Forrester Research (FORR) Q4 2003 earnings summary

Executive summary

• 2003 revenue rebounded to $125.999M from $96.936M in 2002; net income was $2.191M after $0.589M a year earlier.

• The February 2003 Giga acquisition broadened IT research and consulting coverage; integration combined sales, research, and corporate teams.

• The strategy expanded across Research, Data, Consulting, and Community, with added emphasis on client engagement, executive communities, and international reach.

Financial highlights

• FY2003 revenue was $125.999M, operating income $1.578M, and net income $2.191M, versus $96.936M, an operating loss of $1.143M, and net income of $0.589M in FY2002.

• Stockholders’ equity was $208.322M at Dec. 31, 2003, versus $213.868M a year earlier.

Outlook and guidance

• 2004 plans included adding resources and products to Data and hosting eight Forums worldwide.

• Oval membership and business were expected to grow significantly over the next several years; the long-term international target was 50% of business, versus 29% at year-end 2003.

• Management tied renewed technology-market growth to both ongoing technology change and an improving global economy that lifts technology budgets.