NEW YORK--(BUSINESS WIRE)--Monster Worldwide, Inc. (NYSE:MWW) today reported financial results for the fourth quarter and full year ended December 31, 2010.

“Notes Regarding the Use of Non-GAAP Financial Measures”

Sal Iannuzzi, chairman, president and chief executive officer of Monster Worldwide, said, “Our focus in 2010 was dedicated to building momentum across all geographies and within our major vertical markets. Monster’s differentiated suite of product offerings, combined with an improved macro-economic environment, resulted in strong bookings growth of 23% in 2010. Our unrivaled global reach, innovative solutions, and search products powered by our patented 6Sense® technology will allow us to win against all competitors in the market and to continue to gain global market share in 2011. As such, we are reiterating our outlook of 20-25% bookings and revenue growth for 2011, and underscoring our commitment to significantly improve the profitability profile of Monster.”

Fourth Quarter Results

Bookings, which represent the dollar value of contractual orders received, and are considered by the Company to be a key indicator of future revenues, increased 28% to $330 million compared to $259 million reported in the fourth quarter of 2009. On a year over year basis, currency translation had a $5 million negative impact on bookings in the fourth quarter. Historical data on bookings for prior quarters is available in the Company’s supplemental financial information.

GAAP revenue of $255 million includes a $3.3 million purchase accounting adjustment related to the HotJobs acquisition. Non-GAAP revenue of $258 million increased 21% from revenue of $213 million in the fourth quarter of 2009. On a year over year basis, currency translation had a $3 million negative impact on non-GAAP revenue in the fourth quarter.

Total Careers revenue on a non-GAAP basis was $226 million, an increase of 26%, compared to $179 million in the fourth quarter of 2009.

Non-GAAP Careers-North America revenue was $124 million, an increase of 37% compared to $91 million in the fourth quarter of 2009. Careers-International revenue increased 15% to $102 million compared with $88 million in the prior year period. Internet Advertising & Fees revenue of $32 million decreased 4% compared to $34 million in the fourth quarter of 2009.

Consolidated GAAP operating expenses were $253 million. Net income was $501 thousand, or break-even, on a per share basis. This compares to a net loss of $2 million, or $0.02 per share, in the fourth quarter of 2009.

Net income for the fourth quarter included a pre-tax adjustment of $9.8 million, or $0.05 per share net of tax. These items consisted of a $3.3 million reduction to revenue due to the purchase accounting adjustment related to the acquisition of HotJobs and $6.6 million primarily related to HotJobs transaction and integration costs. These pro forma items are fully described in the "Notes Regarding the Use of Non-GAAP Financial Measures" and are reconciled to the GAAP measure in the accompanying tables.

Monster Worldwide non-GAAP income was $7.1 million, or $0.06 per share, which was negatively impacted by $1 million of currency translation on a year over year basis. This compares to a non-GAAP loss of $1.5 million, or $0.01 per share in the fourth quarter of 2009. On a non-GAAP basis, operating expenses were $246 million or a 16% year over year increase compared to $213 million in the fourth quarter of 2009. The majority of the increase in operating expenses was due to the acquisition of HotJobs.

Cash and cash equivalents were $163 million as of December 31, 2010 compared to $275 million last year. The decline in cash and cash equivalents was primarily attributable to the completion of the HotJobs acquisition.

Monster Worldwide’s deferred revenue balance as of December 31, 2010 was $376 million compared to $313 million reported as of September 30, 2010 and $306 million as of December 31, 2009. On a year over year basis, currency translation had a $5 million negative impact on the deferred revenue balance.

Full Year Results

Monster Worldwide reported GAAP revenue of $914 million for the full year ended December 31, 2010, an increase over the $905 million reported last year. Monster Careers revenue increased to $783 million compared to $773 million in 2009. Internet Advertising & Fees reported revenue of $131 million, a decrease compared to $133 million reported in the prior year. The Company reported a GAAP net loss of $32 million, or $0.27 per share, compared to net income of $19 million, or $0.16 per share, in the prior year period.

Monster Worldwide reported non-GAAP revenue of $919 million for the full year ended December 31, 2010, an increase over the $907 million reported last year. Monster Careers non-GAAP revenue increased to $788 million compared to $775 million in 2009. The Company reported a non-GAAP net loss of $9 million, or $0.07 per share, compared to non-GAAP net income of $4 million, or $0.03 per share, in the prior year period.

Guidance

The Company offered the following business outlook based on current available information and expectations as of January 27, 2011, exclusive of any future acquisitions or dispositions.

