Dice Holdings Inc. (DHX, Financial) filed Quarterly Report for the period ended 2009-06-30.
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 $274.4 million; its shares were traded at around $4.41 with a P/E ratio of 14.7 and P/S ratio of 1.7.
During the three months ended June 30, 2009, we reduced our $60.0 million interest rate swap agreement expiring January 2, 2010 to $35 million by paying fees of $514,000. 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 $4.4 million, or 45%. The reduction is the result of both the economic contraction in the markets we serve in the U.K., Europe, and Asia and due to the strengthening of the U.S. dollar versus the pound sterling. The decline in revenue related to the economic conditions was $2.9 million, or 30%, with the remainder of the decrease, $1.5 million or 15%, due to the unfavorable effect of foreign exchange rates. Revenues from the Other segment, which consists of eFinancialCareers North America operations, Targeted Job Fairs, AllHealthcareJobs (beginning June 10, 2009) and JobintheMoney.com, declined by $1.5 million, or 51%. 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 $3.9 million for the three month period ended June 30, 2009 compared to $8.8 million for the same period in 2008, a decrease of $4.9 million, or 56%. 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 18% during the three month period ended June 30, 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 $2.3 million for the three months ended June 30, 2009, compared to $3.7 million during the same period in 2008, a decrease of $1.4 million. Reduced commissions expense due to the reduction in business contributed $934,000 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 pound sterling basis, the eFinancialCareers segment experienced a decrease in sales and marketing expense of $387,000 during the three month period ended June 30, 2009 compared to the same period in 2008. Of this decrease, $212,000 was from sales costs, which is driven by decreased commissions due to lower sales. A reduction in marketing expense contributed $175,000 of this decrease. We have made reductions in our marketing spend as the business has continued to slow.
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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 $274.4 million; its shares were traded at around $4.41 with a P/E ratio of 14.7 and P/S ratio of 1.7.
Highlight of Business Operations:
On June 10, 2009, the Company acquired substantially all of the assets of AllHealthcareJobs.com, a leading online career site dedicated to matching healthcare professionals with available career opportunities. The purchase price consisted of initial consideration of $2.7 million in cash (including working capital adjustments) and the issuance of 205,000 shares of the Companys common stock (with certain restrictions) valued at $959,000. Additional consideration of up to a maximum of $1.0 million in cash is payable upon the achievement of certain operating and financial goals over the two year period ending June 30, 2011.During the three months ended June 30, 2009, we reduced our $60.0 million interest rate swap agreement expiring January 2, 2010 to $35 million by paying fees of $514,000. 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 $4.4 million, or 45%. The reduction is the result of both the economic contraction in the markets we serve in the U.K., Europe, and Asia and due to the strengthening of the U.S. dollar versus the pound sterling. The decline in revenue related to the economic conditions was $2.9 million, or 30%, with the remainder of the decrease, $1.5 million or 15%, due to the unfavorable effect of foreign exchange rates. Revenues from the Other segment, which consists of eFinancialCareers North America operations, Targeted Job Fairs, AllHealthcareJobs (beginning June 10, 2009) and JobintheMoney.com, declined by $1.5 million, or 51%. 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 $3.9 million for the three month period ended June 30, 2009 compared to $8.8 million for the same period in 2008, a decrease of $4.9 million, or 56%. 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 18% during the three month period ended June 30, 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 $2.3 million for the three months ended June 30, 2009, compared to $3.7 million during the same period in 2008, a decrease of $1.4 million. Reduced commissions expense due to the reduction in business contributed $934,000 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 pound sterling basis, the eFinancialCareers segment experienced a decrease in sales and marketing expense of $387,000 during the three month period ended June 30, 2009 compared to the same period in 2008. Of this decrease, $212,000 was from sales costs, which is driven by decreased commissions due to lower sales. A reduction in marketing expense contributed $175,000 of this decrease. We have made reductions in our marketing spend as the business has continued to slow.
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