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Forrester Reports 15% Growth in Q2, Appoints New CFO
Forrester Research has posted second-quarter revenue up 15% and appointed Michael Doyle as its new Chief Financial Officer and Treasurer.
Because of an ongoing investigation into its stock options granting practices (www.mrweb.com/drno/news6522.htm ), the firm has been unable to provide information on operating expense, operating income, net income or earnings per share information. However, once it has restated historical results it expects to record a non-cash stock-based compensation expense of between $45 million and $50 million, mostly in years prior to 2003.
In the latest quarter, Forrester reported total revenues of $55.2 million, against predicted revenues of $55.4 million. First half of 2007 revenues totaled $102.6 million, an increase of 16% from the first half of 2006. Forrester also reported that it ended the quarter with cash and marketable securities of $233 million, up from $228 million at the end of the first quarter.
Doyle will be joining the firm in September from his current position of CFO at telecoms firm EasyLink Services. He has nearly 30 years of financial, strategic, and marketing experience at major companies, including time as CFO at Dun and Bradstreet and financial management positions at Cendant Corporation, Allied Signal, PepsiCo, and Continental Can. He also held marketing and strategy positions at Cendant and PepsiCo. Doyle holds an MBA from New York University and a BBA in Finance from the University of Notre Dame.
The appointment will take a little of the burden off Forrester's Chairman of the board and CEO George Colony who has also been serving as Acting CFO. He comments: 'In addition to his extensive professional experience, Michael has held senior positions in both marketing management and strategic planning — both valuable perspectives as we continue to execute our role-based strategy.'
The firm is online at www.forrester.com.
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