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Steady Results for Forrester
Technology research and consulting firm Forrester has announced second quarter results. Revenues are down c.3% year-on-year but pro forma net income is stable at $8.8m and the company says it is 'on target' for the year.
Total revenues were $61.6m, compared with $63.5m for the second quarter of last year. On a GAAP-reported basis, net income was $6.2m, but on a pro forma basis it was $8.8m, or $0.38 per diluted share, compared with $8.6m or $0.37 per diluted share for the same period in 2008.
Chairman and CEO George F. Colony comments: 'Our performance for the quarter met our expectations, with revenue on target and operating margin and EPS slightly exceeding our guidance. As expected, the ongoing soft economy continues to impact our deferred revenue performance, declines that are already reflected in our existing guidance. We continue to carefully navigate this difficult economy through prudent expense management, innovating for our clients, and accelerating the role-based strategy so we are well-positioned when the economy begins to recover.'
For the six months ended June 30th, total revenues were $118.0m, compared with $118.4m for the same period last year and pro forma net income was $15.0m or $0.65 per diluted share compared with net income of $13.7m or $0.58 per diluted share for the same period last year.
For the third quarter, Forrester predicts revenues of approximately $50m to $53m and operating margin of c.5-8% (pro forma 9 to 11%); and for the full year 2009 revenues of c.$220-233m and operating margin of c.10-13% (pro forma 15-17%).
Web site: www.forrester.com .
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