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Quarterly Financial Information (Tables)
12 Months Ended
Dec. 31, 2014
Financial Information by Quarter

MONSTER WORLDWIDE, INC.

FINANCIAL INFORMATION BY QUARTER (UNAUDITED)

(In thousands, except per share amounts)

 

     2014  
     First
Quarter
    Second
Quarter
    Third
Quarter
    Fourth
Quarter
    Full Year  

Revenue

   $ 198,149      $ 194,441      $ 191,220      $ 186,203      $ 770,013   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Salaries and related

  101,999      103,220      100,587      107,337      413,143   

Office and general

  55,207      49,131      52,186      50,450      206,974   

Marketing and promotion

  41,413      37,377      35,109      32,493      146,392   

Goodwill impairment

  —        —        —        325,800      325,800   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

  198,619      189,728      187,882      516,080      1,092,309   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating (loss) income

  (470   4,713      3,338      (329,877   (322,296

Gain on deconsolidation of subsidiaries, net

  11,828      —        —        —        11,828   

Interest and other, net

  (1,323   (1,660   (1,830   (3,739   (8,552
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes and (loss) income in equity interests

  10,035      3,053      1,508      (333,616   (319,020

Provision for (benefit from) income taxes

  6,663      1,615      1,934      (45,503   (35,291

(Loss) income in equity interests, net

  (133   58      75      (78   (78
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations

  3,239      1,496      (351   (288,191   (283,807
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

  3,239      1,496      (351   (288,191   (283,807

Net income attributable to noncontrolling interest

  1,174      1,462      1,318      1,528      5,482   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to Monster Worldwide, Inc.

$ 2,065    $ 34    $ (1,669 $ (289,719 $ (289,289
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings (loss) per share attributable to Monster Worldwide, Inc.

$ 0.02    $ —      $ (0.02 $ (3.31 $ (3.29
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings (loss) per share attributable to Monster Worldwide, Inc.

$ 0.02    $ —      $ (0.02 $ (3.31 $ (3.29
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding:

Basic

  91,102      87,080      86,576      87,478      88,045   

Diluted

  94,416      89,955      86,576      87,478      88,045   

Net income (loss)

$ 3,239    $ 1,496    $ (351 $ (288,191 $ (283,807

Other comprehensive income (loss):

Foreign currency translation adjustments, net

  3,496      (2,861   (27,563   (29,883   (56,811
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss)

  6,735      (1,365   (27,914   (318,074   (340,618

Comprehensive income (loss) attributable to noncontrolling interest

  347      4,379      (14   (1,918   2,794   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to Monster Worldwide, Inc.

$ 6,388    $ (5,744 $ (27,900 $ (316,156 $ (343,412
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

See further description of goodwill impairment, gain on deconsolidation of subsidiaries, net, income taxes and net income attributable to noncontrolling interest in Notes 5, 11, 17 and 3, respectively.

 

MONSTER WORLDWIDE, INC.

FINANCIAL INFORMATION BY QUARTER (UNAUDITED)

(In thousands, except per share amounts)

 

    2013  
    First
Quarter
    Second
Quarter
    Third
Quarter
    Fourth
Quarter
    Full Year  

Revenue

  $ 211,986      $ 200,058      $ 196,817      $ 198,718      $ 807,579   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Salaries and related

    97,575        89,467        92,931        99,433        379,406   

Office and general

    51,132        52,262        51,542        50,461        205,397   

Marketing and promotion

    49,267        43,394        38,089        38,840        169,590   

Restructuring and other special charges

    13,167        6,828        —          —          19,995   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

    211,141        191,951        182,562        188,734        774,388   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

    845        8,107        14,255        9,984        33,191   

Interest and other, net

    (1,268     (1,357     (1,482     (1,663     (5,770
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) Income before income taxes and loss in equity interests

    (423     6,750        12,773        8,321        27,421   

(Benefit from) provision for income taxes

    (11,999     2,366        4,480        28,157        23,004   

Loss in equity interests, net

    (458     (245     (119     (86     (908
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations

    11,118        4,139        8,174        (19,922     3,509   

(Loss) income from discontinued operations, net of tax

    (6,134     (759     3,095        —          (3,798
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

    4,984        3,380        11,269        (19,922     (289

Net income attributable to noncontrolling interest

    —          —          —          193        193   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to Monster Worldwide, Inc.

  $ 4,984      $ 3,380      $ 11,269      $ (20,115   $ (482
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings (loss) per share attributable to Monster Worldwide, Inc.:

         

Income (loss) from continuing operations

  $ 0.10      $ 0.04      $ 0.08      $ (0.21   $ 0.03   

(Loss) income from discontinued operations, net of tax

    (0.06     (0.01     0.03        —          (0.04
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings (loss) per share

  $ 0.04      $ 0.03      $ 0.11      $ (0.21   $ —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings (loss) per share attributable to Monster Worldwide, Inc.:

         

Income (loss) from continuing operations

  $ 0.10      $ 0.04      $ 0.08      $ (0.21   $ 0.03   

(Loss) income from discontinued operations, net of tax

    (0.06     (0.01     0.03        —          (0.04
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings (loss) per share

  $ 0.04      $ 0.03      $ 0.11      $ (0.21   $ —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding:

         

Basic

    111,402        110,932        105,394        97,872        106,947   

Diluted

    112,637        111,937        105,967        97,872        107,913   

Net income (loss)

  $ 4,984      $ 3,380      $ 11,269      $ (19,922   $ (289

Other comprehensive (loss) income:

         

Foreign currency translation adjustments, net

    (36,999     (9,139     21,022        1,257        (23,859
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive (loss) income

    (32,015     (5,759     32,291        (18,665     (24,148

Comprehensive income attributable to noncontrolling interest

    —          —          —          128        128   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive (loss) income attributable to Monster Worldwide, Inc.

  $ (32,015   $ (5,759   $ 32,291      $ (18,793   $ (24,276
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

See further description of restructuring, income taxes and discontinued operations in Notes 6, 17, and 7, respectively.

 

(a) Earnings per share calculations for each quarter include the weighted average effect of stock issuances and common stock equivalents for the quarter; therefore, the sum of quarterly earnings per share amounts may not equal full-year earnings per share amounts, which reflect the weighted average effect on an annual basis. Diluted earnings per share calculations for each quarter include the effect of stock options, non-vested restricted stock units and non-vested restricted stock, and the 3.50% convertible senior notes due 2019, when dilutive to the quarter. In addition, basic earnings per share and diluted earnings per share may not add due to rounding.