Monster Worldwide, Inc. (MWW) reported revenues of $213 million in the fourth quarter, down 27% year over year. Total revenues were positively impacted by approximately $8 million due to movement in foreign exchange rates. The company generated 42% of its revenues outside the United States.
The company operates in three business segments: Monster Careers-North America, Monster Careers-International, and Advertising & Communications.
In the fourth quarter, Careers-North America generated revenues of $91 million, down 33% year over year. Careers-International revenue decreased 28% to $88 million Internet Advertising & Fees generated revenue of $34 million, a slight increase over the $33 million reported in the year-ago quarter.
Monster reported a loss from continuing operations of 1 million or 1 cent per share, compared to an income of $28 million, or 24 cents per share in the year-ago quarter. This was in line with the Zacks Consensus Estimate.
During the quarter, Monster generated $33 million of cash from operating activities and used $10 million in capital expenditures.
As of Dec 31, 2009, the company had a deferred revenue balance of $306 million, compared to $414 million in the year-ago quarter and $266 million in the third quarter.
Monster ended the quarter with cash and equivalents of $275.4 million, up from $222.2 million at the end of 2008.
For full 2009, Monster reported revenues of $905 million, down 33% year over year. The company reported an income from continuing operations of $19 million or 16 cents per share, compared to income from continuing operations of $114 million or 94 cents per share in the year-ago quarter.
Monster also announced that it entered into a definitive agreement with Yahoo! (YHOO) under which it will acquire the assets of Yahoo! HotJobs, a leading online recruitment website. Additionally, Monster and Yahoo! have entered into a multi-year commercial traffic agreement, wherein in Monster will
become Yahoo!’s provider of career and job content on the Yahoo! Homepage in the United States and Canada.
Management expects the acquisition of HotJobs and the traffic agreement with Yahoo! will allow Monster to add relevant job seekers efficiently while significantly expanding its customer base. The company expects to capture additional market share in 2010 as the global economy recovers.
Headquartered in New York, Monster Worldwide, Inc. is an online recruitment firm of the parent company Monster.com, the leading career website in the world. The company is also the largest advertising agency network for worldwide recruitment, and provides direct marketing services.
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