Harris 'Sales Problems' Persist Despite Revenue Rise

Harris Interactive has reported a 3.5% increase in first-quarter revenue to $38.3m. Bookings however were down 11% for the quarter and CEO Al Angrisani says the firm is still facing 'major challenges' with sales.

Since joining the firm in June with a remit to turn the troubled business around, Angrisani has closed its Hong Kong, Singapore and Shanghai offices; sub-let excess space in its US and UK premises; sold its Stockport, UK-based call centre; and restructured its UK operation with the loss of around 50 staff.

Angrisani says that although the company has made some progress in 'rightsizing' the business and rationalizing the organizational structure, it is still experiencing the systematic sales problems which led to revenue declines over the last few years.

'As I have said previously, the resolution of these challenges will not occur quickly or easily as we continue to implement our turnaround plan,' he adds.

During the fiscal first quarter ended September 30 2011, the company made an operating loss of $5.9m, compared with a loss of $1m last year, but this year's figure includes restructuring and other charges of $6.9m. Net loss was $6m, compared with $1.3m in the first quarter 2010.

Bookings for the quarter were down 11% to $31.4m from $35.4m, while secured revenue was down 10% to $39.0m from $43.3m last year.

In September, results for the fourth quarter showed a 1% decline in revenue allowing for currency changes, and a significant rise in operating loss to $4.7m, compared with operating income of £0.2m in the previous Q4. At the time, Angrisani said there was 'not going to be a quick or easy fix' for the company's problems.

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.

• Harris Interactive Inc.
• All news
• MrWeb info