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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to
Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 7, 2000
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HotJobs.com, Ltd.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-26891 13-3931821
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(Commission File Number) (I.R.S. Employer Identification No.)
24 West 40th Street, 14th Floor, New York, NY 10018
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(Address of Principal Executive Offices) (Zip Code)
(212) 699-5300
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
A copy of the Company's press release announcing certain of its
financial results for three months any year ended December 31,
1999 is attached hereto as Exhibit 99.1 and is incorporated herein
by reference.
The Company's prospectus dated November 10, 1999 states that
"17,875,000 shares will be eligible for sale 90 days after the date
of this prospectus, subject in some cases to the restrictions of
Rule 144." As of the date hereof, after taking into account the
restrictions of Rule 144, only approximately 6,000,000 shares will
be saleable within the 90-day period beginning February 9, 2000.
Item 7. Financial Statements and Exhibits
(c) Exhibits. The following documents are filed as exhibits to this
report:
99.1 Press Release dated February 7, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HotJobs.com, Ltd.
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(Registrant)
By: /s/ Richard S. Johnson
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Name: Richard S. Johnson
Title: President and Chief
Executive Officer
Dated: February 7, 2000
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Exhibit Index
Exhibit
99.1 Press Release, dated February 7, 2000.
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Exhibit 99.1
[LOGO OF HOTJOBS.COM]
[GRAPHIC OMITTED]
FOR IMMEDIATE RELEASE
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February 7, 2000
FOURTH QUARTER REVENUES AT HOTJOBS.COM
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CLIMB 572% OVER PRIOR YEAR'S QUARTER
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NEW YORK, NY, FEBRUARY 7, 2000 -- HotJobs.com, Ltd. (Nasdaq: HOTJ) today
announced its financial results for the quarter and year ended December 31,
1999. Revenue for the fourth quarter of 1999 increased to approximately $8.6
million, an increase of 572% over the fourth quarter 1998 revenue of
approximately $1.3 million, and an increase of 53% over third quarter 1999
revenue of approximately $5.6 million. Revenue for the year ended December
31, 1999 increased to approximately $20.7 million, an increase of 489% over
the year ended December 31, 1998 of approximately $3.5 million. The
Internet-based recruiting solutions company, which went public just last
August, continues to make strong gains during the "invest and scale" phase of
its business strategy.
Excluding the effects of a non-cash compensation charge and the beneficial
conversion feature recognized during the year in conjunction with the company's
IPO, the net loss was $0.15 per basic and diluted share for the quarter ended
December 31, 1999, compared to a net loss of $.05 for the same period in
1998. Excluding these non-cash items for the full year ended December 31, 1999,
the net loss equals $0.68 per basic and diluted share, compared to a net
loss of $0.11 for the year ended December 31, 1998.
The increase in the company's net loss per share, excluding the non-cash items
mentioned above, in the quarter and year ended December 31, 1999, compared to
the same periods in 1998, primarily reflects increased sales and marketing and
general and administrative expenditures incurred to heighten brand awareness,
increase staffing and support its "invest and scale" business strategy.
HotJobs.com reported a $0.16 net loss per basic and diluted share attributable
to common stockholders for the fourth quarter of 1999, compared to a net loss of
$0.05 for the same period in 1998. HotJobs.com reported a $1.46 net loss per
basic and diluted share attributable to common stockholders for the year ended
December 31, 1999, compared to a net loss of $0.11 for the same period in 1998.
The reported net loss per basic and diluted share attributable to common
stockholders includes the effects of the non-cash compensation charge and the
non-cash beneficial conversion feature.
The impact of the non-cash compensation charge and beneficial conversion feature
on net loss per basic and diluted share attributable to common stockholders was
$0.01 and $0.78 for the quarter and year ended December 31, 1999, respectively.
