Forrester Recovery a 'Work in Progress'

Forrester Research CEO George Colony has described the firm's recovery as a 'work in progress', while reporting a fall in second quarter revenue to $78.2m, from $79.1m a year previously.

On a GAAP basis, Q2 company net income was $5.6m, compared with net income of $7.8m for the same period last year. Pro forma net income of $6.7m compares with $8.2m for Q2 2012.

During the quarter, revenue from Research Services and from Advisory Services both decreased 1% compared with the second quarter of last year.

For the six-months ended June 30, 2013 total revenue was fairly flat at $149.7m, compared with $149.4m for the same period last year.

Forrester is predicting GAAP total revenue of approximately $67m to $70m in the third quarter of the year, and between $290m and $298m for the full year.

Colony (pictured) said the group had met its revenue guidance and exceeded operating margin and earnings per share for the second quarter. He added: 'However, our recovery remains a work in progress and will not be without periodic setbacks. We continue to inject greater accountability, more discipline, and seasoned leadership into our organization. This maturation process will continue through the rest of this year.'

Separately, the firm's Board of Directors has authorized a $25m increase in the company's stock repurchase program, bringing the total available repurchase authorization to approximately $80m.

Web site: www.forrester.com .