Press release from Business Wire India
Source: Brickwork Ratings
Friday, July 31, 2009 05:54 PM IST (12:24 PM GMT)
Editors: General: Consumer interest, Economy; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Stock exchanges
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Brickwork Ratings Assigns "BWR AAA" for Tata Chemicals Limited's Unsecured Non Convertible Debenture Issue of INR 250 crore or INR 2.5 billion
NCD Issue Rating: BWR AAA; Outlook : Stable
Bangalore, Karnataka, India, Friday, July 31, 2009 -- (Business Wire India) -- Brickwork Ratings has assigned BWR AAA (Pronounced BWR Triple A) for Tata Chemicals Ltd.'s (TCL) proposed Unsecured Non Convertible Debenture (NCD) Issue of INR 250 crore or INR 2.5 billion of tenure up to 10 years. Brickwork Ratings' 'BWR AAA' stands for an instrument that is considered to offer EXCELLENT credit quality in terms of timely servicing of principal and interest obligations. The rating factored diversified product profile, stable domestic fertiliser business with efficient operations, healthy profitability compared to peers, healthy return on capital, excellent management, and strong and committed Tata group, the promoters.
TCL is one of India's largest producers of inorganic chemicals. It was established in 1939 at Mithapur, by the Tata Group for manufacturing of chemicals and over the years it has expanded its operations into soda ash, edible salt (Tata salt, I-Shakti), Phosphatic fertilisers, urea, cement etc. TCL has its plants in Mithapur in Gujrat, Haldia in WB and Babrala in UP. It has become the world's most geographically spread soda ash company with manufacturing sites spanning four continents (Asia, Africa, North America and Europe).
Performance of Manufacturing Units
TCL, post acquisition of General Chemicals Industries Product Inc., USA (GCIP), in March 2008, is the market leader and the second largest manufacturer of soda ash and the third largest producer of sodium bicarbonate in the world. With the acquisition of GCIP, TCL has global reach and can leverage its position in further improving its performance. The company's domestic market share in manufacture of other chemicals and especially chemicals required for the manufacture of high quality detergents has also improved during the year.
In FY2009 TCL's industrial chemicals segment in India achieved sales of INR 15.38 billion, a growth of 22.56%, as compared to INR 12.55 billion in FY2008. During FY 2009 TCL produced 695,115 tonnes of soda ash domestically and achieved sales of 670,396 tonnes. TCL is the market leader in domestic soda ash business and has a market share of 32%. Its supplies are mainly to the glass industry which in turn has the automobile and the construction industries as major consumers. TCL's global soda ash capacity is 5.5 MTPA with utilization of about 80%.
The fertilizer plant at Babrala increased its capacity from 0.864 MTPA to 1.155 MTPA with an investment of Rs. 208 crore during the year.
Tata salt has been recognized as the most trusted consumer food brand in India. In FY2009 TCL produced highest ever level salt of 534,452 MT compared 500,920 MT in previous year. Tata salt grew by 5% in volumes from 464,522 MT in 2007-08 to 490,025 MT in 2008-09 with the market share of 44.1% while I- Shakti grew by 92% to 151,205 MT in 2008-09.
Subsidiaries and Joint Ventures
In FY 2009 GCIP (a subsidiary) achieved its highest ever gross sales of soda ash of INR 13.22 billion. Similarly Brunner Mond (another subsidiary) achieved sales turnover of INR 14.83 billion registering a growth of 31.94% over previous year and Magadi Soda company's sales (another subsidiary) grew to INR 6.02 billion from INR 3.70 billion in the previous year in the standard ash (SAM) and Premium ash (PAM) segments.
Indo Maroc Phosphore S.A., (IMACID) is a joint-venture company established in Morocco for the purpose of securing supplies of Phosphoric Acid, in which the Company has a 33.33% shareholding.
In 2009 TCL entered into joint-venture agreement with JOil (Singapore), a Jatropha seeding company and holds 33.80% stake.
Financial Performance
TCL has consistently posted strong growth. Company's Net sales (i.e. sales net of excise duty) increased by 103% from INR 59.82 billion in FY2008 to INR 121.53 billion in FY2009. Company's Return on Net worth (RONW) was 15.3% while Return on Capital Employed (ROCE) was 13.1% in FY 2009. Income from operations increased by 103 % to INR 122.57 billion in FY09 as compared to INR 60.23 billion in FY08. Profit from operations increased by 80% to INR 14.36 billion in FY09 as compared to INR 7.96 billion in FY08. An extra-ordinary income of INR 4.87 billion from profit on sale of investments had boosted the Net Profit figures in FY08 to INR 9.64 billion. Excluding this, the company's Net Profit of INR 7.59 billion in FY09 is increasing and in line with the turnover. Interest charges increased by 189% in FY09 mainly due to the acquisition of GCIP.
Outlook
Despite the current economic slowdown, domestic demand for soda ash and chemicals required for manufacture of detergents is expected to be maintained. The demand for fertilizers would also continue to grow. However a key factor which influences the performance of the fertilizer industry is the timely release of the Govt. subsidy and the proportion of cash component thereof. Key factors which will influence TCL's future growth will be maintaining its leadership in the industry by higher efficiency and improving margins. TCL has moderate leverage and healthy return on capital which adds strength to its financials. Its diversified business adds further stability to its overall operations. Combined with the backing of TATA group and excellent management to lead its growth, TCL is expected to remain on course with respect to its performance and debt servicing capacity.
Copyright ©, 2009, Brickwork Ratings.
Brickwork Ratings has assigned the rating based on the information obtained from issuer and other reliable sources, which are deemed to be accurate. Brickwork has taken considerable steps to avoid any data distortion; however, it does not examine the precision or completeness of the information obtained. And hence, the information in this report is presented "as is" without any express or implied warranty of any kind. Brickwork does not make any representation in respect to the truth or accuracy of any such information. The rating assigned by Brickwork should be treated as an opinion rather than a recommendation to buy, sell or hold the rated instrument and BWR shall not be liable for any losses incurred by users from any use of this report or its contents. Brickwork has the right to change, suspend or withdraw the ratings at any time for any reasons.
CONTACT DETAILS
Mukesh Mahor, Analysts Contact, Brickwork Ratings, Toll free: 1-860-425-2742, mukesh.m@brickworkratings.com
Jubin Pandey, Analysts Contact, Brickwork Ratings, Toll free: 1-860-425-2742, jubin.p@brickworkratings.com
Anitha G, Media Contact, Brickwork Ratings, Toll free: 1-860-425-2742, media@brickworkratings.com
K N Suvarna, Senior Vice President, Relationship Contact, Brickwork Ratings, Toll free: 1-860-425-2742, kn.suvarna@brickworkratings.com
KEYWORDS
CONSUMER, ECONOMY, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, STOCK EXCHANGES
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
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Friday, July 31, 2009
BWI: TWB Releases TWBFirst: Integrated Employability Service for Job Seekers
Press release from Business Wire India
Source: The Writers Block
Friday, July 31, 2009 03:36 PM IST (10:06 AM GMT)
Editors: General: Consumer interest; Business: Accounting & management consultancy services, Advertising, PR & marketing, Business services, Education & training, Information technology; Technology
--------------------------------------------------
TWB Releases TWBFirst: Integrated Employability Service for Job Seekers
Adds Industry Focused Orientation and Training Toolkits
Bangalore, Karnataka, India, Friday, July 31, 2009 -- (Business Wire India) -- TWB Institute of Professional & Technical Communication (TWB), India's leader in Professional and Technical Communication - Education and Training, released its unique employability enhancing service called TWBFirst. TWBFirst service focuses on bridging the key gap between the industry expectations and those seeking employment. The service provides a larger control over employment opportunities and employability life-cycle to job seekers. Hitherto job portals, information on careers & education and training have been standalone services. TWBFirst combines them in a unique and powerful way.
