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Forrester Completes Accounts Catch-Up, Reports Growth
Forrester Research has announced results for its third quarter, ended September 30, and has regained compliance with SEC and Nasdaq reporting requirements by filing its form 10-Qs for the first three quarters of the year.
Total revenues for the third quarter were $51.1m, up from $44.1m in the third quarter of last year; net income on a GAAP-reported basis was $6.8m or $0.29 per diluted share, up from $6.3m ($0.27 per diluted share) for Q3 2006.
In the first nine-months of the year, total revenues were $153.6m, compared with $132.5m for the same period last year; and GAAP reported net income of $13.3m, or $0.56 per diluted share, up from $11.5m, or $0.51 per share, a year previously. However, on a pro forma basis, net income was $18.8m, or $0.79 per diluted share.
The investigation into stock option irregularities and subsequent restatement of the company's historical financial statements has cost Forrester $3.6m in the nine month period. The troubles came to light when the company's CFO resigned just before Christmas last year (www.mrweb.com/drno/news6269.htm ), and the SEC launched an investigation into the iregularities in the summer (www.mrweb.com/drno/news6942.htm ). Forrester began filling in the accounting blanks with filings earlier this month (www.mrweb.com/drno/news7533.htm ): this week's filings bring the technology specialist back into line with Nasdaq Marketplace Rule 4310(c)(14).
Reviewing the third quarter growth, Chairman and CEO George F. Colony says the business 'remains strong': 'Clients are responding well to our role-based strategy and our more relevant, targeted offerings. We have spent much of this year ensuring that we have the necessary resources for continued growth. These include refining our products and increasing the research and sales staff which will enable us to successfully complete the implementation of our role-based strategy.'
The firm issued guidance for Q4 of total revenues c.$54-56m and operating margin 12-14%, EPS c.$0.22 to $0.26, and for the full year revenues $207-210m, operating margin c.10-12% and EPS of around $0.78 to $0.82. This compares with EPS of $0.70 last year.
The company is online at www.forrester.com.
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