EX-99.1 2 a05-12257_3ex99d1.htm EX-99.1

Exhibit 99.1

 

 

Monster Worldwide Reports 2005 Second Quarter Results

 

Monster Worldwide Reports $239.0 Million of Revenue, Income from Continuing Operations of $25.6 Million, and $0.21 in Diluted Earnings Per Share from Continuing Operations

 

Monster Division Revenue Grows 40% to $198.1 Million with Deferred Revenue at $245 Million

 

New York, July 27, 2005— Monster Worldwide, Inc. (NASDAQ:MNST) today reported financial results for the second quarter and six months ended June 30, 2005.

 

The Company’s total revenue grew 32% to $239.0 million in the second quarter of 2005 from $181.3 million in last year’s second quarter.   Revenue at the Monster division increased to $198.1 million, a 40% increase over the $141.9 million recorded in the second quarter of 2004.  The Advertising and Communications business contributed $40.9 million of revenue, a 4% increase in the second quarter over last year’s comparable quarter.  All results provided in this news release have been reclassified to report the Company’s Directional Marketing segment as discontinued operations, following its sale in the second quarter of 2005.

 

Organic revenue growth for the Company and the Monster division was 26% and 34%, respectively, compared to last year’s second quarter.   The Monster division’s deferred revenue balance at the end of the first half of the year was $245 million, representing an all time high and a 37% increase over last year’s second quarter.  Income from continuing operations for the second quarter increased 72% to $25.6 million from $14.8 million in the 2004 second quarter.

 

For the quarter, diluted earnings per share from continuing operations increased 75% to $0.21 over the $0.12 for the second quarter of 2004.  Net income for the second

 

1


 

quarter increased 21% to $19.6 million from $16.2 million in the second quarter of 2004.  For the quarter, diluted earnings per share was $0.16 compared to $0.14 reported for the second quarter of 2004.

 

Cash from operating activities in the second quarter of 2005 was $52.9 million compared with $17.4 million for the comparable year ago quarter.  Free cash flow, defined as cash flow from operating activities less capital expenditures, increased to $45.3 million compared to $11.2 million in the June quarter of 2004.  Additionally, the Company recorded $50.2 million in net cash from the sales of its Directional Marketing businesses.

 

 “We are extremely pleased with our revenue and earnings growth as well as margin expansion in the second quarter and are determined to carry the strong momentum of the first six months of the year into the remainder of 2005,” said Andrew J. McKelvey, Chairman and CEO of Monster Worldwide.  “The second quarter results reflect the execution of our sales strategy to grow Monster’s penetration of enterprise businesses while also broadening our coverage of the promising small and medium size markets.  In addition, the recent sale of our Yellow Pages division has enabled us to further concentrate our resources on extending Monster’s domestic leadership position and expanding our global footprint to continue capitalizing on the significant revenue opportunities in foreign markets.”

 

Six Months Results

 

Monster Worldwide reported total revenue of $471.0 million for the six months ended June 30, 2005 compared to $342.5 million in the first six months of last year.  Income from continuing operations was $48.9 million, or $0.40 per diluted share, compared to $25.6 million, or $0.21 per diluted share, in last year’s comparable period.  Net income for the first six months of 2005 was $40.1 million up from $28.6 million in the first six months of 2004.  Diluted earnings per share was $0.33 compared to $0.24 reported for the first six months of 2004.

 

2


 

Recent Developments/Operational Highlights

 

Sale of Directional Marketing Businesses

 

•      In the second quarter of 2005, Monster Worldwide sold substantially all of its Directional Marketing businesses.  The businesses that were sold employed 890 employees of Monster Worldwide and contributed $90 million, or 11%, of the Company’s 2004 revenue.  The transaction allows management to tighten its strategic and operational focus on expanding the Monster franchise across local and international markets.  The Directional Marketing division is treated as a discontinued operation in the attached financial statements.

 

Monster Worldwide Introduces Monster Employment Index in Europe and Local U.S. Markets

 

•                  Monster Worldwide introduced the Monster Employment Index Europe on June 8th to provide European labor market watchers with a broad analysis of European online job demand.  This is the first time an analysis of European online hiring activity has been provided by any institution.  The new European Index measures online recruitment activity in Europe and country specific online job demand in France, Germany, the Netherlands, Sweden, and the United Kingdom.  The monthly findings, based on job posting data collected from more than 1,400 carefully selected web sites, are believed to be representative of employer activity within these five European countries.  On July 21st, the Company launched the Monster Local Employment Index, a monthly snapshot of employer online recruitment activity in the top 28 U.S. markets.  Results from both Index reports were covered widely in the media, including major TV outlets, print, and online.

