Internet and Wirthlin Fuel Harris Growth

Harris Interactive has announced its financial results for the fiscal first quarter ended September 30, 2005. Revenue for the quarter (classed as Q1 2006) was $48.9m, up 24% from $39.3m in the same period last year. This was in part due to the acquisition of Wirthlin Worldwide. Growth in European Internet research revenue was particularly strong at 29%.

President and CEO Gregory T. Novak said the quarter had exceeded expectations due to 'stronger than anticipated revenue, combined with some early traction from our margin-building activities'. Novak says he is optimistic that the company can achieve 'higher levels of top-line growth that, when balanced with the right productivity improvement efforts, will deliver more profitable growth to our stockholders'.

Total US revenue increased by 26% to $37.1m, and European revenue grew by 21% to $11.8m. Global Internet revenue for the quarter was $28m - up 16% from the same period a year ago. US Internet revenue, which grew by 14% to $24.8m, contributed most to the global Internet revenue growth. Internet revenue comprised 57% of total revenue, 67% of the US revenue, and 27% of the European revenue.

The operating margin of 4.1% and $0.02 EPS exceeded expectations, and operating income for Q1 2006 was $2m, or 4.1% of revenue - down 25% from the previous year. Net income for the quarter was $1.2m, or $0.02 per diluted share (these figures were $1.7m and $0.03 respectively for Q1 2005, which included Wirthlin from Sept 8th onwards).

Sales bookings for the quarter were up 41% to $45.0m, with Wirthlin now included. For the full fiscal year 2006, the company still expects revenue in the range $210 to $220m, and earnings of between $0.11 and $0.14 per fully diluted share. Harris Interactive's web site is at www.harrisinteractive.com.

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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