Monster Worldwide Reports Fourth Quarter and Full Year 2004 Results
NEW YORK--(BUSINESS WIRE)--Feb. 1, 2005--Monster Worldwide, Inc. (NASDAQ:MNST):
2004 Fourth Quarter Financial Highlights
-- Diluted EPS Increases 82% to $0.20 on 45% Year over Year Revenue Gain
-- Monster Division's Revenue Reaches $172 Million, Up 64% From a Year Ago
-- Deferred Revenue at Monster Division Sets New Record of $230 Million
-- Gross Cash Position Increases 69% Sequentially to $198 Million
-- Monster Division's Operating Margin Expands to 23%, Up From 18.2% in Q3 2004
Monster Worldwide, Inc. (NASDAQ: MNST), the parent company of the leading global online careers property, Monster(R), the world's largest Yellow Pages advertising agency, and one of the world's largest Recruitment Advertising agency networks, today reported financial results for the fourth quarter ended December 31, 2004.
Fourth Quarter Results
Monster Worldwide's total revenue increased 45% to $236.8 million in the fourth quarter of 2004 from $163.2 million in the comparable quarter last year. The strong revenue growth was driven by exceptional global sales performance at the Monster division, a solid increase in the Company's Advertising & Communications business in North America and contributions from acquisitions made earlier in the year. The Monster division recorded revenue of $172.2 million, a 64% increase over last year's fourth quarter level of $104.9 million. Sequentially, the division's revenues grew 9% over the $157.7 million reported in the third quarter of this year. Organic revenue growth over the 2003 fourth quarter was 28%. The Monster division's deferred revenue balance was a record $230.1 million, an increase over the $195.4 million for this year's third quarter and a 50.2% gain over the $153.2 million recorded in last year's fourth quarter. Consolidated net income for the fourth quarter doubled to $24.5 million from the $12.1 million reported in the fourth quarter of 2003. Consolidated net income includes a gain on the sale of the Company's US Motivation business, significantly offset by a loss on the sale of certain continental European AdComms operations, both of which are reported as discontinued operations. Diluted earnings per share were $0.20 for the current quarter versus $0.11 for last year's comparable quarter.
"Our strong global performance in the fourth quarter capped off a terrific 2004 for Monster Worldwide," said Andrew McKelvey, Chairman and Chief Executive Officer of Monster Worldwide. "We executed on our aggressive plan to increase profits and expand the Monster franchise. As these results demonstrate, we successfully improved our operational efficiencies, while growing our client base, and enhancing our breadth of offerings."
"By going after small and medium-sized businesses and taking market share from newspapers and by expanding our global footprint in key markets such as Europe and India, we unleashed the true potential of Monster in 2004. With our world-class sales operation, innovative products and services, including our successful eCommerce channel, and the continued migration of recruitment to the Internet throughout the world, we are well positioned to continue our solid growth as we enter 2005."
Cash generated from operating activities was $44.1 million in the fourth quarter of 2004, a $10.7 million increase over the $33.4 million of cash from operating activities in the comparable 2003 quarter. The Company's cash position was $198.1 million at December 31, 2004. Cash and cash equivalents at September 2004 and December 2003 were $117.2 million and $142.3 million, respectively. Net cash at December 31, 2004 increased to $134.9 million from the $60.2 million reported at September 30, 2004.
Full Year Results
Highlights
-- Total Revenue Grows 30% to $846 million
-- Monster Division Revenues Increase 44% to $594 million
-- Diluted Earnings Per Share From Continuing Operations rise to $0.62
Monster Worldwide reported total revenue of $845.5 million for the year ended December 31, 2004, compared to $652.2 million in the comparable prior year period. Income from continuing operations was $74.3 million, or $0.62 per diluted share, compared to income from continuing operations of $6.7 million, or $0.06 per share in the prior year period. Non-GAAP income from continuing operations was $43.0 million, or $0.38 per share for the year ended December 31, 2003. Full year net income was $73.1 million or $0.61 per diluted share, compared to a loss of $81.9 million or $0.72 per share in the prior year period.
