Monster Worldwide Reports Fourth Quarter and Full Year 2012 Results

  Monster Worldwide Reports Fourth Quarter and Full Year 2012 Results

  *Fourth Quarter Results

       *Revenue from Continuing Operations of $211 million
       *GAAP Loss Per Share from Continuing Operations of ($0.05)
       *Non-GAAP EPS from Continuing Operations of $0.08

  *Full Year 2012 Results

       *Revenue from Continuing Operations of $890 million
       *GAAP EPS from Continuing Operations of $0.51
       *Non-GAAP EPS from Continuing Operations of $0.38

  *Implementing Previously Announced Corporate Restructuring

       *Completed sale of ChinaHR to Saongroup; retains 10% minority stake in
         combined China entity
       *Exited operations in Brazil, Mexico and Turkey
       *Reducing operating expenses by $130 million on an annualized basis
       *Concentrating resources on large and most profitable core markets in
         North America, Europe, Korea and India

Business Wire

NEW YORK -- February 7, 2013

Monster Worldwide, Inc. (NYSE:MWW) today reported financial results for the
fourth quarter and twelve months ended December 31, 2012.

Sal Iannuzzi, chairman, president and chief executive officer of Monster
Worldwide, said, “During the fourth quarter, we implemented a series of
actions designed to improve profitability and cash flow, consistent with our
previously announced restructuring. As a leaner, more focused company, we are
concentrating our resources on our core markets and are aggressively taking
the steps necessary to strengthen our business. Our advanced product
offerings, robust government business and a leading traffic position provide a
solid foundation for future growth as the global economy recovers.”

“On the strategic alternatives front, the process continues and we will
respond quickly if an opportunity arises. We are not able to anticipate when
or whether our Board will have a concrete transaction to consider and we will
only comment further if and when this occurs,” Iannuzzi concluded.

Full Year 2012 Business Highlights

  *Monster provides services to more than 300,000 customers globally,
    including 95% of the Fortune 1000.
  *According to comScore Media Metrix, Monster enjoyed the leading U.S.
    traffic position in the Career Services & Development category throughout
    the majority of 2012 and ended the year with over 21 million monthly
    Unique Visitors.
  *Monster’s Government Solutions business, which accounts for more than 10%
    of total bookings, increased approximately 40% year over year, including
    the Company’s multi-year contract with the United Kingdom Government’s
    Department for Work and Pensions (DWP).
  *SeeMore® - the world’s first cloud-based semantic search and analytics
    recruiting platform – was named one of the top products of 2012 by Human
    Resource Executive® magazine. The award was announced at the 15th annual
    HR Technology® Conference in Chicago on October 8, 2012.
  *On a global basis, business derived from the Company’s advanced and
    proprietary product offerings, including Career Ad Network®, Power Resume
    Search® and SeeMore® increased in the double-digit percentage range
    compared to the same period a year ago.

Corporate Restructuring Update

The Company is implementing its previously announced corporate restructuring
program to focus on its core business and reduce its cost structure in order
to improve profitability and cash flow. Since the announcement of the
restructuring on November 8, 2012, the Company has implemented the following
actions:

  *Completed the sale of ChinaHR to Saongroup, under which Monster has taken
    a 10% minority stake in the combined China business of Saongroup.
  *Exited operations in Brazil, Mexico and Turkey and classified these
    businesses as discontinued operations in the fourth quarter and full year
    results.
  *Redeployed expenses into marketing and sales in Monster’s core markets,
    while reducing the run rate of operating expenses.

As a result of the actions described above, Monster is on track to reduce
operating expenses by approximately $130 million on an annualized basis. In
association with these actions, the Company recorded pre-tax charges of $23
million, of which $15 million was included in continuing operations and $8
million was included in discontinued operations in the fourth quarter 2012.
The Company expects additional pre-tax charges in the range of $27 million to
$37 million to be incurred in the first half 2013.

Fourth Quarter 2012 Results

Total bookings from continuing operations were $261 million, compared to $300
million in the same period a year ago. On a year over year basis, currency
translation had a $0.8 million negative impact on bookings in the fourth
quarter 2012. The year over year decline in total bookings is primarily
attributable to continued weakness in Europe, which has been negatively
impacted by global economic challenges, partially offset by strength in North
America’s e-commerce, staffing and newspaper channels. Revenue from continuing
operations was $211 million, compared to fourth quarter 2011 revenue of $235
million. On a year over year basis, currency translation had a $1.3 million
negative impact on revenue in the fourth 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 $212
million compares to $208 million in the fourth quarter 2011. Net loss from
continuing operations for the fourth quarter was $5.3 million, or a loss per
share of $0.05. In the fourth quarter 2011, the Company reported net income
from continuing operations of $20 million, or $0.16 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.

