Harris Interactive Inc. narrowed its net loss for the fourth quarter and its full fiscal year, despite revenues continuing to decline.
The market research firm posted a net loss from continuing operations of $900,000, or 2 cents a share, for the quarter, down from $5.1 million, or 8 cents a share, a year ago. The company net loss from continuing operations for fiscal 2012 was $5.6 million, or 7 cents a share, compared with $8.5 million, or 15 cents a share, for fiscal 2011.
The company logged revenues of $36.5 million for the quarter, down from $44.2 million. Revenues for fiscal 2012 were $147.5 million, compared with $160.7 million a year ago.
Harris Interactive narrowed its operating loss from $6 million during fiscal 2011 to $2.8 million. The company said operating loss for 2012 included restructuring and other charges of $7.5 million, compared with $5.1 million in similar charges during a year ago.
The company reported cash and cash equivalents, as of June 30, of $11.5 million, compared with $14.1 million a year ago. The company’s outstanding debt was $6 million, compared with $10.8 million a year ago.
CEO Albert Angrisani rejoined Harris Interactive in June 2011 with the goal of turning the struggling company around. The fiscal 2012 results reflect his goal to right-size Harris Interactive’s business by cutting costs and shrinking its loss, he said.
“Our efforts in year two of the turnaround will be focused on profitability growing Harris, with emphasis in the U.S. on the Harris Poll, our Custom Solutions Group and the Harris Interactive Service Bureau, as well as select areas of our international business,” he said in a statement.
Harris Interactive’s stock (Nasdaq: HPOL) was trading at $1.25 a share midday Friday, down 3 cents, or 2 percent, from Thursday’s close. The company reported its results after the market closed Thursday afternoon.
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