 

New Advertising Campaign and Customer Service Initiatives Support Redesign of Monster Site

 

•                  In early June, Monster unveiled a new strategic communications strategy designed to address the changing workplace and culture.  This broad initiative was launched with a newly-created Monster.com website and is supported by Monster Central, a 24/7 live online and phone customer service center, and a national and local advertising campaign.  The key features of the new

 

3


 

Monster.com website include: a streamlined resume builder, greater customization to improve each individual’s job search, refined job search as to location and job category and expert driven career content.  The new advertising campaign is designed to set a positive and personal experience for job seekers.  Television commercials aired throughout the month of June in primetime, late night and included network and cable stations.  On the heels of this June campaign, new job postings reached their highest level this year, and inbound employer call volume increased 19% compared with the month of May 2005.  This television advertising complements the existing radio campaign, which began earlier this year.

 

Business Outlook

 

The following forward-looking statements reflect Monster Worldwide, Inc.’s expectations as of July 27, 2005.  These expectations involve a number of uncertainties – in particular, assumptions about foreign currency exchange rates, future economic conditions, plans to cultivate new business, market share and growth rates, pricing power, capital spending, depreciation and amortization, the tax rate and the other risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2004.  These expectations do not include the effect of acquisitions or any possible dispositions or implementation of accounting rule changes or factors outside of our control which may have an impact on future financial results.

 

$’s in millions, except per share amounts

 

Third
Quarter 2005

 

Full Year 2005

 

 

 

 

 

 

 

Total revenue

 

$243 - $249

 

$968 - $985

 

Monster division revenue

 

$202- $207

 

$800 - $815

 

 

 

 

 

 

 

Diluted EPS from continuing operations

 

$0.23 - $0.24

 

$0.88 - $0.91

 

 

Supplemental Financial Information

 

The Company has made available certain supplemental financial information, in a separate document, that can be accessed directly at www.monsterworldwide.com/suppfinQ205.pdf or through the Company’s Investor Relations website at http://ir.monsterworldwide.com.  Financial information included in the document has been reclassified to reflect the historical results of the Directional Marketing businesses as discontinued operations, following the sale of these businesses in the second quarter of 2005.  Additionally, the document reflects the reclassification of

 

4


 

our historical segment information to present a Corporate operating segment, which reflects certain direct corporate costs and allocated expenses.  Historical operating expenses and operating margins associated with our Monster and Advertising & Communications divisions have been restated in this document to reflect this new segment presentation.

 

Conference Call Information

 

Second quarter 2005 results will be discussed on Monster Worldwide’s quarterly conference call taking place on July 27, 2005 at 10:00 AM EDT.  To join the conference call, please dial in on 1-888-489-9493 at 9:50 AM EDT.  For those outside the United States, please call in on 1-212-231-6005.  The call will begin promptly at 10:00 AM EDT.  Individuals can also access Monster Worldwide’s quarterly conference call online through the investor information section of the Company’s website at www.monsterworldwide.com.

 

Contacts

 

Investors:

 

Robert Jones, (212) 351-7032, bob.jones@monsterworldwide.com

Media:

 

David Rosa, (212) 351-7067, david.rosa@monsterworldwide.com

 

About Monster Worldwide

 

Founded in 1967, Monster Worldwide, Inc. is the parent company of MonsterÒ, the leading global online careers property. The company also owns TMP Worldwide, one of the world’s largest Recruitment Advertising agency networks. Headquartered in New York with approximately 4,500 employees in 26 countries, Monster Worldwide (NASDAQ: MNST) is a member of the S&P 500 Index. More information about Monster Worldwide is available at www.monsterworldwide.com.

 

Monster is the leading global online careers property. A division of Monster Worldwide, Monster works for everyone by connecting quality job seekers at all levels with leading employers across all industries. Founded in 1994 and headquartered in Maynard, Mass., Monster has 25 local language and content sites in 23 countries worldwide. More information is available at www.monster.com or by calling 1-800-MONSTER. To learn more about Monster’s industry-leading employer products and services, please visit http://recruiter.monster.com.

