Harte-Hanks reports 48% drop in Q4 earnings

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San Antonio—Global direct marketing company Harte-Hanks reported a 48% decline in earnings for the final quarter of 2008, citing increasing spending cuts among its customers as the economy worsened in the fall.

The company earned $14.3 million in the fourth quarter, down from $27.5 million in the year-earlier period. It logged $267 million in revenue, a drop of 11% from $303 million in the fourth quarter of 2007.

Harte-Hanks said it was cutting staff, reducing wages and closing office locations to reduce its costs.

Harte-Hanks’ shopper operations, which include 1,100 separate editions of the PennySaver and Flyer, also experienced falling sales and income, prompting the company to cut circulation by 700,000 in California and 500,000 in Florida.

—Christopher Hosford

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