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» Harris Interactive's CEO Discusses Q3 2011 Results - Earnings Call Transcript
These statements include beliefs, predictions and expectations related to the company’s future financial performance, other business and operating metrics, as well as statements regarding the company’s future plans and operations.They involve a number of risks, known and unknown, that could cause actual results, performance and/or achievements of the company to be materially different from the beliefs, predictions and expectations discussed on this call. Factors that could cause the company’s results to materially differ from the forward-looking statements made today and which are incorporated by reference herein are more fully described in today’s press release as well as the company’s SEC filings, particularly under the risks factor section of the company’s most recent Annual Report on Form 10-K. You are urged to consider these factors carefully in evaluating such forward-looking statements and are cautioned not to place undue reliance on them. The forward-looking statements are made only as of the date of this presentation and the company undertakes no obligation to publicly update them to reflect subsequent events or circumstances. We also will be discussing non-GAAP financial measures including adjusted EBITDA with the add back of restructuring and other charges. These items are reconciled to GAAP financial measures in today’s press release and are posted on the Investor Relation section of our website. I’d now like to turn today’s call over to Eric. Eric? Eric Narowski Thanks Mike. Good afternoon everyone, and thank you for joining us. Before I review the quarter, please note that the results I’ll cover are for our continuing operations only and exclude our Asia operations, which ceased in September 2011 and are now classified as discontinued operations in the financial statements that accompany today’s earning release. Let me now give you a brief overview of our financial performance for Q3. Q3 revenue was $34.1 million down 8% from $37 million for last year’s Q3.
Foreign currency exchange rate differences did not have a meaningful impact on revenue for the quarter. Putting revenue for the quarter into context in local currency, we saw a 7% decrease in U.S. revenue, mainly as a result of the revenue impact from our bookings decline we experienced during the first half of this fiscal year. A 5% decrease in Canadian revenue driven primarily by the revenue impact from bookings declines we experienced in Q2 of this fiscal year. A 30% decline in U.K. revenue in large part attributable to the expected impact of our restructuring actions earlier this fiscal year to scale back the U.K. business to focus on core markets and key solution areas.A 5% increase in France, driven primarily by the revenue impact from the strong bookings during the first half of fiscal 2012. And in Germany, revenue was essentially flat, compared with the same prior year period. Our operating loss for the quarter was $371,000, compared with an operating loss of $1.8 million for the last fiscal year’s Q3. Q3’s operating loss included the credit to restructuring other charges of $19,000 compared with $448,000 in restructuring and other charges for last fiscal year’s Q3. Our net loss for Q3 was $323,000 or $0.01 per fully diluted share, compared with $2.3 million or $0.04 per fully diluted share for last fiscal year’s Q3. At March 31, 2012, we had $13.2 million in cash and $7.2 million in outstanding debt and we’re in compliance with the financial covenants under our under our credit agreement. Cash provided by operations for Q3 was $39,000, compared with $65,000 for the last fiscal year’s Q3. Non-GAAP adjusted EBITDA with restructuring and other charges added back was $1.5 million for the quarter, compared with $595,000 for last fiscal year’s Q3. Read the rest of this transcript for free on seekingalpha.com