Exhibit 99.1

For Immediate Release

Contacts: For investors:

Gary Burnison (310) 226-2613

For media:

Don Spetner (310) 843-4176

Korn/Ferry International Announces a 28% Increase in

Fiscal Fourth Quarter Fee Revenue

Highlights:

Los Angeles, CA, June 8, 2004 - Korn/Ferry International (NYSE:KFY), a leading provider of recruitment and leadership development services, announced fourth quarter fiscal 2004 diluted earnings per share of $0.21 compared to $0.10 in Q3’04 and a loss per share of $0.05 in Q4’03.

“We are pleased by the results of the fourth quarter and for the year,” said Paul C. Reilly, CEO and Chairman of Korn/Ferry International. “Vigilant focus on client service and expanding our multi-product strategy has begun to bear fruit. We believe that the global job recovery will continue over the next several quarters as the macro economy further expands.”

Financial Results

Actual and Adjusted Results

(dollars in millions, except per share amounts)

Fiscal fourth quarter fee revenue of $97.7 million increased $16.3 million or 20% from Q3’04 of $81.4 million and increased $21.6 million or 28% from Q4’03 of $76.1 million. The sequential increase in fee revenue is due to the increase in the average number of billable engagements, primarily in North America and Europe where fee revenue increased $9.5 and $2.5 million, respectively, sequentially. The year over year increase in fee revenue, which includes an increase of North America fee revenue of $12.9 million, is attributable to an improvement in the number of new engagements opened across all regions. Exchange rates impacted fee revenues favorably by $4.5 million in the current quarter compared to Q4’03 with little impact to net income due, in part, to the effect of exchange rates on compensation and benefit expenses as well as general and administrative expenses.

Compensation and benefits expense was $64.9 million compared to $53.6 million in Q3’04 and Q4’03. The increases partially relate to increases in bonus expense due to the continued improvement in profitability. Exchange rates impacted compensation and benefits expense by $2.9 million in the current quarter compared to prior year.

General and administrative expense was $18.6 million compared to $18.7 million in Q3’04 and $17.8 million in Q4’03. The year over year increase in general and administrative expense was primarily due to exchange rates.

Depreciation and amortization expense of $2.2 million was consistent with Q3’04 and decreased $1.7 million compared to Q4’03 as a significant amount of our property and equipment became fully depreciated in the latter half of fiscal 2003.

Operating income of $11.3 million improved $5.1 million compared to Q3’04 and improved $10.2 million compared to Q4’03. Operating EBITDA of $13.5 million improved $4.7 million compared to Q3’04 and improved $8.5 million compared to Q4’03.

Balance Sheet and Liquidity

Cash and cash equivalents was $108.1 million at April 30, 2004 compared to $76.9 million at January 31, 2004 and $82.7 million at April 30, 2003.

Interest expense, primarily related to the borrowings under Company Owned Life Insurance (COLI) policies and Korn/Ferry’s convertible securities, was $2.1 million in the current quarter, which decreased slightly compared to Q3’04. At April 30, 2004, Korn/Ferry had no outstanding borrowings under its credit facility.

EXECUTIVE RECRUITMENT

Korn/Ferry is one of the world’s leading executive recruitment brands. Operating in 36 countries, the Executive Recruitment business delivers customized executive search services, including the identification of CEOs, COOs, CFOs, board members and other senior-level executives, to clients worldwide.

Selected Executive Recruitment Data

Actual and Adjusted Results

(dollars in millions)

In the Executive Recruitment business, fiscal fourth quarter fee revenue was $87.6 million, an increase of $14.8 million or 20% from $72.8 million in Q3’04 and an increase of $19.6 million or 29% from $68.0 million in Q4’03. The sequential and year over year increases in fee revenue are attributable to an increase in the average number of billable engagements and the number of new engagements opened in the current quarter, across all regions.

Additionally, exchange rates impacted fee revenue in the current quarter favorably by $3.7 million versus Q4’03.

Executive recruitment operating income was $16.2 million in the current quarter, an increase of $4.8 million or 42% compared to $11.4 million in Q3’04 and an increase of $10.4 million compared to $5.8 million in Q4’03. Operating EBITDA was $18.1 million in the current quarter, an improvement of $4.6 million or 34% compared to $13.5 million in Q3’04 and an improvement of $9.3 million compared to $8.8 million in Q4’03.

The increases in both operating income and operating EBITDA in Q4’04 compared to Q3’04 reflect the increase of revenue partially offset by an increase in compensation and benefits expense.

The increases in both operating income and operating EBITDA in Q4’04 compared to Q4’03 reflect the increase of revenue as well a decrease in depreciation and amortization expense, which only affected operating income. These amounts were partially offset by an increase of compensation and benefits expense.

The total number of consultants at April 30, 2004 was 379, fairly consistent with the number of consultants at January 31, 2004, and a reduction of approximately 10 compared to April 30, 2003.

FUTURESTEP

Futurestep provides customized middle management recruitment solutions to companies, offering clients a portfolio of services ranging from individual search assignments to on-site managed recruitment services.

Selected Futurestep Data

Actual and Adjusted Results

(dollars in millions)

Futurestep fiscal fourth quarter fee revenue was $10.1 million, an increase of $1.6 million or 19% from Q3’04 and an increase of $2.0 million or 25% from Q4’03. Fee revenue increased in

all regions driven by our strategic movement toward larger fee engagements. Exchange rates impacted fee revenue in the current quarter favorably by $0.8 million compared to Q4’03.

Futurestep operating income was $0.9 million in the current quarter compared to $0.6 million in Q3’04 and an operating loss of $0.7 million in Q4’03. Operating EBITDA was $1.0 million in the current quarter compared to $0.9 million in Q3’04 and ($0.1) million in Q4’03.

Outlook

Korn/Ferry estimates that first quarter fiscal 2005 fee revenue is likely to be in the range of $90 million to $96 million, assuming constant foreign exchange rates, and earnings per share is likely to be in the range of $0.12 to $0.17. In fiscal 2005, the Company expects its effective tax rate to be approximately 42%.

Earnings Conference Call Webcast

The earnings conference call will be held today at 9:00 AM (EST) and hosted by Paul Reilly, Chairman and CEO, and Gary Burnison, Chief Operating 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 over 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 its executive search business, which identifies 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 provides customized middle management recruitment solutions to employers, offering clients a portfolio of services ranging from individual search assignments to on-site managed recruitment services. 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)

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF EBITDA

(in thousands)

Note: Operating 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.

KORN/FERRY INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)