Non-GAAP net income from continuing operations of $8.7 million, or $0.08 per
share, compares to $22 million, or $0.18 per share in the fourth quarter 2011.
Non-GAAP operating expenses of $196 million decreased 4% year over year.

The consolidated loss for the fourth quarter 2012 was $73 million or a loss
per share of $0.66 per share compared to consolidated net income of $11
million or earnings per share of $0.09 for the same period a year ago. The
consolidated loss for the fourth quarter 2012 includes a loss from
discontinued operations, net of tax, of $68 million, or a loss per share of
$0.61, of which $53 million is non-cash asset write-offs.

Cash and cash equivalents were $148 million as of December 31, 2012 compared
to $250 million as of December 31, 2011. Net operating cash flow in the
quarter was $17 million. Excluding results from ChinaHR, Brazil, Mexico and
Turkey, deferred revenue was $351 million compared to $358 million in the same
period a year ago.

Full Year Results

Monster Worldwide reported total revenue from continuing operations of $890
million for the twelve months ended December 31, 2012 compared to $994 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 $58 million, or $0.51 per diluted share, compared to
GAAP earnings of $66 million, or $0.53 per diluted share, in the prior period.

The consolidated loss for the year ended December 31, 2012 was $259 million or
$2.27 per share compared to consolidated net income of $54 million or $0.43
per share for the same period in 2011. The consolidated loss for 2012 includes
a loss from discontinued operations, net of tax, of $317 million, of which
$279 million is non-cash asset write-offs.

Company Provides Q1 EPS Guidance

First quarter 2013 EPS from continuing operations is expected to be in the
range of $0.06 to $0.10.

Conference Call and Webcast

Fourth quarter 2012 results will be discussed on Monster Worldwide’s quarterly
conference call on February 7, 2013 at 8:30 AM ET. A live webcast of the
conference call can be accessed online through the Investor Relations section
of the Company’s website at http://ir.monster.com. To join the conference call
by telephone, please dial (888) 696-1396 or (706) 758-9636 and reference
conference ID 91616837.

A presentation of financial slides will be referenced during the conference
call and will be viewable through the live webcast. A PDF of the financial
presentation can also be accessed directly through the Company’s Investor
Relations website at http://ir.monster.com.

The Company has also made available certain supplemental financial information
which can be accessed directly through the Company’s Investor Relations
website at http://ir.monster.com.

For a replay of the conference call, please dial (855) 859-2056 or (404)
537-3406 and reference ID#91616837. This number is valid until midnight on
February 21, 2013.

About Monster Worldwide

Monster Worldwide, Inc. (NYSE: MWW), parent company of Monster®, is the
worldwide leader in successfully connecting people to job opportunities. From
the web, to mobile, to social, Monster helps companies find people with
customized solutions using the world's most advanced technology to match the
right person to the right job. With a local presence in more than 40
countries, Monster connects employers with quality job seekers at all levels,
provides personalized career advice to consumers globally and delivers vast,
highly targeted audiences to advertisers. To learn more about Monster’s
industry-leading products and services, visit www.monster.com. More company
information is available at http://about-monster.com.

Special Note: The statements in this release that are not strictly historical,
including, without limitation, statements regarding the Company's strategic
direction, prospects and future results, constitute forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Such forward-looking statements
involve certain risks and uncertainties and, therefore, actual results may
differ materially from what is expressed or implied herein and no assurance
can be given that the Company will achieve, among other things, its outlook
with respect to earnings per share for the first fiscal quarter 2013. Factors
that could cause results to differ materially from those expressed or implied
by such forward-looking statements include, but are not limited to, economic
and other conditions in the markets in which we operate, risks associated with
acquisitions or dispositions, competition, and the other risks discussed in
our Form 10-K and our other filings made with the Securities and Exchange
Commission, which discussions are incorporated into this release by reference.
Many of the factors that will determine the Company’s future results are
beyond the ability of management to control or predict. Readers should not
place undue reliance on the forward-looking statements in this release as they
reflect management’s views only as of the date hereof. The Company undertakes
no obligation to revise or update any of the forward-looking statements
contained in this release or to make any other forward-looking statements,
whether as a result of new information, future events or otherwise.

