Forrester Reports Flat First Quarter

US technology specialist Forrester Research has reported a 1% rise in research division revenues to $50.79m in the first quarter 2014.

For the company as a whole, first quarter revenue was $73.1m, compared with $71.4m for the first quarter of 2013. On a GAAP basis, net loss was $0.1m, compared with net income of $2.2m for the same period in 2013, while on a pro forma basis, net income was $2.0m, excluding stock-based compensation of $1.9m, amortization of $0.5m of acquisition-related intangible assets, and reorganization costs of $0.8m, compared with pro forma net income of $4.7m for the same period in 2013.

During the quarter, the firm hired 51 research and consulting employees, and 31 sales staff.

Chairman and CEO George Colony (pictured) comments: 'Forrester was at the upper end of revenue guidance as we continue to see improved sales performance. We are encouraged that our renewed focus on helping clients win, serve, and retain customers is beginning to lift top-line growth. However, unplanned, one-time expenses put the company below its first-quarter EPS guidance. Despite this shortfall, our full-year EPS and revenue guidance remains unchanged.'

Separately, Forrester's Board of directors has authorized a $25m increase in the company's stock repurchase program, bringing the total available repurchase authorization to approximately $45.1m.

Web site: www.forrester.com .