The non-cash compensation charge relates to options granted in 1999. The
non-cash beneficial conversion feature relates to the 1,620,000 shares of Series
A Preferred Stock issued by HotJobs.com in May 1999 with a conversion price
below the then-expected IPO price. Refer to Table 1 for a reconciliation of net
loss per share excluding non-cash items to reported net loss per share
attributable to common stockholders.
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"1999 was an incredibly exciting year for us at HotJobs.com," said Richard
Johnson, President and Chief Executive Officer of HotJobs.com. "It is our goal
in 2000 to continue to attract high quality job seekers to our site, and really
distinguish HotJobs.com as the site where quality companies find quality
applicants. By doing that, we will be able to achieve greater penetration across
our entire base of corporate clients."
SIGNIFICANT MILESTONES ACHIEVED BY HOTJOBS.COM DURING 1999:
- - Raised gross proceeds of approximately $165 million in equity funding
and became a public company.
- - Increased its already strong customer base, ending the year with more
than 3,200 corporate members and over 5,000 recruiter Webstations.
- - Added nine new licensees in 1999, including PepsiCo, Inc., Sabre Inc.,
and Warburg Dillon Read for Softshoe(R), the company's proprietary,
Web-based, applicant tracking software, ending the year with 13
Softshoe licenses.
- - Launched its branding campaign by airing its first ever Super Bowl ad in
January 1999; in December 1999, HotJobs.com unveiled its new "Hottest
Hand on the Web" campaign featuring the voice of Samuel L. Jackson.
- - Bolstered its "Click & Mortar" strategy by staging seven WorkWorld job
fairs in San Francisco (twice), New York (twice), San Jose, Chicago, and
Somerset, NJ.
- - Opened two additional domestic offices and one international office,
ending the year with offices in Boston, Chicago, New York, San Francisco
and Sydney, Australia.
- - Formed strategic alliances in 1999 with partners such as
About.com, Inc., FastCompany Media Group, L.L.C., and Juno Online
Services, Inc.
- - Broadened the executive management team by naming Steve Ellis as CFO and
George J. Nassef, Jr. as CIO, and ended the year with 207 employees.
ABOUT HOTJOBS.COM
HotJobs.com is a leading Internet-based recruiting solutions company that
provides a direct exchange of information between job seekers and employers.
Over 3,200 member employers subscribe to the HotJobs.com online employment
exchange, http://www.hotjobs.com. HotJobs.com also provides employers with
additional recruiting solutions, such as its proprietary Softshoe -Registered
Trademark- and Shoelace-TM- recruiting software, its WorkWorld job fairs and
online advertising and consulting services.
"Safe Harbor" Statement Under The Private Securities Litigation Reform Act:
Statements in this release that are not strictly historical are "forward
looking" statements which are subject to the many risks and uncertainties that
exist in the Company's operations and business environment. These risks and
uncertainties include, but are not limited to, the Company's limited operating
history, history of losses and anticipation of continued losses, potential
volatility of quarterly operating results, the ability to successfully implement
the Company's expansion plans, risks related to the Internet, risks related to
legal uncertainty and other risks which are set forth in more detail in the
Company's quarterly report on Form 10-Q filed with the Securities and Exchange
Commission on September 23, 1999, as well as other reports and documents filed
from time to time with the Securities and Exchange Commission.
# # #
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<TABLE>
<CAPTION>
CONTACTS
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AT THE COMPANY AT THE FINANCIAL RELATIONS BOARD
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<S> <C> <C>
Eric Lipkind - Investor Info Michael Lawson - General Info 212-661-8030
Vice President of Finance Jean Young - Analyst Info 212-661-8030
212-699-5327 Claudine Cornelis - Media Info 212-661-8030
[email protected]
Robert Liu - Media Info AT BURSON-MARSTELLER
Dir. Of Corp. Comm. Peter Himler
212-699-5316 (212) 614-4082
[email protected] [email protected]
</TABLE>
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TABLE 1
HOTJOBS.COM, LTD.
