Monster Worldwide (MWW) reported revenues of $261 million, up 21.4% year over year and up 2.3% sequentially but missing the Zacks Consensus Estimate of $262 million.
The reported figure includes a $2.7 million purchase accounting adjustment related to the HotJobs acquisition.
Excluding the purchase accounting adjustment, Monster generated revenues of $264 million, up 23% year over year. Currency translation had a $1.2 million positive impact on revenue in the first quarter.
Bookings (which represent the dollar value of contractual orders received) increased 24% year over year to $272 million. Currency translation had a $1.6 million positive impact on bookings in the first quarter.
Careers revenue came in at $231 million, up 26% year over year. North America generated revenues of $124 million, up 28% year over year and flat year over year. Careers-International revenue increased 25% to $107 million. Internet Advertising & Fees revenue of $323 million was flat year over year.
Monster reported a net income of $0.1 million or break-even earnings compared to a net loss of $24 million or 20 cents per share in the first quarter of 2010. Net income for the first quarter 2011 included pre-tax adjustments of $9.5 million or $0.05 per share.
These items consisted of a $2.7 million reduction to revenue due to the purchase accounting adjustment related to the acquisition of HotJobs, $4.9 million primarily related to HotJobs integration costs, $3.0 million of charges relating to previously exited facilities, partially offset by $1.1 million of net realized gains on auction rate securities.
Excluding these items, net income was $6.3 million or 5 cents per share, easily beating the Zacks Consensus Estimate of 3 cents per share. This compared to a net loss of $17 million or 14 cents per share in the first quarter of 2010.
Monster generated $49.4 million of cash from operations and used $16.5 million in capital expenditures. Monster ended the cash and equivalents of $191.0 million, up from $163.2 million at the end of the previous quarter. As of March 31, 2010, deferred revenue was $399.1 million, up from $376 million at the end of the previous quarter.
Guidance: Going forward, Monster expects bookings to grow in the range of 20% and 25% to $1,191 – $ 1,241 million in 2011. Revenues are projected between $1,103 – $1,149 million in 2011, up 20% – 25% year over year. Earnings per share are forecasted in the range $0.36 to $0.48.
For the second quarter, Monster expects bookings between $250 million and $260 million, up 20% – 25% year over year. Revenues are projected between $258 million and $269 million, up 20% – 25% year over year. Earnings per share are forecasted in the range of 6 cents and 10 cents.
Investors were not impressed with the results. Shares fell 2.75% in after-hours trading to close at $17.30.
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