Notes Regarding the Use of Non-GAAP Financial Measures

The Company has provided certain non-GAAP financial information as additional
information for its operating results. These measures are not in accordance
with, or an alternative for, generally accepted accounting principles (“GAAP”)
and may be different from non-GAAP measures reported by other companies. The
Company believes that its presentation of non-GAAP measures provides useful
information to management and investors regarding certain financial and
business trends relating to its financial condition and results of operations.

Non-GAAP revenue, operating expenses, operating income from continuing
operations, operating margin, net income from continuing operations, net
(loss) income from discontinued operations, and diluted earnings (loss) per
share all exclude certain pro-forma adjustments including: costs incurred for
the 2012 restructurings; recovery of restitution award from former executive;
costs incurred related to the Company’s review of strategic alternatives;
income tax benefits associated with the reversal of income tax reserves on
uncertain tax positions and a tax benefit related to certain losses arising
from the Company’s restructuring program; the results of the businesses in
Careers – China, Latin America and Turkey as they have been classified as
discontinued operations; the fair value adjustment to deferred revenue in
connection with the acquisition the HotJobs Assets; the receipt of escrowed
funds associated with the ChinaHR acquisition; severance and facility charges
primarily related to the product and technology global reorganization; changes
in sublet assumptions on previously exited facilities; acquisition and
integration-related costs related to the acquisition of the HotJobs Assets;
realized and unrealized gains and losses on marketable securities; and
restructuring charges primarily related to severance and facility charges
associated with the decision in 2011 to no longer engage in certain activities
within the Internet, Advertising & Fees segment, The Company uses these
non-GAAP measures for reviewing the ongoing results of the Company’s core
business operations and in certain instances, for measuring performance under
certain of the Company’s incentive compensation plans. These non-GAAP measures
may not be comparable to similarly titled measures reported by other
companies.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is
defined as net income or loss before interest income or expense, income tax
expense or benefit, net gain or loss in equity interests, depreciation and
amortization, non-cash compensation expense and non-cash restructuring costs.
The Company considers EBITDA to be an important indicator of its operational
strength which the Company believes is useful to management and investors in
evaluating its operating performance. EBITDA is a non-GAAP measure and may not
be comparable to similarly titled measures reported by other companies.

Operating income before depreciation and amortization (“OIBDA”) is defined as
net income or loss from operations before depreciation, amortization of
intangible assets, amortization of stock-based compensation and non-cash costs
incurred in connection with the Company’s restructuring program. The Company
considers OIBDA to be an important indicator of its operational strength. This
measure eliminates the effects of depreciation, amortization of intangible
assets, amortization of stock-based compensation and non-cash restructuring
costs from period to period, which the Company believes is useful to
management and investors in evaluating its operating performance. OIBDA is a
non-GAAP measure and may not be comparable to similarly titled measures
reported by other companies.

Bookings represent the dollar value of contractual orders received in the
relevant period.

Free cash flow is defined as cash flow from operating activities less capital
expenditures. Free cash flow is considered a liquidity measure and provides
useful information about the Company's ability to generate cash after
investments in property and equipment. Free cash flow reflected herein is a
non-GAAP measure and may not be comparable to similarly titled measures
reported by other companies. Free cash flow does not reflect the total change
in the Company's cash position for the period and should not be considered a
substitute for such a measure.

Net cash and securities is defined as cash and cash equivalents plus
short-term marketable securities, less total debt. Total available liquidity
is defined as cash and cash equivalents, plus short-term marketable securities
plus unused borrowings under our credit facilities. The Company considers net
cash and securities and total available liquidity to be important measures of
liquidity and indicators of its ability to meet its ongoing obligations. The
Company also uses net cash and securities and total available liquidity, among
other measures, in evaluating its choices for capital deployment. Net cash and
securities and total available liquidity are presented herein as non-GAAP
measures and may not be comparable to similarly titled measures used by other
companies.