NET LOSS PER SHARE RECONCILIATION
<TABLE>
<CAPTION>
THREE MONTHS ENDED DECEMBER 31ST
(Unaudited)
1999 1998
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<S> <C> <C>
Net loss per share, excluding non-cash items $ (0.15) $ (0.05)
Non-cash compensation charge (0.01) $ -
Non-cash beneficial conversion feature - -
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Net loss per share attributable to common
stockholders, reported $ (0.16) $ (0.05)
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</TABLE>
<TABLE>
<CAPTION>
TWELVE MONTHS ENDED DECEMBER 31ST
1999 1998
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<S> <C> <C>
Net loss per share, excluding non-cash items $ (0.68) $ (0.11)
Non-cash compensation charge (0.09) -
Non-cash beneficial conversion feature (0.69) -
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Net loss per share attributable to common
stockholders, reported $ (1.46) $ (0.11)
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</TABLE>
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HOTJOBS.COM, LTD.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
THREE MONTHS ENDED DECEMBER 31, 1999 AND 1998
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
1999 1998
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<S> <C> <C>
Revenues $ 8.6 $ 1.3
Cost Of Revenues 1.3 0.2
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Gross Profit 7.3 1.1
Operating Expenses:
Product Development 0.3 0.2
Sales and Marketing 8.4 1.2
General and Administrative 4.0 0.7
Non-Cash Compensation 0.5 -
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Total Operating Expenses 13.2 2.1
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Loss From Operations (5.9) (1.0)
Net Interest Income 1.1 -
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Net Loss $ (4.8) $ (1.0)
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Net Loss Per Basic and Diluted Share, Excluding Non-Cash Items $ (0.15) $ (0.05)
Basic and Diluted Net Loss Per Common Share $ (0.16) $ (0.05)
Weighted Average Shares Outstanding Used in Basic
and Diluted Net Loss Per Common Share Calculation 29.2 20.8
</TABLE>
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HOTJOBS.COM, LTD.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
TWELVE MONTHS ENDED DECEMBER 31, 1999 AND 1998
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
1999 1998
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<S> <C> <C>
Revenues $ 20.7 $ 3.5
Cost Of Revenues 3.5 0.5
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Gross Profit 17.2 3.0
Operating Expenses:
Product Development 1.0 0.5
Sales and Marketing 23.6 3.1
General and Administrative 9.7 1.6
Non-Cash Compensation 2.0 -
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Total Operating Expenses 36.3 5.2
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Loss From Operations (19.1) (2.2)
Net Interest Income(Expense) 1.3 (0.1)
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Net Loss $ (17.8) $ (2.3)
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Deemed Dividend Attributable To Issuance Of
Convertible Preferred Stock (16.2) -
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Net Loss Attributable To Common Stock $ (34.0) $ (2.3)
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Net Loss Per Basic and Diluted Share, Excluding Non-Cash Items $ (0.68) $ (0.11)
Basic and Diluted Net Loss Per Common Share $ (1.46) $ (0.11)
Weighted Average Shares Outstanding Used in Basic
and Diluted Net Loss Per Common Share Calculation 23.3 21.0
</TABLE>
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HOTJOBS.COM, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
($ MILLIONS)
<TABLE>
<CAPTION>
DECEMBER 31, DECEMBER 31,
1999 1998
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<S> <C> <C>
Cash & Cash Equivalents $ 88.4 $ 0.2
Marketable Securities 49.9 -
Accounts Receivable, net 6.5 1.6
Property and Equipment, net 4.6 0.6
Other Assets 3.1 1.3
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Total Assets $ 152.5 $ 3.7
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Accounts Payable and Accrued Expenses $ 9.2 $ 0.6
Deferred Revenue 5.4 2.0
Due to Affiliate - 3.6
Other Liabilities 2.4 0.4
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Total Liabilities 17.0 6.6
Stockholders' Equity (Deficit) 135.5 (2.9)
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Total Liabilities and Stockholders' Equity (Deficit) $ 152.5 $ 3.7
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</TABLE>
