Forrester Research, Inc. (Nasdaq: FORR) today announced its 2011 fourth-quarter and full-year financial results. The company also announced that it has instituted a new quarterly dividend, with the first dividend of $0.14 per share to be payable March 21, 2012, to shareholders of record on March 7, 2012.
Fourth-Quarter Financial Performance
- Total revenues were $74.7 million for the fourth quarter of 2011, compared with $67.1 million for the fourth quarter of last year.
- On a GAAP basis, net income was $8.9 million, or $0.38 per diluted share, for the fourth quarter of 2011, compared with net income of $4.1 million, or $0.18 per diluted share, for the same period last year.
- On a pro forma basis, net income was $9.2 million, or $0.40 per diluted share, for the fourth quarter of 2011, which reflects a pro forma effective tax rate of 40%. Pro forma net income excludes stock-based compensation of $0.5 million, amortization of $0.7 million of acquisition-related intangible assets, $0.4 million of reorganization costs, and net investment gains of $0.4 million. This compares with pro forma net income of $5.9 million, or $0.26 per diluted share, for the same period in 2010, which reflects a pro forma tax rate of 40%. Pro forma net income for the fourth quarter of 2010 excludes stock-based compensation of $1.2 million, amortization of $0.9 million of acquisition-related intangible assets, $0.5 million of duplicate lease costs, $0.3 million of acquisition costs, 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.
“Revenue increased 11% in the quarter, which was in line with expectations, while operating margin and earnings per share exceeded guidance,” said George F. Colony, Forrester’s chairman and chief executive officer. “For the full year, we achieved revenue growth exceeding 13% and earnings-per-share growth of over 18%.”
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