CAMBRIDGE, Mass.--(BUSINESS WIRE)--July 25, 2007--Forrester
Research, Inc. (Nasdaq: FORR) today announced that its second quarter
total revenues were $55.2 million, an increase of 15 percent from last
year's second quarter. First half of 2007 revenues totaled $102.6
million, an increase of 16 percent from the first half of 2006.
Forrester also reported that it ended the quarter with cash and
marketable securities of $233 million, up from $228 million at the end
of the first quarter.
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. Based on the findings to date, Forrester expects
to record a cumulative adjustment to non-cash stock-based compensation
expense of $45-50 million, with most of the charge relating to years
prior to 2003. The company does not expect that the anticipated
restatement will have any impact on its previously reported revenues
or cash positions.
Forrester Names New Chief Financial Officer
Forrester today announced the appointment of Michael A. Doyle as
chief financial officer and Treasurer, effective September 24, 2007.
Doyle is currently chief financial officer of EasyLink Services
Corporation, a publicly traded global telecommunications messaging
provider. EasyLink has announced plans to merge with Internet Commerce
Corporation, a transaction that is expected to close next month.
Doyle has nearly 30 years of financial, strategic, and marketing
experience at major companies including: CFO at Dun and Bradstreet,
North America; financial management positions at Cendant Corporation,
Allied Signal, PepsiCo, and Continental Can; as well as marketing and
strategy positions at Cendant and PepsiCo. Doyle holds an M.B.A. from
New York University and a B.B.A in finance from the University of
"We are very pleased to have found such a highly qualified
financial executive in Michael Doyle," said George F. Colony,
Forrester's chairman of the board, chief executive officer, and acting
chief financial officer. "In addition to his extensive professional
experience, Michael has held senior positions in both marketing
management and strategic planning -- both valuable perspectives as we
continue to execute our role-based strategy."
Paul Burmeister, who has been serving as senior finance advisor to
the CEO since January, will remain with Forrester through an orderly
Forrester Research, Inc. (Nasdaq: FORR) is an independent
technology and market research company that provides pragmatic and
forward-thinking advice to global leaders in business and technology.
For more than 24 years, Forrester has been making leaders successful
every day through its proprietary research, consulting, events and
peer-to-peer executive programs. For more information, visit
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements include, but are not limited to, Forrester's financial
guidance for 2007 and the potential for adjustments to financial
results previously reported. These statements are based on Forrester's
current plans and expectations and involve risks and uncertainties
that could cause actual activities and results to be materially
different from those set forth in the forward-looking statements.
Important factors that could cause actual activities and results to
differ include, among others, the outcome of the pending review of
Forrester's stock option practices and the anticipated restatement of
financial statements for prior periods, Forrester's ability to
anticipate business and economic conditions, technology spending,
market trends, competition, industry consolidation, the ability to
attract and retain professional staff, possible variations in
Forrester's quarterly operating results, risks associated with
Forrester's ability to offer new products and services, and
Forrester's dependence on renewals of its membership-based research
services and on key personnel. Forrester undertakes no obligation to
update publicly any forward-looking statements, whether as a result of
new information, future events, or otherwise. For further information,
please refer to Forrester's reports and filings with the Securities
and Exchange Commission.
(C) 2007, Forrester Research, Inc. All rights reserved.
CONTACT: Forrester Research, Inc.
Phyllis Paparazzo, +1 617-613-6234
Director, Investor Relations
Forrester Research, Inc.
Karyl Levinson, +1 617-613-6262
Vice President, Corporate Communications
SOURCE: Forrester Research, Inc.