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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (20554)	1/10/2002 11:25:14 AM
From: hotlinktuna	Read Replies (1) \| Respond to of 99280

Have to go awhile...here's news on FORR Zeev...Thursday January 10, 8:42 am Eastern Time Press Release SOURCE: Forrester Forrester Reduces Workforce To Better Position Company In 2002 Company Reiterates Fourth-Quarter 2001 Guidance CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jan. 10, 2002--Forrester Research, Inc. (Nasdaq: FORR - news) today announced a workforce reduction which is expected to result in the elimination of approximately 126 jobs, or about 22% of its workforce worldwide. The company also reiterated its fourth-quarter 2001 guidance. ``Last year was a challenging one for most companies, and Forrester was no exception,'' said George F. Colony, chairman of the board and chief executive officer. ``The difficult decision to reduce our workforce reflects the continued economic downturn and the sustained weakness in the technology sector. ``This move continues our broad effort to prepare the company for the future,'' continued Colony. ``We vertically aligned our sales force last July to offer improved client service and product customization. In October, we reorganized the company into four operating groups to accelerate innovation and enhance client relationships. Finally, Forrester is developing innovative ways to advance research to its clients. We expect to announce information about these plans during the next several weeks. All of these changes are part of an effort to make our business more efficient while maintaining or improving the level of service to our clients.'' For the current first quarter of 2002, the company expects to record a one-time charge in the range of $4.0 million to $6.0 million related to the reorganization and workforce reduction. On an annualized basis, associated savings are estimated to be in the range of $18.0 million to $20.0 million. Fourth-Quarter Guidance For the fourth quarter ended December 31, 2001, Forrester reiterates its revenue guidance of approximately $33.0 million to $35.0 million and diluted earnings per share of approximately $0.20 to $0.22. These expected results are consistent with the company's previous guidance. The company expects to report its fourth-quarter and full-year 2001 financial results and plans to provide guidance for 2002 on January 30, 2002. Forrester Research is a leading emerging-technology research firm, analyzing technology change and its impact on business, consumers, and society. Forrester's Whole View(TM) provides clients with a comprehensive set of research that reveals how technology change affects their customers, drives their business strategies, and dictates their investment in technology. Clients receive continuous research and analysis through Forrester eResearch® Reports, an array of Advisory Services, Assessment Tools, and topical Events. Established in 1983, Forrester is headquartered in Cambridge, Mass., with a North American Research Center in San Francisco. Forrester's European Research Center is located in Amsterdam, Netherlands, its UK Research Centre is located in London, and its Research Center Deutschland is located in Frankfurt, Germany. Additional information about Forrester Research can be found at 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 expected fourth-quarter financial results, anticipated cost savings related to the reorganization and workforce reduction, the expected charge related to the corporate actions, the success of the reorganization, and the future growth of the company. 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 anticipate business and economic conditions, market trends, and competition; possible variations in Forrester's quarterly operating results; Forrester's dependence on renewals of its membership-based research services and on key personnel; and risks associated with Forrester's ability to offer new products and services. Forrester Research 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. -------------------------------------------------------------------------------- Contact: For Investors: Forrester Research, Inc. Kimberly Maxwell