Strong Fiscal 2003 First Quarter Results at Harris Interactive

Harris Interactive has reported revenues and earnings ahead of expectations for the first quarter of fiscal 2003 that ended 30th September.

The company achieved revenue of $30.3 million, up 16% from $26.2 million, (on a pro-forma basis, combining reported revenue from Total Research and Harris Interactive) for the same period a year ago. Internet-based revenue for the quarter was up 37% for the same period a year ago. A 1.7% increase in sequential quarterly revenue drove net earnings to $1.0 million or $0.02 per share, versus a net loss of more than $3.0 million in the prior year period, and a net profit of $169,000 reported in the fourth quarter of fiscal 2002.

According to Dr. Gordon Black, chairman and CEO, 'We surpassed both our revenue and profit expectations for the quarter - testimonies to the strength of our core products and services. For the first time since the company was founded over 25 years ago, our Q1 revenues exceeded those of Q4. This is especially noteworthy in today's economic environment and is a result of our continued focus on growing the top line'

Albert Angrisani, president & COO summarised, 'During this quarter, with the integration of Total Research and the rightsizing programme behind us, we launched a new sales programme, designed to grow our most profitable Internet business segments and build an industry leading sales organization. Our early efforts have been effective, producing a 16% increase in core business revenue compared to last year's first quarter, and a significant surge in profitability. We also saw marked increases in the value of our proposals outstanding and revenue backlog, as well as our closing rates on new business contracts.'

Looking ahead to the second quarter of fiscal 2003, Bruce Newman, CFO, stated, 'We believe that this sales momentum will carry into the second fiscal quarter, and we expect to generate $31 - $32 million in revenue, and $0.03 and $0.04 per share in net earnings.'

All articles 2006-22 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.

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