 

Note on Discontinued Operations

 

During the quarter ended June 30, 2005, the Company disposed of its Directional Marketing segment.  Therefore, substantially all the operating results of such businesses have been reclassified to discontinued operations for all periods presented.  In addition, the Company has recorded a loss on the sale of such businesses in discontinued operations in the second quarter of 2005.  Entities that were retained are now included

 

5


 

with the results of the Company’s Advertising & Communications international business, for all periods presented.

 

Notes Regarding the Use of Non-GAAP Financial Measures

 

Monster Worldwide, Inc. (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 such as operating income before depreciation and amortization, net cash and free cash flow, provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations.  In addition, the Company’s management uses these measures for reviewing the financial results of the Company and for budgeting and planning purposes.

 

Operating income before depreciation and amortization is defined as income from operations before depreciation, amortization of intangible assets and amortization of stock based compensation. The Company considers operating income before depreciation and amortization to be an important indicator of its operational strength. This measure eliminates the effects of depreciation, amortization of intangible assets and amortization of stock based compensation from period to period, which the Company believes is useful to management and investors in evaluating its operating performance.  Operating income before depreciation and amortization is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies.

 

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.

 

Special Note:  Except for historical information contained herein, the statements made in this release 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, including statements regarding the Company’s strategic direction, prospects and future results. Certain factors, including factors outside of our control, may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, risks associated with acquisitions, competition, seasonality 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 in this release by reference.

 

6


 

MONSTER WORLDWIDE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2005

 

2004

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

238,979

 

$

181,328

 

$

471,032

 

$

342,538

 

 

 

 

 

 

 

 

 

 

 

Salaries and related

 

105,564

 

82,353

 

206,120

 

153,822

 

Office and general

 

44,588

 

36,961

 

88,616

 

71,902

 

Marketing and promotion

 

47,692

 

38,086

 

96,138

 

75,931

 

Amortization of intangibles

 

2,274

 

1,241

 

4,628

 

1,846

 

Total operating expenses

 

200,118

 

158,641

 

395,502

 

303,501

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

38,861

 

22,687

 

75,530

 

39,037

 

 

 

 

 

 

 

 

 

 

 

Interest and other, net

 

1,043

 

(429

)

976

 

(715

)

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes and equity interests

 

39,904

 

22,258

 

76,506

 

38,322

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

13,967

 

7,428

 

27,035

 

12,763

 

Losses in equity interests

 

(367

)

—

 

(576

)

—

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

25,570

 

14,830

 

48,895

 

25,559

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations, net of tax

 

(5,994

)

1,410

 

(8,749

)

3,086

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

19,576

 

$

16,240

 

$

40,146

 

$

28,645

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations

 

$

0.21

 

$

0.13

 

$

0.40

 

$

0.22

 

Income (loss) per share from discontinued operations, net of tax

 

(0.05

)

0.01

 

(0.07

)

0.03

 

Basic earnings per share

 

$

0.16

 

$

0.14

 

$

0.33

 

$

0.25

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations

 

$

0.21

 

$

0.12

 

$

0.40

 

$

0.21

 

Income (loss) per share from discontinued operations, net of tax

 

(0.05

)

0.01

 

(0.07

)

0.03

 

Diluted earnings per share*

 

$

0.16

 

$

0.14

 

$

0.33

 

$

0.24

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

121,049

 

117,431

 

120,853

 

116,479

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

123,181

 

120,192

 

123,320

 

119,004

 

 

 

 

 

 

 

 

 

 

 

Operating income before depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

38,861

 

$

22,687

 

$

75,530

 

$

39,037

 

Depreciation and amortization of intangibles

 

9,221

 

7,972

 

18,459

 

14,834

 

Amortization of stock based compensation

 

534

 

872

 

1,502

 

1,346

 

 

 

 

 

 

 

 

 

 

 

Operating income before depreciation and amortization

 

$

48,616

 

$

31,531

 

$

95,491

 

$

55,217

 

 

* - Earnings per share does not add in the 2004 period due to rounding

 


 

MONSTER WORLDWIDE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2005

 

2004

 

2005

 

2004

 

Cash flows provided by operating activities:

 

 

 

 

 

 

 

 

 

Net income

 

$

19,576

 

$

16,240

 

$

40,146

 

$

28,645

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Loss from discontinued operations, net of tax

 

5,994

 

(1,410

)

8,749

 

(3,086

)

Depreciation and amortization of intangibles

 

