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Harris Interactive Q4 swings to profit; shares slip

By THOMAS ADAMS - 8/23/2013 3:45:58 PM

Harris Interactive Inc. shares were down more than 6 percent Friday after the company reported fourth-quarter net income of $1.3 million with revenues roughly unchanged from a year ago.

The stock was trading at $2.05 in early afternoon, down 14 cents, but near the high end of its 52-week range of $1.09 to $2.19.

The Brighton-based market research firm announced its earnings at the close of trading Thursday.

The net income for the company’s fourth quarter ended June 28, at 2 cents a diluted share, compares with a loss of $900,000, or 2 cents a share, a year ago.

Net income for fiscal 2013 was $6.9 million, or 12 cents a diluted share, reversing losses of $5.6 million, or 10 cents a fully diluted share, in 2012. The company lost 7 cents a share from continuing operations last year and 3 cents from discontinued operations.

Revenues for the most recent quarter totaled $36.7 million, compared with $36.5 million a year ago. Full-year revenues totaled $140.3 million, down from $147.5 million in fiscal 2012.

“We are pleased with our full fiscal 2013 financial performance, which led to profitability that was above the high end of our adjusted EBITDA guidance and represented more than a 20 percent year-over-year improvement,” President and CEO Albert Angrisani said in the earnings announcement.

“We also are pleased that we generated sufficient cash in fiscal 2013 to pay off all our outstanding debt prior to maturity, and increased our net cash position by more than $10 million.”

The company plans to transition from its turnaround mode of the last two fiscal years and focus on long-term shareholder value creation, Angrisani said.

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