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Monster Worldwide Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: MWW

Europe's booking was down 15% on a current -- on a constant currency basis. Asia Pac bookings was down 7%. We believe that these results are consistent with global macroeconomic conditions.

Consolidated revenue was $237 million, a decrease of 5% on a current -- on a constant currency basis. EBITDA was $37 million and EBITDA margin was 15%. Continued strong EBITDA even during current difficult economic environment allow us to apply a 3 million shares during the quarter and maintain a strong liquidity position. EPS was $0.06 versus $0.04 in Q1 and $0.09 last year. As a result of tight expense control during the quarter, EPS was in the middle of our guidance range while revenue was at the lower end of the range.

Summarizing the quarter. Total bookings were flat on the constant currency basis. North American bookings increased 14%, demonstrating continued adoption of our new product portfolio in the Government, Enterprise and Staffing channels. As an example, during the quarter, Kforce, a major professional staffing and solutions firm, decided to fully integrate Power Resume Search, powered by our 6Sense technology, across their entire organization. As we have discussed, while the adoption of PRS has been very strong, adoption in the staffing sector has lagged for a variety of reasons. We are actively working with other major staffing companies on both PRS and SeeMore. Strong expense management resulted in 6% EPS.

As we consider the third quarter, we believe that it is likely that the current weak and uncertain economic environment will continue. In this environment, we continue to position ourselves offensively and defensively. On the offense, we continue to aggressively bring our new products to our clients on a global basis. And we will make investments in marketing to take advantage of specific opportunities. On the defense, we are carefully controlling operating expenses and protecting profitability. We are able to accomplish both at the same time because of the strength of our product portfolio.

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