9,221

 

7,972

 

18,459

 

14,834

 

Provision for doubtful accounts

 

2,065

 

1,363

 

4,379

 

2,301

 

Tax benefit on stock option exercises

 

3,259

 

1,167

 

3,840

 

1,605

 

Net loss on disposal and write-off of fixed assets

 

8

 

213

 

(63

)

306

 

Non-cash compensation

 

534

 

872

 

1,981

 

1,346

 

Common stock issued for matching contribution to 401(k) plan and other

 

1,264

 

1,329

 

2,005

 

3,474

 

Provision for deferred income taxes

 

756

 

8,325

 

9,609

 

14,751

 

Minority interests and other

 

785

 

26

 

576

 

26

 

Changes in assets and liabilities, net of purchase transactions:

 

 

 

 

 

 

 

 

 

Accounts Receivable

 

(4,081

)

(13,808

)

96

 

(31,297

)

Prepaid and other

 

(19,054

)

5,998

 

(22,114

)

8,287

 

Deferred revenue

 

3,613

 

3,689

 

10,341

 

11,652

 

Accrued business reorganization and other costs

 

(1,433

)

(4,927

)

(3,405

)

(8,922

)

Accounts payable, accrued liabilities and other

 

38,582

 

310

 

38,536

 

12,712

 

Net cash used for operating activities of discontinued operations

 

(8,167

)

(9,999

)

(18,850

)

(50,297

)

Total adjustments

 

33,346

 

1,120

 

54,139

 

(22,308

)

Net cash provided by operating activities

 

52,922

 

17,360

 

94,285

 

6,337

 

 

 

 

 

 

 

 

 

 

 

Cash flows used for investing activities:

 

 

 

 

 

 

 

 

 

Capital expenditures

 

(7,618

)

(6,111

)

(15,553

)

(9,038

)

Payments for acquisitions and intangible assets, net of cash acquired

 

(7,010

)

(90,182

)

(49,487

)

(116,113

)

Investment in unconsolidated affiliate

 

—

 

—

 

(50,137

)

—

 

Cash funded for sale of subsidiaries

 

—

 

—

 

(432

)

—

 

Sale of long-term investment

 

—

 

—

 

1,878

 

—

 

Proceeds from sale of business

 

50,181

 

—

 

50,181

 

—

 

Net cash used for investing activities of discontinued operations

 

(12

)

(2,579

)

(710

)

(7,495

)

Net cash used for investing activities

 

35,541

 

(98,872

)

(64,260

)

(132,646

)

 

 

 

 

 

 

 

 

 

 

Cash flows provided by financing activities:

 

 

 

 

 

 

 

 

 

Net repayments under line of credit and capital lease obligations

 

(1,328

)

(196

)

(1,835

)

(370

)

Proceeds from the issuance of common stock

 

—

 

10

 

—

 

55,673

 

Cash received from the exercise of employee stock options

 

10,733

 

8,051

 

14,386

 

10,765

 

Repurchase of common stock

 

(1,398

)

—

 

(1,398

)

—

 

Net cash used for financing activities of discontinued operations

 

—

 

—

 

—

 

—

 

Net cash provided by financing activities

 

8,007

 

7,865

 

11,153

 

66,068

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rates on cash

 

(1,577

)

(37

)

(3,471

)

190

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

94,893

 

(73,684

)

37,707

 

(60,051

)

Cash and cash equivalents, beginning of period

 

140,925

 

155,888

 

198,111

 

142,255

 

Cash and cash equivalents, end of period

 

$

235,818

 

$

82,204

 

$

235,818

 

$

82,204

 

 

 

 

 

 

 

 

 

 

 

Free cash flow:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

52,922

 

$

17,360

 

$

94,285

 

$

6,337

 

Less: Capital Expenditures

 

(7,618

)

(6,111

)

(15,553

)

(9,038

)

Free cash flow

 

$

45,304

 

$

11,249

 

$

78,732

 

$

(2,701

)

 


 

MONSTER WORLDWIDE, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

 

June 30, 2005

 

March 31, 2005

 

December 31, 2004

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

235,818

 

$

140,925

 

$

198,111

 

Accounts receivable, net

 

317,378

 

315,361

 

318,530

 

Property and equipment, net

 

83,352

 

82,689

 

81,415

 

Goodwill and intangibles, net

 

640,950

 

668,008

 

664,738

 

Other assets

 

