Monster Worldwide Reports Third Quarter 2004 Results

Monster Worldwide’s total revenue increased 33% to $227.1 million in the third quarter of 2004 from $170.8 million in the comparable quarter last year. The solid revenue growth was driven by strong global performance at the Monster division, continued improvements in the Company’s Advertising & Communications business in North America, peak seasonal revenues at the Directional Marketing division, and contributions from recent acquisitions. The Monster division recorded revenue of $157.7 million, a 52% increase over last year’s third quarter level of $103.8 million. Sequentially, the division’s revenues grew 11% over the $141.9 million reported in the second quarter of this year. Organic revenue growth over the 2003 third quarter was 27%. The Monster division’s deferred revenue balance was a record $195.4 million, an increase over the former high of $178.9 million for this year’s second quarter. Consolidated net income for the third quarter grew to $20.0 million, or $0.17 per diluted share, compared to $12.2 million, or $0.11 cents per diluted share in the third quarter of 2003.

Andrew McKelvey, Chairman and Chief Executive Officer of Monster Worldwide, said The strong momentum we established in the beginning of the year continued in the third quarter. Monster’s strong top line performance was driven by our ability to optimize our integrated sales strategy despite an uneven job recovery. We realized the benefits of our investments in both our global sales force and innovative new products for our customers. We believe we are well positioned to continue to grow revenues and earnings in the fourth quarter.

Cash generated from operating activities was $42.1 million in the third quarter of 2004, a $28.8 million increase over the $13.3 million of cash from operating activities in the comparable 2003 quarter. The Company’s cash position was $117.2 million at September 30, 2004. Cash and cash equivalents at June 2004 and December 2003 were $82.2 million and $142.3 million, respectively. Net cash at September 30, 2004 increased to $60.2 million from the $25.4 million reported at June 30, 2004.

Nine Months Results

Monster Worldwide reported total revenue of $618.1 million for the nine months ended September 30, 2004, compared to $499.2 million in the comparable prior year period. Income from continuing operations was $48.5 million, or $0.41 per diluted share, compared to a loss from continuing operations of $6.5 million, or $0.06 per share in the prior year period. Non-GAAP income from continuing operations was $32.1 million, or $0.28 per share for the nine months ended September 30, 2003.

Recent Developments/Operating Highlights

Monster Employment Index

Demand for workers and related online job recruitment activity across the United States rose during the third quarter, according to results of the Monster Employment Index. Overall, the Index rose to 151 in September, from 145 in August and 134 in July. The continued upward trend for 2004 is an indication of the strong, sustained growth of online job availability. Index results show an eight-month growth trend in Finance & Insurance, which we believe is reflective of increased corporate expansion. According to the Index, the healthcare industry has had the largest number of job opportunities throughout the year. IT-related positions have seen growth over the last three months, jumping from 103 in June to 123 in September. Sales-related positions have seen nine months of steady growth, rising from 83 in December to 132 in September, which may be indicative of companies seeking to expand. The Monster Employment Index -- a broad and comprehensive monthly analysis of U.S. online job demand based on data from more than 1,500 Web sites -- has become widely adopted by government agencies and financial institutions worldwide and is often referenced by major media outlets.

Monster Government Solutions Participates in Extreme Hiring

Makeover

Monster Government Solutions announced its participation in Extreme Hiring Makeover, a program designed to streamline hiring at three pilot Federal agencies, including the Centers for Medicare & Medicaid Services (Department of Health and Human Services), the National Nuclear Security Administration (Department of Energy) and the entire Department of Education. Working in collaboration with the Partnership for Public Service and six other private recruitment experts, the goal of Extreme Hiring Makeover is to streamline hiring at each of the pilot agencies and show other agencies that positive change is possible, triggering a domino effect to improve hiring processes throughout the federal government.

Monster U.S. Launches Next Phase of Brand Campaign

Monster in the United States announced the launch of the next phase of Portraits, a series of new commercials from its Today’s the Day brand campaign. The six :15 second spots feature candid appeals from real-life job seekers in search of fulfilling work or employers seeking qualified candidates. One television spot highlights three-time Olympic Gold Medalist and Monster job seeker Lenny Krayzelburg. Lenny captured three gold medals at the 2000 Olympic Games and retired from competitive swimming after the 2004 Games. He plans to start a career in the financial industry.

Republican National Convention Volunteer Drive

Monster Worldwide served as the primary recruiter for the more than 8,000 volunteers needed at the 2004 Republican National Convention held in New York City from August 30th through September 2nd. The Company helped the New York City Host Committee identify and recruit volunteers by utilizing all of its resources and Web-hiring technologies, including that of its QuickHire subsidiary, which serves federal, state and local governments. In addition, Monster sponsored a Web site (http://nyc2004.monster.com) that served as an online community for the volunteers, keeping them informed and connected throughout both the pre-Convention process and the sixteen-day Convention deployment. This was the first ever paperless interactive, end-to-end recruitment effort- from initial registration to final deployment- for a U.S. political convention.

Monster India Launches Television and Print Advertising

Campaign

Monster India announced the launch of a new brand campaign, Happy Jobs. As part of its planned national marketing program, Monster India will advertise on television and in print media; it will also continue its online initiatives alongside other non-traditional marketing activities. Happy Jobs launches the debut of a new creative campaign. Monster India’s campaign will include a continuous TV advertising presence, which started in September and will run through to December.

Outlook

Monster Worldwide anticipates reporting continued strong year over year financial results in the fourth quarter of 2004. Sequentially, the Monster division’s revenues are expected to increase, while expenses are expected to decline, leading to an expanded operating margin at both the Monster division and Company level. As a result, diluted earnings per share from continuing operations are expected to be $0.19, representing a significant increase over the $0.10 diluted earnings per share in the fourth quarter of 2003.

Conference Call Information

Third quarter 2004 results will be discussed on Monster Worldwide’s quarterly conference call taking place on October 20, 2004 at 10:00 AM EDT. To join the conference call, please dial in on 1-888-459-8438 at 9:50 AM EDT and give the operator the password Monster. For those outside the United States, please call in on 1-210-839-8501 and give the operator the same password. The call will begin promptly at 10:00 AM EDT. Individuals can also access Monster Worldwide’s quarterly conference call online through the investor information section of the Company’s website at www.monsterworldwide.com. Interactive Metrics for Monster Worldwide and Monster are available at www.monsterworldwide.com or www.monster.com