<PAGE>

                   UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C.  20549
                                           
                                      FORM 10-Q
(Mark One)
                                           
   /X/           Quarterly report pursuant to Section 13 or 15(d) of the 
                 Securities Exchange Act of 1934
                                           
                      For the quarter ended:  September 30, 1997 
                    
                                             or
                                           
   / /           Transition report pursuant to Section 13 or 15(d) of the 
                 Securities Exchange Act of 1934

                    For the transition period from _______ to _______.

                           Commission file number: 0-27680

                         INTELLIQUEST INFORMATION GROUP, INC.
                (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

          Delaware                                            74-2775377
(STATE OR OTHER JURISDICTION OF                            (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION)                          IDENTIFICATION NUMBER)

                            1250 Capital of Texas Highway
                                 Austin, Texas 78746
                                    (512) 329-0808
            (ADDRESS  AND TELEPHONE NUMBER OF PRINCIPAL EXECUTIVE OFFICES)
                              _________________________

Indicate by check mark whether the registrant (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 
1934 during the preceding 12 months (or for such shorter period that the 
registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the past 90 days.  Yes_X_   No___

Indicate the number of shares outstanding of each of the issuer's classes of 
common stock, as of the latest practicable date.

                    CLASS                        OUTSTANDING AT OCTOBER 31, 1997
     Common Stock, $.0001 par value                           8,409,707 

                                       1

<PAGE>

                         INTELLIQUEST INFORMATION GROUP, INC.
                                        INDEX

                                                                       PAGE NO.
PART I.  FINANCIAL INFORMATION
         Item 1. Financial Statements:
                   Condensed Consolidated Balance Sheet
                   September 30, 1997 (unaudited) and December 31, 1996        3

                   Condensed Consolidated Statement of Operations (unaudited)
                   Three months ended September 30, 1997 and 1996              4

                   Condensed Consolidated Statement of Operations (unaudited)
                   Nine months ended September 30, 1997 and 1996               5

                   Condensed Consolidated Statement of Cash Flows (unaudited)   
                   Nine months ended September 30, 1997 and 1996               6

                   Notes to Consolidated Financial Statements                  7

         Item 2. Management's Discussion and Analysis of Financial Condition
                 and Results of Operations                                     9

PART II. OTHER INFORMATION

         Item 1.   Legal Proceedings                                          19
         
         Item 2.   Changes in Securities                                      19

         Item 3.   Defaults Upon Senior Securities                            19

         Item 4.   Submission of Matters to a Vote of Security Holders        19

         Item 5.   Other Information                                          19

         Item 6.   Exhibits and Reports on Form 8-K                           19

         Signatures                                                           20

                                       2

<PAGE>

PART I.  FINANCIAL INFORMATION
------------------------------
Item 1.  Condensed Consolidated Financial Statements