                                                              
MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
                                                                   
                  Three Months Ended December 31,   Twelve Months Ended
                                                    December 31,
                    2012            2011         2012         2011    
                                                                   
Revenue           $  211,244       $  234,786     $ 890,392     $ 993,644 
                                                                   
Salaries and         97,401            108,381        408,305        480,398
related
Office and           55,497            52,763         226,601        224,914
general
Marketing and        44,503            43,522         188,326        189,850
promotion
Restructuring
and other            14,831            3,035          40,358         4,715
special charges
Recovery of
restitution
award from          -               -            (5,350   )    -       
former
executive
Total operating     212,232         207,701      858,240      899,877 
expenses
                                                                   
Operating            (988     )        27,085         32,152         93,767
(loss) income
                                                                   
Interest and        (1,699   )       (560     )    (5,883   )    (2,971  )
other, net
                                                                   
(Loss) income
from continuing
operations
before income        (2,687   )        26,525         26,269         90,796
taxes and
equity
interests
                                                                   
Provision for
(benefit from)       2,267             6,248          (32,978  )     23,504
income taxes
Loss in equity      (355     )       (246     )    (1,081   )    (1,242  )
interests, net
                                                                   
(Loss) income
from continuing      (5,309   )        20,031         58,166         66,050
operations
                                                                   
Loss from
discontinued        (67,716  )       (9,125   )    (316,886 )    (12,253 )
operations, net
of tax
                                                                   
Net (loss)        $  (73,025  )     $  10,906      $ (258,720 )   $ 53,797  
income
                                                                   
*Basic (loss)
earnings per
share:
                                                                   
(Loss) income
from continuing   $  (0.05    )     $  0.17         $ 0.52         $ 0.54
operations
Loss from
discontinued        (0.61    )       (0.08    )    (2.81    )    (0.10   )
operations, net
of tax
Basic (loss)
income per        $  (0.66    )     $  0.09        $ (2.29    )   $ 0.44    
share
                                                                   
*Diluted (loss)
earnings per
share:
                                                                   
(Loss) income
from continuing   $  (0.05    )     $  0.16         $ 0.51         $ 0.53
operations
Loss from
discontinued        (0.61    )       (0.07    )    (2.78    )    (0.10   )
operations, net
of tax
Diluted (loss)
income per        $  (0.66    )     $  0.09        $ (2.27    )   $ 0.43    
share
                                                                   
                                                                   
Weighted
average shares
outstanding:
                                                                   
Basic               111,098         121,378      112,866      122,002 
                                                                   
Diluted             111,098         122,685      113,995      123,923 
                                                                   
                                                                   
Operating
income before
depreciation,
amortization,
and non-cash
restructuring:
                                                                   
Operating         $  (988     )     $  27,085       $ 32,152       $ 93,767
(loss) income
Depreciation
and                  16,386            16,740         64,280         68,666
amortization of
intangibles
Amortization of
stock-based          6,985             7,895          28,174         41,458
compensation
Restructuring
non-cash            1,125           130          7,541        106     
expenses
                                                                   
Operating
income before
depreciation,     $  23,508        $  51,850      $ 132,147     $ 203,997 
amortization,
and non-cash
restructuring


*Earnings per share may not add in certain periods due to rounding.


                                                                
MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
                                                                   
                                                    Twelve Months Ended
                                                     2012         2011    
Cash flows provided by operating activities:
Net (loss) income                                   $ (258,720 )   $ 53,797  
Adjustments to reconcile net (loss) income to net
cash provided by operating activities:
Depreciation and amortization                         70,000         74,600
Provision for doubtful accounts                       4,469          3,329
Non-cash compensation                                 28,964         42,523
Deferred income taxes                                 (9,814   )     (5,659  )
Non-cash restructuring write-offs and other           7,505          130
Loss in equity interests, net                         1,081          1,242
Gains on auction rate securities                      -              (1,732  )
Tax benefit from change in uncertain tax              (43,193  )     -
positions
Impairment of goodwill and intangibles                267,855        -
Changes in assets and liabilities, net of
acquisitions:
Accounts receivable                                   (2,013   )     (856    )
Prepaid and other                                     13,332         (5,510  )
Deferred revenue                                      (17,456  )     5,056
Accounts payable, accrued liabilities and other      (8,683   )    (17,243 )
Total adjustments                                    312,047      95,880  
Net cash provided by operating activities            53,327       149,677 
                                                                   
