Exhibit 99.1

For Immediate Release

Contacts: For investors:

Gary Burnison (310) 226-2613

For media:

Mike Distefano (310) 843-4199

Korn/Ferry International Announces First Quarter Fiscal Year 2004 Results

Highlights:

Los Angeles, CA, September 10, 2003 - Korn/Ferry International (NYSE:KFY), the executive recruitment firm with the broadest global presence, today announced a first quarter fiscal 2004 loss per share of $0.02, excluding restructuring charges of $8.5 million, compared to a loss per share of $0.05 in Q4’03. Including restructuring charges, the Company reported a loss per share of $0.25.

“Although revenue was slightly down sequentially over the traditionally slow summer months, our overall backlog has increased modestly from the prior quarter. While there appears to be more activity in the market, we have yet to see a broad increase in employment activity,” said Paul C. Reilly, Chairman and CEO of Korn/Ferry. “In the past quarter, we focused on building market share, recruiting and on streamlining our organization and business processes. As a result of these efforts, we expect to achieve a modest level of profitability in the second quarter of this fiscal year, which will mark a significant milestone for Korn/Ferry after an extended industry downturn.”

Financial Results

Actual and Adjusted Results

(dollars in millions, except per share amounts)

Fiscal first quarter fee revenue of $72.6 million was down $3.5 million or 5% from Q4’03 of $76.1 million and down $11.4 million or 13.5% from Q1’03 of $83.9 million. The decline in fee revenue is attributable to the challenging economic environment which affected all executive recruitment geographic regions.

Compensation and benefits expense was $51.3 million in the current quarter compared to $53.6 million in Q4’03 and $59.5 million in Q1’03. The sequential decline of $2.3 million or 4% is principally due to our continuing efforts to align compensation and fee revenue in executive recruitment. The decline from Q1’03 of $8.2 million or 13.8% reflects a reduction in the number of employees from approximately 1,700 at July 31, 2002 to approximately 1,400 at July 31, 2003.

General and administrative expense was $16.8 million in the current quarter compared to $17.8 million in Q4’03 and $18.7 million in Q1’03. The sequential decline of $1.0 million or 6% and the decline from prior year of $1.9 million or 10% reflects the Company’s continued cost reduction and operational efficiency efforts.

The Company recorded restructuring charges of $8.5 million, or $0.23 per share, in Q1’04 related to previously announced corporate streamlining initiatives. The $8.5 million restructuring charge represents $6.7 million of cash severance related to staff reductions of approximately 160, $0.9 million of facility related cash charges to be disbursed over the next two years, $0.4 million of other non cash charges primarily related to fixed asset write-offs and $0.5 million of other general and administrative cash charges. Forecasted annualized savings related to these charges are approximately $16 million.

Excluding restructuring charges, operating profit of $1.6 million in the current quarter improved $0.5 million and $0.3 million compared to Q4’03 and Q1’03, respectively, despite the decline in fee revenue. This increase in operating profit reflects the Company’s reduced cost structure and increased operational efficiencies. Including restructuring charges, operating loss for the current quarter was $6.9 million. Excluding restructuring charges, EBITDA was $4.4 million in the current quarter compared to $5.0 million in Q4’03 and $5.5 million in Q1’03. Including restructuring charges, EBITDA for the current quarter was a negative $4.1 million.

Balance Sheet and Liquidity

Cash and cash equivalents was $53.9 million at July 31, 2003.

Interest expense, primarily related to the borrowings under Company Owned Life Insurance (COLI) policies and the Company’s convertible notes, was $2.4 million in the current quarter, consistent with Q4’03. At July 31, 2003, the Company had no outstanding borrowings under its credit facility.

EXECUTIVE RECRUITMENT

Korn Ferry is one of the world’s most highly regarded executive recruitment businesses. Operating in 36 countries, this segment focuses on recruitment for executive-level positions.

Selected Executive Recruitment Data

Actual and Adjusted Results

(dollars in millions)

In the executive recruitment business, fiscal first quarter fee revenue was $64.5 million, down $3.5 million or 5% from $68.0 million in Q4’03 and down $10.0 million or 13% from $74.5 million in Q1’03. The decline in fee revenue is attributable to the continued uncertainty in the economic environment affecting all geographic regions.

