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Strong Growth for Forrester
Technology specialist Forrester Research has announced results for the second quarter, ended June 30, with total revenues were $48.5million, up nearly 24% from $39.2m for the second quarter of last year. The firm also published results from a report on Asian adoption of broadband and other technologies.
On a GAAP-reported basis, Forrester reported net income of $3.9m or $0.17 per diluted share, compared with $2.5million / $0.11 per share in Q2 2005. On a pro forma basis, net income was $5.9m or $0.26 per diluted share, compared with $3.4m / $0.15 per share in Q2 2005.
Total revenues for the first 6 months of 2006 were $89.7 million, up 22.9% from $73.0 million for the same period last year.
Chairman and CEO George F. Colony comments: 'Forrester's second quarter exceeded expectations for revenue, operating profit, and EPS due to three sold-out events in the quarter and the strengthening of our syndicated sales in the past three quarters.' He adds that the board 'remains cautiously optimistic about the business and are pleased with our progress, particularly with the role-focused Forrester Leadership Boards.'
Forrester's full year 2006 financial guidance has been raised to give total revenues of c.$182 - 187m, operating margin of c.8-10% and diluted earnings per share of approximately $0.48 to $0.59.
Also today, Forrester released results of a new report on global Internet access and activities, suggesting that Metropolitan China leads the United States in broadband adoption.
The US ranks behind South Korea, Hong Kong, the Netherlands, Canada, Japan, Sweden, and metropolitan China, with 40% of US households having high-speed Internet access. The figure for metropolitan China (including Shanghai, Beijing, Guangzhou, and Chengdu) is 41%.
The new Asia Pacific Consumer Technology Adoption Study surveyed more than 6,000 consumers in the region. VP of Asia Pacific Research John C. McCarthy said the results were 'a wake-up call for US vendors, telecom executives, legislators, and regulators'.
The company is online at www.forrester.com and the Asian technology study at www.forrester.com/Products/MarketResearch/Consumer/AsiaPacific .
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