Business
Harte Hanks Reports Fourth Quarter and Full Year 2019 Financial Results
Fourth Quarter Delivers Operating Income and Positive EBITDA;Focus on Accelerating Growth and Profitability throughout 2020;Targeting Positive Free Cash Flow
About this update from Harte Hanks, Inc.
[{"type":"text","content":"Fourth Quarter Delivers Operating Income and Positive EBITDA;Focus on Accelerating Growth and Profitability throughout 2020;Targeting Positive Free Cash Flow by Mid-2021\n AUSTIN, Texas, March 12, 2020 (GLOBE NEWSWIRE) -- Harte Hanks, Inc. (NYSE: HHS), an industry leader in data-driven, omnichannel marketing, and customer relationship solutions and logistics, today announced financial results for the fourth quarter and 12 months ended December 31, 2019. Recent Operational and Financial Highlights Fourth quarter GAAP net loss of $2.9 million compared to GAAP net income of $1.6 million in the year ago period, which included a 2018 income tax benefit of $7.3 million mainly related to a capital loss carrybackFourth quarter EBITDA of $1.7 million compared to a loss of $2.8 million in the same period last yearFourth quarter Adjusted EBITDA of $3.0 million compared to a loss of $1.6 million in the same period last yearAchieved over $20 million in annual cost savings “During my first 100 days with Harte Hanks, we completed a thorough strategic review of our business lines and opportunities. From that, we charted a clear and accelerated path forward,” commented Andrew Benett, Executive Chairman and Chief Executive Officer. “As part of this effort, we discarded the previous holding company structure in favor of a realigned sales and client management with a one-company, client-focused strategy. We promoted Keith Sedlack to Chief Growth Officer, where he will be responsible for driving organic growth across the entire organization from our existing portfolio, adding new logos, and developing new products and services for our clients. We promoted Dana Adams to the new role of Chief Client Officer, integrating client service and our practice areas. We also are excited that Gretchen Ramsey joined as head of strategy, where she will work with Keith and Dana to deliver operational excellence and help develop new products and services.” “Going forward, we will focus on accelerating growth in marketing services and fulfillment businesses,” added Mr. Benett. “These businesses are strong, aligned with our customers’ needs, and are in demand. Their sales pipeline represents a significant portion of our EBITDA, are profitable and continue to grow. Harte Hanks delivers a clearly defined value proposition that is resonating in the marketplace with comp...