Revenue Down, Profit Up Again for Harris

Harris Interactive has once again reported a drop in revenue and a rise in profit. Fourth quarter revenue fell 5% to $37.1m, but 18 months into its 'business turnaround' initiative, company profits have risen 81% to $2.9m.

The results mirror many of the company's reports going back several years - for example a year ago revenue fell 13% from $4.9m but net income rose from just $0.3m to $1.6m.

During a conference call, President and CEO Al Angrisani (pictured) cautioned investors, saying that while the results demonstrate that the firm's turnaround program is progressing on schedule, the company still need to 'strengthen its sales engine' in order to ensure consistent growth of sales.

For the six months to the end of December, revenue fell 9% to $70.1m compared with $76.9m for the prior year period; operating income was $4.8m against a $2m loss in the prior year; and profits were $4.6m.

'Another strong indication of our progress is our improved profitability in the quarter, which has allowed us to continue to deleverage our balance sheet and position ourselves to pay-off all remaining bank debt by fiscal year end,' Angrisani added.

Harris is anticipating fiscal 2013 adjusted EBITDA of between $13.5m and $14.5m - up from $12.1m in fiscal 2012.

Web site: 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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