Korn/Ferry (KFY) Amends Q4 Results

June 29, 2009 8:10 AM EDT

Korn/Ferry International (NYSE: KFY) announced it has made an adjustment to its Q4 results of operations subsequent to the issuance of its press release on June 9, 2009.

The adjustment was made to correct compensation and benefit expenses that had been recorded twice by the Company during the periods covering fiscal 2002 through fiscal 2009 for expenses relating to employee contributions to a health and welfare benefit plan. The cumulative impact of this adjustment was a $3.7 million decrease in compensation and benefits expense for the quarter and year ended April 30, 2009, a $4.0 million increase in cash and cash equivalents and a $0.3 million increase in accrued compensation and benefits liability as of April 30, 2009. This adjustment increased operating profit by $3.7 million and decreased net loss by $2.3 million, or $0.05 per basic and diluted share for the quarter and year ended April 30, 2009.

Based on the Company's analysis of the adjustment it was not considered material to any individual prior period or the current period. A revised balance sheet and income statement reflecting the adjustment are attached.

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