Dice Holdings Inc. (DHX, Financial) filed Quarterly Report for the period ended 2009-03-31.
Dice Holdings Inc. is a leading provider of specialized career websites for select professional communities including technology and engineering capital markets and financial services accounting and finance and security clearance. The Company's mission is to help its customers source and hire the most qualified professionals in select and highly skilled occupations and to help those professionals find the best job opportunities in their respective fields and further their careers. The Company's more than 16 years they have built our company by providing our customers with quick and easy access to high-quality unique professional communities and offering those communities access to highly relevant career opportunities and information. Dice Holdings Inc. has a market cap of $242.6 million; its shares were traded at around $3.9 with a P/E ratio of 11.8 and P/S ratio of 1.6.
We experienced a decline in the eFinancialCareers segment revenues of $3.9 million, or 40%. The reduction is the result of both the strengthening of the U.S. dollar versus the pound sterling, and due to the economic contraction in the U.K., Europe, and Asia. The decline in revenue related to the economic conditions was $1.6 million, or 17%, with the remainder of the decrease, $2.2 million or 23%, due to the unfavorable effect of foreign exchange rates. Revenues from the Other segment, which consists of eFinancialCareers North America operations, Targeted Job Fairs, and JobintheMoney.com, declined by $1.1 million, or 39%. This decline is also the result of reduced recruitment activities by our customers and thus reduced demand for our services.
Advertising and other marketing costs for the U.S. businesses totaled $4.3 million for the three month period ended March 31, 2009 compared to $7.2 million for the same period in 2008, a decrease of $2.9 million, or 40%. This decrease was primarily due to a decrease in our online advertising spending, direct mail and email campaigns. We have made reductions in our marketing spending as our business has continued to slow and as the need to drive greater usage among job seekers has declined with lower customer activity. Despite this reduction in spending, traffic at Dice.com increased 16% during the three month period ended March 31, 2009 versus the comparable period in 2008, which contributes to high service levels for our customers.
The salaries, commissions, and benefits component of sales and marketing expense for the U.S. businesses totaled $3.0 million for the three months ended March 31, 2009, compared to $4.1 million during the same period in 2008, a decrease of $1.1 million. Reduced commissions expense due to the reduction in business contributed $800,000 of this decrease with the remainder coming from a reduction in salaries and benefits due to having a smaller sales force during the current period.
On a constant currency basis, the eFinancialCareers segment experienced a decrease in sales and marketing expense of $413,000 during the three month period ended March 31, 2009 compared to the same period in 2008. A reduction in marketing expense attributed to $370,000 of this decrease. We have made reductions in our marketing spend as the business has continued to slow. The remainder of the decrease at eFinancialCareers is attributable to a decrease in sales compensation related to a decrease in sales during the period.
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Dice Holdings Inc. is a leading provider of specialized career websites for select professional communities including technology and engineering capital markets and financial services accounting and finance and security clearance. The Company's mission is to help its customers source and hire the most qualified professionals in select and highly skilled occupations and to help those professionals find the best job opportunities in their respective fields and further their careers. The Company's more than 16 years they have built our company by providing our customers with quick and easy access to high-quality unique professional communities and offering those communities access to highly relevant career opportunities and information. Dice Holdings Inc. has a market cap of $242.6 million; its shares were traded at around $3.9 with a P/E ratio of 11.8 and P/S ratio of 1.6.
Highlight of Business Operations:
In addition to making our quarterly amortization payment, in April 2009 we prepaid an additional $10.0 million of the term loan portion of our Amended and Restated Credit Facility reducing the amount outstanding to $50.9 million. During April 2009, we terminated $10.0 million of our $60.0 million interest rate swap agreement expiring January 2, 2010. The Companys $20.0 million interest rate swap agreement expiring February 11, 2011 remains unchanged.We experienced a decline in the eFinancialCareers segment revenues of $3.9 million, or 40%. The reduction is the result of both the strengthening of the U.S. dollar versus the pound sterling, and due to the economic contraction in the U.K., Europe, and Asia. The decline in revenue related to the economic conditions was $1.6 million, or 17%, with the remainder of the decrease, $2.2 million or 23%, due to the unfavorable effect of foreign exchange rates. Revenues from the Other segment, which consists of eFinancialCareers North America operations, Targeted Job Fairs, and JobintheMoney.com, declined by $1.1 million, or 39%. This decline is also the result of reduced recruitment activities by our customers and thus reduced demand for our services.
Advertising and other marketing costs for the U.S. businesses totaled $4.3 million for the three month period ended March 31, 2009 compared to $7.2 million for the same period in 2008, a decrease of $2.9 million, or 40%. This decrease was primarily due to a decrease in our online advertising spending, direct mail and email campaigns. We have made reductions in our marketing spending as our business has continued to slow and as the need to drive greater usage among job seekers has declined with lower customer activity. Despite this reduction in spending, traffic at Dice.com increased 16% during the three month period ended March 31, 2009 versus the comparable period in 2008, which contributes to high service levels for our customers.
The salaries, commissions, and benefits component of sales and marketing expense for the U.S. businesses totaled $3.0 million for the three months ended March 31, 2009, compared to $4.1 million during the same period in 2008, a decrease of $1.1 million. Reduced commissions expense due to the reduction in business contributed $800,000 of this decrease with the remainder coming from a reduction in salaries and benefits due to having a smaller sales force during the current period.
On a constant currency basis, the eFinancialCareers segment experienced a decrease in sales and marketing expense of $413,000 during the three month period ended March 31, 2009 compared to the same period in 2008. A reduction in marketing expense attributed to $370,000 of this decrease. We have made reductions in our marketing spend as the business has continued to slow. The remainder of the decrease at eFinancialCareers is attributable to a decrease in sales compensation related to a decrease in sales during the period.
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