130,119

 

112,607

 

68,997

 

Total assets of discontinued operations

 

—

 

202,212

 

211,822

 

Total Assets

 

$

1,407,617

 

$

1,521,802

 

$

1,543,613

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other

 

$

326,099

 

$

305,381

 

$

308,061

 

Deferred revenue

 

245,713

 

242,100

 

231,382

 

Other liabilities

 

36,156

 

30,439

 

23,381

 

Debt

 

40,935

 

46,633

 

63,237

 

Total liabilities of discontinued operations

 

—

 

140,966

 

162,038

 

Total Liabilities

 

648,903

 

765,519

 

788,099

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

758,714

 

756,283

 

755,514

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders’ Equity

 

$

1,407,617

 

$

1,521,802

 

$

1,543,613

 

 


 

MONSTER WORLDWIDE, INC.

UNAUDITED OPERATING SEGMENT INFORMATION

(in thousands)

 

 

 

Monster

 

Advertising & Communications

 

 

 

 

 

Three Months Ended June 30, 2005

 

North America

 

International

 

Total

 

North America

 

International

 

Total

 

Corporate

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

152,212

 

45,879

 

198,091

 

18,932

 

21,956

 

40,888

 

 

 

238,979

 

Operating income

 

50,323

 

(2,108

)

48,215

 

537

 

226

 

763

 

(10,117

)

38,861

 

OIBDA

 

55,332

 

296

 

55,628

 

1,632

 

670

 

2,302

 

(9,314

)

48,616

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margin

 

33.1

%

-4.6

%

24.3

%

2.8

%

1.0

%

1.9

%

 

 

16.3

%

OIBDA Margin

 

36.4

%

0.6

%

28.1

%

8.6

%

3.1

%

5.6

%

 

 

20.3

%

 

 

 

Monster

 

Advertising & Communications

 

 

 

 

 

Three Months Ended June 30, 2004

 

North America

 

International

 

Total

 

North America

 

International

 

Total

 

Corporate

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

115,894

 

26,010

 

141,904

 

17,553

 

21,871

 

39,424

 

 

 

181,328

 

Operating income

 

29,665

 

863

 

30,528

 

1,018

 

460

 

1,478

 

(9,319

)

22,687

 

OIBDA

 

34,165

 

2,283

 

36,448

 

2,242

 

1,014

 

3,256

 

(8,173

)

31,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margin

 

25.6

%

3.3

%

21.5

%

5.8

%

2.1

%

3.7

%

 

 

12.5

%

OIBDA Margin

 

29.5

%

8.8

%

25.7

%

12.8

%

4.6

%

8.3

%

 

 

17.4

%

 

 

 

Monster

 

Advertising & Communications

 

 

 

 

 

Six Months Ended June 30, 2005

 

North America

 

International

 

Total

 

North America

 

International

 

Total

 

Corporate

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

300,529

 

87,096

 

387,625

 

38,694

 

44,713

 

83,407

 

 

 

471,032

 

Operating income

 

96,365

 

(3,673

)

92,692

 

2,662

 

540

 

3,202

 

(20,364

)

75,530

 

OIBDA

 

106,331

 

1,221

 

107,552

 

4,814

 

1,444

 

6,258

 

(18,319

)

95,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margin

 

32.1

%

-4.2

%

23.9

%

6.9

%

1.2

%

3.8

%

 

 

16.0

%

OIBDA Margin

 

35.4

%

1.4

%

27.7

%

12.4

%

3.2

%

7.5

%

 

 

20.3

%

 

 

 

Monster

 

Advertising & Communications

 

 

 

 

 

Six Months Ended June 30, 2004

 

North America

 

International

 

Total

 

North America

 

International

 

Total

 

Corporate

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

220,891

 

43,175

 

264,066

 

35,048

 

43,424

 

78,472

 

 

 

342,538

 

Operating income

 

54,393

 

(1,159

)

53,234

 

1,996

 

650

 

2,646

 

(16,843

)

39,037

 

OIBDA

 

62,843

 

1,141

 

63,984

 

4,401

 

1,755

 

6,156

 

(14,923

)

55,217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margin

 

24.6

%

-2.7

%

20.2

%

5.7

%

1.5

%

3.4

%

 

 

11.4

%

OIBDA Margin

 

28.4

%

2.6

%

24.2

%

12.6

%

4.0

%

7.8

%

 

 

16.1

%