Cash flows used for investing activities:
Capital expenditures                                  (59,572  )     (61,818 )
Cash funded to equity investee                        (2,077   )     (2,559  )
Sales and maturities of marketable securities         -              1,732
Dividends received from unconsolidated investee      728          443     
Net cash used for investing activities               (60,921  )    (62,202 )
                                                                   
Cash flows (used for) provided by financing
activities:
Proceeds from borrowings on credit facilities         224,718        108,722
Payments on borrowings on credit facilities           (305,709 )     (44,501 )
Proceeds from borrowings on term loan                 100,000        -
Payments on borrowings on term loan                   (43,750  )     -
Repurchase of common stock                            (65,611  )     (41,973 )
Tax withholdings related to net share settlements     (8,482   )     (17,139 )
of restricted stock awards and units
Proceeds from the exercise of employee stock         23           23      
options
Net cash (used for) provided by financing            (98,811  )    5,132   
activities
                                                                   
Effects of exchange rates on cash                     4,273          (5,459  )
                                                                   
Net (decrease) increase in cash and cash              (102,132 )     87,148
equivalents
Cash and cash equivalents, beginning of period       250,317      163,169 
Cash and cash equivalents, end of period            $ 148,185     $ 250,317 
                                                                   
Free cash flow:
                                                                   
Net cash provided by operating activities           $ 53,327       $ 149,677
Less: Capital expenditures                           (59,572  )    (61,818 )
Free cash flow                                      $ (6,245   )   $ 87,859  
                                                                             


MONSTER WORLDWIDE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
                                                          
Assets:                                  December 31, 2012   December 31, 2011
                                                             
Cash and cash equivalents                $    148,185        $    250,317
Accounts receivable, net                      335,905             343,546
Property and equipment, net                   147,613             156,282
Goodwill and intangibles, net                 919,854             1,184,122
Other assets                                  111,606             123,731
Current assets of discontinued               21,702             -
operations
Total Assets                             $    1,684,865      $    2,057,998
                                                             
Liabilities and Stockholders' Equity:
                                                             
Accounts payable, accrued expenses and   $    181,914        $    213,817
other current liabilities
Deferred revenue                              351,546             380,310
Current portion of long-term debt and         18,264              188,836
borrowings on credit facility
Long-term income taxes payable                63,465              94,750
Long-term debt, less current portion          145,975             -
Other long-term liabilities                   10,406              16,158
Current liabilities of discontinued          33,256             -
operations
Total Liabilities                        $    804,826        $    893,871
                                                             
Stockholders' Equity                          880,039             1,164,127
                                                           
Total Liabilities and Stockholders'      $    1,684,865      $    2,057,998
Equity
                                                                  

                                                                       
MONSTER WORLDWIDE, INC.
UNAUDITED NON-GAAP STATEMENTS OF OPERATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
                                                                            
                Three Months Ended December 31, 2012          Three Months Ended December 31, 2011
                               Non GAAP        Consolidated                 Non GAAP        Consolidated
                As Reported    Adjustments     Non GAAP       As Reported   Adjustments     Non GAAP
                                                                                            
Revenue         $ 211,244      $ -             $  211,244     $ 234,786     $ -             $  234,786
                                                                                            
Salaries and      97,401         -                97,401        108,381       -                108,381
related
Office and        55,497         (1,347  ) g      54,150        52,763        -                52,763
general
Marketing and     44,503         -                44,503        43,522        -                43,522
promotion
Restructuring
and other        14,831       (14,831 ) e     -           3,035       (3,035  ) e     -       
special
charges
Total
operating        212,232      (16,178 )       196,054     207,701     (3,035  )       204,666 
expenses
Operating         (988     )     16,178           15,190        27,085        3,035            30,120
(loss) income
Operating         -0.5     %                      7.2     %     11.5    %                      12.8    %
margin
                                                                                            
Interest and     (1,699   )    -              (1,699  )    (560    )    -              (560    )
other, net
                                                                                            
(Loss) income
from
continuing
operations        (2,687   )     16,178           13,491        26,525        3,035            29,560
before income
taxes and
equity
interests
                                                                                            
Provision for     2,267          2,173     i,j    4,440         6,248         715       j      6,963
income taxes
Loss in
equity           (355     )    -              (355    )    (246    )    -              (246    )
interests,
net
(Loss) income
from             (5,309   )    14,005         8,696       20,031      2,320          22,351  
continuing
operations
                                                                                            
