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<SEC-DOCUMENT>0000950123-10-082627.txt : 20101214
<SEC-HEADER>0000950123-10-082627.hdr.sgml : 20101214
<ACCEPTANCE-DATETIME>20100831134814
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-082627
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100831

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KORN FERRY INTERNATIONAL
		CENTRAL INDEX KEY:			0000056679
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EMPLOYMENT AGENCIES [7361]
		IRS NUMBER:				952623879
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1900 AVENUE OF THE STARS
		STREET 2:		SUITE 2600
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		3105521834

	MAIL ADDRESS:	
		STREET 1:		1900 AVENUE OF THE STARS
		STREET 2:		SUITE 2600
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Correspondence</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;KORN/FERRY INTERNATIONAL LETTERHEAD&#093;
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">August&nbsp;31, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Mr.&nbsp;Daniel Gordon<BR>
Branch Chief<BR>
Division of Corporation Finance<BR>
Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Re:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Korn/Ferry International</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Form&nbsp;10-K for the Fiscal Year ended April&nbsp;30, 2010</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Filed June&nbsp;29, 2010</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>File No.&nbsp;001-14505</B></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Dear Mr.&nbsp;Gordon,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This letter responds to your letter dated August&nbsp;10, 2010, regarding Korn/Ferry
International&#146;s (the &#147;Company&#148;) annual report on Form 10-K (the &#147;Form 10-K&#148;) for the fiscal year
ended April&nbsp;30, 2010 (filed June&nbsp;29, 2010). A copy of this letter was also faxed to Eric McPhee at
(202)&nbsp;551-3693, whose name was on the original letter we received. Each of your comments from the
August&nbsp;10, 2010 letter is set forth below, followed by our related response.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Form&nbsp;10-K for the Fiscal Year Ended April&nbsp;30, 2010</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,
page 19</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><u>Fee Revenue, page 22</u></B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Please tell us what impact the 2010 fiscal year acquisitions had on overall fee revenue. If the additional revenue related to the 2010 acquisitions is material we believe this should be quantified and discussed in your results of operations.</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company advises the Staff that management estimates fiscal 2010 acquisitions in the
aggregate impacted overall fiscal 2010 fee revenue by approximately $40&nbsp;million, or 6.9%.
Management determined that the combined estimated impact of these acquisitions was neither
quantitatively nor qualitatively material to fiscal 2010 fee revenue (and that this impact
was even less material when compared against fiscal 2009 and 2008 fee revenue). In
addition, management noted that the impact of each acquisition on fiscal 2010 fee revenue,
taken on its own, was even less material and further noted that one of the two acquired
companies comprised approximately 90% of the total fee revenue impact. In light of the
foregoing, management determined that the fiscal 2010 acquisitions should not be quantified
and discussed in the Company&#146;s results of operations. Further, the fact that the larger
acquisition was fully integrated into the Company&#146;s existing executive search business
immediately after closing reinforced this determination as separately disclosing its fee revenue impact would incorrectly portray this
acquired business as distinct from the Company&#146;s executive search business.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><u>General and Administrative Expenses, page 24</u></B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>We note your disclosure that the decrease in the provision for bad debts was due to a higher than
normal provision in 2009, but a review of your allowance for doubtful accounts as a percentage of Receivables due from clients over the prior five years indicates allowances of 16.6%, 9.6%, 9.1%, 10.1% and 10.6% for 2009, 2008, 2007, 2006 and 2005, respectively, compared to 5.6% for the current year. Please tell us why you believe your current allowance is sufficient, and why it warrants a 43% decrease from the average allowance of the 4&nbsp;years prior to 2009.</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company&#146;s practice is to review its allowance for doubtful accounts on a quarterly
basis. The review includes an assessment of the historical loss experience, collectability
of specific accounts, creating and adjusting reserves, as appropriate, expectations of
future collections based upon trends, and the type of work for which services are rendered.
