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SECURITY: IT (Common)
EXCHANGE: London Stock Exchange (DGE) New York Stock Exchange
Gartner, Inc. is a research
and advisory firm that helps more than 10,500 clients leverage technology
to achieve business success. Gartner's businesses consist of Research,
Consulting, Measurement, Events and Executive Programs. Founded in 1979,
Gartner is headquartered in Stamford, Connecticut, and has 4,000 associates,
including more than 1,000 research analysts and consultants, in more than
75 locations worldwide. Fiscal 2002 revenue totaled $907 million
Gartner
Reports First Quarter 2006 Results; Total Revenue up 16%; Company Raises
Full Year GAAP EPS Guidance to $0.44 to $.048
STAMFORD,
Conn.--(BUSINESS WIRE)--May 2, 2006--Gartner, Inc. (NYSE: IT), the leading
provider of research and analysis on the global information technology
industry, today reported results for the first quarter ended March 31,
2006 and raised its guidance for the full year 2006.
First
Quarter 2006 Results
Total
revenue for the first quarter of 2006 was $230.9 million, representing
a 16% increase from $199.8 million in the first quarter of 2005. Research
contract value ended the quarter at $561 million, an increase of 9% over
the same quarter last year. Normalized EBITDA was $28.7 million for the
quarter. GAAP EPS for the first quarter of 2006 was $0.07 and normalized
EPS was $0.11. Normalized EPS excludes a $2.5 million non-cash charge related
to the stock-based compensation under FAS123(R); a $1.5 million charge
related to the integration activities associated with our acquisition of
META; and a $3.4 million non-cash charge for the amortization of intangible
assets acquired in the META acquisition. See "Non-GAAP Financial Measures"
for a further discussion of normalized EBITDA and normalized EPS.
Excluding
the effect of foreign currency, total revenue for the 2006 first quarter
increased approximately 18% over the same quarter last year. The negative
impact of foreign currency on net income for the same time period was less
than $0.5 million. Excluding the effect of foreign currency and the META
acquisition, research contract value increased approximately 5% from the
first quarter of 2005.
During
the 2006 first quarter, Gartner repurchased 1,175,000 shares at a cost
of $16 million. As of March 31, 2006, we have repurchased a total of 2,010,000
shares at a cost of $27.3 million under the $100 million share repurchase
program authorized in October 2005.
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