EmailMonster Worldwide (MWW $6.02 +0.31) reported third quarter earnings of $0.09 per share, excluding non-recurring items and biz classified as discontinued ops from restructuring, $0.04 better than the Capital IQ consensus Estimate of $0.05, while revenues fell 10.8% year/year to $221.7 million may not compare to the $235.43 million consensus due to biz classified as discontinued ops from restructuring. Total bookings from continuing operations were $213 mln, compared to $249 mln in the same period a year ago. On a year over year basis, currency translation had a $7 mln negative impact on bookings in the third quarter 2012. The year over year decline in total bookings is primarily attributable to continued weakness in Europe and Asia, both of which have been negatively impacted by global economic challenges, partially offset by strength in North America's staffing and newspaper channels. During the third quarter 2012, Monster repurchased 1.1 mln shares of its common stock at an average cost of $6.16 per share, for a total of $7 mln.
The company issued guidance for the fourth quarter with EPS of $0.05-0.10 versus the $0.05 consensus. Corporate Restructuring The restructuring actions announced today include: Pursuing a sale of ChinaHR and classifying the asset as held for sale in third quarter financial results. As a result, ChinaHR is excluded from third quarter continuing operations and prior results have been restated to reflect this change. The Company reported a non-cash asset impairment charge and deferred tax asset write-off of $225 mln related to ChinaHR in the GAAP operating results. Evaluating all options for developing markets and substantially curtailing the losses incurred in those markets. Continuing and accelerating the redeployment of expenses into marketing and sales in Monster's core markets, while reducing the run rate of operating expenses. This series of actions described above is expected to reduce Monster Worldwide's operating expense by ~130 mln on an annualized basis.
