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Harris Revenue Dive Continues
Harris Interactive has announced its financial results for the fourth quarter and full year fiscal 2009, showing a 23% decline in annual revenue.
Q4 revenue was down $20m or 31.5% to $43.5m, but aggressive cost-cutting measures meant the quarter's operating loss was just $0.1m and net loss $0.7m. The $87.7m operating loss in the same period the previous year was almost entirely made up of an $86.5 million goodwill impairment charge. Non-GAAP Adjusted EBITDA for the fourth quarter of fiscal 2009 was $2.3m compared with $2.4m the previous year.
President and CEO Kimberly Till said the firm had taken $22m in annualized costs out of the business in the year, and expects to re-invest around $6m in the coming year on 'talent ... to support our key strategic initiatives.' Harris' cash position of $17.8m at June 30 remained strong.
According to Till: 'While we had a difficult year in the face of a challenging market, I am very pleased with a number of key initiatives we accomplished during the year, including assembling a very strong management team across key areas of the business and investing in business development and client outreach to rebuild revenues.'
In a Conference Call yesterday, she added that the firm has developed a new brand positioning and logo which 'captures its new go-forward strategy', explaining: 'This new positioning and logo will signal a revitalized Harris which operates as a nimble, inventive and forward-looking research organization. We've launched this new look and feel internally to great positive reaction by our employees worldwide and we will start to roll it out over the coming months externally.'
Also yesterday, the firm announced that Howard Shecter and Steven Fingerhood have been named Chairman of the Board of Directors and Lead Independent Director, respectively, as of this October 27th, while Chairman George Bell has decided not to stand for re-election due to recent additional commitments to another business, General Catalyst Partners. Till commented: 'We want to thank George for his over 5 years of service to the Company. His experience, knowledge and leadership have been instrumental in helping guide the Company through challenging operating conditions. While George will be missed, we are excited for Howard and Steven to assume their new roles on the Board.'
Web site: www.harrisinteractive.com .
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