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Monster Worldwide Reports Third Quarter 2012 Results And Announces Corporate Restructuring

Stocks in this article: MWW

Non-GAAP net income from continuing operations of $9.5 million, or $0.09 per share, compares to $20 million, or $0.16 per share in the third quarter 2011. Non-GAAP operating expenses of $205 million decreased 6% year over year.

Cash and cash equivalents were $175 million as of September 30, 2012 compared to $250 million as of December 31, 2011. Net operating cash flow in the quarter was $7.7 million. Deferred revenue as of September 30, 2012 was $333 million compared to $330 million as of September 30, 2011, which excludes results from ChinaHR.

Nine Months Results

Monster Worldwide reported total revenue from continuing operations of $682 million for the nine months ended September 30, 2012 compared to $761 million in the same period last year, which included $22 million from IAF’s arbitrage lead generation business and a $2.7 million purchase accounting adjustment related to the HotJobs acquisition. The Company reported GAAP earnings from continuing operations of $57 million, or $0.50 per diluted share, compared to GAAP earnings of $35 million, or $0.27 per diluted share, in the prior period.

Share Repurchase

During the third quarter 2012, Monster repurchased 1.1 million shares of its common stock at an average cost of $6.16 per share, for a total of $7 million. At September 30, 2012, there was approximately $143 million remaining under the Company’s previously announced $250 million share repurchase program.

Company Provides Q4 EPS Guidance

In light of the continued global economic weakness and actions announced today, the Company will not be providing guidance for bookings and revenues at this time. Fourth quarter EPS from continuing operations is expected to be in the range of $0.05 to $0.10. This translates into full year 2012 EPS from continuing operations to be in the range of $0.29 to $0.34.

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