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8-K - FORM 8-K - HARRIS INTERACTIVE INC | l40145e8vk.htm |
EX-10.1 - EX-10.1 - HARRIS INTERACTIVE INC | l40145exv10w1.htm |
EX-10.4 - EX-10.4 - HARRIS INTERACTIVE INC | l40145exv10w4.htm |
EX-10.3 - EX-10.3 - HARRIS INTERACTIVE INC | l40145exv10w3.htm |
EX-10.2 - EX-10.2 - HARRIS INTERACTIVE INC | l40145exv10w2.htm |
Exhibit 99.1
Press Contact: Michael T. Burns Investor Relations Harris Interactive Inc. 800-866-7655 x7328 mburns@harrisinteractive.com |
Harris Interactive ® Completes Amendment and Restatement of its Credit Agreement with More Favorable Terms
New York, N.Y. July 6, 2010 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 Companys term loan from September 21, 2012 to September 30, 2013 to allow for greater flexibility | ||
| Maintains the availability of the Companys $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 |
At June 30, 2010, the principal amount of debt outstanding under the Companys 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 Companys 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
©2010 Harris Interactive Inc. | All rights reserved. |
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 Companys 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 Companys ability to sustain and grow its revenue base, the Companys 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 Companys 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 worlds 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 whats next. For
more information, please visit www.harrisinteractive.com.