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Monster revenue up, agrees to settle suit

August 01 2008

Second-quarter revenue rose 9.4% at Monster Worldwide Inc. (NASD: MNST) to $354.3 million, the company announced Thursday. Excluding the influcence of exchange rates, revenue rose 4%, according to the company.

Monster said second-quarter net income rose 7.7% to $30.8 million from $28.6 million in the same period last year.

Included in the results are $3 million in costs related to a restructuring plan and $44 million related to its stock option grants practices, including legal matters.

Monster on Thursday said it agreed to a memorandum of understanding to settle a class action lawsuit over backdating of stock options. The company said its cost in the $47.5 million settlement will be approximately $25 million.

The company also said Thursday that it could receive $10 million from a settlement of a derivative lawsuit against several officers and directors of the company, including former Chairman and CEO Andrew McKelvey, over the backdating of stock options.

Separately, Monster announced it acquired Trovix Inc., which operates a job site that lets job seekers search for jobs from a variety of sources, allows employers to post their own jobs and provides applicant tracking. Monster said the price was $72.5 million in cash. Trovix's headquarters in Mountain View CA will remain open, and existing Trovix customers will continue to get support.

In addition, Monster said it acquired Armees.com, a military site in France aimed at military personnel, veterans and family members.

Monster also said it allied with Cornerstone OnDemand, a provider of e-learning and training services, to offer online courses to job seekers. The company also entered into an alliance with HireRight, a provider of employee screening.

Monster Worldwide Inc. (NASD: MNST)
For the second quarter ended June 30, 2008, compared with the same period in 2007.
Revenue: $354.3 million, +9.4%
Net income: $30.8 million, +7.7%

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