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Forrester Enjoying Recovery
Technology analyst Forrester Research has announced results for the first-quarter of 2010, ended March 31. Total revenues were up 5 % to $59.2m, while GAAP-reported net income more than doubled to $5.8m, or $0.25 per diluted share, versus the same period last year.
On a pro forma basis, net income was $6.3m, or $0.28 per diluted share, very little changed from Q1 2009. Revenue from research services was comparable to Q1 2009 at $39.4m, while sales of advisory and other services were up c.14% to $19.8m.
Chairman and CEO George F. Colony said the firm was 'off to a very good start in a year of economic recovery', with revenue in the upper end of guidance and beating expectations for earnings and operating margin. He added: 'Renewal rates have returned to pre-recession levels, deferred revenue is 8.5 percent higher than the same period one year ago, and we continue to expand our sales force to increase market penetration of our role-based products and services.'
For the second quarter, the company predicts total revenues of c.$63.5 - $66.5 million, operating margin of c.15.5 - 17.5% and diluted earnings per share of c. $0.26 to $0.31. For the full year 2010, guidance suggests revenues of c. $240 - 248 million, operating margin of c. 11% - 12% and diluted EPS of around $0.72 to $0.78.
Web site: www.forrester.com .
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