SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): May 10, 2011

FORRESTER RESEARCH, INC.

(Exact name of registrant as specified in its charter)

Delaware		000-21433		04-2797789
(State or other jurisdiction		(Commission File Number)		(I.R.S. Employer
of incorporation)				Identification Number)

400 Technology Square
Cambridge, Massachusetts 02139

(Address of principal executive offices, including zip code)

(617) 613-6000

(Registrant’s telephone number, including area code)

N/A

(Former Name or Former Address, if Changes since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

     At the Annual Meeting of Stockholders of Forrester Research, Inc. (the “Company”) held on May 10, 2011 (the “Annual Meeting”), the proposals listed below were submitted to a vote of the stockholders. The proposals are described in the Company’s definitive proxy statement for the Annual Meeting. Each of the proposals was approved by the stockholders pursuant to the voting results set forth below.

Proposal 1 — The election of three nominees to the Company’s Board of Directors as Class I Directors.

     The three nominees named in the definitive proxy statement were elected to serve as directors until the 2014 annual meeting of stockholders. Information as to the vote on each director standing for election is provided below:

		Votes				Votes				Broker
Nominee		For				Withheld				Non-Votes
George F. Colony			21,314,231				171,921				424,552
Michael H. Welles			21,400,440				85,712				424,552
Charles B. Rutstein			21,423,562				62,590				424,552

Proposal 2 — The ratification of the selection of Pricewaterhouse Coopers LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2011.

The voting results were as follows:

Votes For		Votes Against				Votes Abstaining				Broker Non-Votes
21,875,366			32,146				3,192				0

Proposal 3 — Approval, by non-binding vote, of Forrester Research, Inc. executive compensation.

     The voting results were as follows:

Votes For		Votes Against				Votes Abstaining				Broker Non-Votes
20,337,982			110,700				1,037,470				424,552

Proposal 4 — To recommend, by non-binding vote, the frequency of executive compensation non-binding votes.

     A majority of the votes cast with respect to this matter were in favor of an annual vote, consistent with the recommendation of the Board of Directors for an annual vote.

3 years		2 years				1 year				Abstain				Broker Non-Votes
1,055,994			2,887				19,384,227				1,043,044				424,552

ITEM 7.01. Regulation FD Disclosure.

     The information contained in Item 7.01 of this current report on Form 8-K is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of, or otherwise regarded as filed under, the Securities Exchange Act of 1934, as amended. The information contained in this Item 7.01 shall not be incorporated by reference into any filing of Forrester Research, Inc. with the SEC, whether made before or after the date hereof, regardless of any general incorporation language in such filings.

     On April 28, 2011, Forrester Research, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2011. The press release included our guidance with respect to financial results for the second quarter and full year 2011. Forrester is amending its guidance as provided below to give effect to the acquisition of the Asia Pacific-based Springboard research business referenced in Item 8.01 below.

     Second-Quarter 2011 (GAAP):

•		Total revenues of approximately $71.5 million to $74.5 million.
•		Operating margin of approximately 8.5% to 10.5%.
•		Other income, net of $100,000.
•		An effective tax rate of 40%.
•		Diluted earnings per share of approximately $0.17 to $0.21.

     Second-Quarter 2011 (Pro Forma):

Pro forma financial guidance for the second quarter of 2011 excludes stock-based compensation expense of $1.1 million to $1.3 million, amortization of acquisition-related intangible assets of approximately $0.6 million to $0.8 million, duplicate lease costs of approximately $1.5 million, acquisition and integration costs of approximately $0.4 million to $0.6 million, and any investment gains or losses.

•		Pro forma operating margin of approximately 13.5% to 15.5%.
•		Pro forma effective tax rate of 40%.
•		Pro forma diluted earnings per share of approximately $0.27 to $0.31.

     Our full-year 2011 guidance is as follows:

     Full-Year 2011 (GAAP):

•		Total revenues of approximately $285 million to $291 million.
•		Operating margin of approximately 11.0% to 12.0%.
•		Other income of approximately $0.5 million.
•		An effective tax rate of 40%.
•		Diluted earnings per share of approximately $0.87 to $.93

     Full-Year 2011 (Pro Forma):

     Pro forma financial guidance for full-year 2011 excludes stock-based compensation expense of $5.0 million to $5.5 million, amortization of acquisition-related intangible assets of $2.9 million to $3.3 million, duplicate lease costs of approximately $3.5 million, acquisition and integration costs of $1.1 million to $1.3 million, and any investment gains or losses.

•		Pro forma operating margin of approximately 15.5% to 16.5%.
•		Pro forma effective tax rate of 40%.
•		Pro forma diluted earnings per share of approximately $1.18 to $1.24

     Forrester believes that pro forma financial results provide investors with consistent and comparable information to aid in the understanding of Forrester’s ongoing business. Forrester uses pro forma financial information to manage its business, including use of pro forma financial results as the basis for setting targets for various compensation programs. Our pro forma presentation excludes the following, as well as their related tax effects:

     Amortization of intangibles—we exclude the effect of the amortization of intangibles from our pro forma results in order to more consistently present our ongoing results of operations.