                         INTELLIQUEST INFORMATION GROUP, INC.
                         CONDENSED CONSOLIDATED BALANCE SHEET
                                    (IN THOUSANDS)
<TABLE>
<CAPTION>
                                                                          SEPTEMBER  30,    DECEMBER 31,
                                                                               1997             1996
                                                                               ----             ----
                                                                           (UNAUDITED)           
<S>                                                                       <C>               <C>
               ASSETS
Current assets:
  Cash and equivalents. . . . . . . . . . . . . . . . . . . . . . . . .      $ 2,697        $   734
  Short-term investments. . . . . . . . . . . . . . . . . . . . . . . .       48,161         51,152
  Accounts receivable, net. . . . . . . . . . . . . . . . . . . . . . .        7,714          6,636
  Unbilled revenues . . . . . . . . . . . . . . . . . . . . . . . . . .        3,632          2,651
  Projects in process . . . . . . . . . . . . . . . . . . . . . . . . .            -             98
  Prepaid expenses and other assets . . . . . . . . . . . . . . . . . .          359            324
                                                                             -------        -------
     Total current assets . . . . . . . . . . . . . . . . . . . . . . .       62,563         61,595
  Furniture and equipment, net. . . . . . . . . . . . . . . . . . . . .        4,047          2,396
  Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . .          659            291
                                                                             -------        -------
     Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . .      $67,269        $64,282
                                                                             -------        -------
                                                                             -------        -------
   LIABILITIES AND STOCKHOLDERS' EQUITY 
Current Liabilities:
  Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . .     $  2,183        $ 1,930
  Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . .        2,484          1,795
  Deferred revenues . . . . . . . . . . . . . . . . . . . . . . . . . .        2,367          2,800
  Other current liabilities . . . . . . . . . . . . . . . . . . . . . .           32            253
                                                                             -------        -------
     Total current liabilities  . . . . . . . . . . . . . . . . . . . .        7,066          6,778
Obligations under capital leases and deferred rent. . . . . . . . . . .          105            302
                                                                             -------        -------
     Total liabilities  . . . . . . . . . . . . . . . . . . . . . . . .        7,171          7,080
                                                                             -------        -------
Common Stockholders' Equity:
  Common stock, $.0001 par value, 30,000,000 shares authorized, 
  8,409,679 and 8,332,000 shares  issued and outstanding, respectively.            1              1
  Capital in excess of par value. . . . . . . . . . . . . . . . . . . .       58,442         58,362
  Deferred compensation . . . . . . . . . . . . . . . . . . . . . . . .          (37)           (47)
  Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           52             25
  Accumulated earnings (deficit). . . . . . . . . . . . . . . . . . . .        1,640         (1,139)     
                                                                             -------        -------
     Total common stockholders' equity  . . . . . . . . . . . . . . . .       60,098         57,202
                                                                             -------        -------
     Total liabilities and stockholders' equity . . . . . . . . . . . .     $ 67,269        $64,282
                                                                             -------        -------
                                                                             -------        -------
</TABLE>

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED 
FINANCIAL STATEMENTS.

                                       3
<PAGE>
                                       
                       INTELLIQUEST INFORMATION GROUP, INC.
                  CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                       (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                    (UNAUDITED)

                                          THREE MONTHS        THREE MONTHS
                                             ENDED               ENDED 
                                       SEPTEMBER 30, 1997  SEPTEMBER 30, 1996
                                       ------------------  ------------------
Revenues:
  Continuous services . . . . . . . . .       $11,401         $8,248
   Other services . . . . . . . . . . .         1,126          1,296
                                              -------         ------
  Total revenues. . . . . . . . . . . .        12,527          9,544

Operating expenses:
  Costs of revenues . . . . . . . . . .         7,211          5,223
  Sales, general and administrative . .         3,148          2,174
  Product development . . . . . . . . .           551            798
  Depreciation and amortization . . . .           244            176
                                              -------         ------
  Total operating expenses. . . . . . .        11,154          8,371
                                              -------         ------
Operating income. . . . . . . . . . . .         1,373          1,173

Interest income, net  . . . . . . . . .           494            208
                                              -------         ------
Income before income taxes. . . . . . .         1,867          1,381
Provision for income taxes. . . . . . .           485            449
                                              -------         ------
Net income. . . . . . . . . . . . . . .      $ 1,382            $932
                                              -------         ------
                                              -------         ------
Net income per share. . . . . . . . . .         $ .16          $ .12
Weighted average shares outstanding . .         8,587          7,478

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED 
FINANCIAL STATEMENTS.

                                       4

<PAGE>

                   INTELLIQUEST INFORMATION GROUP, INC.
              CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                   (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                (UNAUDITED)

                                          NINE MONTHS         NINE MONTHS
                                             ENDED               ENDED 
                                       SEPTEMBER 30, 1997  SEPTEMBER 30, 1996
                                       ------------------  ------------------
Revenues:
  Continuous services . . . . . . . . .      $24,152        $15,809
   Other services . . . . . . . . . . .        3,376          3,432
                                             -------        -------
  Total revenues. . . . . . . . . . . .       27,528         19,241
Operating expenses:
  Costs of revenues . . . . . . . . . .       15,218          9,300
  Sales, general and administrative . .        7,911          5,517
  Product development . . . . . . . . .        1,562          2,491
  Depreciation and amortization . . . .          689            501
                                             -------        -------
  Total operating expenses. . . . . . .       25,380         17,809
                                             -------        -------
Operating income. . . . . . . . . . . .        2,148          1,432

