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Novak Confirmed as CEO at Growing Harris
Harris Interactive's board of directors has named Gregory Novak as the company's CEO and Director, following his appointment as acting CEO in May. At the same time, the company has reported that its revenue for the 2005 fiscal year increased by 42%, though income per share has fallen.
Novak, who was profiled by DRNO last year (www.mrweb.com/drno/frmemail/article3571.htm ), has - according to Chairman George Bell - 'done an outstanding job of rallying this company and taking the necessary actions that will drive long-term growth and profitability at rates that we expect will outpace the marketplace'.
The company's revenue for the year ending June 30, 2005 was $197 million, up 42% from the 2004 fiscal year. US revenue was $149.9m, up 34%, while European revenue was $46.5m, up 76%. Harris Interactive Service Bureau (HISB) revenue for the year was $9.0m, a 10% decrease. However, despite revenue growth, net income for the year was $0.03 per diluted share, compared with 2004 income of $0.52 per diluted share.
Speaking of the financial results, Novak said: 'We've made significant progress since May in stabilizing the company, diagnosing the exact causes of profitability drag, and developing strategic plans and budgets. We know what we need to do, and we have already started to execute our profit and growth strategy.'
For the 2006 fiscal year, the company expects revenue to range from $210 to $220m, with full year earnings of between $0.11 and $0.14 per fully diluted share. Frank Connolly, CFO of Harris Interactive, says the first quarter of the 2006 financial year will be 'a transitional one, as our reorganized business units continue to build momentum and we begin to execute our profitability initiatives'.
Harris Interactive has wholly owned subsidiaries HI Europe in London and Novatris in Paris. The companies' web sites are at www.harrisinteractive.com , www.hieurope.com and www.novatris.com.
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