CAMBRIDGE, Mass.--(BUSINESS WIRE)--Feb. 13, 2013--
Forrester Research, Inc. (Nasdaq: FORR) today announced that its board
of directors has authorized an increase to its regular quarterly cash
dividend to $0.15 per share. The next quarterly dividend is payable on
March 20, 2013, to shareholders of record on March 6, 2013. The company
also announced that its board of directors authorized a $50 million
increase in the company’s stock repurchase program, bringing the total
available share repurchase authorization to approximately $150 million.
The company intends to engage an investment banker to assist it in
exploring alternative means to accelerate the company’s share repurchase
program. As of December 31, 2012, Forrester had approximately 22.3
million shares outstanding.
“Our business model remains strong, and combined with our focus on
disciplined business execution, we believe our share price is
undervalued based on our recent performance,” said Michael Doyle, chief
financial officer. “Our sizable cash reserve enables us to pay quarterly
dividends and buy back shares while continuing to invest in our
business.”
About Forrester Research
Forrester Research, Inc. (Nasdaq: FORR) is an independent research
company that provides pragmatic and forward-thinking advice to global
leaders in business and technology. Forrester works with professionals
in 17 roles at major companies providing proprietary research, customer
insight, consulting, events, and peer-to-peer executive programs. For
more than 29 years, Forrester has been making IT, marketing, and
technology industry leaders successful every day. For more information,
visit www.forrester.com.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements include, but are not limited to, statements about the amount
and payment of dividends by Forrester, Forrester’s plans for repurchase
of its stock, and Forrester’s future financial performance and financial
condition. These statements are based on Forrester’s current plans and
expectations and involve risks and uncertainties that could cause actual
future activities and results of operations to be materially different
from those set forth in the forward-looking statements. Dividend
declarations are at the discretion of Forrester’s board of directors,
and plans for future dividends may be revised by the board at any time.
The specific timing, amount, and pricing of share repurchases depends
upon market conditions and other factors, and the share repurchase
program may be modified or terminated by Forrester’s board of directors
at any time. Forrester undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events, or otherwise. For further information, please refer to
Forrester’s reports and filings with the Securities and Exchange
Commission.
© 2013, Forrester Research, Inc. All rights reserved. Forrester is a
trademark of Forrester Research, Inc.
Source: Forrester Research, Inc.
Forrester Research, Inc.
Michael Doyle, +1 617-613-6000
Chief
Financial Officer
mdoyle@forrester.com
or
Forrester
Research, Inc.
Jon Symons, + 1 617-613-6104
Vice President,
Corporate Communications
press@forrester.com