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Shares of Harris Interactive Inc. were trading at $1.50 Thursday morning, up nearly 9 percent, to their highest price since early November, after the company announced an increase in net profit for its fiscal second quarter on Wednesday.
The market research firm (Nasdaq: HPOL) reported a net income of $2.9 million, or 5 cents a share, up from $1.6 million, or 3 cents, a year ago. The company logged revenues of $37.1 million, down from $39.1 million a year ago.
Bookings for the quarter totaled $47.8 million, up from $45.2 million a year ago. As of Dec. 31, the company’s cash and cash equivalents totaled $11.1 million, down from $14.1 million at the end of 2011. Harris Interactive reported an outstanding debt of $3.6 million at the end of 2012, which was down from $8.4 million at the end of 2011.
Albert Angrisani, president and CEO of Harris Interactive, said the company’s focus going forward will be to continue to strengthen sales efforts and develop its products.
“Today’s announcement of improved earnings guidance over last year’s earnings is a strong indication that the turnaround is progressing on schedule,” Angrisani said in a statement. “Our improved profitability has allowed us to continue to de-leverage our balance sheet and position ourselves to pay off all remaining bank debt by fiscal year end.”
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