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Harris Interactive Reports $2.3m Q1 Loss
Harris Interactive has reported a first quarter loss of $2.3m, compared with a profit of $1.1m a year ago, which it attributes to deepening economic turbulence in the US combined with the anticipated decline in its hHealthcare revenue.
Revenue fell 9% to $50.3m, while operating loss was $3.2m, compared with an operating profit of $1.6m last year.
Bookings for the quarter were $43.5m, down 14% when compared with $50.8m of bookings for the same period a year ago.
In addition, the company said it will record a $1.7m Q2 charge related to the appointment of new CEO (9067>Kimberly Till and a reduction of 27 US jobs.
Till will initially be analyzing the firm's workflow and IT infrastructures, as well as building 'key talent' within the organization. Her priorities will be to get the firm's healthcare offering back to growth levels, leveraging technology, and finding new international markets.
'Based on current conditions and our forecasts, we expect that 2009 consolidated revenue will be below last year's level,' said CFO Ronald Salluzzo. 'However, we do believe that the actions we've recently taken, combined with our ongoing expense controls, will help us achieve higher profit margins, excluding non-recurring charges, in each year.'
Harris Interactive predicts that 2009 consolidated revenue will be below the $238.7m it reported in the twelve months ended June 30, but delayed its full-year forecast due to economic and financial market conditions.
The firm is currently trading at $1.15, down $0.02 or 1.71% on Nasdaq.
Web site: www.harrisinteractive.com .
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