Special Note: The statements in this release that are not strictly historical, including, without limitation, statements regarding the Company's strategic direction, prospects and future results, 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 and, therefore, actual results may differ materially from what is expressed or implied herein and no assurance can be given that the Company will achieve, among other things, its outlook with respect to bookings, revenue or earnings per share for the first fiscal quarter of 2011 or the full 2011 fiscal year. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, economic and other conditions in the markets in which we operate, risks associated with acquisitions or dispositions, competition, 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 into this release by reference. Many of the factors that will determine the Company’s future results are beyond the ability of management to control or predict. Readers should not place undue reliance on the forward-looking statements in this release as they reflect management’s views only as of the date hereof. The Company undertakes no obligation to revise or update any of the forward-looking statements contained in this release or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Conference Call and Webcast

Fourth quarter 2010 results will be discussed on Monster Worldwide’s quarterly conference call taking place on January 27, 2011 at 5:00 PM 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) 696-1396 or (706) 758-9636 and reference conference ID# 38489849.

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 at http://about-monster.com/sites/default/files/Q42010earningslidefinalpdf.pdf or through the Company’s Investor Relations website at http://ir.monster.com.

The Company has also made available certain supplemental financial information which can be accessed directly at http://about-monster.com/sites/default/files/q410financialsupplement.pdf or through the Company’s Investor Relations website at http://ir.monster.com.

For a replay of the conference call, please dial (800) 642-1687 or (706) 645-9291 and reference ID# 38489849. This number is valid until midnight on February 3, 2011.

About Monster Worldwide

Monster Worldwide, Inc. (NYSE: MWW), parent company of Monster® the premier global online employment solution for more than a decade, strives to inspire people to improve their lives. With a local presence in key markets in North America, Europe, Asia and Latin America, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. Monster Worldwide is a member of the S&P 500 index. To learn more about Monster's industry-leading products and services, visit www.monster.com.

Notes Regarding the Use of Non-GAAP Financial Measures

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 provides useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations.

Non-GAAP revenue, operating expenses, operating income, operating margin, net-income or loss and diluted earnings per share all exclude certain pro forma adjustments including: net costs associated with the Company’s historical stock option grant practices; the strategic restructuring actions initiated in the third quarter of 2007; severance charges related to the targeted global headcount reduction; facility charges primarily related to the product and technology global reorganization; the fair value adjustment to deferred revenue in connection with the acquisition of ChinaHR and HotJobs; realized and unrealized gains and losses on marketable securities; acquisition and integration-related costs associated with the acquisition of HotJobs; and a net non-cash benefit relating to the reversal of an income tax liability for uncertain tax positions. The Company uses these non-GAAP measures for reviewing the ongoing results of the Company’s core business operations and in certain instances, for measuring performance under certain of the Company’s incentive compensation plans. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is defined as net income or loss before interest income or expense, income tax expense or benefit, net gain or loss in equity interests, depreciation and amortization and non-cash compensation expense. The Company considers EBITDA to be an important indicator of its operational strength which the Company believes is useful to management and investors in evaluating its operating performance. EBITDA is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies.

Operating income before depreciation and amortization (“OIBDA”) is defined as net income or loss from operations before depreciation, amortization of intangible assets, amortization of stock-based compensation and non-cash costs incurred in connection with the Company’s restructuring program. The Company considers OIBDA to be an important indicator of its operational strength. This measure eliminates the effects of depreciation, amortization of intangible assets, amortization of stock-based compensation and non-cash restructuring costs from period to period, which the Company believes is useful to management and investors in evaluating its operating performance. OIBDA is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies.

Bookings represent the dollar value of contractual orders received in the relevant period.

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.

Net cash and securities is defined as cash and cash equivalents plus short-term and long-term marketable securities, less total debt. Total available liquidity is defined as cash and cash equivalents, plus short-term and long-term marketable securities plus unused borrowings under our credit facility. The Company considers net cash and securities and total available liquidity to be important measures of liquidity and indicators of its ability to meet its ongoing obligations. The Company also uses net cash and securities and total available liquidity, among other measures, in evaluating its choices for capital deployment. Net cash and securities and total available liquidity are presented herein as non-GAAP measures and may not be comparable to similarly titled measures used by other companies.

Note Regarding ProForma Adjustments:

The financial information included herein contains certain non-GAAP financial measures. This information is not intended to be used in place of the financial information prepared and presented in accordance with GAAP, nor is it intended to be considered in isolation. We believe that the above presentation of non-GAAP measures provide useful information to management and investors regarding certain core operating and business trends relating to our results of operations, exclusive of certain restructuring related and other special charges.