The Company also expects to report a net loss from continuing operations of no more than $0.12 per share, down sharply from a net loss of $0.17 per share reported in the previous quarter and a net loss of $0.19 per share reported in the comparable period last year. One-time charges, due to restructuring and other cost-cutting measures, will increase the net loss to no more than $0.14 per share. These preliminary results are well ahead of current analyst forecasts.
Dr. Gordon Black, chairman and CEO stated, We are already seeing the benefit from our cost-cutting program implemented during the fiscal 2001 fourth quarter. When the full effect of the cost-cutting is realized, we will have reduced operating costs by more than $11 million on an annual basis. In addition, our revenues have continued to increase, particularly in the health care area, which has been largely unaffected by the general business slowdown. As a result, we believe we are on track to reach the cash flow breakeven point by December 2001, at the end of our fiscal 2002 second quarter.
For the full year of fiscal 2001, Harris Interactive expects to report revenues of approximately $60 million, up 16% from the $51.3 million posted in the previous fiscal year. Internet-based revenues for the Company have grown on an annual basis from $21.0 million to approximately $32.6 million in fiscal 2001 a 55% increase for the year. Current business backlog at the end of the quarter is $19.5 million, up 22% from the same time a year ago. Black concluded, We expect strong continued growth in fiscal 2002 from our Internet-based revenues.
Harris Interactive continues to have a strong balance sheet with $42 million in cash and negotiable securities as of June 30, 2001. Based upon expected operating results over the next six months, the Company expects to have a minimum of $37 million in cash and negotiable securities (without regard to any cash used for acquisitions) upon reaching the cash flow breakeven point in December.
