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Actionable news in MWW: MONSTER WORLDWIDE INC,

Monster Worldwide Reports Third Quarter 2015 Results Third Quarter Financial Highlights:

The following excerpt is from the company's SEC filing.

Company Exceeds Expectations on All Profitability Metrics For the 5th Consecutive Quarter

Adjusted EBITDA Including Korea of $32.4 Million Increases 40% Year over Year and 12% Sequentially; Adjusted EBITDA from Continuing Operations of $28.1 Million Increases 45% Year over Year and 9% Sequentially

Adjusted EBITDA Margin Including Korea Expands to 18% from 16.1% in Q2 2015; Adjusted EBITDA Margin from Continuing Operations Expands to 16.8% from 15.3%

Non-GAAP EPS Including Korea of $0.12; Non-GAAP EPS from Continuing Operations of $0.11; GAAP EPS from Continuing Operations of $0.10

Reve nue of $167.1 Million Flat Sequentially and Down 3% Year over Year at Constant Currency

Cash Flow From Operations of $12.3 Million

Improves Financial Flexibility With Sale of Remaining Ownership Stake in South Korean Business for Approximately $85 Million

Announces Authorization of $75 Million Share Repurchase Plan

Weston, MA, October 29, 2015

-- Monster Worldwide, Inc. (NYSE:MWW) today reported financial results for the third quarter and nine months ended September 30, 2015. Third quarter 2015 financial results reflect the completion of the Company’s remaining ownership stake in JobKorea, the Company’s South Korean operations, which were classified as a discontinued operation.

“We are gratified that we achieved our 18-22% EBITDA margin goal a full quarter earlier than expected and adjusted EPS were at the high end of our guidance range,” said Tim Yates, Chief Executive Officer. “Our new product strategy continued to gain traction with wider customer acceptance on a global basis. Revenue was essentially flat as stronger than anticipated results from Europe were offset by weaker than expected results in North America. We are extremely confident of Monster’s ability to drive increased revenue and improving EBITDA margins going forward. As a sign of this confidence and our improved liquidity position as a result of the monetization of JobKorea, we are pleased to announce that our Board has authorized a $75 million buyback which we anticipate implementing as we generate free cash flow in the quarters ahead, beginning in the fourth quarter of 2015.”

Third Quarter 2015 Results

Revenue from continuing operations of $167 million decreased 3% at constant currency compared to last year’s third quarter and decreased 7% at actual rates. Revenue from the Company’s Careers - North America operations decreased 4% year over year. Revenue from Careers - International was essentially flat year over year at constant currency and decreased 13% at actual rates. As of the first quarter of 2015, Internet Advertising & Fees revenue and operating results are being reported within the Careers - North America segment. Historical quarterly revenue data is available in the Company’s supplemental financial information.

Total GAAP operating expenses from continuing operations decreased to $156 million compared to $180 million in the third quarter of 2014. Net income from continuing operations for the third quarter of 2015 was $10 million, or $0.11 per share, compared to a loss from continuing operations of $3 million, or $0.03 per share in the third quarter of 2014.

Non-GAAP net income from continuing operations was $10 million, or $0.11 per share, compared to $4 million, or $0.04 per share in the third quarter of 2014. Non-GAAP operating expenses of $150 million decreased 13% year over year. Adjusted EBITDA margin of 16.8% was led by Careers - North America with a 29% 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.

Net cash provided by operating activities in the quarter was $12 million and free cash flow was $5 million. Deferred revenue of our continuing operations declined sequentially to $251 million or 10% compared to $278 million as of June 30, 2015. The Company ended the third quarter with total available liquidity of approximately $157 million.

Third quarter 2015 financial results were impacted by the sale of JobKorea, which was classified as a discontinued operation for accounting purposes. Including the Korean operations, Monster had Non-GAAP earnings per share of $0.12 and adjusted EBITDA of $32.4 million, or an 18% margin, representing an Adjusted EBITDA increase of 12% sequentially and 40% year over year. The Adjusted EBITDA margin of 18% met the Company’s prior guidance of exiting 2015 with an EBITDA margin of between 18%-22%.

Nine Month Results

Monster Worldwide reported total revenue from continuing operations of $508 million for the first nine months ended September 30, 2015 compared to $550 million in the same period last year, a 3% decrease on a constant currency basis and 8% at actual rates. Net income from continuing operations was $15 million, or $0.16 per share, compared to a loss of $3 million, or $0.03 per share, in 2014.

Share Repurchase Program

The Company’s Board of Directors has authorized a $75 million share repurchase program over a period of 24 months. The Company intends to repurchase shares under the new authorization as a percentage of future generated free cash flow, which can be adjusted periodically.

Reallocate to Accelerate

On February 10, 2015, the Company committed to implement a series of cost savings initiatives to reduce costs globally while continuing to support the Company’s new strategy. The initiatives include a global workforce reduction of approximately 300 associates, lease exit costs, impairment of certain assets, and office and general expense controls. Through September 30, 2015, the Company has incurred $29 million of charges relating to this program. These charges have been excluded from the Company’s Non-GAAP financial statements for the three and nine months ended September 30, 2015. The Company anticipates additional charges of approximately $1 million to $2 million in the fourth quarter of 2015 in connection with this program.

Guidance

The fourth quarter guidance includes the impact of the JobKorea transaction. Fourth quarter 2015 Non-GAAP EPS from continuing operations is expected to be in the range of $0.10 to $0.14, which excludes $2 million to $3 million of stock-based compensation, $1.2 million of non-cash debt discount amortization related to the convertible debt and restructuring charges related to the Reallocate to Accelerate program.

Historical data on Non-GAAP EPS is available in the Company’s supplemental financial information.

Conference Call and Webcast

Third quarter 2015 results will be discussed on Monster Worldwide’s quarterly conference call on October 29, 2015 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) 317-6003 or (412) 317-6061 and reference conference ID# 3463829. 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

The Company has also made available certain supplemental financial information which can be accessed directly through the Company’s Investor Relations website at

For a replay of the conference call, please dial (877) 344-7529 or (412) 317-0088 and reference ID# 10074711. This number is valid until midnight on November 5, 2015.

Contacts

Investors:

Mike McGuinness, (212) 351-7110,

michael.mcguinness@monster.com

Media:

Matt Anchin, (212) 351-7528,

matt.anchin@monster.com

About Monster Worldwide

Monster Worldwide, Inc. (NYSE: MWW) is a global leader in connecting people to jobs, wherever they are. For more than 20...


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