NEW YORK, July 6 /PRNewswire-FirstCall/ -- Harris
Interactive (Nasdaq: HPOL), a leading innovative global market
research firm, today announced that effective June 30, 2010, it completed an amendment and
restatement of its credit agreement, which provides the Company
with access to certain credit facilities. Among other things,
the amended and restated credit agreement:
- Provides a new leverage-based pricing grid that affords the
Company more favorable pricing as its financial performance
improves
- Extends the maturity date of the Company's term loan from
September 21, 2012 to September 30, 2013 to allow for greater
flexibility
- Maintains the availability of the Company's $5.0 million revolving line of credit, set to
expire on July 15, 2010, through
September 30, 2013
- Modifies certain financial covenants, including the elimination
of a minimum revenue covenant
- Reduces the number of lenders from five to one, with JP Morgan
Chase Bank, N.A. as the issuing bank
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At June 30, 2010, the principal
amount of debt outstanding under the Company's amended and restated
credit agreement was $15.6
million.
"We are very pleased to successfully complete this amendment and
restatement to our credit agreement in a way that strengthens our
capital structure, improves our financial flexibility, and enables
us to achieve better pricing over time," stated Kimberly Till, President and Chief Executive
Officer. "Our ability to complete this transaction speaks well to
the progress we have made in the past year and positions us well to
continue to execute on our key initiatives."
Additional details regarding the Company's amended and restated
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 the Company's 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 http://ir.harrisinteractive.com/. Risks
and uncertainties also include the continued volatility of the
global macroeconomic environment and its impact on the Company and
its clients, the Company's ability to sustain and grow its revenue
base, the Company's ability to maintain and improve cost efficient
operations, the impact of reorganization and restructuring and
related charges, quarterly variations in financial results, actions
of competitors, the Company's ability to develop and maintain
products and services attractive to the market, and uncertainties
surrounding compliance with certain NASDAQ listing
requirements.
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 one of the world's leading custom market
research firms, leveraging research, technology, and business
acumen to transform relevant insight into actionable foresight.
Known widely for the Harris Poll and for pioneering innovative
research methodologies, Harris offers expertise in a wide range of
industries including healthcare, technology, public affairs,
energy, telecommunications, financial services, insurance, media,
retail, restaurant, and consumer package goods. Serving clients in
over 215 countries and territories through our North American,
European, and Asian offices and a network of independent market
research firms, Harris specializes in delivering research solutions
that help us – and our clients – stay ahead of what's next. For
more information, please visit www.harrisinteractive.com.
Press
Contact:
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Michael T.
Burns
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Investor
Relations
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Harris Interactive
Inc.
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800-866-7655
x7328
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mburns@harrisinteractive.com
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HPOL-F
SOURCE Harris Interactive