Harris Interactive® Successfully Amends Credit Agreement
May 07 2009 - 9:30AM
Business Wire
Harris Interactive (NASDAQ:HPOL), a global custom market
research firm, today 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.
"We have strengthened our financial position by completing this
amendment to our credit agreement, which I am especially pleased we
were able to do in this challenging credit environment," stated
Kimberly Till, President and Chief Executive Officer. "The revised
terms of the credit agreement provide us with the financial
stability and flexibility we needed as we continue implementing our
strategic plan."
At December 31, 2008, the Company reclassified its long-term
debt of $26.0 million to current liabilities until such time as an
amended and/or new credit facility was established. As a result of
the amendment, the noncurrent portion of total long-term debt
outstanding at March 31, 2009 has been reclassified to noncurrent
liabilities.
Additional details regarding the amendment to the credit
agreement can be found on the Form 8-K that the Company is filing
today with the Securities and Exchange Commission.
Cautionary Note Regarding Forward Looking Statements
Certain statements in this press release constitute
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. These statements include, among others, statements as to
future economic performance, projections as to financial items,
estimates, and plans and objectives for future operations, products
and services. In some cases, you can identify forward-looking
statements by terminology such as, �may�, �should�, �expects�,
�plans�, �anticipates�, �feel�, �believes�, �estimates�,
�predicts�, �potential�, �continue�, �consider�, �possibility�, or
the negative of these terms or other comparable terminology. These
forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially
from those in the forward looking statements. Such risks and
uncertainties include, without limitation, risks detailed in the
�Risk Factors� section of our most recent Annual Report on Form
10-K, as updated quarterly in our Quarterly Reports on Form 10-Q to
reflect additional material risks. The Company has filed its
reports on Forms 10-K and 10-Q with the Securities and Exchange
Commission, and they are available under the Investor Relations
section of our website at www.harrisinteractive.com.
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
qualified in their entirety by this cautionary statement.
About Harris Interactive
Harris Interactive is a global leader in custom market research.
With a long and rich history in multimodal research, powered by our
science and technology, we assist clients in achieving business
results. Harris Interactive serves clients globally through our
North American, European and Asian offices and a network of
independent market research firms. For more information, please
visit www.harrisinteractive.com.
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