NEWS1 November 2011

Harris up 3.5% in Q1, but sales problems persist

Financials UK

US— Harris Interactive’s first-quarter revenue grew by 3.5% to $38.3m, but CEO Al Angrisani says the company still has some way to go to correct “systemic sales problems”.

Both bookings and secured revenue were down for the three months ended 30 September– by 11% to $31.4m and 10% to $39m respectively.

The company made an operating loss of $5.9m, compared with a loss of $1m a year ago, but the most recent figures include $6.9m in restructuring and other charges. Net loss was $6m.

Annual revenue reported in September was down 2% to $165.3m. Since taking over as CEO in June, Angrisani has set about “rightsizing” the business, including shutting down the firm’s Asian operations, closing or scaling down offices and cutting staff.

Angisani (pictured) said today: “Although we have made some progress this quarter in rightsizing our business, rationalising our organisational structure, and improving our liquidity, there are major challenges remaining… As I have said previously, the resolution of these challenges will not occur quickly or easily as we continue to implement our turnaround plan.”