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Harris Reports Strong Growth
Harris Interactive has announced financial results for its fiscal first quarter 2005, showing consolidated revenue up 22% (versus a year ago) to $40.7 million and operating income up 34%. The company's Internet revenues continue to grow faster than off-line.
Internet revenue for the quarter was $24.2m, up 35% over last year: Internet revenue comprised 59% of all revenue and 73% of US revenue.
Organic revenue (excluding $2.6 million of WirthlinWorldwide and $1 million of Novatris revenue) was $37.1m, up 11% versus $33.3m in revenue for the same period last year. Organic Internet revenue (excluding $1 million from Novatris and $0.2m from WirthlinWorldwide) was up 29% from the $17.9m reported a year ago.
'During this quarter', comments CEO Robert E. Knapp, 'not only did we close the largest acquisition in the history of the company, we also delivered very solid results and a sturdy base on which to build a strong fiscal year... We believe that our sales growth, especially in Europe, will continue and produce revenue for the second fiscal quarter of between $52 and $54 million, including $12 - $13 million from WirthlinWorldwide'.
President and COO Gregory Novak, shortly to be featured in an interview on DRNO, said the company's increasing investment in sales is 'continuing to pay off as bookings for the quarter were up 18% on an organic basis, led by a 35% increase in organic sales bookings by HI Europe'. Novak says the integration of WirthlinWorldwide is on schedule, delivering combined sales opportunities and merged capabilities, and expected to be completed by the end of the calendar year.
Total operating income for the quarter rose 34% to $2.6m, or 6.4% of revenue, compared to operating income of $1.9m, or 5.8% of revenue reported in Q1 fiscal 2004. CFO Bruce A. Newman says the company expects operating margins to continue rising as the Internet revenue mix increases.
HI Europe revenue was $9.8m, up 52% from the same period a year ago. European Internet revenue, now more than 25% of the total revenue, was $2.5m (including $0.9m from Novatris), up substantially from the $0.3m of Internet revenue reported last year.
Results in more detail can be found on the Harris Interactive web site at www.harrisinteractive.com
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