A slack job market knocked down
first-quarter earnings and will lead the parent of Monster.com to cut 500 of its own positions.
Before various items, TMP said its earnings fell to $15.6 million, or 14 cents a share, from $24.8 million, or 22 cents per share, a year earlier. The result was in line with estimates. The company's net income, including goodwill amortization in the year-ago quarter and merger charges in both quarters, fell to $6.3 million, or 6 cents a share, from $10.2 million, or 9 cents a share, a year earlier.
The company said it would cut 525 workers, consolidate about 80 offices and take a $75 million restructuring charge in the second quarter. The cost savings are expected to save about $30 million in 2002. "Although there are some promising signs of an economic recovery, the employment market has not improved," TMP President and Chief Operating Officer Jim Treacy said.