Recent Developments/Operating Highlights
-- In 2004, the Monster Employment Index rose a total of 26 points, an increase of 36%, and registered increases in 10 out of 12 months. On April 1st, Monster released the first results of the Monster Employment Index, a broad and monthly analysis of American online job demand. The Company established the Index to provide U.S. labor market watchers with a valuable snapshot of U.S. online recruiting activity. The Index offers an extensive range of sub-indices by industry, occupation, and geographic region, including all 20 NAICS (North American Industry Classification System) industries, 23 occupational categories, all 50 states and the nine U.S. Census regions.
-- Monster's eCommerce Channel, a self-service process that lets hiring managers post one job or many, made significant inroads with small and medium-sized businesses
-- a large part of the market that is now online but still using the newspapers classifieds. The effectiveness of stepped-up on- and offline advertising is reflected in eCommerce's growth since the beginning of the year.
-- In late December 2004, Monster announced the launch of its January Jobs Campaign for the New Year to help Americans find employment in their local communities. The campaign culminated in Monster's Ultimate Career Day on February 1st, a Career Day online and across 180 local market Infinity Radio stations in 41 U.S. Markets. Monster motivated U.S. employers to list new jobs with one free posting for seven days, and incentivized job seekers to begin their search with a chance to win a $50,000 bonus.
Outlook
In the first quarter of 2005, the Company currently anticipates that the Monster division and total Company revenue will increase sequentially from the fourth quarter of 2004, representing a significant gain over the first quarter of 2004. Expense levels in the first quarter are expected to increase due to seasonally higher marketing and promotion expenses in North America and a strategic investment in marketing activities in Europe. As a result, earnings are expected to be in the range of $0.16 to $0.17, an increase over the $0.11 reported in the first quarter of 2004.
The Company currently anticipates that in 2005 it will significantly increase revenue and earnings while continuing to invest to take advantage of the large global online recruiting market opportunity. The Company anticipates that revenue growth for Monster Worldwide will be 20% and even higher for the Monster division while generating diluted earnings per share growth of 35% - 45% on a consolidated basis.
These assumptions are based on current information and operations and do not include the effect of any possible dispositions, acquisitions or implementation of accounting rule changes which may have an impact on future financial results.
Conference Call Information
Fourth quarter 2004 results will be discussed on Monster Worldwide's quarterly conference call taking place on February 2, 2005 at 10:00 AM EST. To join the conference call, please dial in on 1-888-677-5720 at 9:50 AM EST and give the operator the password "Monster." For those outside the United States, please call in on 1-210-234-8002 and give the operator the same password. The call will begin promptly at 10:00 AM EST. 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. Interactive Metrics for Monster Worldwide and Monster are available at www.monsterworldwide.com or www.monster.com.
About Monster Worldwide
Founded in 1967, Monster Worldwide, Inc. is the parent company of Monster(R), the leading global online careers property. The company also owns TMP Worldwide, the world's largest Yellow Pages advertising agency and one of the world's largest Recruitment Advertising agency networks. TMP Worldwide is also a provider of direct marketing services. Headquartered in New York with approximately 5,000 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.
Celebrating its 10-year anniversary, 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.
Financial Information Tables
In December 2004, the Company sold and disposed of certain Advertising and Communications businesses in Continental Europe. On October 5, 2004, Monster Worldwide, Inc. entered into a Stock Purchase Agreement with General Yellow Pages Consultants, Inc. d/b/a The Marquette Group for the sale of US Motivation, Inc., the Company's wholly-owned subsidiary within the Directional Marketing division. On March 31, 2003, the Company completed the spin-off of its eResourcing and Executive Search business units as a publicly traded company known as Hudson Highland Group, Inc. (NASDAQ: HHGP). In August 2003, the Company's Monster division terminated its joint venture arrangement in Australia and New Zealand. As a result, the financial information tables following this release present the results of the dispositions of the Advertising & Communications businesses in Europe, US Motivation, Hudson Highland Group, Inc., and the disposition of the terminated joint venture as discontinued operations for all periods presented. Monster Worldwide's 2003 financial results from continuing operations reflect the remaining results of the Company's Monster, Advertising & Communications, and Directional Marketing business segments.
