Forrester Research, Inc. (Nasdaq: FORR) today announced total revenues for its first fiscal quarter ended March 31, 2007 of $47.3 million, an increase of 17 percent from last year’s first quarter. The company also reported that Forrester ended the quarter with cash and marketable securities of $228.4 million, compared with $207.8 million at the end of 2006.
“We are very pleased to report strong growth in both revenue and cash in our first quarter. Revenue, client retention, and deferred revenue all showed solid results,” said George F. Colony, Forrester’s chairman of the board, chief executive officer, and acting chief financial officer. “Also during Q1, we launched our new role-based strategy, and early indications are that it is resonating favorably with our client base.”
Because of the previously announced ongoing investigation into its stock option granting practices and the need to restate historical financial statements, Forrester is not in a position to provide, on either a GAAP or pro forma basis, operating expense, operating income, net income, or earnings per share information on a historical basis or as part of a business outlook pending the completion of the restatement process. Forrester has not yet completed its assessment of materiality for each prior period, nor has it determined the full amount of any such charges, the resulting tax and accounting impact, or which periods may require restatement. The company does not expect that the anticipated restatement will have any impact on its previously reported revenues or cash positions.
Full-Year 2007 Revenue Outlook
Forrester’s first quarter revenue of $47.3 million exceeded guidance of $44 to $46 million as provided in its February 14, 2007 earnings press release. At this time, the company is reiterating its full-year 2007 revenue guidance of $207 to $212 million.