Forrester Research, Inc. (Nasdaq: FORR) today announced its 2013 second-quarter financial results. The company also announced that its board of directors authorized a $25 million increase in the company’s stock repurchase program, bringing the total available repurchase authorization to approximately $80 million.
Second-Quarter Financial Performance
Total revenues were $78.2 million for the second quarter of 2013, compared with $79.1 million for the second quarter of last year. Research revenue and advisory services and other revenue both decreased 1% compared with the second quarter of last year.
On a GAAP basis, net income was $5.6 million, or $0.26 per diluted share, for the second quarter of 2013, compared with net income of $7.8 million, or $0.34 per diluted share, for the same period last year. On a pro forma basis, net income was $6.7 million, or $0.31 per diluted share, for the second quarter of 2013, which reflects a pro forma effective tax rate of 39%. Pro forma net income excludes stock-based compensation of $0.9 million, amortization of $0.6 million of acquisition-related intangible assets, reorganization costs of $0.3 million, and net investment losses of $0.1 million. This compares with pro forma net income of $8.2 million, or $0.36 per diluted share, for the same period in 2012, which reflects a pro forma tax rate of 39%. Pro forma net income for the second quarter of 2012 excludes stock-based compensation of $1.2 million, amortization of $0.6 million of acquisition-related intangible assets, $0.1 million of reorganization costs, and net investment gains of $0.1 million.“Forrester met its revenue guidance and exceeded operating margin and earnings per share for the second quarter,” said George F. Colony, Forrester’s chairman and chief executive officer. “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.”
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