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TheStreet Open House

Monster Worldwide Reports Second Quarter 2012 Results

Stocks in this article: MWW

Monster Worldwide, Inc. (NYSE:MWW) today reported financial results for the second quarter ended June 30, 2012.

Business Highlights

  • On a global basis, business derived from the Company’s advanced and proprietary product offerings, including Career Ad Network® and Power Resume Search®, increased in the double-digit range compared to the same period a year ago.
  • Careers North America bookings increased 14% on a year over year basis due primarily to bookings growth in the Government Solutions and Staffing and Newspapers verticals.
  • Strength in the Government Solutions business was driven by the expansion of existing contracts as well as new awards from Federal, State and Local government agencies in North America.
  • Monster signed a multi-year agreement with Kforce Inc. to deploy Power Resume Search®, using Monster’s 6Sense Semantic Search technology, across Kforce's entire organization.

Sal Iannuzzi, chairman, president and chief executive officer of Monster Worldwide, said, “During the quarter, we continued to execute our strategy and are gratified by the increasing customer acceptance of our advanced technologies. This resulted in double-digit year over year bookings growth in North America and helped to buffer weakness in Europe and Asia. As a result of our restructuring announced earlier in the year, we were able to improve profitability sequentially while increase marketing efforts designed to accelerate adoption of our new products.”

“We continue to thoroughly explore strategic alternatives as previously announced in March and that process is progressing as planned,” concluded Iannuzzi.

Second Quarter 2012 Results

(For comparison purposes, non-GAAP bookings, revenue and operating expense in the second quarter 2011 exclude the $11 million impact of the arbitrage lead generation activity.)

Bookings of $242 million decreased 4% compared to second quarter 2011 bookings of $251 million. On a constant currency basis, bookings were unchanged compared to the year ago period. Careers – North America bookings increased by 14% year over year due to continued strength in the Company’s Government Solutions business, Staffing and Newspaper verticals. This growth was offset by weakness in Europe and Asia, both of which have been negatively impacted by global economic challenges and currency translation. Historical data on bookings for prior quarters is available in the Company’s supplemental financial information.

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