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Harte Hanks, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a revenue increase to $47.6 million for the quarter, up 1.1% from $47.1 million in the same quarter the previous year. The increase was driven by growth in the Customer Care and Sales Services segments.
Operating expenses rose to $45.7 million, a 3.5% increase from $44.2 million in the previous year, attributed to higher labor and sales costs.
Operating income for the quarter was $1.9 million, down from $2.9 million in the prior year, with the decline due to increased operating expenses.
Net income for the quarter was $142,000, compared to $618,000 in the previous year. Basic and diluted earnings per share were $0.02, down from $0.09 and $0.08, respectively.
Cash used in operating activities was $7.0 million for the nine months ended September 30, 2024, compared to cash provided of $6.1 million in the previous year, primarily due to pension plan termination payments.
The company reported no borrowings under its $25 million credit facility as of September 30, 2024, with $24.0 million available for borrowing.
Harte Hanks continues to implement its Project Elevate, aimed at optimizing business resources and achieving cost savings, with $2.1 million in restructuring charges recorded for the nine months ended September 30, 2024.
The report details the completion of Qualified Pension Plan I termination, resulting in a $37.5 million charge for the nine months ended September 30, 2024.
The filing includes a discussion of segment performance, highlighting a revenue increase in the Sales Services segment and a decrease in Fulfillment & Logistics Services revenue.
The company did not repurchase any shares during the quarter ended September 30, 2024, under its $6.5 million share repurchase program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Harte Hanks Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.