Key Developments: Harris Interactive Inc. (HPOL.O)
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9 Feb 2010
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Latest Key Developments
Open Mobile Video Coalition Joins Forces with Harris Interactive and Rentrak Corporation to Measure and Analyze Consumer Mobile Digital Television Viewership Patterns
The Open Mobile Video Coalition (OMVC), a broadcast industry organization dedicated to accelerating over-the-air Mobile Digital Television, announced that it is teaming with Harris Interactive and Rentrak Corporation to work in tandem to study consumer usage habits during OMVC`s Mobile DTV Consumer Showcase in Washington, D.C.
Harris Interactive Selects RelevantView To Provide Duplicate Respondent Screening Technology
Harris Interactive announced a technology partnership with RelevantView to further commit to the highest possible security standards in online survey research. RelevantView offers a digital fingerprinting solution, RelevantID that - in conjunction with our proprietary measures - enables Harris to better detect and eliminate duplicate or fraudulent online survey activities.
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.
Harris Interactive Restructures U.S. Operations
Harris Interactive announced actions it has taken to realign its cost structure and pursue its strategic vision of delivering a higher level of service, insight, and value to its clients. The Company has reorganized its US research business units into integrated vertical teams to concentrate more resources on client issues, deliver stronger insights, and create greater overall value. The Company also announced the formation of centers of excellence which will develop and deliver cutting edge products and solutions into the marketplace. As part of the reorganization, the Company reduced its US employee headcount by approximately 51 people, or about 8% of its total US full time workforce. The positions, in research, project management, operations, marketing, sales, and corporate, were located throughout the Company’s US locations.
Harris Interactive Announces Resignation Of Ronald E. Salluzzo As Chief Financial Officer-Form 8-K
Harris Interactive announced in its Form 8-K the resignation of Ronald E. Salluzzo as Chief Financial Officer, Secretary, and Treasurer of the Company, effective December 19, 2008.
Harris Interactive Lowers FY 2009 Revenue Outlook
Harris Interactive announced that for fiscal 2009, it expects consolidated revenue to be below last year's level. The Company reported revenue of $232 million for fiscal 2008. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $238 million for fiscal 2009.
UPDATE 1-Harris Interactive posts Q2 loss; breaches covenants
Feb 6 (Reuters) - Market research firm Harris Interactive Inc posted a quarterly loss hurt by charges, and said it was in violation of the leverage ratio and interest coverage covenants as of Dec. 31.
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