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 non-GAAP operating income, non-GAAP earnings per share, adjusted EBITDA, 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 budget planning purposes.
Non-GAAP operating income, income from continuing operations and related per share information exclude business reorganization, spin-off and other special charges and any tax benefits thereon. Non-GAAP operating income is a measure used by the Company in reviewing business trends and the financial results of its reportable segments. These measures are also the primary basis upon which the Company prepares its budgets and forecasts.
Adjusted EBITDA is one of the measures that determines the Company's ability to borrow under its $100 million credit facility. If the Company failed to meet the required level of adjusted EBITDA as defined in its credit agreement, the lender may terminate the agreement, requiring the Company to repay any outstanding amount. EBITDA and adjusted EBITDA are non-GAAP measures and should not be considered in isolation, or as a substitute for, operating income, cash flows from operating activities or as a measure of the Company's profitability or liquidity. EBITDA and adjusted EBITDA reflected herein may not be comparable with 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.
Net cash is defined as cash and cash equivalents after subtracting total debt. Net cash is considered a measure of the Company's liquidity and reflects the amount of cash and cash equivalents that would remain with the Company after paying off its contractual debt obligations. Net cash also provides information to investors regarding the effect that each period's borrowings have on the Company's balance of cash and cash equivalents. Net cash presented herein is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies.
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.
MONSTER WORLDWIDE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended December 31,
(in thousands, except per share amounts)
(unaudited)
| 2004 | 2003 | |
| Revenue: | ||
| Monster | $172,164 | $104,920 |
| Advertising & Communications | 41,327 | 36,092 |
| Directional Marketing | 23,350 | 22,222 |
| Total revenue | 236,841 | 163,234 |
| Operating expenses: | ||
| Salaries and related | 113,498 | 80,929 |
| Office and general | 45,715 | 37,950 |
| Marketing and promotion | 38,004 | 25,593 |
| Amortization of intangibles | 2,459 | 577 |
| Total operating expenses | 199,676 | 145,049 |
| Operating income | 37,165 | 18,185 |
| Interest and other, net | (38) | (232) |
| Income from continuing operations before income taxes | 37,127 | 17,953 |
| Income taxes | 12,980 | 5,460 |
| Income from continuing operations | 24,147 | 12,493 |
| Income (loss) from discontinued operations, net of tax | 324 | (361) |
| Net income | $24,471 | $12,132 |
| Basic earnings per share: | ||
| Earnings per share from continuing operations | $0.20 | $0.11 |
| Loss per share from discontinued operations, net of tax | - | - |
| Basic earnings per share | $0.20 | $0.11 |
| Diluted earnings per share: | ||
| Earnings per share from continuing operations | $0.20 | $0.11 |
| Loss per share from discontinued operations, net of tax | - | - |
| Diluted earnings per share | $0.20 | $0.11 |
| Weighted average shares outstanding: | ||
| Basic | 119,373 | 112,838 |
| Diluted | 122,353 | 115,514 |
| EBITDA: | ||
| Net income | $24,471 | $12,132 |
| Interest expense, net | (67) | (153) |
| Income taxes | 12,980 | 5,460 |
| Depreciation and amortization | 9,400 | 7,642 |
