 par value, 150,000 shares authorized, 58,958 and 57,614 shares issued and 46,817 and 45,979 shares outstanding, respectively		398,618			388,717
Retained earnings		128,455			90,220
Accumulated other comprehensive income, net		16,701			12,934

Stockholders’ equity		543,774			491,871
Less: notes receivable from stockholders		(522	)		(529	)

Total stockholders’ equity		543,252			491,342

Total liabilities and stockholders’ equity	$	907,517		$	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
	January 31, 2011						January 31, 2010
	As Reported		Adjustments		As Adjusted		As Reported			Adjustments			As Adjusted

Fee revenue	$	186,489			$	186,489	$	146,742					$	146,742
Reimbursed out-of-pocket engagement expenses		7,620				7,620		6,158						6,158

Total revenue		194,109				194,109		152,900						152,900


Compensation and benefits		126,088				126,088		102,654						102,654
General and administrative expenses		31,534				31,534		31,635						31,635
Out-of-pocket engagement expenses		12,756				12,756		9,837						9,837
Depreciation and amortization		3,239				3,239		2,755						2,755
Restructuring reductions, net		—		—		—		(364	)		364			—

Total operating expenses		173,617		—		173,617		146,517			364			146,881


Operating income		20,492		—		20,492		6,383			(364	)		6,019

Interest and other income, net		1,547				1,547		893						893

Income before provision (benefit) for income taxes and equity in earnings of unconsolidated subsidiaries		22,039		—		22,039		7,276			(364	)		6,912
Income tax provision (benefit) (1) (2)		8,598		—		8,598		(244	)		2,698			2,454
Equity in earnings of unconsolidated subsidiaries, net		534				534		390						390

Net income	$	13,975	$	—	$	13,975	$	7,910		$	(3,062	)	$	4,848


Earnings per common share:
Basic	$	0.31			$	0.31	$	0.18					$	0.11

Diluted	$	0.30			$	0.30	$	0.17					$	0.11


Weighted-average common shares outstanding:
Basic		45,349				45,349		44,622						44,622

Diluted		46,720				46,720		45,811						45,811


Explanation of Non-GAAP Adjustments

(1)		Calculated using an annual effective tax rate of 39% and 36%, adjusted for the three months ended January 31, 2011 and 2010, respectively.

(2)		The three months ended January 31, 2010 includes reversal of a reserve previously taken against an uncertain tax position and an increased valuation allowance related to cash repatriations and foreign tax credits.

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)


	Nine Months Ended							Nine Months Ended
	January 31, 2011							January 31, 2010
	As Reported		Adjustments			As Adjusted		As Reported			Adjustments			As Adjusted

Fee revenue	$	546,951				$	546,951	$	403,690					$	403,690
Reimbursed out-of-pocket engagement expenses		23,524					23,524		19,054						19,054

Total revenue		570,475					570,475		422,744						422,744


Compensation and benefits		373,851					373,851		295,115						295,115
General and administrative expenses		87,512					87,512		86,853						86,853
Out-of-pocket engagement expenses		38,092					38,092		28,090						28,090
Depreciation and amortization		9,351					9,351		8,444						8,444
Restructuring charges, net		2,130		(2,130	)		—		20,593			(20,593	)		—

Total operating expenses		510,936		(2,130	)		508,806		439,095			(20,593	)		418,502


Operating income (loss)		59,539		2,130			61,669		(16,351	)		20,593			4,242

Interest and other income, net		895					895		5,364						5,364

Income (loss) before provision (benefit) for income taxes and equity in earnings of unconsolidated subsidiaries		60,434		2,130			62,564		(10,987	)		20,593			9,606
Income tax provision (benefit) (1) (2)		23,407		821			24,228		(6,730	)		10,140			3,410
Equity in earnings of unconsolidated subsidiaries, net		1,508					1,508		639						639

Net income (loss)	$	38,535	$	1,309		$	39,844	$	(3,618	)	$	10,453		$	6,835


Earnings (loss) per common share:
Basic	$	0.86				$	0.88	$	(0.08	)				$	0.15

Diluted	$	0.84				$	0.87	$	(0.08	)				$	0.15


Weighted-average common shares outstanding:
Basic		45,040					45,040		44,290						44,290

Diluted		46,026					46,026		44,290						45,209


Explanation of Non-GAAP Adjustments

(1)		Calculated using an annual effective tax rate of 39% and 36%, adjusted for the nine months ended January 31, 2011 and 2010, respectively.

(2)		The nine months ended January 31, 2010 includes reversal of a reserve previously taken against an uncertain tax position and an increased valuation allowance related to cash repatriations and foreign tax credits.

KORN FERRY - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - March 9, 2011

Attached files

KORN FERRY Reports