TWBFirst allows students - under-graduates, graduates & post-graduates and early career stage job seekers who are seeking employment for the firstt time find the right direction and opportunity. TWBFirst brings job seekers & employers closer by:
-- Availability of CV to choicest employer with a prior assessment that allows employers to select better on the basis of their communication skills, essential reasoning skills & comfort in using computers and not just CV key words and recency of upload.
-- Availability of Premium CV listings to allow job seekers to have a better opportunity of being short listing for the desired job with professionally crafted CVs.
-- Faster selection of TWB Certified candidates that provides the comfort to the employer on the quality of their selection.
Employment seekers now have a destination to look for their 'First Real Job' across a spectrum of industries and jobs including Accounts, Finance, Tax, Audit, Banking & Insurance, Engineering Design & R&D, HR & Admin, IT Software , Hospitality, ITES/BPO/KPO/Customer Service, Sales & Marketing, Front Office, Data Entry, Teaching/Education, Web/Graphic Design/Visualizer, Technical Communications and others.
TWBFirst also provides effective training interventions to further employability of candidates. This comes on the back of industry prepared Toolkits:
-- TWBFirst Customer Relationship Toolkit - prepares & provides job seekers jobs with BPO/ KPO/ and other outsource industries in the Customer Service, Tech Support and related jobs, with salaries starting at Rs 1.5 lacs p.a.
-- TWBFirst Sales Management Toolkit - prepares & provides jobs in Retail / Insurance/ Banks/ Financial/ Auto/ Hospitality & Services sales industries, with salaries starting at Rs 1.25 p.a.
-- TWBFirst Employability Toolkit - prepares & provides job seekers jobs across industries including ITES/BPO, KPO, Retail, Insurance, Banks, Financial, Auto, Hospitality and others, with salaries commiserate with their enhanced employability.
-- TWBFirst HR & Recruitment Toolkit - prepares & provides job seekers jobs across industries as HR Executive & Admin Executive positions with salaries starting at Rs 1.25 p.a.
-- TWBFirst Essential Employability skills trainings including Effective Professional Communications trainings, Essential Business Communication & Essential English training for career enhancement.
With the release of TWBFirst, TWB adds to the portfolio of education & training services which includes:
-- TWBFirst employability services - for enhancing the employability for job seekers
-- TWBOnCampus - for those seeking information on education and careers
-- TWB Institute of Professional and Technical Communication - which provides India's deepest and unique portfolio of specialized education and trainings
The TWBFirst employability services and training portfolio adds to TWBs numero-uno position as India's leader in Professional and Technical Communication. TWB's high value, industry leading certifications are the benchmark in the industry with over 300 companies recruiting. TWB Certification programs include:
-- TWB Post Graduate Program: TWB Post Graduate Program in Technical Communication is TWBs flagship & the most comprehensive program that spans a full year. Placement offer letters are provided on admission to the course with a minimum salary of Rs.3.8 lakhs p.a and placements are available with over 300 companies.
-- TWB Associate & TWB Fundamental programs: These certifications are targeted at meeting the specialized employment requirements of India's leading technology services companies in the IT, ITES, KPO and other related industries. The certification portfolio includes:
- Technical Writing
- Technical Editing
- Business Communication
- Business Research and Analytics
- Patent Writing
- Instructional Design
TWB Institute of Professional & Technical Communication
TWB Institute of Professional & Technical Communication is India's pioneer institute offering a host of education and training programs. Its flagship program Post Graduate Diploma in Technical Communications is one of its kind in India and is closely integrated with the industry needs. TWB offers industry recognized certifications in Technical Writing, Technical Editing, Business Communication, Business Research and Analytics, Patent Writing, Program Management and Instructional Design. TWB Institute of Professional & Technical Communication also runs very popular TWB Online Technical Writing Fundamental Certification Programs along with Publishing & Authoring Tools - Adobe® RoboHelp® and Adobe® FrameMaker®. TWB Institute of Professional & Technical Communication also runs hugely successful TWB Alumni, TWB OnCampus and TWB Mentorship initiatives, which have allowed its students to gain a strong industry foothold. More than 300 companies from sectors that include software, IT, telecom, pharma, biotech, nanotech, defense, aerospace, manufacturing, service, e-learning, services, publishing, digital media and FMCG hire TWB graduates as part of their high growth teams.
CONTACT DETAILS
Samantha, The Writers Block, +91 (80) 41254350, +91 (11) 46566958, connect@twb.in
Megha, The Writers Block, +91 9945041426, +91 9810105861, connect@twb.in
KEYWORDS
CONSUMER, CONSULTANCY SERVICES, MARKETING, BUSINESS SERVICES, EDUCATION, IT, TECHNOLOGY
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
Source: The Writers Block
Friday, July 31, 2009 03:36 PM IST (10:06 AM GMT)
Editors: General: Consumer interest; Business: Accounting & management consultancy services, Advertising, PR & marketing, Business services, Education & training, Information technology; Technology
--------------------------------------------------
TWB Releases TWBFirst: Integrated Employability Service for Job Seekers
Adds Industry Focused Orientation and Training Toolkits
Bangalore, Karnataka, India, Friday, July 31, 2009 -- (Business Wire India) -- TWB Institute of Professional & Technical Communication (TWB), India's leader in Professional and Technical Communication - Education and Training, released its unique employability enhancing service called TWBFirst. TWBFirst service focuses on bridging the key gap between the industry expectations and those seeking employment. The service provides a larger control over employment opportunities and employability life-cycle to job seekers. Hitherto job portals, information on careers & education and training have been standalone services. TWBFirst combines them in a unique and powerful way.
TWBFirst allows students - under-graduates, graduates & post-graduates and early career stage job seekers who are seeking employment for the firstt time find the right direction and opportunity. TWBFirst brings job seekers & employers closer by:
-- Availability of CV to choicest employer with a prior assessment that allows employers to select better on the basis of their communication skills, essential reasoning skills & comfort in using computers and not just CV key words and recency of upload.
-- Availability of Premium CV listings to allow job seekers to have a better opportunity of being short listing for the desired job with professionally crafted CVs.
-- Faster selection of TWB Certified candidates that provides the comfort to the employer on the quality of their selection.
Employment seekers now have a destination to look for their 'First Real Job' across a spectrum of industries and jobs including Accounts, Finance, Tax, Audit, Banking & Insurance, Engineering Design & R&D, HR & Admin, IT Software , Hospitality, ITES/BPO/KPO/Customer Service, Sales & Marketing, Front Office, Data Entry, Teaching/Education, Web/Graphic Design/Visualizer, Technical Communications and others.
TWBFirst also provides effective training interventions to further employability of candidates. This comes on the back of industry prepared Toolkits:
-- TWBFirst Customer Relationship Toolkit - prepares & provides job seekers jobs with BPO/ KPO/ and other outsource industries in the Customer Service, Tech Support and related jobs, with salaries starting at Rs 1.5 lacs p.a.
-- TWBFirst Sales Management Toolkit - prepares & provides jobs in Retail / Insurance/ Banks/ Financial/ Auto/ Hospitality & Services sales industries, with salaries starting at Rs 1.25 p.a.
-- TWBFirst Employability Toolkit - prepares & provides job seekers jobs across industries including ITES/BPO, KPO, Retail, Insurance, Banks, Financial, Auto, Hospitality and others, with salaries commiserate with their enhanced employability.
