Forrester Reports Flat Q3 Research Revenues

Technology specialist Forrester Research has reported a 4% rise in third quarter group revenue to $77.4m (compared with $74.8m in the prior year period). Within its Research division the increase was only 1%, to $52.7m.

Third quarter Advisory Services and Events revenue increased 10% to $24.7m, from $22.6m in the third quarter of 2015.

On a GAAP basis, group net income fell to $3.1m from $4.5m a year earlier. Group operating expenses were up 3% to $67.7m, and operating income was $9.7m, or 12.6% of revenue, compared with $8.7m or 11.7% of revenue in the third quarter of 2015.

Chairman and CEO George Colony (pictured) comments: 'We are pleased with our ongoing transition to the age of the customer strategy, but this voyage continues to be less predictable than we would like. In Q3, the company's EPS and margin exceeded guidance, while revenue fell short. Just as timing in non-syndicated solutions helped us over-perform in Q2, this factor attenuated revenue in Q3. We remain positive on short- and long-term growth as we ramp our sales teams and continue to refine our products to help clients thrive in the era of empowered customers'.

The company also announced that its Board of Directors has authorized a $25m increase in its stock repurchase program, bringing the total available repurchase authorization to approximately $62m.

Web site: www.forrester.com .