August 8, 2001 - 10-K/A: Annual report pursuant to Section 13 and 15(d)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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FORM 10-K/A

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the fiscal year ended April 30, 2001

[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

Commission File Number 001-14505

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KORN/FERRY INTERNATIONAL
(Exact Name of Registrant as Specified in its Charter)

Delaware 95-2623879
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)

1800 Century Park East, Suite 900 Los Angeles, California 90067
(Address of principal executive offices) (Zip code)

(310) 556-8553
(Registrant's telephone number, including area code)

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Securities registered pursuant to Section 12(b) of the Act:

Title of each class Name of each exchange on which registered
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Common Stock, par value $0.01 per share New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

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Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes [X] No [_]

Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [_]

The number of shares outstanding of our common stock as of July 26, 2001
was 37,501,527 shares. The aggregate market value of the Registrant's common
stock held by non-affiliates of the Registrant on July 26, 2001 (assuming that
the Registrant's only affiliates are its officers, directors and 10% or
greater stockholders) was approximately $546,143,922, based upon the closing
market price of $15.69 on that date of a share of common stock as reported on
the New York Stock Exchange.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's definitive Proxy Statement for its 2001 Annual
Meeting of Stockholders scheduled to be held on September 25, 2001 are
incorporated by reference into Part III of this Form 10-K.

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Explanatory Note

This Form 10-K/A amends the Form 10-K previously filed by the registrant
with the Securities and Exchange Commission on July 30, 2001 solely for the
purpose of replacing page F-3 to correct the date headings in the columns.

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)

April 30,
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2001 2000
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ASSETS
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Cash and cash equivalents.................................. $ 88,463 $ 86,975
Marketable securities...................................... 16,397 59,978
Receivables due from clients, net of allowance for doubtful
accounts of $13,319 and $12,538........................... 91,513 101,506
Other receivables.......................................... 11,299 8,112
Deferred income taxes...................................... 8,821 3,814
Prepaid expenses........................................... 9,909 7,453
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Total current assets.................................... 226,402 267,838
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Property and equipment:
Computer equipment and software........................... 48,715 32,532
Furniture and fixtures.................................... 24,223 18,175
Leasehold improvements.................................... 23,814 15,304
Automobiles............................................... 1,889 1,793
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98,641 67,804
Less: Accumulated depreciation and amortization............ (43,652) (31,992)
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Property and equipment, net............................... 54,989 35,812
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Cash surrender value of company owned life insurance
policies, net of loans.................................... 54,361 50,632
Marketable securities and other investments................ 6,894 1,129
Deferred income taxes...................................... 24,942 17,790
Goodwill and other intangibles, net of accumulated
amortization of $20,872 and $8,709........................ 128,066 96,643
Other...................................................... 4,675 6,150
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Total assets............................................ $500,329 $475,994
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Notes payable and current maturities of long-term debt..... $ 11,881 $ 16,147
Accounts payable........................................... 13,360 11,896
Income taxes payable....................................... 2,728 407
Compensation and related taxes............................. 110,702 117,259
Other accrued liabilities.................................. 32,523 39,081
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Total current liabilities............................... 171,194 184,790
Deferred compensation...................................... 41,522 37,483
Long-term debt............................................. 11,842 16,916
Other...................................................... 2,319 2,361
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Total liabilities....................................... 226,877 241,550
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Non-controlling shareholders' interest..................... 3,286 3,220
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Shareholders' equity:
Common stock, $0.01 par value, 150,000 shares authorized,
38,082 and 37,257 shares issued and 37,516 and
36,748 shares outstanding................................ 296,069 283,277
Deficit................................................... (4,602) (35,615)
Accumulated other comprehensive loss...................... (16,598) (7,300)
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Shareholders' equity.................................... 274,869 240,362
Less: Notes receivable from shareholders.................. (4,703) (9,138)
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Total shareholders' equity.............................. 270,166 231,224
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Total liabilities and shareholders' equity.............. $500,329 $475,994
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The accompanying notes are an integral part of these consolidated financial
statements.

F-3

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this amended
report to be signed on its behalf by the undersigned, thereunto duly
authorized.

KORN/FERRY INTERNATIONAL

August 8, 2001 /s/ Elizabeth S.C.S. Murray
By: _________________________________
Elizabeth S.C.S. Murray
Chief Financial Officer, Treasurer
and
Executive Vice President