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NEWS3 May 2011

Angrisani called in to advise Harris on turnaround strategy

Financials North America

US— Harris Interactive has called in its former president Al Angrisani to advise on a turnaround strategy after fiscal third quarter revenues fell 7.5% to $38.1m, a decline of 9% excluding exchange rate effects.

Operating losses for the three months ended 31 March more than doubled to $1.9m from $0.9m a year ago.

Revenue was driven down by declines in the UK – the continuing after-effects of the loss of the Nokia tracker, worth $7.7m annually – as well as the US, where healthcare sector revenue was down $1.3m.

Chief executive Kimberly Till said: “While Q3 has traditionally been a weak quarter seasonally, our results were very disappointing and it is clear that we have more work to do to achieve acceptable operating performance.”

A review of operations and Harris’s business model is under way with the assistance of Angrisani (pictured), who was most recently CEO of Greenfield Online but now runs Angrisani Turnarounds.

Till said Angrisani has presented the company with a report containing specific recommendations which are now being evaluated. His turnaround model, called the Angrisani Hierarchy of Value Creation Model, is explained on his website.

@RESEARCH LIVE

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