(Loss) income
from              (67,716  )     67,716    k      -             (9,125  )     9,125     k      -
discontinued
operations
                                                                                       
Net (loss)      $ (73,025  )   $ 81,721       $  8,696      $ 10,906     $ 11,445       $  22,351  
income
                                                                                            
Diluted
(loss)
earnings per
share:*
(Loss) income
from            $ (0.05    )   $ 0.12          $  0.08        $ 0.16        $ 0.02          $  0.18
continuing
operations
(Loss) income
from
discontinued     (0.61    )    0.61           -           (0.07   )    0.07           -       
operations,
net of tax
Diluted
(loss) income   $ (0.66    )   $ 0.73         $  0.08       $ 0.09       $ 0.09         $  0.18    
per share
                                                                                            
Weighted
average
shares
outstanding:
Basic             111,098        111,098          111,098       121,378       121,378          121,378
Diluted           111,098        112,129          112,129       122,685       122,685          122,685
                                                                                            
                                                                                            
                Twelve Months Ended December 31, 2012         Twelve Months Ended December 31, 2011
                               Non GAAP        Consolidated                 Non GAAP        Consolidated
                As Reported    Adjustments     Non GAAP       As Reported   Adjustments     Non GAAP
                                                                                            
Revenue         $ 890,392      $ -             $  890,392     $ 993,644       2,658     a   $  996,302
                                                                                            
Salaries and      408,305        -                408,305       480,398       (1,170  ) b,c    479,228
related
Office and        226,601        (4,659  ) g      221,942       224,914       (6,829  ) c,d    218,085
general
Marketing and     188,326        -                188,326       189,850       -                189,850
promotion
Restructuring
and other         40,358         (40,358 ) e      -             4,715         (4,715  ) e      -
special
charges
Recovery of
restitution
award from       (5,350   )    5,350    f     -           -           -              -       
former
executive
Total
operating        858,240      (39,667 )       818,573     899,877     (12,714 )       887,163 
expenses
Operating         32,152         39,667           71,819        93,767        15,372           109,139
income
Operating         3.6      %                      8.1     %     9.4     %                      11.0    %
margin
                                                                                            
Interest and     (5,883   )    -              (5,883  )    (2,971  )    (1,120  ) h     (4,091  )
other, net
                                                                                            
Income from
continuing
operations
before income     26,269         39,667           65,936        90,796        14,252           105,048
taxes and
equity
interests
                                                                                            
(Benefit
from)             (32,978  )     55,075    i,j    22,097        23,504        4,041     j      27,545
provision for
income taxes
Loss in
equity           (1,081   )    -              (1,081  )    (1,242  )    -              (1,242  )
interests,
net
Income (loss)
from             58,166       (15,408 )       42,758      66,050      10,211         76,261  
continuing
operations
                                                                                            
(Loss) income
from              (316,886 )     316,886   k      -             (12,253 )     12,253    k      -
discontinued
operations
                                                                                       
Net (loss)      $ (258,720 )   $ 301,478      $  42,758     $ 53,797     $ 22,464       $  76,261  
income
                                                                                            
Diluted
(loss)
earnings per
share:*
Income (loss)
from            $ 0.51         $ (0.14   )     $  0.38        $ 0.53        $ 0.08          $  0.62
continuing
operations
(Loss) income
from
discontinued     (2.78    )    2.78           -           (0.10   )    0.10           -       
operations,
net of tax
Diluted
(loss) income   $ (2.27    )   $ 2.64         $  0.38       $ 0.43       $ 0.18         $  0.62    
per share
                                                                                            
Weighted
average
shares
outstanding:
Basic             112,866        112,866          112,866       122,002       122,002          122,002
Diluted           113,995        113,995          113,995       123,923       123,923          123,923


Note Regarding ProForma Adjustments:
The financial information included herein contains certain non-GAAP financial
measures. This information is not intended to be used in place of the
financial information prepared and presented in accordance with GAAP, nor is
it intended to be considered in isolation. We believe that the above
presentation of non-GAAP measures provide useful information to management and
investors regarding certain core operating and business trends relating to our
results of operations, exclusive of certain restructuring related and other
special charges.