-- TWBFirst HR & Recruitment Toolkit - prepares & provides job seekers jobs across industries as HR Executive & Admin Executive positions with salaries starting at Rs 1.25 p.a.
-- TWBFirst Essential Employability skills trainings including Effective Professional Communications trainings, Essential Business Communication & Essential English training for career enhancement.
With the release of TWBFirst, TWB adds to the portfolio of education & training services which includes:
-- TWBFirst employability services - for enhancing the employability for job seekers
-- TWBOnCampus - for those seeking information on education and careers
-- TWB Institute of Professional and Technical Communication - which provides India's deepest and unique portfolio of specialized education and trainings
The TWBFirst employability services and training portfolio adds to TWBs numero-uno position as India's leader in Professional and Technical Communication. TWB's high value, industry leading certifications are the benchmark in the industry with over 300 companies recruiting. TWB Certification programs include:
-- TWB Post Graduate Program: TWB Post Graduate Program in Technical Communication is TWBs flagship & the most comprehensive program that spans a full year. Placement offer letters are provided on admission to the course with a minimum salary of Rs.3.8 lakhs p.a and placements are available with over 300 companies.
-- TWB Associate & TWB Fundamental programs: These certifications are targeted at meeting the specialized employment requirements of India's leading technology services companies in the IT, ITES, KPO and other related industries. The certification portfolio includes:
- Technical Writing
- Technical Editing
- Business Communication
- Business Research and Analytics
- Patent Writing
- Instructional Design
TWB Institute of Professional & Technical Communication
TWB Institute of Professional & Technical Communication is India's pioneer institute offering a host of education and training programs. Its flagship program Post Graduate Diploma in Technical Communications is one of its kind in India and is closely integrated with the industry needs. TWB offers industry recognized certifications in Technical Writing, Technical Editing, Business Communication, Business Research and Analytics, Patent Writing, Program Management and Instructional Design. TWB Institute of Professional & Technical Communication also runs very popular TWB Online Technical Writing Fundamental Certification Programs along with Publishing & Authoring Tools - Adobe® RoboHelp® and Adobe® FrameMaker®. TWB Institute of Professional & Technical Communication also runs hugely successful TWB Alumni, TWB OnCampus and TWB Mentorship initiatives, which have allowed its students to gain a strong industry foothold. More than 300 companies from sectors that include software, IT, telecom, pharma, biotech, nanotech, defense, aerospace, manufacturing, service, e-learning, services, publishing, digital media and FMCG hire TWB graduates as part of their high growth teams.
CONTACT DETAILS
Samantha, The Writers Block, +91 (80) 41254350, +91 (11) 46566958, connect@twb.in
Megha, The Writers Block, +91 9945041426, +91 9810105861, connect@twb.in
KEYWORDS
CONSUMER, CONSULTANCY SERVICES, MARKETING, BUSINESS SERVICES, EDUCATION, IT, TECHNOLOGY
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
BWI: IPEX South Asia: A Gateway to the Future of Printing Business in South Asia
Press release from Business Wire India
Source: IPEX South Asia 2009
Friday, July 31, 2009 03:24 PM IST (09:54 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Business services, Information technology, Media & entertainment, Publishing & printing; Technology
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IPEX South Asia: A Gateway to the Future of Printing Business in South Asia
New Delhi, Delhi, India, Friday, July 31, 2009 -- (Business Wire India) -- IPEX South Asia, the Indian counterpart of the international printing show IPEX, that is held every four years in Birmingham, UK, is all set to be held at the Bombay Exhibition Centre (BEC), Mumbai from 24th to 27th October 2009.
After extensive consultation with the industry thought leaders, the organizers have relocated the event to Mumbai for the first time. This strategic move will enable domestic and international exhibitors to meet even more major decision-makers from the Indian print community and their counterparts across South Asia. The exhibition, which is considered to be the apt platform for the Printing, Publishing and Media space, will showcase the best of the national and international offerings targeting the South Asian market, and promises to be a must for all affiliates in the industry.
Building on the successful launch of IPEX South Asia in 2007, which witnessed over 180 exhibitors and in excess of 11,000 trade visitors, this year's event has also received an extremely positive response from both the International and domestic printing markets. The exhibition already has many of suppliers participating with many more in the pipeline. Almost all the major brands - Canon, Xerox, HP, HCL Infosystems, EFI among others have confirmed their participation. Exhibitors at IPEX South Asia 2009 will represent all aspects of the graphic arts process, including pre-press, press manufacture, post-press, converting and packaging, consumables and used machinery.
"The exhibition will offer the entire graphic arts industry an excellent opportunity to participate and share information across regions, enabling graphic arts professionals to take full advantage of the very latest technology to help develop their business opportunities," informed Jon Johnston, Event Manager.
The exhibition has been planned in order to provide a professional and more amicable environment for the Print Industry to conduct business. IPEX South Asia 2009, unlike so many exhibitions, caters to the exact needs of the printing industry within the sub continent by bringing together the biggest manufacturers and suppliers from across the world under one roof and allowing them the exclusive platform for the exchange of information, views, news and technology. There will be numerous product launches, new technologies and products that have never before been seen in Indian sub-continent.
IPEX South Asia guarantees to deliver a real return on the investments to those participating companies and individuals. If you're in the print industry there is only one place to be.IPEX South Asia.
For more information, visit the website www.ipexsouthasia.com.
Note to the Editor
Institute for International Research (IIR) is part of the Informa Plc, the world's leading international provider of specialist information and services for the academic and scientific, professional and commercial business communities via publishing, events and performance improvement. Informa employs over 9,500 staff in more than 45 countries. Contact: rstroud@iirx.co.uk or rajnish.sinha@eme-india.com
CONTACT DETAILS
Manisha Chaudhry, Value 360 Communications, +91 9899797810, manisha@value360india.com
KEYWORDS
CONSUMER, MARKETING, BUSINESS SERVICES, IT, MEDIA, PUBLISHING, TECHNOLOGY
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
Source: IPEX South Asia 2009
Friday, July 31, 2009 03:24 PM IST (09:54 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Business services, Information technology, Media & entertainment, Publishing & printing; Technology
--------------------------------------------------
IPEX South Asia: A Gateway to the Future of Printing Business in South Asia
New Delhi, Delhi, India, Friday, July 31, 2009 -- (Business Wire India) -- IPEX South Asia, the Indian counterpart of the international printing show IPEX, that is held every four years in Birmingham, UK, is all set to be held at the Bombay Exhibition Centre (BEC), Mumbai from 24th to 27th October 2009.
After extensive consultation with the industry thought leaders, the organizers have relocated the event to Mumbai for the first time. This strategic move will enable domestic and international exhibitors to meet even more major decision-makers from the Indian print community and their counterparts across South Asia. The exhibition, which is considered to be the apt platform for the Printing, Publishing and Media space, will showcase the best of the national and international offerings targeting the South Asian market, and promises to be a must for all affiliates in the industry.
Building on the successful launch of IPEX South Asia in 2007, which witnessed over 180 exhibitors and in excess of 11,000 trade visitors, this year's event has also received an extremely positive response from both the International and domestic printing markets. The exhibition already has many of suppliers participating with many more in the pipeline. Almost all the major brands - Canon, Xerox, HP, HCL Infosystems, EFI among others have confirmed their participation. Exhibitors at IPEX South Asia 2009 will represent all aspects of the graphic arts process, including pre-press, press manufacture, post-press, converting and packaging, consumables and used machinery.
"The exhibition will offer the entire graphic arts industry an excellent opportunity to participate and share information across regions, enabling graphic arts professionals to take full advantage of the very latest technology to help develop their business opportunities," informed Jon Johnston, Event Manager.
