WASHINGTON (dpa-AFX) - Monster Worldwide Inc. (MWW) reported that its fourth-quarter net income was $10.91 million, or $0.09 per share, up from $501 thousand or break-even per share in the prior year quarter. Net Income for the quarter included a pre-tax restructuring charge of $3.2 million, or $0.02 per share net of tax, which consists of facility and severance charges primarily associated with the decision to no longer engage in a portion of the IAF segment. Non-GAAP Net income was $13.07 million, or $0.11 per share, compared to $7.05 million, or $0.06 per share in the fourth quarter 2010. Analysts polled by Thomson Reuters expected the company to report earnings of $0.12 per share for the quarter. Analysts' estimates typically exclude special items. Revenues for the quarter declined to $249.98 million from $255.07 million in the prior year quarter. Eleven analysts had consensus revenue estimate of $258.90 million for the quarter. Monster also announced a series of cost savings initiatives, which include a global workforce reduction of approximately 400 associates, or 7% of its full-time staff, consolidation of certain office facilities, and continuing discretionary-spending and office and general expense controls. The company said that it expects these reductions to result in annualized savings of approximately $100 million and provide the flexibility to enhance the Company's marketing and sales efforts to improve long-term growth prospects and profitability. As a result of these initiatives, Monster expects to record a cumulative pre-tax charge within the range of $30 million to $40 million, of which $25 - $35 million is expected to be cash expenditures. The majority of the associated charges are expected to be recorded in the first quarter 2012. First quarter bookings are expected to decline 6 to 10 percent compared to the first quarter 2011 of $261 million. First quarter revenue is expected to decline 3 to 7 percent compared to the first quarter 2011 of $253 million. First quarter earnings are expected to be in the range of break-even to $0.04 per share. This compares to first quarter 2011 non-GAAP EPS of $0.05. Analysts expect the company to report earnings of $0.09 per share on revenues of $262.41 million for the first-quarter.
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