Interest income, net  . . . . . . . . .        1,404            463
                                             -------        -------
Income before income taxes. . . . . . .        3,552          1,895
Provision for income taxes. . . . . . .          773            602
                                             -------        -------
Net income. . . . . . . . . . . . . . .      $ 2,779        $ 1,293
                                             -------        -------
                                             -------        -------
Net income per share. . . . . . . . . .      $   .32         $  .18
Weighted average shares outstanding . .        8,492          7,325

  THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED 
FINANCIAL STATEMENTS. 

                                       5

<PAGE>

                   INTELLIQUEST INFORMATION GROUP, INC.
              CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                              (IN THOUSANDS)
                                (UNAUDITED)

                                          NINE MONTHS         NINE MONTHS    
                                             ENDED               ENDED       
                                       SEPTEMBER 30, 1997  SEPTEMBER 30, 1996
                                       ------------------  ------------------
Cash flows from operating activities:
  Net income. . . . . . . . . . . . . .      $2,779            $  1,293
  Adjustments to reconcile net income 
  to net cash provided by operating 
  activities:
    Depreciation and amortization . . .         689                 545
    Bad debt expense. . . . . . . . . .         110                  91
    Loss on disposal. . . . . . . . . .          30                   0
    Deferred compensation . . . . . . .          10                  10
Net changes in assets and liabilities:
  Accounts receivable and unbilled   
  revenues. . . . . . . . . . . . . . .      (2,169)             (1,999)
  Prepaid expenses and other assets . .         (35)                (85)
  Projects in process . . . . . . . . .          98                (195)
  Accounts payable and accrued expenses         942                 813
  Deferred revenues . . . . . . . . . .        (433)                461
  Other . . . . . . . . . . . . . . . .        (307)               (400)
                                            -------             -------
Net cash provided by operating 
activities. . . . . . . . . . . . . . .       1,714                 534
                                            -------             -------
Cash flows from investing activities:
  Purchases of short-term investments .    (130,461)            (71,003)
  Sales and maturities of short-term                      
  investments . . . . . . . . . . . . .     133,158              45,458
  Purchases of equipment and leasehold                    
  improvements  . . . . . . . . . . . .      (2,369)             (1,105)
  Other . . . . . . . . . . . . . . . .           0                (106) 
                                            -------             -------
    Net cash provided by (used in)                          
    investing activities. . . . . . . .         328             (26,756)  
                                            -------             -------
Cash flows from financing activities:                     
  Proceeds from issuance of stock, net.          80              25,901
  Borrowings under line of credit . . .       2,265                   0
  Repayments under line of credit . . .      (2,451)                  0
  Other . . . . . . . . . . . . . . . .          27                  12      
                                            -------             -------
    Net cash provided by (used in)                          
    financing activities. . . . . . . .         (79)             25,913 
                                            -------             -------
  Net increase (decrease) in cash and 
  equivalents . . . . . . . . . . . . .       1,963                (309)
  Cash and equivalents at the beginning 
  of the period . . . . . . . . . . . .         734               1,676  
                                            -------             -------
  Cash and equivalents at the end of 
  the period. . . . . . . . . . . . . .     $ 2,697             $ 1,367
                                            -------             -------
                                            -------             -------
Supplemental cash flow disclosures:
  Interest paid . . . . . . . . . . . .          24                  13
  Property and equipment acquired under 
  capital leases. . . . . . . . . . . .           0                   0
  Taxes paid. . . . . . . . . . . . . .         767                 571

    THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONDENSED 
CONSOLIDATED FINANCIAL STATEMENTS. 