The exhibition has been planned in order to provide a professional and more amicable environment for the Print Industry to conduct business. IPEX South Asia 2009, unlike so many exhibitions, caters to the exact needs of the printing industry within the sub continent by bringing together the biggest manufacturers and suppliers from across the world under one roof and allowing them the exclusive platform for the exchange of information, views, news and technology. There will be numerous product launches, new technologies and products that have never before been seen in Indian sub-continent.
IPEX South Asia guarantees to deliver a real return on the investments to those participating companies and individuals. If you're in the print industry there is only one place to be.IPEX South Asia.
For more information, visit the website www.ipexsouthasia.com.
Note to the Editor
Institute for International Research (IIR) is part of the Informa Plc, the world's leading international provider of specialist information and services for the academic and scientific, professional and commercial business communities via publishing, events and performance improvement. Informa employs over 9,500 staff in more than 45 countries. Contact: rstroud@iirx.co.uk or rajnish.sinha@eme-india.com
CONTACT DETAILS
Manisha Chaudhry, Value 360 Communications, +91 9899797810, manisha@value360india.com
KEYWORDS
CONSUMER, MARKETING, BUSINESS SERVICES, IT, MEDIA, PUBLISHING, TECHNOLOGY
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
BWI: INMEX India Redefines India’s Maritime Business
Press release from Business Wire India
Source: INMEX India 2009
Friday, July 31, 2009 03:08 PM IST (09:38 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Business services, Heavy industries, Media & entertainment, Transport engineering, Water; Technology
--------------------------------------------------
INMEX India Redefines India's Maritime Business
New Delhi, Delhi, India, Friday, July 31, 2009 -- (Business Wire India) -- Now in its 10th year INMEX India 2009 remains the region's leading maritime event. The industry's largest and most recognized trade fair and B2B Forum takes place at the Bombay Exhibition Centre, Mumbai from the 24 - 26 September, 2009.
Visitors to INMEX India 2009 can network face-to-face with over 400 Indian and international exhibitors covering the entire maritime spectrum including:
-- Shipbuilding
-- Ship repair
-- Marine offshore technology
-- Dredging
-- Ports & port technology
-- Ocean engineering
-- Marine equipment
-- Underwater robotics
The event will also play host to a series of brand new country pavilions including Korea, Singapore, Norway, China, Holland and Germany. Many will be demonstrating products and services never seen before in India. Recent exhibitors to book into INMEX India 2009 include Ras Tek Group, Aries Technical, Heinen & Hopman Engineering, Elcome Marine Services, Aero Marine, Sushma & Co, Stan International, MTU Asia and Bharati Shipyard.
Visitors to INMEX India can register for free at: www.inmexindia.com/register
INMEX India 2009 comprises a large trade exhibition and also a B2B Forum. The B2B Forum is completely unique to INMEX India and it takes place in its own air conditioned pavilion within the INMEX India 2009 exhibition. The B2B Forum is open to specially invited guests and it is free to attend. Consisting of carefully arranged group presentations and discussions, plus pre-arranged one-to-one meetings - the B2B Forum facilitates business interaction at the highest level.
The B2B Forum topics will be:
-- Shipping & shipbuilding
Indian shipbuilding requirements over the next decade
-- Marine offshore
Strategic plans of offshore companies in India
-- Dutch Innovation Showcase
Display and presentation on the latest Dutch technology - never before seen in India
-- Ports, Logistics & Multimodalism
Interaction on the seamless movement of cargo through an integrated process of logistics chain management
Please register your interest in being chosen to attend the B2B Forum at www.inmexindia.com/b2b
The INMEX India 2009 website gives more information about the event, you can see the full exhibitor list along with information about each exhibitor. You can also search the site for information on specific products and services and get the latest industry news. www.inmexindia.com
CONTACT DETAILS
Manisha Chaudhry, Value 360 Communications, +91 9899797810, manisha@value360india.com
KEYWORDS
CONSUMER, MARKETING, BUSINESS SERVICES, HEAVY INDUSTRIES, MEDIA, TRANSPORT, WATER, TECHNOLOGY
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
Source: INMEX India 2009
Friday, July 31, 2009 03:08 PM IST (09:38 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Business services, Heavy industries, Media & entertainment, Transport engineering, Water; Technology
--------------------------------------------------
INMEX India Redefines India's Maritime Business
New Delhi, Delhi, India, Friday, July 31, 2009 -- (Business Wire India) -- Now in its 10th year INMEX India 2009 remains the region's leading maritime event. The industry's largest and most recognized trade fair and B2B Forum takes place at the Bombay Exhibition Centre, Mumbai from the 24 - 26 September, 2009.
Visitors to INMEX India 2009 can network face-to-face with over 400 Indian and international exhibitors covering the entire maritime spectrum including:
-- Shipbuilding
-- Ship repair
-- Marine offshore technology
-- Dredging
-- Ports & port technology
-- Ocean engineering
-- Marine equipment
-- Underwater robotics
The event will also play host to a series of brand new country pavilions including Korea, Singapore, Norway, China, Holland and Germany. Many will be demonstrating products and services never seen before in India. Recent exhibitors to book into INMEX India 2009 include Ras Tek Group, Aries Technical, Heinen & Hopman Engineering, Elcome Marine Services, Aero Marine, Sushma & Co, Stan International, MTU Asia and Bharati Shipyard.
Visitors to INMEX India can register for free at: www.inmexindia.com/register
INMEX India 2009 comprises a large trade exhibition and also a B2B Forum. The B2B Forum is completely unique to INMEX India and it takes place in its own air conditioned pavilion within the INMEX India 2009 exhibition. The B2B Forum is open to specially invited guests and it is free to attend. Consisting of carefully arranged group presentations and discussions, plus pre-arranged one-to-one meetings - the B2B Forum facilitates business interaction at the highest level.
The B2B Forum topics will be:
-- Shipping & shipbuilding
Indian shipbuilding requirements over the next decade
-- Marine offshore
Strategic plans of offshore companies in India
-- Dutch Innovation Showcase
Display and presentation on the latest Dutch technology - never before seen in India
-- Ports, Logistics & Multimodalism
Interaction on the seamless movement of cargo through an integrated process of logistics chain management
Please register your interest in being chosen to attend the B2B Forum at www.inmexindia.com/b2b
The INMEX India 2009 website gives more information about the event, you can see the full exhibitor list along with information about each exhibitor. You can also search the site for information on specific products and services and get the latest industry news. www.inmexindia.com
CONTACT DETAILS
Manisha Chaudhry, Value 360 Communications, +91 9899797810, manisha@value360india.com
KEYWORDS
CONSUMER, MARKETING, BUSINESS SERVICES, HEAVY INDUSTRIES, MEDIA, TRANSPORT, WATER, TECHNOLOGY
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
Thursday, July 30, 2009
BWI: Monster Worldwide Reports Second Quarter 2009 Results
Press release from Business Wire India
Source: Business Wire
Friday, July 31, 2009 12:02 PM IST (06:32 AM GMT)
Editors: General: Consumer interest, Economy; Business: Accounting & management consultancy services, Banking & financial services, Business services, Financial Analyst, Information technology, Stock exchanges; Technology
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(BW)(NY-MONSTER-WORLDWIDE)(MWW)Monster Worldwide Reports Second Quarter 2009 Results
New York, United States, Friday, July 31, 2009 -- (Business Wire India) --
CONTACT DETAILS
Monster Worldwide, Inc.
