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Monster Worldwide Reports Third Quarter 2013 Results

Stocks in this article: MWW

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

“Our third quarter results were encouraging as we experienced stability in North America, protected profitability and continued executing on several important initiatives to enhance future growth,” said Sal Iannuzzi, chairman, president and chief executive officer of Monster Worldwide. “The stabilization we experienced in North America in the second quarter continued and we are cautiously optimistic that this positive momentum will result in sequential revenue growth in North America in the fourth quarter of 2013.”

“We are pleased to announce the sale of a minority stake in our South Korean business for $90 million which demonstrates the underlying value of the Monster enterprise. We look forward to working with our partner, H&Q Korea, to grow this profitable business as well as to explore the potential expansion of this partnership throughout the Asia Pacific region. We are also excited to announce the expansion of our alliance with Alma Media in Eastern Europe and the Baltic region, which will enhance the profitability of these businesses and grow our market share position. Finally, consistent with our objective to enhance shareholder returns, we successfully repurchased $37 million worth of our shares in the quarter.”

Third Quarter 2013 Results

Revenue was $197 million, compared to third quarter 2012 revenue of $221 million. Careers – North America revenue of $110 million was flat on a sequential basis. Historical data on revenue for prior quarters is available in the Company’s supplemental financial information.

Consolidated operating expenses of $183 million decreased 9% compared to $201 million of Non-GAAP operating expenses in the third quarter 2012. Income from continuing operations for the third quarter of 2013 was $8.2 million, or $0.08 per share, compared to $41.1 million, or $0.37 per share in the third quarter 2012, which included a $31 million non-cash tax benefit. Non-GAAP net income from continuing operations in the third quarter of 2012 was $11.7 million, or $0.10 per share. EBITDA margin of 17% was led by Careers-North America with a 23% margin. 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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