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Monster Worldwide's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Before we begin, I'd like to remind you that except for historical information, the statements made during this conference call constitute forward-looking statements under applicable securities laws. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the company’s strategic direction, prospects and future results. Certain factors, including factors outside of our control, may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, risks associated with acquisitions or dispositions, competition and the other risks discussed in our Form 10-K and our other filings made with the Securities and Exchange Commission.

With that, I'd like to turn the call over to Sal for his comments. Sal?

Sal Iannuzzi

Thank you, Lori. Good morning, everyone, and thank you for joining us today. Given our recent presentations at the Baird conference and Innovation Day, our prepared remarks will be shorter than usual. We will, of course, take your questions at the end of James' financial review.

The overall global business environment during the quarter remained uncertain and was much as we anticipated coming into the quarter. In this environment, we exceeded our expectations on bookings and EPS, and we're at the top of our range on revenue. The key highlights of the quarter were: Bookings were up 5% year-over-year. Excluding the DWP transactions, bookings were 4% lower than last year's first quarter. On a geographic basis, bookings in North America were up 6% year-over-year.

During the quarter, we executed better and experienced strong results in key verticals such as Government, Staffing and newspapers. We had improved performance in enterprise. The result of the e-Comm channel remains inconsistent and weak.

As noted in January, we took a number of steps to improve our performance and our competitive position in the U.S., and as a result, we definitely noticed an increase in our win/loss performance in highly competitive situations. We believe these initiatives began to pay off during the quarter and will gain momentum throughout the year. We are confident that these actions will allow us to continue the longer-term trend of share gains in the United States.

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