     Gains and losses from investments—we have consistently excluded both gains and losses related to our investments in non-marketable securities and sales of marketable securities from our pro forma results in order to keep quarter-over-quarter and year-over-year comparisons consistent.

     Stock-based compensation expense—we exclude stock-based compensation from our pro forma results in order to keep quarter-over-quarter and year-over-year comparisons consistent.

     Acquisition and integration related costs and credits are not included in our pro forma results in order to more consistently present our ongoing results of operations.

     Duplicate lease costs represent costs for replacement facilities for the period of time prior to the Company utilizing the new facility for operations. Duplicate lease costs are excluded from our pro forma results in order to keep quarter-over-quarter and year-over-year comparisons consistent.

     However, these measures should be considered in addition to, not as a substitute for, or superior to, operating income or other measures of financial performance prepared in accordance with generally accepted accounting principles as more fully discussed in our financial statements and filings with the Securities and Exchange Commission.

ITEM 8.01		Other Events.

     On May 12, 2011, the Company announced the acquisition of the Asia Pacific-based Springboard research business.

ITEM 9.01		FINANCIAL STATEMENTS AND EXHIBITS

     (d) Exhibits

99.1 Press Release dated May 12, 2011 with respect to the acquisition of the Springboard research business.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 12, 2011

Exhibit Index

Exhibit		Description		Page
99.1		Press Release dated May 12, 2011		xx

Exhibit 99.1

 

		For Immediate Release

Forrester Research Acquires Springboard Research

Cambridge, Mass., May 12, 2011 . . . Forrester Research, Inc. (Nasdaq: FORR) today announced that it has acquired Springboard Research, a provider of research and advisory services focused on Asia Pacific and emerging markets. A former division of Knowledge Platform, Springboard Research is headquartered in Singapore and has offices in New Delhi and Beijing.

“The Springboard Research acquisition expands Forrester’s expertise and coverage,” said George F. Colony, Forrester’s chairman of the board and chief executive officer. “Springboard Research’s research, data, and advisory products strengthen our offering for Vendor Strategy Professionals, helping them plan, market, and sell their global offerings. This acquisition deepens our knowledge of the Asia Pacific region, and it formalizes our entry into China.”

Springboard Research’s 48 employees, including 36 research professionals and its entire leadership team, will join Forrester. Furthermore, Forrester will bolster its expanded organization in Asia Pacific with additional hires in core support positions. “We are very excited to become part of the respected Forrester brand,” said Dane Anderson, Springboard Research’s chief executive officer. “The two companies share transparent, flexible cultures and high standards to ensure we produce top-quality research and provide differentiated advice to our clients to help them become more successful.”

With the addition of Springboard Research, Forrester clients now have access to more local expertise and deep buyer insight in the fastest-growing region in the world. The acquisition increases Forrester’s breadth and depth in Asia Pacific, expanding coverage in multiple regional markets.

Industry watchers have called Springboard Research a “rising star” among research advisory firms. A regional analyst relations manager for a Fortune 100 IT company describes Springboard Research as “one of the most exciting and fastest-growing industry analyst companies out of the Asia Pacific region.”

Forrester’s second-quarter and full-year 2011 guidance will be updated to reflect the financial impact of the Springboard acquisition in a current report on Form 8-K to be filed today.

Forrester Research (Nasdaq: FORR) is an independent research company that provides pragmatic and forward-thinking advice to global leaders in business and technology.

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Forrester works with professionals in 19 key roles at major companies providing proprietary research, customer insight, consulting, events, and peer-to-peer executive programs. For more than 27 years, Forrester has been making IT, marketing, and technology industry leaders successful every day. For more information, visit http://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, Forrester’s financial guidance for the second quarter of and full-year 2011. 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. Important factors that could cause actual future activities and results to differ include, among others, Forrester’s ability to retain and enrich memberships for its research products and services, technology spending, Forrester’s ability to respond to business and economic conditions and market trends, the risks and challenges inherent in international business activities, competition and industry consolidation, the ability to attract and retain professional staff, Forrester’s dependence on key personnel, and possible variations in Forrester’s quarterly operating results. 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.

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Contact:

Michael Doyle		Karyl Levinson		Sachin Gosavi
Chief Financial Officer		Vice President, Corporate		Marketing Manager, Tech Industry
Forrester Research,		Communications		Forrester Research, Inc.
Inc.		Forrester Research, Inc.		+91 20 4014 7727
+1 617.613.6000		+1 617.613.6262		sgosavi@forrester.com
mdoyle@forrester.com		press@forrester.com

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