Forrester Research, Inc. (Nasdaq: FORR), a leading provider of research and analysis on the Internet and emerging technologies, today announced revenues of $30.8 million for the first quarter ended March 31, 2000, an increase of 72% from $17.9 million in the first quarter of 1999. Net income for the quarter was $3.5 million, an 82% increase over $1.9 million for the same period in 1999. Diluted earnings per share were $0.15 per share, compared with $0.10 per share in the first quarter of 1999.
“Our first-quarter performance reflects increasing awareness of Forrester’s position as the leading Internet research company,” said George F. Colony, chairman of the board and chief executive officer. “Our growth came across the board in business-to-business (B2B), business-to-consumer (B2C), Technographics® and European markets. Our business is accelerating — deferred revenue is up 87% year over year, and all our key metrics show growing momentum.
“The quarter witnessed strong demand for our eCommerce research products with our core research revenue growth reaching 83%,” added Colony. “In addition, we hosted two sold-out events — the Business-To-Business Technology Leadership Forum in Scottsdale, Ariz., and the Fletcher Interactive Channels Forum in London. These events introduce Forrester to new audiences: More than 80% of the attendees in Scottsdale were prospective clients.
“To further our momentum, we will be announcing a new suite of B2B products and advisory services in the coming quarter, led by the Voyage Advisor™ — an online tool that helps companies measure their B2B progress,” continued Colony. “In addition, we will introduce new research that focuses on B2B technology industry lenses and a B2B Web site review advisory service. We are confident that these new products will extend our lead in this fast-growing arena.
Colony added, “We will also broaden our offerings for European eCommerce decision-makers by expanding our European and UK research to cover the B2B, financial services, media, and retail markets. Our European Technographics will be expanded to cover all of the countries in the European Union. We will also begin rolling out our UK Internet AdWatch™ more broadly in Europe.”