                                       6
<PAGE>

INTELLIQUEST INFORMATION GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.  GENERAL AND BASIS OF FINANCIAL STATEMENTS

    The accompanying unaudited financial statements include the accounts of
    IntelliQuest Information Group, Inc., a Delaware corporation, and its
    consolidated subsidiaries (collectively, the "Company" or "IntelliQuest").
    The Company provides international quantitative marketing information to
    technology companies.
    
    In February 1997, the Company acquired Zona Research, Inc. ("Zona"), a
    privately held company.  See Note 2. 
    
    The accompanying unaudited interim consolidated financial statements have
    been prepared in accordance with the rules and regulations of the
    Securities and Exchange Commission and, accordingly, do not include all
    information and notes required under generally accepted accounting
    principles for complete financial statements.  In the opinion of
    management, the accompanying unaudited interim consolidated financial
    statements contain all adjustments consisting of a normal recurring nature
    considered necessary for a fair presentation of the financial position of
    the Company as of September 30, 1997 and the results of the Company's
    operations and its cash flows for the nine-month periods ended September
    30, 1997 and 1996.  This report on Form 10-Q should be read in conjunction
    with the Company's audited consolidated financial statements and related
    notes on Form 10-K for the year ended December 31, 1996. During 1997 the 
    Company made a change in how it reports revenue from certain recurring 
    conferences (including Brand Tech Forum.) In 1997 revenue from recurring 
    conferences is included in continuous sources. Brand Tech Forum was 
    held in the third quarter 1997 and the fourth quarter of 1996. Financial 
    information from 1996 will be changed to reflect this change in the 
    classification of revenues. The results of operations for interim periods 
    are not necessarily indicative of the results of operations to be expected
    for the year.

2.  ACQUISITIONS
    
    In February 1997, IntelliQuest completed a merger with Zona in which Zona
    became a wholly-owned subsidiary of IntelliQuest. A total of 250,000 shares
    of IntelliQuest common stock were exchanged for all the outstanding shares
    of common stock of Zona. The transaction was accounted for as a pooling of
    interests and, therefore, all prior period financial statements have been
    restated as if the acquisition took place at the beginning of such periods.

    Separate results of operations for the periods prior to the acquisition of
    Zona are as follows (in thousands):

<TABLE>
<CAPTION>
                        For the Year  For the Year  For the Year  For the Three  For the Three
                           Ended         Ended         Ended       Months Ended   Months Ended 
                        December 31,  December 31,  December 31,  March 31, 1997 March 31, 1996
                            1994          1995          1996       (Unaudited)    (Unaudited)
                        ------------  ------------  ------------  -------------- --------------
<S>                     <C>           <C>           <C>           <C>            <C>          
 Revenues
   IntelliQuest. . . .   $13,989        $19,114       $26,452         $7,035         $4,099
   Zona (unaudited). .       579            623         1,936            449            315
                         -------        -------       -------         ------         ------
 Combined. . . . . . .   $14,568        $19,737       $28,388         $7,484         $4,414
 Net Income (loss)
   IntelliQuest. . . .   $  (289)       $   565       $ 2,579         $  774         $  102
   Zona (unaudited). .       (17)           (21)         (370)          (191)            55
                         -------        -------       -------         ------         ------
 Combined. . . . . . .   $  (306)       $   544       $ 2,209         $  583         $  157
</TABLE>

                                       7

<PAGE>

3.  NEW ACCOUNTING PRONOUNCEMENTS

    The Financial Accounting Standards Board has issued Statement of Financial
    Accounting Standards No. 128, "Earnings per Share" (FAS No. 128).  FAS No.
    128 provides new guidance on the computation of earnings per share.  The
    company will adopt the statement in the fourth quarter of 1997, as
    required.  The Company does not anticipate that the adoption of FAS No. 128
    will have a material effect on earnings per share.