| EBITDA | $46,784 | $25,081 |
MONSTER WORLDWIDE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Year Ended December 31,
(in thousands, except per share amounts)
(unaudited)
| 2004 | 2003 | |
| Revenue: | ||
| Monster | $593,909 | $412,796 |
| Advertising & Communications | 157,441 | 136,026 |
| Directional Marketing | 94,169 | 103,365 |
| Total revenue | 845,519 | 652,187 |
| Operating expenses: | ||
| Salaries and related | 396,229 | 303,208 |
| Office and general | 173,115 | 154,805 |
| Marketing and promotion | 154,067 | 122,377 |
| Business reorganization, spin-off and other special charges | - | 45,635 |
| Amortization of intangibles | 7,782 | 2,387 |
| Total operating expenses | 731,193 | 628,412 |
| Operating income | 114,326 | 23,775 |
| Interest and other, net | (1,303) | (1,141) |
| Income from continuing operations before income taxes | 113,023 | 22,634 |
| Income taxes | 38,716 | 15,956 |
| Income from continuing operations | 74,307 | 6,678 |
| Loss from discontinued operations, net of tax | (1,203) | (88,542) |
| Net income (loss) | $73,104 | $(81,864) |
| Basic earnings (loss) per share: | ||
| Earnings per share from continuing operations | $0.63 | $0.06 |
| Loss per share from discontinued operations, net of tax | (0.01) | (0.79) |
| Basic earnings (loss) per share | $0.62 | $(0.73) |
| Diluted earnings (loss) per share: | ||
| Earnings per share from continuing operations | $0.62 | $0.06 |
| Loss per share from discontinued operations, net of tax | (0.01) | (0.78) |
| Diluted earnings (loss) per share | $0.61 | $(0.72) |
| Weighted average shares outstanding: | ||
| Basic | 117,738 | 112,124 |
| Diluted | 120,075 | 114,087 |
| 2004 | 2003 | |
| Reconciliation of income from continuing operations to non-GAAP income from continuing operations: | ||
| Income from continuing operations | $74,307 | $6,678 |
| Business reorganization, spin off and other special charges | - | 45,635 |
| Tax benefit on business reorganization, spin-off and other special charges | - | (9,346) |
| Non-GAAP income from continuing operations | N/A* | $42,967 |
| Non-GAAP diluted earnings per share from continuing operations | ||
| Earnings per share from continuing operations | $0.62 | $0.06 |
| Business reorganization, spin off and other special charges per share | - | 0.40 |
| Tax benefit per share on business reorganization, spin-off and other special charges | - | (0.08) |
| Non-GAAP earnings per share from continuing operations | N/A* | $0.38 |
| Weighted average diluted shares outstanding used in calculating Non-GAAP earnings per share from continuing operations | 120,075 | 114,087 |
| Adjusted EBITDA: | ||
| Net income (loss) | $73,104 | $(81,864) |
| Interest expense, net | 693 | 594 |
| Income taxes | 38,716 | 15,956 |
| Depreciation and amortization | 37,623 | 27,741 |
| EBITDA | 150,136 | (37,573) |
| Add back: | ||
| Loss from discontinued operations, net of tax | 1,203 | 88,542 |
| Business reorganization, spin-off and other special charges | - | 45,635 |
| Adjusted EBITDA | $151,339 | $96,604 |
MONSTER WORLDWIDE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
| December | September | December | |
| 31, 2004 | 30, 2004 | 31, 2003 | |
| Assets: | |||
| Cash and cash equivalents | $198,111 | $117,212 | $142,255 |
| Accounts receivable, net | 441,827 | 423,229 | 338,931 |
| Property and equipment, net | 94,558 | 95,910 | 85,607 |
| Goodwill and intangibles, net | 723,217 | 671,519 | 443,230 |
| Other assets | 85,900 | 82,104 | 95,530 |
