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Off The Record: Analyst sees a brighter future for Korn/Ferry Full article published: 01/31/2002     Money Managers, Analysts, Buysiders and Executives


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Korn/Ferry International (NYSE:KFY);

Five analysts and top management from four sector firms examine the human capital management sector in this special 54-page Human Capital Management issue from The Wall Street Transcript, available at (212/952-7433) or http://www.twst.com/info/info483.htm.

“When the labor market was tight and there was really strong demand, Korn/Ferry hired aggressively,” comments a leading industry analyst. “Now in weaker times, Korn/Ferry just has not produced the amount of revenue to support those cost structures. Now Korn/Ferry is burning cash pretty quickly and they are expected to lose money for the full year of 2001 and at least into the first half of 2002. Korn/Ferry’s business model has raised some serious questions on the street. A lot of people wonder if Korn/Ferry should bother to remain a public company.”

Another analyst, seeing a brighter future for Korn/Ferry, says, “the problem with Korn/Ferry was the old management team. The new CEO, Paul Reilly, is actually doing a pretty good job of establishing that Korn/Ferry is being run for the shareholders. They have come along a lot further than they were before. Previously, under the old management team, Korn/Ferry was really lost. They were making investments in all these e-commerce initiates, and a lot of those just did not make sense. Korn/Ferry overpaid for them so there returns on capital absolutely plummeted. It was not clear if anyone was truly in control of what was happening at Korn/Ferry. So now Paul Reilly is in place as CEO. So far, he has done a really good job of taking charge and setting the agenda. Reilly has shown that Korn/Ferry is, in fact, going to act like a public company. This can only mean good things for Korn/Ferry looking forward. I think with what Reilly has outlined, Korn/Ferry should be able to pull itself back up.”

This special issue includes:

1) Human Capital Management - In an in-depth (16,600 words) Analyst Roundtable, Mark W. Allen, Managing Director at SunTrust Robinson Humphrey Capital Markets, Randall A. Mehl, Director at Robert W. Baird & Co., Brandt Sakakeeny, Director at Deutsche Banc Alex. Brown, Inc. and Adam Waldo, Senior Vice President at Lehman Brothers, examine the outlook for the sector including the effect of Fed rate cuts, investment approach and share specific stock recommendations.

2) Human Capital Management - In an in-depth (4,900 words) Analyst Interview, Mark S. Marcon, Analyst at Wachovia Securities, examines the outlook for the sector and shares specific stock recommendations.

3) The TWST confidential Off-The-Record survey of management performance of seventeen sector firms asked market insiders about the ability of management teams to create shareholder value.

4) CEO interviews (average 2,500 words). Top management of four sector firms examine the outlook for their firm and the sector.


Tickers included in this excerpt: RMCI

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This interview is a small excerpt from a comprehensive management survey published in The Wall Street Transcript on 01/28/02. For more information call (212) 952 7400. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.

Copyright 2002, Wall Street Transcript Corp.

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