    In June 1997, Statement of Financial Accounting Standard No. 130,
    "Reporting Comprehensive Income" and No. 131, "Disclosures about Segments
    of an Enterprise and Related Information" were issued.  SFAS No. 130
    establishes standards for reporting and disclosure of comprehensive income
    and its components in a full set of general-purpose financial statements.  
    This statement requires that all items that are required to be recognized
    under accounting standards as components of comprehensive income be
    reported in a financial statement that is displayed with the same
    prominence as other financial statements.  SFAS No. 131 establishes
    standards for the way that public business enterprises report information
    about operating segments in interim financial reports issued to
    shareholders which is currently not required. It also establishes standards
    for related disclosures about products and services, geographic areas and
    major customers.  The Company is required to adopt both new standards in
    the first quarter of 1999.

                                       8

<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
         RESULTS OF OPERATIONS.

    THE FOLLOWING MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 
AND RESULTS OF OPERATIONS CONTAINS TREND ANALYSIS AND OTHER FORWARD LOOKING 
STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES.  SUCH FORWARD LOOKING 
STATEMENTS INCLUDE, BUT ARE NOT LIMITED TO, THE COMPANY'S EXPECTATIONS 
REGARDING ITS FUTURE FINANCIAL CONDITION AND OPERATING RESULTS, PRODUCT 
DEVELOPMENT, BUSINESS AND GROWTH STRATEGY, MARKET CONDITIONS AND COMPETITIVE 
ENVIRONMENT. THE COMPANY'S ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE 
ANTICIPATED IN THE FORWARD-LOOKING STATEMENTS AS THE RESULT OF CERTAIN 
FACTORS, INCLUDING THOSE SET FORTH UNDER THE SECTION ENTITLED "RISK FACTORS."

OVERVIEW

    IntelliQuest Information Group, Inc. (the "Company") is a leading 
provider of information, technologies, and analysis services that are 
designed to improve the marketing performance of technology companies. The 
Company provides timely, objective, accurate and cost-effective information 
about technology markets, customers and products on both a subscription basis 
and a proprietary project basis. The Company also licenses custom proprietary 
software applications and associated services to technology manufacturers for 
customer registration.

    The Company's continuous services are composed of renewable 
subscription-based products as well as renewable proprietary products.  The 
Company's renewable subscription-based product revenues are substantially 
derived from three product families: IntelliTrack IQ, the Computer Industry 
Media Study ("CIMS") and Internet-related products.  IntelliTrack IQ is a 
collection of fifteen distinct product modules covering a variety of 
technologies and geographic markets, which targets all relevant customer 
segments including non-users as well as users.  CIMS is an annual study that 
measures the readership and viewership habits of technology purchase 
influencers.  Internet-related products include a variety of reports and 
subscription-based services providing information related to the Internet and 
Intranet markets based upon quantitative data and market observations.  The 
Company's renewable proprietary product revenues typically consist of 
revenues from proprietary recurring tracking studies and customer management 
products.  The proprietary recurring tracking studies provide the customer 
with longitudinal information for tracking designated metrics over a 
continuous period of time.  Revenues from the customer management products 
are derived from a variety of sources including proprietary customer 
registration products and proprietary customer satisfaction products.
    
    The Company's other revenues are derived from proprietary research and 
conferences.  Traditional proprietary project research provides customized 
information to customers utilizing a variety of proprietary models, research 
techniques and data collection methods.  The Company hosts various 
conferences which provide forums for presentation and discussion of 
technology related issues.  

    In February 1997, the Company acquired Zona Research, Inc. ("Zona"), a 
privately held company that provides in-depth analysis and assessment of the 
Internet and Intranet markets based upon factual market data and 
observations. The transaction was accounted for as a pooling of interests; 
thus the Company's results of operations as discussed herein include those of 
Zona, and all periods presented have been restated.   

                                       9

<PAGE>

RESULTS OF OPERATIONS

    TOTAL REVENUES.   Total revenues increased from $9.5 million to $12.5 
million for the quarters ended September 30, 1996 and 1997, respectively and 
from $19.2 million to $27.5 million for the nine months ended September 30, 
1996 and 1997, respectively.  This growth represents a 31.3% increase for the 
three-month period and a 43.1% increase for the nine-month period ended 
September 30, 1997 from the comparable 1996 periods.

