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Forrester Research Reports Second-Quarter Financial Results

Forrester Research, Inc. (Nasdaq: FORR) today announced its second-quarter-ended June 30, 2011 financial results.

Second-Quarter Financial Performance

  • Total revenues were $73.5 million, compared with $64.7 million for the second quarter of last year.
  • On a GAAP basis, net income was $5.5 million, or $0.24 per diluted share, for the second quarter of 2011, compared with net income of $6.9 million, or $0.30 per diluted share, for the same period last year.
  • On a pro forma basis, net income was $7.5 million, or $0.32 per diluted share, for the second quarter of 2011, which reflects a pro forma effective tax rate of 40%. Pro forma net income excludes stock-based compensation of $0.2 million, amortization of $0.5 million of acquisition-related intangible assets, $1.5 million of duplicate lease costs, and $0.5 million of acquisition and integration costs. This compares with pro forma net income of $8.2 million, or $0.35 per diluted share, for the same period in 2010, which reflects a pro forma tax rate of 40%. Pro forma net income for the second quarter of 2010 excludes stock-based compensation of $1.4 million and amortization of $0.9 million of acquisition-related intangible assets.

“The company has performed well in the first half of the year, positioning us to have a strong full year,” said George F. Colony, Forrester's chairman of the board and chief executive officer. “Our second-quarter metrics including deferred revenue increased considerably versus prior year, and our renewal rates remain very strong, while our operating margin and earnings per share exceeded our guidance. Integration of our second-quarter acquisition, Springboard Research, is well on track expanding our coverage and presence in Asia.”

Six-Month-Period-Ended June 30, 2011 Financial Performance

  • Total revenues were $139.2 million, compared with $123.8 million for the same period last year.
  • On a GAAP basis, net income was $8.4 million, or $0.36 per diluted share, for the six months ended June 30, 2011, compared with net income of $12.7 million, or $0.55 per diluted share, for the same period last year.
  • On a pro forma basis, net income was $12.3 million, or $0.53 per diluted share, for the six months ended June 30, 2011, which reflects a pro forma effective tax rate of 40%. Pro forma net income excludes stock-based compensation of $1.7 million, amortization of $1.2 million of acquisition-related intangible assets, $3.0 million of duplicate lease costs, $0.9 million of acquisition and integration costs, and net investment gains of $0.6 million. This compares with pro forma net income of $14.5 million, or $0.63 per diluted share, for the same period in 2010, which reflects a pro forma tax rate of 40%. Pro forma net income for the six months ended June 30, 2010, excludes stock-based compensation of $2.5 million, amortization of $1.8 million of acquisition-related intangible assets, $0.3 million of acquisition-related credits, and net investment gains of $0.5 million.

A reconciliation of GAAP results to pro forma results may be found in the attached financial tables.

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