Monster posts a net loss of $10.3 million

Monster Worldwide has reported a net loss of $10.3 million, as against net profit of $22.6 million a year ago. Revenue declined 31% to $254 million, compared with $366 million in the comparable quarter of 2008. Monster generated 43% of its revenue outside the United States and total revenue was negatively impacted by $27 million from unfavorable foreign exchange rates.

Over the past 4 quarters, monsters revenue has been sliding at an alarming rate and is down by over $100 million when compared with Q1 2008 (Jan-Mar). Following is snapshot of their revenue earnings

Q1 2008 - $ 366 million
Q2 2008 - $ 354 million
Q3 2008 - $ 332 million
Q4 2008 - $ 290 million
Q1 2009 - $ 254 million


Income from continuing operations for the three months ended March 31, 2009 includes the following pre-tax pro forma adjustments: $11.0 million of expenses associated with the Company’s restructuring plan; $3.0 million of legal fees, primarily related to the Company’s obligation to indemnify former officers for their defense in connection with the ongoing litigation related to historical stock option grant practices; and a $1.0 million reduction to total revenue due to the purchase accounting adjustment for ChinaHR. As a result, the Company recorded total pre-tax pro forma adjustments of $15.0 million.

Sal Iannuzzi, chairman, president and chief executive officer of Monster, said, “As anticipated, the challenging global economy continued to severely impact customer demand during the first quarter of 2009. We were able to leverage the power of our brand to drive awareness and higher levels of user engagement following our new product launch in early January. Our strict and disciplined approach to cost containment enabled us to preserve our liquidity position, maintain necessary investments and report a break-even quarter.”

About Monster Worldwide
Monster Worldwide, Inc. (NYSE: MWW), parent company of Monster(R), 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