| Total assets of discontinued operations | - | 19,017 | 16,726 |
| Total Assets | $1,543,613 | $1,408,991 | $1,122,279 |
| Liabilities and Stockholders' Equity: | |||
| Accounts payable and accrued expenses | $435,973 | $429,287 | $416,797 |
| Accrued integration and restructuring | 9,492 | 9,526 | 6,688 |
| Accrued business reorganization and spin-off costs | 21,595 | 23,428 | 33,958 |
| Deferred revenue | 234,167 | 199,512 | 159,065 |
| Other liabilities | 23,635 | 17,515 | 12,118 |
| Debt | 63,237 | 57,029 | 4,710 |
| Total liabilities of discontinued operations | - | 18,262 | 20,751 |
| Total Liabilities | 788,099 | 754,559 | 654,087 |
| Stockholders' Equity | 755,514 | 654,432 | 468,192 |
| Total Liabilities and Stockholders' Equity | $1,543,613 | $1,408,991 | $1,122,279 |
MONSTER WORLDWIDE, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands, except percentages and per share amounts)
(unaudited)
Fourth Quarter 2004
| Revenue | Operating Income (loss) | Operating Margin | |
| Monster | |||
| North America | $135,252 | $38,456 | 28.4% |
| Europe | 34,571 | 2,189 | 6.3% |
| Asia Pacific | 2,341 | (1,007) | -43.0% |
| Total Monster | $172,164 | $39,638 | 23.0% |
| Advertising & Communications | |||
| North America | $21,427 | $1,435 | 6.7% |
| Europe | 16,818 | (3,225) | -19.2% |
| Asia Pacific | 3,082 | (1,608) | -52.2% |
| Total Advertising & Communications | $41,327 | $(3,398) | -8.2% |
| Total Directional Marketing | $23,350 | 925 | 4.0% |
| Total Monster Worldwide | $236,841 | $37,165 | 15.7% |
MONSTER WORLDWIDE, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands, except percentages and per share amounts)
(unaudited)
Fourth Quarter 2003
| Revenue | Operating Income (loss) | Operating Margin | |
| Monster | |||
| North America | $90,605 | $22,254 | 24.6% |
| Europe | 13,687 | (1,194) | -8.7% |
| Asia Pacific | 628 | (208) | -33.1% |
| Total Monster | $104,920 | $20,852 | 19.9% |
| Advertising & Communications | |||
| North America | $17,898 | $430 | 2.4% |
| Europe | 15,363 | (866) | -5.6% |
| Asia Pacific | 2,831 | (319) | -11.3% |
| Total Advertising & Communications | $36,092 | $(755) | -2.1% |
| Total Directional Marketing | $22,222 | (1,912) | -8.6% |
| Total Monster Worldwide | $163,234 | $18,185 | 11.1% |
Full Year 2004
| Revenue | Operating Income (loss) | Operating Margin | |
| Monster | |||
| North America | $483,039 | $114,625 | 23.7% |
| Europe | 104,800 | 220 | 0.2% |
| Asia Pacific | 6,070 | (3,107) | -51.2% |
| Total Monster | $593,909 | $111,738 | 18.8% |
| Advertising & Communications | |||
| North America | $75,767 | $7,103 | 9.4% |
| Europe | 68,386 | (6,245) | -9.1% |
| Asia Pacific | 13,288 | (2,103) | -15.8% |
| Total Advertising & Communications | $157,441 | $(1,245) | -0.8% |
| Total Directional Marketing | $94,169 | 3,833 | 4.1% |
| Total Monster Worldwide | $845,519 | $114,326 | 13.5% |
Full Year 2003
| Revenue | Operating Income (loss)* | Operating Margin | |
| Monster | |||
| North America | $357,919 | $56,183 | 15.7% |
| Europe | 52,998 | (2,588) | -4.9% |
| Asia Pacific | 1,879 | (704) | -37.5% |
| Total Monster | $412,796 | $52,891 | 12.8% |
| Advertising & Communications | |||
| North America | $61,988 | $(21,970) | -35.4% |
| Europe | 63,372 | (3,019) | -4.8% |
| Asia Pacific | 10,666 | (596) | -5.6% |
| Total Advertising & Communications | $136,026 | $(25,585) | -18.8% |
| Total Directional Marketing | $103,365 | (3,531) | -3.4% |
| Total Monster Worldwide | $652,187 | $23,775 | 3.6% |
* Operating income (loss) includes business reorganization, spin-off and other special charges as follows:
