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Harris beats Street estimates in Q1

Revenue grew at Harris Interactive Inc. to $48.9 million in its fiscal 2006 first quarter, up 24 percent from $39.3 million a year ago.

Harris beats Street estimates in Q1

Revenue grew at Harris Interactive Inc. to $48.9 million in its fiscal 2006 first quarter, up 24 percent from $39.3 million a year ago.
With per-share earnings of 2 cents, the company beat Street estimates by a penny. Net income for the quarter was $1.2 million, down from $1.7 million, or 3 cents a diluted share, a year ago.
However, results for the company’s fiscal 2005 first quarter included results from Virginia-based Wirthlin Worldwide from the date of its acquisition on Sept. 8, 2004.
“We’re pleased that stronger than anticipated revenue, combined with some early traction from our margin-building activities, produced a quarter that exceeded our expectations,” said President and CEO Gregory Novak.
“Going forward, I’m optimistic that we can achieve higher levels of top-line growth that, when balanced with the right productivity improvement efforts, will deliver more profitable growth to our stockholders,” he added.
Global Internet revenue for the quarter was up 16 percent, from $24.2 million a year ago to $28 million. U.S. Internet revenue was up 14 percent, from $21.7 million a year ago to $24.8 million. European Internet rose 29 percent, from $2.5 million a year ago to $3.2 million.
For its second quarter, Harris Interactive (Nasdaq: HPOL) expects revenue of $51 million to $53 million and earnings of a penny to 2 cents a diluted share.
Guidance for the full fiscal year remains at $210 million to $220 million in revenue, with earnings of 11 to 14 cents a diluted share, including 3 cents of non-cash stock-based compensation costs.
Harris Interactive chief financial officer Frank Connolly said the company continues to “add operating metrics to manage its business, such as utilization, billable full-time equivalents and days in sales outstanding.
“These metrics are fundamental components of our continuous improvement focus, which is driven by measurement and accountability,” Connolly said.

(c) 2005 Rochester Business Journal. Obtain permission to reprint this article.

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