    Revenues from continuous services increased 38.2% from $8.2 million 
to $11.4 million for the quarters ended September 30, 1996 and 1997, 
respectively and 52.8% from $15.8 million to $24.2 million for the nine 
months ended September 30, 1996 and 1997, respectively. This increase 
was due primarily to increased volume on customer management products, 
an expansion of proprietary recurring products and an increase in the 
number of clients purchasing CIMS. Brand Tech Forum was held during the 
third quarter of 1997 and the fourth quarter of 1996 which creates a 
timing difference favorably impacting the quarter to quarter and year to 
date revenue increase at September 30, 1997. Other revenue decreased 
13.1% to $1.1 million for the three months ended September 30, 1997 from 
$1.3 million for third quarter of 1996.  Other revenues decreased 1.6% 
from $3.43 million to $3.4 million for the nine months ended September 
30, 1996 and 1997, respectively. This decrease reflects a migration of 
research to the Company's Technology Panel, which the Company believes 
is a more efficient and cost effective method of performing certain 
types of research. The Company anticipates further growth of this type 
of revenue.

    Revenues attributable to international market research increased 4.4% 
from $2.3 million to $2.4 million for the quarters ended September 30, 1996 
and 1997, respectively and 53.2% from $5.3 million to $8.2 million for the 
nine months ended September 30, 1996 and 1997, respectively representing 
19.3% and 29.6% of total revenues for the quarter and nine months ended 
September 30, 1997.  The year to date percentage increase in international 
revenues is primarily due to the Company's continued focus on expansion of 
its worldwide research capabilities.  However, timing issues associated with 
certain proprietary tracking and customer management projects during 1997 
caused a higher than anticipated quarter to quarter percentage increase in 
the second quarter of 1997 and a smaller than anticipated quarter to quarter 
percentage increase in the third quarter of 1997.

    During the third quarter of 1997 the Company changed the 
classification of continuing revenues to include recurring conferences. 
The Company hosts various conferences annually which provide a forum for 
presentation and discussion of technology issues.

    COSTS OF REVENUES. Costs of revenues are primarily composed of data 
collection, labor charges, telecommunications charges and other costs 
directly attributable to products or projects.  Costs of revenues increased 
38.1% from $5.2 million to $7.2 million for the quarters ended September 30, 
1996 and 1997, respectively and 63.6% from $9.3 million to $15.2 million for 
the nine months ended September 30, 1996 and 1997, respectively.  Costs of 
revenues increased as a percentage of total revenues from 54.7% to 57.6% for 
the quarters ended September 30, 1996 and 1997, respectively and from 48.3% 
to 55.3% for the nine months ended September 30, 1996 and 1997, respectively. 
The increase was due to the proprietary  project mix including a higher 
percentage of pass through costs offset by increased technology panel 
projects which leverage a fixed cost base, revenue less than anticipated in 
certain products with fixed cost basis, the timing of conferences, and a 
decrease in customer management revenue per transaction.  The company 
anticipates that the reorganization of sales and marketing and the 
restructuring of the customer management product mix will have a positive 
impact on the gross margin in the future.

    SALES, GENERAL AND ADMINISTRATIVE EXPENSES.  Sales, general and 
administrative expenses consist primarily of personnel and other costs 
associated with sales, marketing, administration, finance, information 
systems, human resources and general management.  Sales, general and 
administrative expenses increased 44.8% from $2.2 million to $3.1 million for 
the quarters ended September 30, 1996 and 1997, respectively and 43.4% from 
$5.5 million to $7.9 million for the nine months ended September 30, 1996 and 
1997, respectively.  As a percentage of total revenues, sales, general and 
administrative expenses increased to 25.1% for the third quarter of 1997 from 
22.8% for the third quarter of 1996 and decreased to 28.2% for the nine 
months ended September 30, 1997 from 28.7% for the nine 

                                       10

<PAGE>

months ended September 30, 1996. The quarter to quarter increase is a result 
of an increase in the number of employees in 1997 including the hiring of 
employees in the third quarter of 1997 for the reorganized sales management 
and business development structures. Although the year to date 1997 and 1996 
sales, general and administrative expenses as a percentage of total revenues 
remained relatively constant, the Company anticipates future increases as a 
result of the hiring of personnel during the third quarter of 1997 for the 
reorganized sales management and business development structures.  
Acquisition costs expensed were $140,000 for the nine months ended September 
30, 1997.

