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Monster Worldwide Reports Third Quarter 2012 Results And Announces Corporate Restructuring

Stocks in this article: MWW

Third Quarter 2012 Results

As a result of the impairment charge and classification of ChinaHR as an asset held for sale, actual reported results will not be comparable to revenue and EPS guidance provided in Monster Worldwide’s August 2, 2012 second quarter earnings release. On a comparable basis, third quarter revenue and EPS are in line with previous guidance range.

Total bookings from continuing operations were $213 million, compared to $249 million in the same period a year ago. On a year over year basis, currency translation had a $7 million negative impact on bookings in the third quarter 2012. The year over year decline in total bookings is primarily attributable to continued weakness in Europe and Asia, both of which have been negatively impacted by global economic challenges, partially offset by strength in North America’s staffing and newspaper channels. Revenue from continuing operations was $222 million, compared to third quarter 2011 revenue of $249 million. On a year over year basis, currency translation had a $9 million negative impact on revenue in the third quarter 2012. Historical data on bookings and revenue from continuing operations for prior quarters is available in the Company’s supplemental financial information.

Consolidated GAAP operating expenses from continuing operations of $207 million compares to $219 million in the third quarter 2011. Net income from continuing operations for the third quarter was $39 million, or $0.35 per share, which included a $31 million or $0.28 per share non-cash tax benefit associated with the reversal of a previously recorded ASC 740 (FIN 48) tax and interest liability. In the third quarter 2011, the Company reported net income from continuing operations of $19 million, or $0.15 per share. Pro-forma items are described in the "Notes Regarding the Use of Non-GAAP Financial Measures" and are reconciled to the GAAP measure in the accompanying tables.

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