Investors:
Robert Jones, 212-351-7032
Robert.Jones@monsterworldwide.com
or
Media:
Steve Sylven, 978-461-8503
Steve.Sylven@monster.com
KEYWORDS
CONSUMER, ECONOMY, CONSULTANCY SERVICES, BANKING, BUSINESS SERVICES, Financial Analyst, IT, STOCK EXCHANGES, TECHNOLOGY
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Submit your press release at http://www.businesswireindia.com
Source: Business Wire
Friday, July 31, 2009 12:02 PM IST (06:32 AM GMT)
Editors: General: Consumer interest, Economy; Business: Accounting & management consultancy services, Banking & financial services, Business services, Financial Analyst, Information technology, Stock exchanges; Technology
--------------------------------------------------
(BW)(NY-MONSTER-WORLDWIDE)(MWW)Monster Worldwide Reports Second Quarter 2009 Results
New York, United States, Friday, July 31, 2009 -- (Business Wire India) --
Monster Worldwide, Inc. (NYSE: MWW):
- Loss per Share from Continuing Operations of $0.01; Non-GAAP Diluted Earnings per Share at $0.03
- Total Revenue of $223 Million; Non-GAAP Total Revenue of $224 Million
- Non-GAAP Operating Expenses of $216 Million Decline 22% over Prior Year, and 15% Sequentially
- Net Cash and Securities of $235 Million
- Monster Announces Positive Beta-Testing Results for New Employer Search Product
Monster Worldwide, Inc. (NYSE:MWW) reported financial results for the second quarter ended June 30, 2009.
Second Quarter Results
Sal Iannuzzi, chairman, president and chief executive officer of Monster Worldwide, said, "Despite the challenging operating environment, we continue to invest in product innovation, technology, new verticals, global reach and sales force expansion, while at the same time successfully reducing operating expense and lowering our cost basis. We are confident that these initiatives, combined with the powerful Monster brand and our strong balance sheet, will capture global market share and provide a solid base for future long term growth and profitability."
Mr. Iannuzzi added, "We are very encouraged by the beta tests for our new employer search product. Customer feedback continues to be very positive. This technology better enables recruiters to search relevant skills, work experience, education and other meaningful qualifications, and then analyzes, ranks and compares the information quickly and efficiently. Monster is driving efficiency and cost savings for our customers and improving our overall value proposition."
Total revenue was $223 million, compared with $354 million in the comparable quarter of 2008, a 37% decline due to the global economic recession. Monster generated 42% of its revenue outside the United States and total revenue was negatively impacted by $16 million from unfavorable foreign exchange rates.
Careers non-GAAP revenue decreased 40% to $191 million. North America generated revenue of $102 million compared with $164 million in the prior year period, a 38% decline. International non-GAAP revenue was $89 million, a 43% decline over the prior year period, or a 37% decrease excluding currency and the contribution from ChinaHR. Internet Advertising & Fees generated revenue of $33 million, essentially flat with last year's second quarter revenue.
Consolidated operating expenses were $223 million, and the loss from continuing operations was approximately $1 million, or $0.01 per diluted share, compared to income from continuing operations of $19 million, or $0.15 per diluted share, in the comparable 2008 period. Operating results for the second quarter of 2008 included a $40 million charge for settlement costs and litigation related to its historical stock option practices. Foreign exchange rates negatively impacted consolidated operating income by approximately $1 million.
Income from continuing operations for the three months ended June 30, 2009 includes pre-tax pro forma adjustments that include: $5 million of expenses associated with the Company's restructuring plan; $2 million of legal fees, primarily related to the Company's obligation to indemnify former officers for their defense in connection with the ongoing litigation related to historical stock option grant practices; and a $0.7 million reduction to total revenue due to the purchase accounting adjustment for ChinaHR. As a result, the Company recorded total pre-tax pro forma adjustments of approximately $8 million. These pro forma items are described in the "Notes Regarding the Use of Non-GAAP Financial Measures" and are reconciled to the GAAP measure in the accompanying tables.
On a non-GAAP basis, the Company generated revenue of $224 million and $216 million of operating expenses. In last year's second quarter, revenue was $354 million and operating expenses were $276 million. Income from continuing operations was $4 million, or $0.03 per share, compared to $49 million, or $0.40 per diluted share, in the comparable prior year period.
Monster ended the second quarter of 2009 with total available liquidity of $493 million, and net cash and marketable securities of $235 million, compared with net cash and securities of $247 million at the end of the 2009 first quarter.
During the quarter, the Company paid back a total of $157 million under its revolving credit lines, and currently has approximately $97 million classified as debt on the balance sheet. Cash used from operating activities was $14 million compared to $14 million generated in the 2009 first quarter.
Capital expenditures were $11 million, down from $30 million in last year's second quarter and $15 million in the first quarter of this year. Approximately $81 million of auction rate securities are classified as a long-term asset on the consolidated balance sheet, and are included in the cash and marketable securities balance as of June 30, 2009.
Monster Worldwide's deferred revenue balance at June 30, 2009 was $290 million, compared with last year's second quarter balance of $470 million, and $345 million reported for the first quarter of 2009.
Six Months Results
Monster Worldwide reported total revenue of $477 million for the six months ended June 30, 2009 compared to $721 million in the comparable period last year, a 34% decrease, or 28% before the negative impact of foreign exchange rates. Monster Careers revenue declined 37% to $413 million compared with $658 million in the 2008 period. Internet Advertising & Fees reported revenue of $64 million, a slight increase over the $63 million reported in the prior year period. The Company reported a loss from continuing operations of $12 million, or $0.10 per diluted share, compared to income from continuing operations of $42 million, or $0.35 per diluted share in the prior year period.
Supplemental Financial Information
The Company has made available certain supplemental financial information, in a separate document that can be accessed directly at http://about-monster.com/q209.pdf or through the Company's Investor Relations website at http://ir.monster.com.
Conference Call Information
Second quarter 2009 results will be discussed on Monster Worldwide's quarterly conference call taking place on July 30, 2009 at 5:00 PM EDT. To join the conference call, please dial (888) 551-5973 at 4:50 PM EDT and reference conference ID# 18221496. For those outside the United States, please dial (706) 643-3467 and reference the same conference ID#. The call will begin promptly at 5:00 PM EDT. Individuals can also access Monster Worldwide's quarterly conference call online through the Investor Relations section of the Company's website at http://ir.monster.com. For a replay of the call, please dial (800) 642-1687 or outside the United States dial (706) 645-9291 and reference ID #18221496. This number is valid until midnight on August 6, 2009.
About Monster Worldwide
Monster Worldwide, Inc. (NYSE: MWW), parent company of Monster(R), the premier global online employment solution for more than a decade, strives to inspire people to improve their lives. With a local presence in key markets in North America, Europe, Asia and Latin America, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. Monster Worldwide is a member of the S&P 500 index. To learn more about Monster's industry-leading products and services, visit www.monster.com.
Notes Regarding the Use of Non-GAAP Financial Measures
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 provides useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations.
Non-GAAP revenue, operating expenses, operating income, operating margin, income from continuing operations and diluted earnings per share all exclude certain pro forma adjustments including: costs associated with the Company's historical stock option grant practices, related litigation and potential fines or settlements; severance costs for former executive officers incurred in the second quarter of 2007; costs related to the measures taken by the Company in response to a security breach in August 2007; the strategic restructuring actions initiated in the third quarter of 2007; and the fair value adjustment to deferred revenue in connection with the acquisition of ChinaHR. The Company uses these non-GAAP measures for reviewing the ongoing results of the Company's core business operations and in certain instances, for measuring performance under certain of the Company's incentive compensation plans. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.
