RealTime IT News

TMP Worldwide Internet Revenues Soar

TMP Worldwide Inc. in New York City, operator of a variety of classified ad Web sites, posted revenues of $72.99 million for the quarter ended March 31, compared to $45.98 million for the first quarter of 1997.

The company, which also operates recruitment and yellow page advertising agencies, also announced the acquisition of two European recruitment advertising agencies.

Internet revenue for the quarter ended March 31, 1998, was $7.70 million, as compared to $3.77 million for the same quarter in 1997, an increase of 104%.

For the quarter, net income applicable to common and Class B common stockholders was $2.36 million or $0.09 per diluted share, compared to net income of $1.38 million or $0.06 per diluted share in the prior year.

"We had another strong quarter highlighted by the significant performance of our Interactive Division," said Andrew J. McKelvey, chairman and CEO of TMP Worldwide. "The Internet has evolved into an essential component of the hiring process and we have been able to capitalize on this evolution by developing products that meet the needs of both job seekers and clients."

"The quarter by quarter growth of our Internet revenues and traffic, attributable to the measurable results delivered by The Monster Board and Online Career Center, indicates our strategy is on target," McKelvey added.

TMP Worldwide enters the German market for the first time with the acquisition of Wiesbaden-based Fossler & Partners, one of the largest recruitment advertising agencies in Germany. In addition, the company's acquisition of Quadrant, a recruitment advertising agency in the Netherlands is its sixth in this country.

Combined, these two acquisitions represent approximately $2.0 million in annual commissions and fees, the company said.