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Monster Worldwide Reports Second Quarter 2013 Results

Monster Worldwide, Inc. (NYSE: MWW) today reported financial results for the second quarter ended June 30, 2013.

“We are aggressively pursuing the execution of our business strategy and are also developing a number of new strategies to better position the Company for sustained, long term revenue growth in the evolving job market. Over 200 million people have registered on the Monster Worldwide network and we continue to drive quality job applies to our customers,” said Sal Iannuzzi, chairman, president and chief executive officer of Monster Worldwide. “While the global economy has continued to put pressure on our business, with Europe being our weakest region, we were encouraged to see some stabilizing trends in each of our major markets during the quarter. Our second quarter results demonstrate our ability to control costs and protect profitability, even in a challenging market environment. And consistent with our objective to enhance shareholder returns, we successfully repurchased $23 million worth of our shares.”

Second Quarter 2013 Results

Revenue from continuing operations was $200 million, compared to second quarter 2012 revenue of $225 million. Historical data on revenue from continuing operations for prior quarters is available in the Company’s supplemental financial information.

Consolidated GAAP operating expenses from continuing operations of $192 million compares to $210 million in the second quarter 2012. Net income from continuing operations for the second quarter was $4.1 million, or $0.04 per share, which included $5.4 million of non-recurring charges, compared to $9.0 million, or $0.08 per share in the second quarter 2012, which included $1.9 million of non-recurring charges.

Non-GAAP net income from continuing operations was $9.6 million or $0.09 per share, compared to $10.9 million, or $0.10 per share in the second quarter 2012. Non-GAAP operating expenses of $183.6 million decreased 11% year over year. Non-GAAP EBITDA margin of 19%, led by Careers-North America with a 28% Non-GAAP EBITDA margin, increased from 18% in the second quarter of 2012. 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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