Monster Worldwide Inc. (MWW, Financial) filed Quarterly Report for the period ended 2011-06-30.
Monster Worldwide Inc. has a market cap of $1.7 billion; its shares were traded at around $13.14 with a P/E ratio of 109.5 and P/S ratio of 1.8.
Salary and related expenses increased $17.2 million, or 15.0%, in the second quarter of 2011 compared to the same period of 2010, which includes $5.7 million of unfavorable foreign exchange. This increase in salaries and related expenses resulted primarily from increased regular salary costs associated with increased headcount in 2011 compared to 2010, an increase in variable compensation costs as a result of booking activity in 2011 and increased stock-based compensation resulting from our broader equity and incentive programs, partially offset by a reversal of a previously accrued payroll tax liability.
Office and general expenses increased $5.1 million, or 8.9%, in the second quarter of 2011 compared to the same period of 2010, which includes $1.7 million of unfavorable foreign exchange impact. This increase in office and general expenses resulted primarily from increased amortization of acquired intangibles relating to the HotJobs Assets as well as increased depreciation expense associated with increased capital expenditures as we continue to invest in product development. These increases were offset by a partial reversal of a previously recorded contingency resulting from a legal settlement recorded in the three months ended June 30, 2010, as well as decreased professional fees in 2011 primarily relating to the HotJobs acquisition.
Marketing and promotion expenses increased $11.6 million, or 24.7%, in the second quarter of 2011 compared to the same period of 2010, which includes $1.8 million of unfavorable foreign exchange impact. This increase in marketing and promotion expenses was primarily related to our traffic agreement with Yahoo!, which became effective on August 24, 2010, whereby the Company became Yahoo!s exclusive provider of career and job content on the Yahoo! homepage in the United States and Canada, in addition to our focus on brand awareness in Europe, Asia and South America.
Salary and related expenses increased $11.5 million, or 26.2%, in the second quarter of 2011 compared to the same period of 2010. This increase in salaries and related expenses resulted primarily from $5.3 million of increased variable compensation costs for the Companys sales force resulting from increased booking activity in 2011 as well as $5.0 million of increased regular salary costs primarily associated with increased headcount in 2011 compared to 2010.
Office and general expenses increased $5.9 million, or 30.4%, in the second quarter of 2011 compared to the same period of 2010. This increase in office and general expenses resulted primarily from increased amortization expense of $2.1 million associated with the acquisition of the HotJobs Assets, $1.1 million of increased professional fees and $0.7 million of additional depreciation expense associated with increased capital expenditures as we continue to invest in product development.
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Monster Worldwide Inc. has a market cap of $1.7 billion; its shares were traded at around $13.14 with a P/E ratio of 109.5 and P/S ratio of 1.8.
Highlight of Business Operations:
On August 24, 2010, pursuant to an Asset Purchase Agreement dated as of February 3, 2010 between Monster and Yahoo! Inc., Monster completed the acquisition of substantially all of the assets exclusive to Yahoo! HotJobs (the HotJobs Assets) from Yahoo!. The purchase price for the HotJobs Assets was $225.0 million. Accordingly, the business attributable to the HotJobs Assets has been included in the Careers North America segment and reporting unit. The results of operations attributable to the HotJobs Assets have been included in our consolidated financial statements since August 24, 2010. The Company funded the acquisition of the HotJobs Assets with available cash and proceeds from the Companys revolving credit facility (see Note 10 to the Companys financial statements included in Item 1 of this Quarterly Report on Form 10-Q). In the three months ended March 31, 2011, the Company incurred $4.6 million of acquisition and integration-related costs associated with the acquisition of the HotJobs Assets, which were expensed as incurred and are included in office and general and salary and related expenses in the consolidated statement of operations. No integration-related costs were incurred by the Company during the three months ended June 30, 2011 and the Company does not expect to incur any integration costs during future periods.Salary and related expenses increased $17.2 million, or 15.0%, in the second quarter of 2011 compared to the same period of 2010, which includes $5.7 million of unfavorable foreign exchange. This increase in salaries and related expenses resulted primarily from increased regular salary costs associated with increased headcount in 2011 compared to 2010, an increase in variable compensation costs as a result of booking activity in 2011 and increased stock-based compensation resulting from our broader equity and incentive programs, partially offset by a reversal of a previously accrued payroll tax liability.
Office and general expenses increased $5.1 million, or 8.9%, in the second quarter of 2011 compared to the same period of 2010, which includes $1.7 million of unfavorable foreign exchange impact. This increase in office and general expenses resulted primarily from increased amortization of acquired intangibles relating to the HotJobs Assets as well as increased depreciation expense associated with increased capital expenditures as we continue to invest in product development. These increases were offset by a partial reversal of a previously recorded contingency resulting from a legal settlement recorded in the three months ended June 30, 2010, as well as decreased professional fees in 2011 primarily relating to the HotJobs acquisition.
Marketing and promotion expenses increased $11.6 million, or 24.7%, in the second quarter of 2011 compared to the same period of 2010, which includes $1.8 million of unfavorable foreign exchange impact. This increase in marketing and promotion expenses was primarily related to our traffic agreement with Yahoo!, which became effective on August 24, 2010, whereby the Company became Yahoo!s exclusive provider of career and job content on the Yahoo! homepage in the United States and Canada, in addition to our focus on brand awareness in Europe, Asia and South America.
Salary and related expenses increased $11.5 million, or 26.2%, in the second quarter of 2011 compared to the same period of 2010. This increase in salaries and related expenses resulted primarily from $5.3 million of increased variable compensation costs for the Companys sales force resulting from increased booking activity in 2011 as well as $5.0 million of increased regular salary costs primarily associated with increased headcount in 2011 compared to 2010.
Office and general expenses increased $5.9 million, or 30.4%, in the second quarter of 2011 compared to the same period of 2010. This increase in office and general expenses resulted primarily from increased amortization expense of $2.1 million associated with the acquisition of the HotJobs Assets, $1.1 million of increased professional fees and $0.7 million of additional depreciation expense associated with increased capital expenditures as we continue to invest in product development.
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