Harris Turns Profit Despite Continued Revenue Slide

Harris Interactive has reported third quarter revenue down 2% to $33.6m, and bookings down 13% to $34.4m. However, profits climbed and operating income was $1.1m, compared with a loss of $371k a year previously.

Net income for the period was $953k compared with a net loss of $323k. Non-GAAP adjusted EBITDA with restructuring and other charges added back was $2.7m compared with $1.5m.

For the first nine months of the fiscal year, revenue fell 7% to $103.7m from $111m for the same period in the last fiscal year, and bookings fell 1% to $116.1m from $116.8m. Operating income was $6m, and net income was $5.6m, compared with a net loss of $4.7m. Non-GAAP adjusted EBITDA with restructuring and other charges added back was up 32% to $11.1m, compared with $8.4m in the prior year period.

CEO Al Angrisani (pictured) says that declines in the US healthcare business, and the firm's business in the UK and Canada have been offset by gains in the Custom Solutions division, Harris Interactive Service Bureau, the Harris Poll arm, and the businesses in France and Germany.

'Frankly, at this stage of the turnaround, sales should be trending up over prior year', Angrisani states. 'But this turnaround is unique in that strong, global, economic headwinds are making sales growth a challenge. However, on the positive side, essentially flat year to date sales versus the first nine months of the last fiscal year are an indication that we are making progress with sales.'

Web site: www.harrisinteractive.com .