Forrester Research, Inc. (Nasdaq: FORR) today announced its 2013 third-quarter financial results.
Third-Quarter Financial Performance
Total revenues were $69.6 million for the third quarter of 2013, compared with $68.5 million for the third quarter of last year. Research revenues decreased 1%, and advisory services and other revenue increased 8% compared with the third quarter of last year.
On a GAAP basis, net income was $2.1 million, or $0.10 per diluted share, for the third quarter of 2013, compared with net income of $10.4 million, or $0.45 per diluted share, for the same period last year. Net income in 2012 includes a $5.5 million deferred tax benefit resulting from the settlement of a foreign tax audit.On a pro forma basis, net income was $3.9 million, or $0.19 per diluted share, for the third quarter of 2013, which reflects a pro forma effective tax rate of 39%. Pro forma net income excludes stock-based compensation of $1.9 million, amortization of $0.6 million of acquisition-related intangible assets, and net investment losses of $0.3 million. This compares with pro forma net income of $5.8 million, or $0.26 per diluted share, for the same period in 2012, which reflects a pro forma tax rate of 39%. Pro forma net income for the third quarter of 2012 excludes stock-based compensation of $1.4 million, amortization of $0.6 million of acquisition-related intangible assets, and net investment gains of $0.1 million. “Forrester met its revenue guidance and exceeded operating margin and earnings per share for the third quarter,” said George F. Colony, Forrester’s chairman and chief executive officer. “We continue a deliberate, yearlong process to improve how we operate to better serve our clients and take advantage of emerging growth opportunities. While our recovery remains a work in progress, we are seeing positive signs in some areas of the business.”
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