Operating income before depreciation and amortization ("OIBDA") is defined as income from operations before depreciation, amortization of intangible assets, amortization of stock based compensation and non-cash costs incurred in connection with the Company's restructuring program. The Company considers OIBDA to be an important indicator of its operational strength. This measure eliminates the effects of depreciation, amortization of intangible assets, amortization of stock based compensation and non-cash restructuring costs from period to period, which the Company believes is useful to management and investors in evaluating its operating performance. OIBDA is a non-GAAP measure and may not be comparable to 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 and securities is defined as cash and cash equivalents plus short-term and long-term marketable securities, less total debt. Total available liquidity is defined as cash and cash equivalents, plus short-term and long-term marketable securities plus unused borrowings under our credit facility. The Company considers net cash and securities and total available liquidity to be an important measure of liquidity and an indicator of its ability to meet its ongoing obligations. The Company also uses net cash and securities and total available liquidity, among other measures, in evaluating its choices for capital deployment. Net cash and securities and total available liquidity are presented herein as non-GAAP measures and may not be comparable to similarly titled measures used 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 or dispositions, competition, ongoing costs associated with the Company's historical stock option grant practices, costs associated with the restructuring and security breach, 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. | ||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (in thousands, except per share amounts) | ||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||
| 2009 | 2008 | 2009 | 2008 | |||||
| Revenue | $ 223,057 | $ 354,294 | $ 477,460 | $ 720,766 | ||||
| Salaries and related | 113,484 | 135,879 | 235,869 | 276,327 | ||||
| Office and general | 59,862 | 75,358 | 121,975 | 149,257 | ||||
| Marketing and promotion | 44,953 | 68,976 | 118,644 | 180,830 | ||||
| Provision for legal settlements, net | - | 40,100 | - | 40,100 | ||||
| Restructuring and other special charges | 5,097 | 2,732 | 16,105 | 9,659 | ||||
| Total operating expenses | 223,396 | 323,045 | 492,593 | 656,173 | ||||
| Operating (loss) income | (339) | 31,249 | (15,133) | 64,593 | ||||
| Interest and other, net | 76 | 3,057 | 1,279 | 10,440 | ||||
| (Loss) income from continuing operations before income taxes and equity interests | (263) | 34,306 | (13,854) | 75,033 | ||||
| Income taxes | (83) | 12,153 | (4,572) | 27,296 | ||||
| Loss in equity interests, net | (1,190) | (3,592) | (2,429) | (5,414) | ||||
| (Loss) income from continuing operations | (1,370) | 18,561 | (11,711) | 42,323 | ||||
| Income from discontinued operations, net of tax | - | 12,269 | - | 11,098 | ||||
| Net (loss) income | $ (1,370) | $ 30,830 | $ (11,711) | $ 53,421 | ||||
| Basic (loss) earnings per share: | ||||||||
| (Loss) income from continuing operations | $ (0.01) | $ 0.15 | $ (0.10) | $ 0.35 | ||||
| Income from discontinued operations, net of tax | - | 0.10 | - | 0.09 | ||||
| Basic (loss) earnings per share | $ (0.01) | $ 0.26 | $ (0.10) | $ 0.44 | ||||
| Diluted (loss) earnings per share: | ||||||||
| (Loss) income from continuing operations | $ (0.01) | $ 0.15 | $ (0.10) | $ 0.35 | ||||
| Income from discontinued operations, net of tax | - | 0.10 | - | 0.09 | ||||
| Diluted (loss) earnings per share | $ (0.01) | $ 0.25 | $ (0.10) | $ 0.44 | ||||
| Weighted average shares outstanding: | ||||||||
| Basic | 119,274 | 120,885 | 119,066 | 121,798 | ||||
| Diluted | 119,274 | 121,541 | 119,066 | 122,552 | ||||
| Operating (loss) income before depreciation and amortization: | ||||||||
| Operating (loss) income | $ (339) | $ 31,249 | $ (15,133) | $ 64,593 | ||||
| Depreciation and amortization of intangibles | 16,945 | 13,604 | 33,265 | 25,793 | ||||
| Amortization of stock-based compensation | 9,920 | 8,533 | 20,268 | 13,866 | ||||
| Restructuring non-cash expenses | 1,055 | 923 | 4,723 | 3,009 | ||||
| Operating income before depreciation and amortization | $ 27,581 | $ 54,309 | $ 43,123 | $ 107,261 | ||||
| *Earnings per share may not add in certain periods due to rounding. | ||||||||
| MONSTER WORLDWIDE, INC. | |||
| UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
| (in thousands) | |||
| Six Months Ended June 30, | |||
| 2009 | 2008 | ||
| Cash flows provided by operating activities: | |||
| Net (loss) income | $ (11,711) | $ 53,421 | |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| (Income) from discontinued operations, net of tax | - | (11,098) | |
| Depreciation and amortization of intangibles | 33,265 | 25,793 | |
| Provision for legal settlements, net | - | 40,100 | |
| Provision for doubtful accounts | 6,884 | 6,771 | |
| Non-cash compensation | 20,268 | 15,028 | |
| Deferred income taxes | (6,421) | (19,582) | |
| Non-cash restructuring write-offs and loss on disposal of assets | 4,741 | 2,085 | |
| Loss in equity interests | 2,428 | 5,414 | |
| Changes in assets and liabilities, net of business combinations: |
|
| |
| Accounts receivable | 120,239 | 82,660 | |
| Prepaid and other | 16,861 | 19,098 | |
| Deferred revenue | (124,536) | (53,923) | |
| Accounts payable, accrued liabilities and other | (61,893) | (13,597) | |
| Net cash used for operating activities of discontinued operations | - | (3,129) | |
| Total adjustments | 11,836 | 95,620 | |
| Net cash provided by operating activities | 125 | 149,041 | |
| Cash flows (used for) provided by investing activities: | |||
| Capital expenditures | (26,379) | (50,213) | |
| Purchase of marketable securities | (7,476) | (156,882) | |
| Sales and maturities of marketable securities | 3,317 | 436,305 | |
| Payments for acquisitions and intangible assets, net of cash acquired | - | (61,567) | |
| Cash funded to equity investee | (3,314) | (5,000) | |
| Dividends received from unconsolidated investee | 763 | 1,011 | |
| Net cash (used for) provided by investing activities | (33,089) | 163,654 | |
| Cash flows provided by (used for) financing activities: | |||
| Proceeds from borrowings on credit facilities short-term | 199,203 | - | |
| Payments for borrowings on credit facilities short-term | (157,173) | - | |
