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Sharp Rise in Forrester Revenues
Technology research firm Forrester has reported a 17% rise in revenues to $47.3m in the first quarter of 2007. The figure exceeded guidance of $44m to $46m, as provided in its 14 February 2007 earnings press release.
The company, which is reiterating its full-year 2007 revenue guidance of $207m to $212m, ended the quarter with cash and securities of $228.4m, compared with $207.8m at the end of 2006.
As a result of Forrester's internal investigation into its stock options granting practices (www.mrweb.com/cgi-bin/drnofrmr.cgi?ppNum=6522 ) it will be restating its historical financial results and cannot at present provide operating expense, operating income, net income, or earnings per share information on a historical basis. However, the company says that it does not expect that the restatement will have any impact on its previously reported revenues.
George F Colony, Forrester's Chairman of the Board, CEO, and acting CFO commented: 'We are very pleased to report strong growth in both revenue and cash in our first quarter. Revenue, client retention, and deferred revenue all showed solid results. Also during Q1, we launched our new role-based strategy, and early indications are that it is resonating favourably with our client base.'
Web site: www.forrester.com .
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