 
  ProForma adjustments consist of the following:
    
      Deferred revenue fair value adjustment required under existing purchase
  a   accounting rules relating to the acquisition of the HotJobs Assets in Q3
      2010.
      
  b   Severance charges primarily related to the reorganization of the product
      & technology groups on a global basis.
      
  c   Acquisition and integration related costs associated with the
      acquisition of the HotJobs Assets.
      
  d   Charges related to changes in sublet assumptions on previously exited
      facilities.
      
      Restructuring related charges pertaining to the actions that the Company
      announced in January and November 2012 as well as charges related to the
  e   Company no longer engaging in the arbitrage lead generation business in
      2011. These charges include costs related to the reduction in the
      Company’s workforce, fixed asset write-offs, costs relating to the
      consolidation of certain office facilities, and professional fees.
      
      Restitution award paid by a former executive to the United States
  f   government in connection with the Company's historical stock option
      practices.
      
  g   Costs directly associated with our previously announced review of
      strategic alternatives.
      
  h   Net realized gains on available for sale securities.
      
      Non-GAAP income tax adjustment includes the reversal of income tax
  i   reserves on uncertain tax positions, the tax effects of an investment
      writeoff, certain tax evaluation adjustments, and restructuring related
      items during the year.
      
      Income tax adjustment is calculated using the effective tax rate of the
  j   reported period multiplied by the ProForma adjustment to income (loss)
      before income taxes and loss in equity interests and for the effects for
      certain tax evaluation adjustments
      
      Represents the results of discontinued operations related to our
  k   decision to sell our Careers-China business. The sale closed in February
      2013. Additionally, we have decided to cease operations in Latin America
      and Turkey during the quarter.
      
      Excluding the effect of the arbitrage lead generation business which
  l   contributed $22,239 of revenue in the first half of 2011, Non-GAAP
      revenue for the twelve months ended 2011 was $971,406.
      
  *Earnings per share may not add in certain periods due to rounding.
  

                                                                  
MONSTER WORLDWIDE, INC.
UNAUDITED NON-GAAP OPERATING SEGMENT INFORMATION
(in thousands)
                                                                        
                                            Internet
              Careers -     Careers -       Advertising   Corporate
                                            &
Three
Months        North
Ended         America       International   Fees          Expenses      Total
December
31, 2012
                                                                        
Revenue -     $ 111,544     $  81,128       $ 18,572                    $ 211,244
GAAP
Non GAAP       -            -            -                         -       
Adjustments
Revenue -     $ 111,544    $  81,128      $ 18,572                   $ 211,244 
Non GAAP
                                                                        
Operating
income        $ 7,407       $  (3,684   )   $ 4,156       $ (8,867  )   $ (988    )
(loss) -
GAAP
Non GAAP       6,756        6,998        958         1,466       16,178  
Adjustments
Operating
income        $ 14,163     $  3,314       $ 5,114      $ (7,401  )   $ 15,190  
(loss) -
Non GAAP
                                                                        
OIBDA -       $ 19,032      $  4,392        $ 6,137       $ (6,053  )   $ 23,508
GAAP
Non GAAP       5,888        6,741        958         1,466       15,053  
Adjustments
OIBDA - Non   $ 24,920     $  11,133      $ 7,095      $ (4,587  )   $ 38,561  
GAAP
                                                                        
Operating
margin -        6.6     %      -4.5     %     22.4    %                   -0.5    %
GAAP
Operating
margin -        12.7    %      4.1      %     27.5    %                   7.2     %
Non GAAP
                                                                        
OIBDA
margin -        17.1    %      5.4      %     33.0    %                   11.1    %
GAAP
OIBDA
margin -        22.3    %      13.7     %     38.2    %                   18.3    %
Non GAAP
                                                                        
                                            Internet
              Careers -     Careers -       Advertising   Corporate
                                            &
Three
Months        North
Ended         America       International   Fees          Expenses      Total
December
31, 2011
                                                                        
Revenue       $ 118,600     $  94,872       $ 21,314                    $ 234,786
Non GAAP       -            -            -                         -       
Adjustments
Revenue -     $ 118,600    $  94,872      $ 21,314                   $ 234,786 
Non GAAP
                                                                        
Operating
income        $ 20,206      $  18,725       $ 1,454       $ (13,300 )   $ 27,085
(loss) -
GAAP
Non GAAP       450          161          2,424       -           3,035   
Adjustments
Operating
income        $ 20,656     $  18,886      $ 3,878      $ (13,300 )   $ 30,120  
(loss) -
Non GAAP
                                                                        