| Monster | Advertising & Communications | Directional Marketing | Total | |
| North America | $26,408 | $6,199 | $7,551 | $40,158 |
| Europe | 2,195 | 3,282 | - | 5,477 |
| Asia Pacific | - | - | - | - |
| $28,603 | $9,481 | $7,551 | $45,63 |
MONSTER WORLDWIDE, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands, except percentages and per share amounts)
(unaudited)
| PURCHASE ACQUISITION INFORMATION: | Q1 2004 | Q2 2004 | Q3 2004 |
| Acquisition revenue: | |||
| Acquisitions completed in 2004* | $996 | $14,425 | $22,478 |
| Acquisitions completed in 2003** | 2,336 | 2,869 | 3,863 |
| Total | $3,332 | $17,294 | $26,341 |
| Q1 2004 | Q2 2004 | Q3 2004 | |
| Acquisition operating income: | |||
| Acquisitions completed in 2004* | $141 | $1,442 | $430 |
| Acquisitions completed in 2003** | 452 | 374 | 1,448 |
| Total | $593 | $1,816 | $1,878 |
* - represents the following acquisitions:
- Military Advantage, Inc., completed on March 1, 2004
- Jobpilot GMBH, completed on April 22, 2004
- Tickle, Inc., completed on May 21, 2004
- WebNeuron Services Limited (JobsAhead), on June 18, 2004
** - represents the acquisition of QuickHire, Inc. completed on July 31, 2003
MONSTER WORLDWIDE, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands, except percentages and per share amounts)
(unaudited)
| PURCHASE ACQUISITION INFORMATION: | ||
| Q4 2004 | FY 2004 | |
| Acquisition revenue: | ||
| Acquisitions completed in 2004* | $23,013 | $60,912 |
| Acquisitions completed in 2003** | 4,940 | 14,008 |
| Total | $27,953 | $74,920 |
| Q4 2004 | FY 2004 | |
| Acquisition operating income: | ||
| Acquisitions completed in 2004* | $3,135 | $5,148 |
| Acquisitions completed in 2003** | 1,958 | 4,232 |
| Total | $5,093 | $9,380 |
* - represents the following acquisitions:
- Military Advantage, Inc., completed on March 1, 2004
- Jobpilot GMBH, completed on April 22, 2004
- Tickle, Inc., completed on May 21, 2004
- WebNeuron Services Limited (JobsAhead), on June 18, 2004
** - represents the acquisition of QuickHire, Inc. completed on July 31, 2003
| SUMMARY BALANCE SHEET INFORMATION: | 12/31/2004 | 9/30/2004 | 12/31/2003 |
| Net cash: | |||
| Cash and cash equivalents | $198,111 | $117,212 | $142,255 |
| Debt | 63,237 | 57,029 | 4,710 |
| Net cash | $134,874 | $60,183 | $137,545 |
| Deferred revenue: | |||
| Monster | $230,097 | $195,446 | $153,154 |
| Other | 4,070 | 4,066 | 5,911 |
| Total deferred revenue | $234,167 | $199,512 | $159,065 |
| SUMMARY CASH FLOW INFORMATION | |||
| Free Cash Flow: | Q4 2004 | Q3 2004 | Q4 2003 |
| Cash flow from operating activities | $44,092 | $42,106 | $33,379 |
| Less: Capital expenditures | (3,542) | (5,819) | (7,237) |
| Free cash flow | $40,550 | $36,287 | $26,142 |
| Cash at September 30, 2004 | $117,212 |
| Cash used by discontinued operations | (2,914) |
| Cash provided by all other operating activities | 47,006 |
| Cash provided by operating activities | 44,092 |
| Cash paid for capital expenditures | (3,542) |
| Cash paid in connection with purchase transactions and intangible assets, net | (1,957) |
| Net proceeds from sales of businesses | 6,810 |
| Cash provided by investing activities | 1,311 |
| Net payments on debt | (763) |
| Cash received from exercise of employee stock options | 34,068 |
| Cash provided by financing activities | 33,305 |
| Effects of exchange rates | 2,191 |
| Cash at December 31, 2004 | $198,111 |
Investors:
Robert Jones,
212-351-7032
robert.jones@monsterworldwide.com
or
Media:
David Rosa,
212-351-7067