The estimated allowance for a specific account can be as much as the entire balance for the
account. Changes in the allowance are recorded through a charge to general and
administrative expenses.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">As the Company noted in Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations in its Form 10-K for fiscal 2010, the significant decrease in its
provision for bad debts resulted from a higher than normal provision in fiscal 2009 (due to
difficult economic conditions that existed in fiscal 2009) and an improvement of economic
conditions in fiscal 2010. The decrease in the allowance for doubtful accounts in the
balance sheet for the year ended April&nbsp;30, 2010 was partially driven by this decrease in the
provision for bad debts resulting from the improvement in the economic conditions, but
another factor driving the decrease in the allowance for doubtful accounts in fiscal 2010
was the approximately $5&nbsp;million charge-off of fully reserved accounts receivable. This
charge-off resulted in a reduction in the Company&#146;s allowance for doubtful accounts in
fiscal 2010 by a corresponding $5&nbsp;million. The charge-off of these fully reserved accounts
receivable had no impact on the statement of operations or accounts receivable net of the
allowance for doubtful accounts. We also note that the allowance for doubtful accounts to
accounts receivable in 2009 at 16.9% was abnormally high primarily due to the significant
drop in accounts receivable in 2009, again due to the difficult economic conditions, and the
fact the allowance still contained amounts for the fully reserved accounts. If the Company
had not charged-off the fully reserved accounts in fiscal 2010, the allowance for doubtful
accounts would have been 10.4% of accounts receivable for the year ended April&nbsp;30, 2010,
which is in line with the historical trends cited in the Staff&#146;s comment. Based on the
Company&#146;s 2010 quarterly reviews of its allowance for doubtful accounts, the Company
believes its allowance for doubtful accounts was sufficient at each reporting period.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Contractual Obligations, page 30</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Please revise future filings to include estimated interest payments related to the COLI
loans.</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company will revise the tabular disclosure relating to its contractual obligations in
its future filings to include estimated interest payments related to its COLI loans. Given
the uncertainty as to the timing of these loan repayments, as noted in the footnote
disclosure to the contractual obligations table in the Company&#146;s Form 10-K for fiscal 2010,
and the variable interest rates on these loans, as discussed in Note 11 &#151; Long-Term Debt,
in the notes to the consolidated financial statements of the Company&#146;s Form 10-K for fiscal
2010, the inclusion of this information will require the Company to make significant
estimates and assumptions as to the timing of repayment and interest rates on its COLI
loans. While the Company will disclose the basis of these estimates and assumptions in the
footnotes to its contractual obligations table in future filings, as with any estimate, the
Company&#146;s actual interest payments on its COLI loans may prove to be materially different
from what is presented in the table.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>I. Organization and Summary of Significant Accounting Policies, page F-9 </B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Please disclose your accounting policy for business combinations in future filings.</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company advises the Staff that beginning with its Form 10-Q for the first quarter of fiscal 2011 the
Company will disclose its accounting policy for business combinations.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><u>Allowance for Doubtful Accounts, page F-10</u></B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Please tell us what caused a significant reduction in your allowance for doubtful
accounts in 2010 and 2009 compared to the prior years, beyond the provision for bad debts
recorded in each year, and the amounts written off in each year as disclosed in this paragraph. In addition, please
provide a rollforward of your allowance for doubtful accounts as required by Rule&nbsp;5-04 of Regulation&nbsp;S-X.
The rollforward should be included in future filings and in your response.</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">For an explanation as to why the Company&#146;s allowance for doubtful accounts was significantly
reduced in 2010 and 2009 compared to prior years, please see our response to Comment 2.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In response to the Staff&#146;s request for a rollforward of the Company&#146;s allowance for doubtful
accounts, the Company notes that in accordance with Rule&nbsp;5-04(b) of Regulation&nbsp;S-X, the
Company did not include a schedule setting forth a rollforward of the allowance for doubtful
accounts as it included the contents of this rollforward in its consolidated financial
statements and notes thereto. The Company advises the Staff that, per the Staff&#146;s request,
it will include this rollforward as a separate schedule to its<U> </U>consolidated
financial statements in future filings and has supplementally provided a rollforward for
fiscal 2010 and 2009 as Exhibit&nbsp;A to this letter. In the course of preparing this schedule
the Company noted that the amounts disclosed as write-offs on page F-10 to the notes to the
consolidated financial statements should have been $1.1&nbsp;million, $2.5&nbsp;million and $0.5&nbsp;million higher for fiscal 2010, 2009, and 2008, respectively. The Company
will correct the amount of write-offs in future filings.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>We note from your disclosure that your provision for doubtful accounts is based on historical
loss experience. Please tell us if you use additional factors in determining your allowance,
such as creating reserves for specific accounts determined to be uncollectible, and if so,
please revise your accounting policy in future filings to disclose this.</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">As discussed in the Company&#146;s response to Comment 2, in addition to considering historical
