Forrester Research, Inc. (Nasdaq: FORR) today announced its 2013 fourth-quarter and full-year financial results.
Fourth-Quarter Financial Performance
Total revenues were $77.5 million for the fourth quarter of 2013, compared with $75.2 million for the fourth quarter of 2012. Research revenues decreased 1%, and advisory services and other revenue increased 13%, compared with the fourth quarter of 2012.
On a GAAP basis, net income was $2.0 million, or $0.10 per diluted share, for the fourth quarter of 2013, compared with net income of $4.5 million, or $0.20 per diluted share, for the same period in 2012.On a pro forma basis, net income was $4.0 million, or $0.20 per diluted share, for the fourth quarter of 2013, which reflects a pro forma effective tax rate of 39%. Pro forma net income excludes stock-based compensation of $1.5 million, amortization of $0.6 million of acquisition-related intangible assets, and net investment losses of $2.3 million. This compares with pro forma net income of $6.7 million, or $0.30 per diluted share, for the same period in 2012, which reflects a pro forma tax rate of 39%. Pro forma net income for the fourth quarter of 2012 excludes stock-based compensation of $1.5 million, amortization of $0.7 million of acquisition-related intangible assets, acquisition-related costs of $0.6 million related to M&A activity Forrester did not pursue, and net investment losses of $0.8 million. “Forrester met revenue and exceeded operating income and EPS guidance for the fourth quarter and full-year 2013,” said George F. Colony, Forrester’s chairman and chief executive officer. “At the close of the year, we saw some early, encouraging signals from the operational improvements we made, which we expect will lead to improved performance as we progress through 2014.” “Strategically, we see an opportunity emerging as our clients struggle to keep up with the evolving demands of digitally empowered customers. As companies increase their focus and spending on technologies to win, serve, and retain customers, we will focus our products and commit resources to help the market navigate this disruption. This is where Forrester’s greatest value, differentiation, and opportunity lie.”
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