Forrester Research Reports Q4 EPS of $0.26 vs. $0.24

Forrester Research, Inc. FORR today announced its fourth-quarter ended December 31, 2010 and full-year ended 2010 financial results. Total revenues were $67.1 million, compared with $61.5 million for the fourth quarter of last year. On a GAAP-reported basis, Forrester reported net income of $4.1 million, or $0.18 per diluted share, compared with net income of $5.8 million, or $0.26 per diluted share, for the same period last year. The effective tax rate for the fourth quarter of 2010 was 45 percent compared with 41 percent for the same period last year. On a pro forma basis, net income was $5.9 million, or $0.26 per diluted share, for the fourth quarter of 2010, which reflects a pro forma effective tax rate of 40 percent. Pro forma net income excludes stock-based compensation of $1.2 million, amortization of $0.9 million of acquisition-related intangible assets, $0.5 million of duplicate lease costs, $0.3 million of acquisition costs and net investment gains of $0.5 million. This compares with pro forma net income of $7.9 million, or $0.35 per diluted share, for the same period in 2009, which reflects a pro forma effective tax rate of 40 percent. Pro forma net income for the fourth quarter of 2009 excludes stock-based compensation of $1.2 million, reorganization costs of $2.3 million, amortization of $0.5 million of acquisition-related intangible assets and net investment gains of $0.7 million.