TMP Worldwide Reports Q1 Revenues Of $362.8 Million; EPS 18 Cents

TMP Worldwide/(NASDAQ:TMPW) reported total commissions and fees of $362.8 million for the period ended March 31, 2001, a 28 percent increase from $284.2 million from the first quarter a year ago. Adjusted net income for the first quarter was $20.4 million, up 49 percent from $13.6 million for the same period in 2000. First quarter diluted adjusted earnings per share were 18 cents for the first quarter, a 38 percent increase over last year's first quarter diluted adjusted earnings per share of 13 cents.
Results of recruitment-focused units are as follows:
• Total commissions and fees for TMP Interactive, which includes Monster.com, were $156.6 million for the first quarter ended March 31, 2001, a 111 percent increase over 2000's first quarter and a 10 percent sequential increase over the $142.1 million for 2000's fourth quarter. Adjusted earnings before interest, taxes, amortization and depreciation (EBITDA) were $45.1 million, an increase of 33 percent over the prior year quarter.
• Monster.com's commissions and fees for the first quarter were $129.2 million, up 111 percent from $61.4 million reported in the first quarter 2000.
• eResourcing, TMP Worldwide's mid-level staffing division, reported fees and commissions of $116.5 million, up 20 percent from $96.8 million for the same period one year ago.
• Executive Search commissions and fees were $31.5 million in the first quarter of 2001, down 19 percent from the first quarter 2000 when commissions and fees were $25.7 million.