| Repurchase of common stock | (2,435) | (86,327) | |
| Payments on debt obligations | (6) | (147) | |
| Proceeds from exercise of employee stock options | 9 | 1,046 | |
| Excess tax benefits from equity compensation plans | 4 | 120 | |
| Net cash provided by (used for) financing activities | 39,602 | (85,308) | |
| Effects of exchange rates on cash | 7,354 | 8,323 | |
| Net increase in cash and cash equivalents | 13,992 | 235,710 | |
| Cash and cash equivalents, beginning of period | 222,260 | 129,744 | |
| Cash and cash equivalents, end of period | $ 236,252 | $ 365,454 | |
| Free cash flow: | |||
| Net cash provided by operating activities | $ 125 | $ 149,041 | |
| Less: Capital expenditures | (26,379) | (50,213) | |
| Free cash flow | $ (26,254) | $ 98,828 | |
| MONSTER WORLDWIDE, INC. | ||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
| (in thousands) | ||||
| Assets: | June 30, 2009 | December 31, 2008 | ||
| Cash and cash equivalents | $ 236,252 | $ 222,260 | ||
| Marketable securities, current | 14,533 | 1,425 | ||
| Accounts receivable, net | 249,004 | 376,720 | ||
| Marketable securities, non - current | 81,272 | 90,347 | ||
| Property and equipment, net | 153,942 | 161,282 | ||
| Goodwill and intangibles, net | 944,981 | 946,881 | ||
| Other assets | 109,483 | 117,675 | ||
| Total assets | $ 1,789,467 | $ 1,916,590 | ||
| Liabilities and Stockholders' equity: | ||||
| Accounts payable, accrued expenses and other | $ 192,289 | $ 254,425 | ||
| Deferred revenue | 289,818 | 414,312 | ||
| Borrowings on credit facilities short-term | 97,000 | 54,971 | ||
| Non-current income taxes payable | 125,991 | 119,951 | ||
| Other liabilities | 30,971 | 25,658 | ||
| Total liabilities | 736,069 | 869,317 | ||
| Stockholders' equity | 1,053,398 | 1,047,273 | ||
| Total liabilities and stockholders' equity | $ 1,789,467 | $ 1,916,590 | ||
| MONSTER WORLDWIDE, INC. | ||||||||||||||
| UNAUDITED OPERATING SEGMENT INFORMATION | ||||||||||||||
| (in thousands) | ||||||||||||||
| Three Months Ended June 30, 2009 | Careers - North America | Careers - International | Internet Advertising & Fees | Corporate Expenses | Total | |||||||||
| Revenue | $ 101,799 | $ 88,598 | $ 32,660 | $ 223,057 | ||||||||||
| Operating (loss) income | 10,919 | (2,019) | 4,926 | $ (14,165) | (339) | |||||||||
| OIBDA | 22,066 | 8,386 | 7,939 | (10,810) | 27,581 | |||||||||
| Operating margin | 10.7% | -2.3% | 15.1% | -0.2% | ||||||||||
| OIBDA margin | 21.7% | 9.5% | 24.3% | 12.4% | ||||||||||
| Three Months Ended June 30, 2008 | Careers - North America | Careers - International | Internet Advertising & Fees | Corporate Expenses | Total | |||||||||
| Revenue | $ 164,280 | $ 156,673 | $ 33,341 | $ 354,294 | ||||||||||
| Operating income | 58,409 | 31,916 | 4,656 | $ (63,732) | 31,249 | |||||||||
| OIBDA | 67,636 | 40,361 | 7,508 | (61,196) | 54,309 | |||||||||
| Operating margin | 35.6% | 20.4% | 14.0% | 8.8% | ||||||||||
| OIBDA margin | 41.2% | 25.8% | 22.5% | 15.3% | ||||||||||
| Six Months Ended June 30, 2009 | Careers - North America | Careers - International | Internet Advertising & Fees | Corporate Expenses | Total | |||||||||
| Revenue | $ 220,983 | $ 192,263 | $ 64,214 | $ 477,460 | ||||||||||
| Operating (loss) income | 11,747 | (2,690) | 8,483 | $ (32,673) | (15,133) | |||||||||
| OIBDA | 34,338 | 19,135 | 14,303 | (24,653) | 43,123 | |||||||||
| Operating margin | 5.3% | -1.4% | 13.2% | -3.2% | ||||||||||
| OIBDA margin | 15.5% | 10.0% | 22.3% | 9.0% | ||||||||||
| Six Months Ended June 30, 2008 | Careers - North America | Careers - International | Internet Advertising & Fees | Corporate Expenses | Total | |||||||||
| Revenue | $ 347,818 | $ 309,945 | $ 63,003 | $ 720,766 | ||||||||||
| Operating income | 98,110 | 41,559 | 3,225 | $ (78,301) | 64,593 | |||||||||
| OIBDA | 115,238 | 57,023 | 8,300 | (73,300) | 107,261 | |||||||||
| Operating margin | 28.2% | 13.4% | 5.1% | 9.0% | ||||||||||
| OIBDA margin | 33.1% | 18.4% | 13.2% | 14.9% | ||||||||||
| MONSTER WORLDWIDE, INC. | |||||||||||||||||
| UNAUDITED NON-GAAP STATEMENTS OF OPERATIONS AND RECONCILIATIONS | |||||||||||||||||
| (in thousands, except per share amounts) | |||||||||||||||||
| Three Months Ended June 30, 2009 | Three Months Ended June 30, 2008 | ||||||||||||||||
| As Reported | Proforma Adjustments | Non-GAAP | As Reported | Proforma Adjustments | Non-GAAP | ||||||||||||
| Revenue | $ 223,057 | $ 725 | a | $ 223,782 | $ 354,294 | $ - | $ 354,294 | ||||||||||
| Salaries and related | 113,484 | - | 113,484 | 135,879 | - | 135,879 | |||||||||||
| Office and general | 59,862 | (2,245) | b | 57,617 | 75,358 | (4,256) | b | 71,102 | |||||||||
| Marketing and promotion | 44,953 | - | 44,953 | 68,976 | - | 68,976 | |||||||||||
| Provision for legal settlements, net | - | - | - | 40,100 | (40,100) | c | - | ||||||||||
| Restructuring and other special charges | 5,097 | (5,097) | d | - | 2,732 | (2,732) | d | - | |||||||||
| Total operating expenses | 223,396 | (7,342) | 216,054 | 323,045 | (47,088) | 275,957 | |||||||||||
| Operating (loss) income | (339) | 8,067 | 7,728 | 31,249 | 47,088 | 78,337 | |||||||||||
| Operating margin | -0.2% | 3.5% | 8.8% | 22.1% | |||||||||||||
| Interest and other, net | 76 | - | 76 | 3,057 | - | 3,057 | |||||||||||
| (Loss) income from continuing operations before income taxes and equity interests | (263) | 8,067 | 7,804 | 34,306 | 47,088 | 81,394 | |||||||||||
| Income taxes | (83) | 2,546 | e | 2,463 | 12,153 | 16,681 | e | 28,834 | |||||||||
| Losses in equity interests, net | (1,190) | - | (1,190) | (3,592) | - | (3,592) | |||||||||||
| (Loss) Income from continuing operations | $ (1,370) | $ 5,521 | $ 4,151 | $ 18,561 | $ 30,407 | $ 48,968 | |||||||||||
| Diluted (loss) earnings per share from continuing operations * | $ (0.01) | $ 0.05 | $ 0.03 | $ 0.15 | $ 0.25 | $ 0.40 | |||||||||||
| Weighted average shares outstanding: | |||||||||||||||||
| Diluted | 119,274 | 121,809 | 121,809 | 121,541 | 121,541 | 121,541 | |||||||||||
| Six Months Ended June 30, 2009 | Six Months Ended June 30, 2008 | ||||||||||||||||
| As Reported | Proforma Adjustments | Consolidated Non-GAAP | As Reported | Proforma Adjustments | Non-GAAP | ||||||||||||
| Revenue | $ 477,460 | $ 1,719 | a | $ 479,179 | $ 720,766 | - | $ 720,766 | ||||||||||
| Salaries and related | 235,869 | - | b | 235,869 | 276,327 | 93 | b | 276,420 | |||||||||
| Office and general | 121,975 | (5,265) | b | 116,710 | 149,257 | (7,783) | b | 141,474 | |||||||||
| Marketing and promotion | 118,644 | - | 118,644 | 180,830 | - | 180,830 | |||||||||||
