‘We won't waste this crisis' – Forrester
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US-- Reporting its financial results for 2008, Forrester Research says it is well placed to make the most of opportunities thrown up by the economic downturn.
“We do not intend to let this crisis go to waste,” CEO George Colony told investors today.
The firm said it will be taking advantage of the strength of its balance sheet – which showed $129.5m cash at the end of the year – to pursue new acquisitions and continue its share repurchase programme.
“While the economy faces many challenges Forrester is about as well positioned as we could be,” said Colony.
The firm announced yesterday that it had laid off 50 staff, representing 5% of its workforce, as a result of the challenging trading conditions.
Revenue for the year was $240.9m, up 13.6%, while pro forma net income was $31.1m, up 12.7%.
The firm is forecasting revenue of $52m-$56m for the first quarter of 2009.
Author: Robert Bain
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