OIBDA -       $ 30,316      $  26,101       $ 4,608       $ (9,175  )   $ 51,850
GAAP
Non GAAP       450          161          2,293       -           2,904   
Adjustments
OIBDA - Non   $ 30,766     $  26,262      $ 6,901      $ (9,175  )   $ 54,754  
GAAP
                                                                        
Operating
margin -        17.0    %      19.7     %     6.8     %                   11.5    %
GAAP
Operating
margin -        17.4    %      19.9     %     18.2    %                   12.8    %
Non GAAP
                                                                        
OIBDA
margin -        25.6    %      27.5     %     21.6    %                   22.1    %
GAAP
OIBDA
margin -        25.9    %      27.7     %     32.4    %                   23.3    %
Non GAAP
                                                                        
                                            Internet
              Careers -     Careers -       Advertising   Corporate
                                            &
Twelve
Months        North
Ended         America       International   Fees          Expenses      Total
December
31, 2012
                                                                        
Revenue -     $ 462,962     $  351,130      $ 76,300                    $ 890,392
GAAP
Non GAAP       -            -            -                         -       
Adjustments
Revenue -     $ 462,962    $  351,130     $ 76,300                   $ 890,392 
Non GAAP
                                                                        
Operating
income        $ 42,686      $  13,076       $ 17,721      $ (41,331 )   $ 32,152
(loss) -
GAAP
Non GAAP       20,969       16,279       2,124       295         39,667  
Adjustments
Operating
income        $ 63,655     $  29,355      $ 19,845     $ (41,036 )   $ 71,819  
(loss) -
Non GAAP
                                                                        
OIBDA -       $ 90,103      $  42,609       $ 26,669      $ (27,234 )   $ 132,147
GAAP
Non GAAP       14,853       15,489       1,501       283         32,126  
Adjustments
OIBDA - Non   $ 104,956    $  58,098      $ 28,170     $ (26,951 )   $ 164,273 
GAAP
                                                                        
Operating
margin -        9.2     %      3.7      %     23.2    %                   3.6     %
GAAP
Operating
margin -        13.7    %      8.4      %     26.0    %                   8.1     %
Non GAAP
                                                                        
OIBDA
margin -        19.5    %      12.1     %     35.0    %                   14.8    %
GAAP
OIBDA
margin -        22.7    %      16.5     %     36.9    %                   18.4    %
Non GAAP
                                                                        
                                            Internet
              Careers -     Careers -       Advertising   Corporate
                                            &
Twelve
Months        North
Ended         America       International   Fees          Expenses      Total
December
31, 2011
                                                                        
Revenue       $ 485,356     $  398,408      $ 109,880                   $ 993,644
Non GAAP       2,658        -            -                         2,658   
Adjustments
Revenue -     $ 488,014    $  398,408     $ 109,880                  $ 996,302 
Non GAAP
                                                                        
                                                                        
Operating
income        $ 74,631      $  69,319       $ 5,214       $ (55,397 )   $ 93,767
(loss) -
GAAP
Non GAAP       3,335        434          4,126       7,477       15,372  
Adjustments
Operating
income        $ 77,966     $  69,753      $ 9,340      $ (47,920 )   $ 109,139 
(loss) -
Non GAAP
                                                                        
OIBDA -       $ 122,776     $  104,273      $ 19,250      $ (42,302 )   $ 203,997
GAAP
Non GAAP       3,335        456          3,997       7,477       15,265  
Adjustments
OIBDA - Non   $ 126,111    $  104,729     $ 23,247     $ (34,825 )   $ 219,262 
GAAP
                                                                        
Operating
margin -        15.4    %      17.4     %     4.7     %                   9.4     %
GAAP
Operating
margin -        16.0    %      17.5     %     8.5     %                   11.0    %
Non GAAP
                                                                        
OIBDA
margin -        25.3    %      26.2     %     17.5    %                   20.5    %
GAAP
OIBDA
margin -        25.8    %      26.3     %     21.2    %                   22.0    %
Non GAAP

Contact:

Monster Worldwide, Inc.
Investors:
Lori Chaitman, 212-351-7090
Lori.Chaitman@monster.com
or
Media:
Andrea Rose, 212-895-8666
arose@joelefrank.com
 
Press spacebar to pause and continue. Press esc to stop.