Key Developments For Harris Interactive Inc.
Harris Interactive Inc. (HPOL.O) (Nasdaq)
Harris Interactive Appoints Eric W. Narowski As Interim Chief Financial Officer
Harris Interactive announced the appointment of Eric W. Narowski, Senior Vice President, Principal Accounting Officer and Global Controller of the Company, as interim Chief Financial Officer (CFO) in place of Robert J. Cox, who has tendered his resignation as Executive Vice President, Chief Financial Officer and Treasurer of the Company.
Harris Interactive Names Robert J. Cox As Chief Financial Officer
Harris Interactive announced the appointment of Robert J. Cox as Executive Vice President, Chief Financial Officer and Treasurer.
Harris Interactive Amends Credit Agreement
Harris Interactive announced that it has entered into an amendment to its credit agreement, which provides for the availability of certain credit facilities to the Company. In connection with the amendment, prior covenant defaults have been permanently waived and the Company is in compliance with the terms of its amended credit agreement. The amendment includes both the addition and modification of certain definitions, terms, financial covenants and reporting requirements. The credit facilities now consist of the Company's currently outstanding debt and a revolving line of credit. Borrowings under the revolving line of credit are subject to a borrowing limit of $5.0 million. The principal amount outstanding under the term loan, $24.2 million at March 31, 2009, remains unchanged under the amended terms.
Harris Interactive Launches Solution For Text Analytics
Harris Interactive announced a new solution, Harris Interactive Text Analytics, that integrates the text mining technology from Clarabridge and advanced analytics to map market trends. The solution is intended for use by any company or organization that wants to integrate the many sources of information available about their market to optimize investment in market research dollars, and produce better trend forecasting.
Harris Interactive Announces Restructuring Yielding Cost Savings of Approximately $10 Million
Harris Interactive announced a further reduction in force that will align its cost structure with revenues, and yield approximately $10 million in annualized cost savings and other non-labor savings. This amount is in addition to annual savings of $9.5 million resulting from the headcount reduction and reorganization previously announced and implemented on December 17, 2008. The Company reduced U.S. employee headcount by approximately 90 people, or about 16% of its total U.S. full-time workforce. The headcount reductions involved the Company`s research, project management, operations, marketing, sales, and corporate functions throughout its U.S. locations. The Company expects that the associated severance charges will not exceed $2.8 million. The severance charges will be recorded in the Company`s results of operations for the third quarter of fiscal 2009, however, cash payments will continue to be made through March 2010.