| Provision for legal settlements, net | - | - | - | 40,100 | (40,100) | c | - | ||||||||||
| Restructuring and other special charges | 16,105 | (16,105) | d | - | 9,659 | (9,659) | d | - | |||||||||
| Total operating expenses | 492,593 | (21,370) | 471,223 | 656,173 | (57,449) | 598,724 | |||||||||||
| Operating (loss)income | (15,133) | 23,089 | 7,956 | 64,593 | 57,449 | 122,042 | |||||||||||
| Operating margin | -3.2% | 1.7% | 9.0% | 16.9% | |||||||||||||
| Interest and other, net | 1,279 | - | 1,279 | 10,440 | - | 10,440 | |||||||||||
| (Loss)Income from continuing operations before income taxes and equity interests | (13,854) | 23,089 | 9,235 | 75,033 | 57,449 | 132,482 | |||||||||||
| Income taxes | (4,572) | 7,620 | e | 3,048 | 27,296 | 20,899 | e | 48,195 | |||||||||
| Losses in equity interests, net | (2,429) | - | (2,429) | (5,414) | - | (5,414) | |||||||||||
| (Loss)Income from continuing operations | $ (11,711) | $ 15,469 | $ 3,758 | $ 42,323 | $ 36,550 | $ 78,873 | |||||||||||
| Diluted (loss)earnings per share from continuing operations * | $ (0.10) | $ 0.13 | $ 0.03 | $ 0.35 | $ 0.30 | $ 0.64 | |||||||||||
| Weighted average shares outstanding: | |||||||||||||||||
| Diluted | 119,066 | 120,904 | 120,904 | 122,552 | 122,552 | 122,552 | |||||||||||
| Note Regarding ProForma Adjustments: | |||||||||||||||||
| The financial information included herein contains certain non-GAAP financial measures. This information is not intended to be used in place of the financial information prepared and presented in accordance with GAAP, nor is it intended to be considered in isolation. We believe that the above presentation of non-GAAP measures provide useful information to management and investors regarding certain core operating and business trends relating to our results of operations, exclusive of certain restructuring related and other special charges. | |||||||||||||||||
| ProForma adjustments consist of the following: | |||||||||||||||||
| a | Deferred revenue fair value adjustment required under existing purchase accounting rules relating to our acquisition of China HR. | ||||||||||||||||
| b | Costs associated with the ongoing investigation into the Company's historical stock option granting practices, net of reimbursements as well as costs associated with the security breach incurred in 2008. | ||||||||||||||||
| c | Provision for costs associated with the proposed legal settlements related to the stock option litigation, net of recoveries. | ||||||||||||||||
| d | Restructuring related charges pertaining to the strategic restructuring actions that the Company announced on July 30, 2007. These charges include costs related to the reduction in the Company's workforce, fixed asset write-offs, costs relating to the consolidation of certain office facilities, contract termination costs, relocation costs and professional fees. | ||||||||||||||||
| e | Income tax adjustment is calculated using the effective tax rate of the reported period multiplied by the ProForma adjustment to income from continuing operations before income taxes and equity interests. | ||||||||||||||||
| *Diluted earnings per share may not add in certain periods due to rounding. Diluted shares used for 2009 GAAP presentation are the same as basic shares due to a net loss in 2009. | |||||||||||||||||
| MONSTER WORLDWIDE, INC. | ||||||||||
| UNAUDITED NON-GAAP OPERATING SEGMENT INFORMATION | ||||||||||
| (in thousands) | ||||||||||
| Three Months Ended June 30, 2009 | Careers - North America | Careers - International | Internet Advertising & Fees | Corporate Expenses | Total | |||||
| Revenue - GAAP | $ 101,799 | $ 88,598 | $ 32,660 | $ 223,057 | ||||||
| Proforma Adjustments | - | 725 | - | 725 | ||||||
| Revenue - Non GAAP | $ 101,799 | $ 89,323 | $ 32,660 | $ 223,782 | ||||||
| Operating (loss) income - GAAP | $ 10,919 | $ (2,019) | $ 4,926 | $ (14,165) | $ (339) | |||||
| Proforma Adjustments | 1,486 | 4,002 | 170 | 2,409 | 8,067 | |||||
| Operating (loss) income - Non GAAP | $ 12,405 | $ 1,983 | $ 5,096 | $ (11,756) | $ 7,728 | |||||
| Operating margin - GAAP | 10.7% | -2.3% | 15.1% | -0.2% | ||||||
| Operating margin - Non GAAP | 12.2% | 2.2% | 15.6% | 3.5% | ||||||
| Three Months Ended June 30, 2008 | Careers - North America | Careers - International | Internet Advertising & Fees | Corporate Expenses | Total | |||||
| Revenue | $ 164,280 | $ 156,673 | $ 33,341 | $ 354,294 | ||||||
| Operating income (loss) - GAAP | $ 58,409 | $ 31,916 | $ 4,656 | $ (63,732) | $ 31,249 | |||||
| Proforma Adjustments | 926 | 1,400 | 338 | 44,424 | 47,088 | |||||
| Operating income (loss) - Non GAAP | $ 59,335 | $ 33,316 | $ 4,994 | $ (19,308) | $ 78,337 | |||||
| Operating margin - GAAP | 35.6% | 20.4% | 14.0% | 8.8% | ||||||
| Operating margin - Non GAAP | 36.1% | 21.3% | 15.0% | 22.1% | ||||||
| Six Months Ended June 30, 2009 | Careers - North America | Careers - International | Internet Advertising & Fees | Corporate Expenses | Total | |||||
| Revenue - GAAP | $ 220,983 | $ 192,263 | $ 64,214 | $ 477,460 | ||||||
| Proforma Adjustments | - | 1,719 | - | 1,719 | ||||||
| Revenue - Non GAAP | $ 220,983 | $ 193,982 | $ 64,214 | $ 479,179 | ||||||
| Operating (loss) income - GAAP | $ 11,747 | $ (2,690) | $ 8,483 | $ (32,673) | $ (15,133) | |||||
| Proforma Adjustments | 3,758 | 12,086 | 616 | 6,629 | 23,089 | |||||
| Operating (loss) income - Non GAAP | $ 15,505 | $ 9,396 | $ 9,099 | $ (26,044) | $ 7,956 | |||||
| Operating margin - GAAP | 5.3% | -1.4% | 13.2% | -3.2% | ||||||
| Operating margin - Non GAAP | 7.0% | 4.8% | 14.2% | 1.7% | ||||||
| Six Months Ended June 30, 2008 | Careers - North America | Careers - International | Internet Advertising & Fees | Corporate Expenses | Total | |||||
| Revenue | $ 347,818 | $ 309,945 | $ 63,003 | $ 720,766 | ||||||
| Operating income - GAAP | $ 98,110 | $ 41,559 | $ 3,225 | $ (78,301) | $ 64,593 | |||||
| Proforma Adjustments | 4,180 | 4,702 | 1,160 | 47,407 | 57,449 | |||||
| Operating income - Non GAAP | $ 102,290 | $ 46,261 | $ 4,385 | $ (30,894) | $ 122,042 | |||||
| Operating margin - GAAP | 28.2% | 13.4% | 5.1% | 9.0% | ||||||
| Operating margin - Non GAAP | 29.4% | 14.9% | 7.0% | 16.9% | ||||||
CONTACT DETAILS
Monster Worldwide, Inc.
Investors:
Robert Jones, 212-351-7032
Robert.Jones@monsterworldwide.com
or
Media:
Steve Sylven, 978-461-8503
Steve.Sylven@monster.com
KEYWORDS
CONSUMER, ECONOMY, CONSULTANCY SERVICES, BANKING, BUSINESS SERVICES, Financial Analyst, IT, STOCK EXCHANGES, TECHNOLOGY
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