Despite a more than 12 percent decline in revenues, Harris Interactive Inc. posted a profit for the first quarter of fiscal 2013.
The market research firm reported net income of $1.7 million, or 3 cents per share, compared with a loss of $6 million, or 8 cents a share, a year ago.
Revenues fell to $33 million, down from $37.8 million in the same period ago.
First-quarter operating income was $1.8 million, compared with an operating loss of $4.3 million last year. The company said operating income in the first quarter did not include any restructuring charges; it reported $5.4 million in charges a year ago.
President and CEO Albert Angrisani said while the company is still working to address sales and marketing challenges, he was pleased with its return to profitability.
“We made further progress in our turnaround program during the first quarter,” said Angrisani, in a statement. “Our profitability improved in the quarter, largely due to the successful turnaround of our UK business and the rightsizing of our cost structure, and we continued our focus on accepting higher-margin work and paying down our existing bank debt.”
Harris Interactive stock (Nasdaq: HPOL) was trading at $1.41 a midday Friday, down nearly 6 percent from Thursday’s close of $1.50. The company reported its results early afternoon Thursday.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email email@example.com.