Excluding restructuring charges, executive recruitment operating profit was $6.9 million in the current quarter compared to $5.7 million in Q4’03 and $8.1 million in Q1’03. On the same basis, EBITDA was $9.1 million in the current quarter, consistent with Q4’03, and $11.4 million in Q1’03. The fact that operating profit increased and EBITDA remained stable when compared to Q4’03, despite the decrease in fee revenue, reflects the impact of our cost reduction efforts. Including restructuring charges, operating profit and EBITDA was $1.5 million and $3.7 million, respectively. The total number of consultants at July 31, 2003 was 378, a reduction of 68 from July 31, 2002.

FUTURESTEP

Futurestep is a technology-enhanced, middle management recruitment company, which offers clients a multi-tiered portfolio of services from individual search to on-site managed recruitment services.

Selected Futurestep Data

Actual and Adjusted Results

(dollars in millions)

Futurestep fiscal first quarter fee revenue was $8.1 million, consistent with Q4’03. Fee revenue for Q1’03 was $9.4 million. The decline in fee revenue compared to Q1’03 reflects the unstable economic environment, predominately in Europe.

Excluding restructuring charges, Futurestep operating loss was $0.5 million in the current quarter compared to $0.4 million in Q4’03 and $0.9 million in Q1’03. On the same basis, EBITDA was a negative $0.1 million in the current quarter, compared to a positive $0.2 million in Q4’03 and a negative $0.3 million in Q1’03. Despite the decrease in fee revenue, Futurestep operating loss decreased when compared to Q1’03 as a result of on-going cost savings. Including restructuring charges, operating loss and EBITDA were $3.5 million and negative $3.1 million, respectively.

Outlook

The Company estimates that second quarter fiscal year 2004 fee revenue is likely to be in the range of $70 million to $76 million and the operating results will be breakeven to an earnings per share of $0.05.

Earnings Conference Call Webcast

The earnings conference call will be held today at 10:00 AM (EST) and hosted by Paul Reilly, Chairman and CEO, and Gary Burnison, Executive Vice President and Chief Financial Officer. 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 approximately 70 offices in 36 countries, is the executive recruitment firm with the broadest global presence. The firm works closely with clients to provide solutions tailored to their recruitment and assessment needs, through the Company’s executive search business, identifying CEOs, COOs, CFOs, board members and other senior-level executives; through the firm’s Management Assessment business, which provides evaluation of senior management teams; and through Futurestep, which combines the power of the Internet with the firm’s proprietary assessment tools and search expertise to fill the growing demand for middle managers. For more information, visit the Korn/Ferry International Web site at www.kornferry.com and the Futurestep Web site at www.futurestep.com.

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. 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 which are beyond the control of Korn/Ferry. The potential risks and uncertainties relate to competition, the dependence on attracting and retaining qualified and experienced consultants, the portability of client relationships, local political or economic developments in or affecting countries where we have operations, risks related to the growth and results of Futurestep, restrictions imposed by off-limits agreements, reliance on information systems 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.

[Tables attached]

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES

FINANCIAL SUMMARY BY SEGMENT

(in thousands)

*Adjusted operating income (loss) on this page and adjusted EBITDA on the following page for the three months ended July 31, 2003 excludes restructuring charges of $8.5 million related to severance and facilities. Restructuring charges in the current quarter includes $5.4 million related to executive recruitment of which $0.3 million, $4.9 million and $0.2 million relate to North America, Europe and Asia Pacific, respectively, and $3.0 million related to Futurestep. Corporate restructuring charges were $0.1 million in the current quarter.

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF EBITDA

(in thousands)

Note: EBITDA, a non-GAAP financial measure, is operating income (loss) before depreciation and amortization. In addition to excluding interest and taxes, operating income (loss) also excludes equity in earnings of unconsolidated subsidiaries and accretion on redeemable convertible preferred stock. The Company presents EBITDA as an alternative measure of operating performance to operating income (loss). The Company uses EBITDA to analyze its operating results without taking into account depreciation and amortization, which are non-cash expenses. Even though the Company believes that EBITDA is a common measure used by analysts and investors, other companies, including companies in its industry, may define EBITDA differently and thus the Company’s EBITDA and adjusted EBITDA figures may not be comparable with those of other companies.