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Harris Interactive Inc. has reached a significant milestone in the turnaround process it began in June 2011, when it brought CEO Albert Angrisani back in to lead the company.
On June 28, the company made the last two payments—totaling $2.4 million—on its credit facility. The company said, in its July 1 SEC filing, that as of June 30 it no longer has outstanding debt.
Angrisani has managed to return Harris Interactive to profitability. During its most recent fiscal third quarter, the company reported a net income of $1 million, or 2 cents a share, compared with a net loss of $300,000, or a penny a share, during the same period a year ago.
Revenues during the fiscal third quarter 2013 were down $500,000 from $34.1 million during the fiscal third quarter 2012. Going by the turnaround pyramid Angrisani has touted on his own website and in his book “Win One for the Shareholders!,” Harris Interactive is currently in the middle of Phase III of its turnaround plan, which includes growing the company’s core business and increasing revenues.
Harris Interactive stock (Nasdaq: HPOL) was trading at $1.76 a share midday Tuesday, down a penny from Monday’s close.
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