By a News Reporter-Staff News Editor at Investment Weekly News -- Monster Worldwide, Inc. (NYSE:MWW) reported financial results for the second quarter ended June 30, 2014.
"We are making significant progress on our new strategy to transform our business around our three Strategic Pillars of Reach, Connections and Solutions," said Sal Iannuzzi, chairman, president and chief executive officer of Monster Worldwide. "In the second quarter, we realigned our North American and European sales force to support our new product strategy and ensure the breadth and depth of our new product offerings will be fully utilized by our global customers. On July 1st, we implemented the first stage of our transformation by commercially introducing three exciting new products in North America: TalentBin by Monster, Monster Twitter Cards and Talent CRM and the initial reception by our customers has been strong. We will continue to work diligently to introduce new products in North America and Europe over the next few quarters and are confident that our new strategy will drive significant growth and profitability at Monster over the long term." Second Quarter 2014 Results Total revenue of $194 million was down 3% compared to the second quarter of 2013. Revenue from the Company's Careers - North America operations increased 1% on a year-over-year basis. Internet Advertising & Fees revenue was $16 million compared to $18 million in the second quarter of 2013. Historical quarterly revenue data is available in the Company's supplemental financial information.
Total GAAP operating expenses of $190 million decreased 1% compared to $192 million in the second quarter of 2013. Net income for the second quarter of 2014 was break-even, compared to $3 million, or $0.03 per share, in the second quarter of 2013.
Non-GAAP net income was $7 million, or $0.08 per share, compared to $13 million, or $0.12 per share, in the second quarter of 2013. Non-GAAP operating expenses were $181 million, a 1% increase compared to the second quarter of 2013. Total EBITDA margin of 13% was led by Careers - North America with a 25% EBITDA margin. Pro-forma items are described in the "Notes Regarding the Use of Non-GAAP Financial Measures" and are reconciled to the applicable GAAP measure in the accompanying tables.
Net cash provided by operating activities in the quarter was $25 million. Deferred revenue was $316 million, down 4% compared to the quarter ended June 30, 2013. The Company ended the quarter with total available liquidity of $192 million. Six Month Results Monster Worldwide reported total revenue of $393 million for the first six months ended June 30, 2014 compared to $412 million in the same period last year, a 5% decrease. Monster Careers revenue decreased 4% to $361 million compared with $375 million in the 2013 period. Internet Advertising & Fees reported revenue of $32 million compared to $37 million in the prior year period. The Company reported earnings from continuing operations of $2 million, or $0.02 per share, compared to $15 million, or $0.14 per share, in the prior year period. Share Repurchase During the second quarter 2014, Monster repurchased 2 million shares of its common stock at an average price of $5.88 per share, for a total of $12 million. Since the inception of the existing program in the second quarter of 2013, the Company has repurchased 28 million shares, or approximately 25% of its outstanding shares, at an average price of $5.73. At June 30, 2014, there was $42 million remaining under the Company's previously announced $200 million share repurchase program. Company Provides Q3 EPS Guidance Third quarter 2014 Non-GAAP EPS from continuing operations is expected to be in the range of $0.00 to $0.04, which excludes approximately $8 million of stock-based compensation.
Historical data on Non-GAAP EPS excluding stock-based compensation expense is available in the Company's supplemental financial information. Conference Call and Webcast Second quarter 2014 results will be discussed on Monster Worldwide's quarterly conference call on August 5, 2014 at 8:30 AM ET. A live webcast of the conference call can be accessed online through the Investor Relations section of the Company's website at http://ir.monster.com. To join the conference call by telephone, please dial (888) 696-1396 or (706) 758-9636 and reference conference ID# 73442536. A presentation of financial slides will be referenced during the conference call and will be viewable through the live webcast. A PDF of the financial presentation can also be accessed directly through the Company's Investor Relations website at http://ir.monster.com.
The Company has also made available certain supplemental financial information which can be accessed directly through the Company's Investor Relations website at http://ir.monster.com.
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