loss experience, when determining the Company&#146;s allowance for doubtful accounts, the Company
assesses the collectability of specific accounts, as well as expectations of future
collections based upon trends and the type of work for which services are rendered. The
Company will revise its accounting policy to discuss the additional factors noted above in
future filings.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>In addition, tell us why you significantly increased your reserve in 2009 and then
significantly reduced your reserve in 2010. Significant fluctuations in your reserve should be
explained in your MD&#038;A.</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Please see our response to Comment 2. Additionally, the Company advises the Staff it will
continue to carefully analyze its allowance for doubtful accounts and in future filings will
explain in greater detail the reasons for any significant future fluctuations in its
reserve.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Deferred Compensation and Retirement Plans, page F-23 </B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Please tell us how you determined it was appropriate to use 0% as your weighted-average
assumption used in calculating the benefit obligations for both your deferred compensation
plan and pension plan, for all periods presented.</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">As disclosed on pages F-23 and F-24 of the Company&#146;s Form 10-K for fiscal 2010, in June
2003, the Company (a)&nbsp;amended its deferred compensation plans so as to not allow any new
participants or the purchase of additional deferral units by existing participants, and (b)
froze its pension plan so as to not allow new participants, future accruals or future salary
increases. In addition, the benefit obligations under the Company&#146;s deferred compensation
plans do not change based upon changes in salary. In light of these factors, the benefits
under the Company&#146;s deferred compensation plans and pension plan for all periods presented
are not impacted by salary changes, or subject to adjustment for inflation, and hence the
Company determined that a rate of compensation increase of 0% is appropriate for the periods
presented in the notes to the consolidated financial statements of its Form 10-K.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Income Taxes, page F-27</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Please tell us what caused the significant increases in your deferred tax assets related to
Deferred compensation and Loss and credit carryforwards.</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The $24.1&nbsp;million increase in the Company&#146;s deferred tax assets related to deferred
compensation from April&nbsp;30, 2009 to April&nbsp;30, 2010 resulted primarily from two items: (a)&nbsp;a
$27.0&nbsp;million increase in the Company&#146;s deferred compensation plan liabilities that resulted
in a tax-effected increase of $11.2&nbsp;million in deferred assets; and (b)&nbsp;an increase in
bonuses earned in fiscal 2010 and 2009 for which payment was delayed of $27.3&nbsp;million that
resulted in a tax-effected increase of $8.8&nbsp;million in deferred assets. Obligations related
to these employee benefit plans were previously outlined within the Form 10-K for fiscal
2010 in Note 7 &#151;<I>Deferred Compensation and Retirement Plans</I>, in the notes to the Company&#146;s
consolidated financial statements.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The $23.6&nbsp;million increase in the Company&#146;s deferred tax assets related to losses and credit
carryforwards from April&nbsp;30, 2009 to April&nbsp;30, 2010 resulted primarily from two items: (a)
reclassifying valuation allowances of $18.1&nbsp;million related to European subsidiary losses
and carryforwards to a separate valuation allowance account (described under the Valuation
allowances heading under Deferred tax liabilities); and (b)&nbsp;recording 2010 European loss
carryforwards of $7.2&nbsp;million.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>In your next filing, disclose the expiration dates of your loss and credit carryforwards.
Refer to ASC-740-10-50-3.</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company advises the Staff that beginning with the Form 10-K for fiscal 2011 the Company
will disclose the expiration dates of its loss and credit carryforwards in accordance with
ASC-740-10-50-3.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Per the Staff&#146;s request, we hereby acknowledge that:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Company is responsible for the adequacy and accuracy of the disclosure in
the filing;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Staff comments or changes to disclosure in response to Staff comments do not
foreclose the Commission from taking any action with respect to the filing; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Company may not assert Staff comments as a defense in any proceeding
initiated by the Commission or any person under the federal securities laws of the
United States.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We appreciate the Staff&#146;s responsiveness with respect to the Company&#146;s filing and look forward
to resolving any concerns the Staff may have. If you have any questions, please contact me at
(310)&nbsp;843-4164 or Ari Lanin of Gibson, Dunn and Crutcher LLP at (310)&nbsp;552-8581.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">/s/ Michael A. DiGregorio
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Michael A. DiGregorio&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;A<BR>
Allowance for Doubtful Accounts</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Year Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>April 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for doubtful accounts, beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,504</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charged to costs and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deductions &#151; charge-offs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,504</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,545</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Translation (gain)&nbsp;loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for doubtful accounts, end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,197</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>




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