NEW YORK--(BUSINESS WIRE)--July 11, 2006--Monster Worldwide, Inc.,
(NASDAQ: MNST) today announced an update on the independent review of
past stock option grant practices and that the Company will release
second quarter and six-month financial results for the period ending
June 30, 2006, on Wednesday, July 26, 2006 before the market opens.
As disclosed earlier, a committee of independent directors has,
with the assistance of outside legal counsel, been conducting an
internal review and analysis of all stock option grants previously
issued by the Company. Although the review is in its early stages, the
Company believes that it may need to restate its financial statements
for the year ended December 31, 2005 and prior years to record
additional non-cash charges for stock based compensation expense
relating to various stock option grants.
The Company has not yet determined which historical financial
statements would be restated, the magnitude of the restatement, or the
tax impact that may result from the matter. However the Company
expects that a potential restatement would not have a material impact
on 2006 earnings.
On July 26, 2006, management will conduct a live conference call,
hosted by Andrew J. McKelvey, Chairman and Chief Executive Officer,
and Lanny Baker, Chief Financial Officer, to review the Company's
quarterly results, market trends and outlook. The call also will be
broadcast simultaneously over the Internet. Due to the ongoing
independent review and the potential impact of stock-based
compensation expense and tax related matters to prior periods, the
Company will not be able to provide comparative financial results for
the three- and six-month periods ended June 30, 2005. Similarly, the
Company may not be in a position to file its Quarterly Report on Form
10-Q for the quarter ended June 30, 2006 on a timely basis pending the
completion of the independent review.
The conference call is scheduled for 10:00 a.m. EDT on Wednesday,
July 26, 2006. Individuals wishing to participate can join the
conference call by dialing (888) 551-5973 at 9:50 a.m. and referencing
conference ID#: 2261700. Those outside the United States should dial
in on (706) 643-3467. Monster Worldwide's quarterly conference call
can also be accessed online through the investor information section
of the company's website at www.monsterworldwide.com.
About Monster Worldwide
Founded in 1967, Monster Worldwide, Inc. is the parent company of
Monster(R), the leading global online careers property. The company
also owns TMP Worldwide, one of the world's largest Recruitment
Advertising agency networks. Headquartered in New York with
approximately 4,300 employees in 25 countries, Monster Worldwide
(NASDAQ: MNST) is a member of the S&P 500 Index and NASDAQ-100. More
information about Monster Worldwide is available at
www.monsterworldwide.com.
Monster(R) is the leading global online careers property. A
division of Monster Worldwide, Monster works for everyone by
connecting quality job seekers at all levels with leading employers
across all industries. Founded in 1994 and headquartered in Maynard,
Mass., Monster has 26 local language and content sites in 24 countries
worldwide. More information is available at www.monster.com or by
calling 1-800-MONSTER. To learn more about Monster's industry-leading
employer products and services, please visit http://info.monster.com.
Special Note: Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995: 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 Monster Worldwide,
Inc.'s strategic direction, prospects and future results. Certain
factors, including factors outside of Monster Worldwide's 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 Monster Worldwide operates, risks associated
with acquisitions, competition, seasonality and the other risks
discussed in Monster Worldwide's Form 10-K and other filings made with
the Securities and Exchange Commission, which discussions are
incorporated in this release by reference.
CONTACT: Monster Worldwide, Inc.
Robert Jones, 212-351-7032
robert.jones@monsterworldwide.com
or
Kathryn Burns, 212-351-7063
kathryn.burns@monsterworldwide.com
or
Weber Shandwick
Christian Harper, 212-445-8135
charper@webershandwick.com
SOURCE: Monster Worldwide, Inc.
