Forrester Research, Inc. (Nasdaq: FORR) announced today that it has completed its stock-based compensation review and filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2006 with the Securities and Exchange Commission. Forrester expects to file its Form 10-Qs for the first, second, and third quarters of 2007 by November 20, 2007.
Summary of restatement
- Consistent with Forrester’s previous announcement, the cumulative adjustment for non-cash stock-based compensation expense was $47.6 million, on a pre-tax basis, with $46.6 million attributable to periods prior to 2004.
- In addition, Forrester is restating its historical financial statements to recognize a deferred tax liability associated with the book tax difference in goodwill primarily relating to a write-down of the goodwill for tax purposes during 2002.
- Forrester is also restating its interim quarterly financial information for 2006 to reduce the non-cash stock-based compensation expense resulting from the failure to appropriately update management’s estimate of the applicable pre-vesting forfeiture rates.
Full details on the impact of the restatement are contained in the 2006 Form 10-K filed today.
Third Quarter 2007 Earnings Call
Forrester has scheduled its third quarter 2007 earnings call for Tuesday, November 20, 2007 at 11 a.m. EST.
The call will be available at www.forrester.com. Investors who want to hear the call should log in to www.forrester.com at least 15 minutes prior to the event’s broadcast. Instructions are provided to ensure that the necessary audio applications are downloaded and installed. These programs can be obtained at no charge to the user. For those who cannot access the live broadcast, a replay will be available on Forrester’s Web site.