Forrester Research Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company's total revenues were $71.5 million compared with $70.3 million for the first quarter of last year. On a GAAP basis, net income was $2.3 million or $0.10 per diluted share compared with net income of $3.2 million or $0.14 per diluted share for the same period last year. On a pro forma basis, net income was $4.8 million or $0.21 per diluted share, which reflects a pro forma effective tax rate of 39%. This compared with pro forma net income of $5.1 million or $0.22 per diluted share for the same period in 2012, which reflects a pro forma tax rate of 39%. Income from operations was $3.42 million compared to $4.63 million reported a year ago. Income before income taxes was $3.74 million compared to $5.1 million reported a year ago. Net cash provided by operating activities was $35.45 million compared to $34.88 million reported a year ago. Purchases of property and equipment were $0.94 million compared to $2.42 million reported a year ago. Pro forma income from operations was $7.43 million compared to $7.91 million reported a year ago. Pro forma income before income taxes was $7.80 million compared to $8.32 million reported a year ago. The variance in revenue to prior year was driven by improved performance in the company’s M&S consulting and its event business. Deferred revenue at March 31, 2013 was $152.2 million, up 0.3% or essentially flat over March 31, 2012. For the second quarter, the company expects total revenues of approximately $77.5 million to $80.5 million, operating margin of approximately 8.5% to 10.5%, an effective tax rate of 40% and diluted earnings per share of approximately $0.18 to $0.22. Pro forma financial guidance for the second quarter of 2013 excludes stock-based compensation expense of $0.9 million to $1.1 million, amortization of acquisition-related intangible assets of approximately $0.6 million, reorganization costs of approximately $0.3 million, and any investment gains or losses. The company expects pro forma operating margin of approximately 11.0% to 13.0%, pro forma effective tax rate of 39% and pro forma diluted earnings per share of approximately $0.23 to $0.27. For the full year, the company expects total revenues of approximately $290.0 million to $298.0 million, operating margin of approximately 6.0% to 7.0%, an effective tax rate of 39% and diluted earnings per share of approximately $0.52 to $0.59. Pro forma financial guidance for full-year 2013 excludes stock-based compensation expense of $5.7 million to $6.2 million, amortization of acquisition-related intangible assets of approximately $2.3 million, reorganization costs of approximately $1.9 million, and any investment gains or losses. The company expects pro forma operating margin of approximately 9.5% to 10.5%, pro forma effective tax rate of 39% and pro forma diluted earnings per share of approximately $0.79 to $0.86. The board of directors has approved a quarterly dividend of $0.15 per share payable on June 19, 2013, to shareholders of record on June 5, 2013.

Forrester Research Inc., Q1 2013 Earnings Call, Apr 24, 2013

Forrester Research Inc. announced that they will report Q1, 2013 results at 4:30 PM, US Eastern Standard Time on Apr 24, 2013