    PRODUCT DEVELOPMENT EXPENSES.  Product development expenses are composed 
of resources, primarily labor and data collection charges, dedicated to the 
development of several new products.  Product development expenses were 
$798,000 and $551,000 for the three months ended September 30, 1996 and 1997, 
respectively and $2.5 million and $1.6 million for the nine months ended 
September 30, 1996 and 1997, respectively.  As a percentage of total 
revenues, product development expenses represented 8.4% and 4.4% for the 
third quarters of 1996 and 1997 and 12.9% and 5.7% for the nine months ended 
September 30, 1996 and 1997, respectively.  In the quarter and nine months 
ended September 30, 1996, the Company's product development charges consisted 
primarily of costs to develop Internet-related syndicated products and to a 
large extent the Technology Panel.  Product development in the first nine 
months of 1997 focused on expansion of completed proprietary customer 
management and syndicated projects which were less cost intensive than the 
Company's 1996 projects. 
  
    DEPRECIATION AND AMORTIZATION.  Depreciation and amortization increased 
38.6% from $176,000 to $244,000 for the quarters ended September 30, 1996 and 
1997, respectively and 37.5% from $501,000 to $689,000 for the nine months 
ended September 30, 1996 and 1997, respectively.  This increase was 
principally due to purchases of computer equipment and costs to acquire 
advanced data delivery alternatives to improve communications and data 
processing systems required to support business growth and international 
expansion.

    INCOME TAXES.  Provision for income taxes as a percentage of income 
before income taxes represents 26.0% for the quarter and 21.8% for the nine 
months ended September 30, 1997.  This rate is below the Company's combined 
federal and state income tax rates due to a combination of two factors.  
First, the net proceeds from the Company's initial and follow-on public 
offerings in 1996 have typically been invested in tax-free investments.  
Second, the Company did not record tax expense on earnings which offset prior 
period losses for which no tax benefit was recorded.

LIQUIDITY AND CAPITAL RESOURCES

    As of September 30, 1997, the Company had cash of $2.7 million, short 
term investments of $48.2 million and working capital of $55.5 million.

    During the nine months ended September 30, 1997, the Company generated 
$1.7 million from operating activities versus $534,000 during the same period 
last year.  This increase in cash flow from operations was primarily due to 
the Company's increased earnings, offset by typical activity in accounts 
receivable, unbilled revenues, accounts payable, and deferred revenues.

    Pursuant to billing terms between the Company and its customers, the 
Company typically bills customers for products or projects before they have 
been delivered.  Billed amounts are recorded as deferred revenues on the 
Company's financial statements and are recognized as income when earned.  As 
of September 30, 1996 and 1997  the Company had $2.4 million of deferred 
revenues for both periods.  In 

                                       11

<PAGE>

addition, when work is performed in advance of billing, the Company will 
record this work as unbilled revenue.  As of September 30, 1996 and 1997, the 
Company had $2.0 million and $3.6 million of unbilled revenues, respectively. 
Substantially all deferred and unbilled revenues will be earned and billed, 
respectively, within 12 months of the respective period ends.

    For the nine months ended September 30, 1996, net cash used in investing 
activities of $26.8 million primarily represents the Company's investment in 
short-term, tax-free securities, in addition to purchases of fixed assets.  
For the nine months ended September 30, 1997,  net cash provided by short 
term investments in the amount of $2.7 million was partially invested in $2.4 
million of equipment, furniture and internally developed software. 

    Financing activities provided cash of $25.9 million in the first nine 
months of 1996.  The increased cash flow during this period was generated by 
net proceeds from the Company's initial public offering that closed in March 
1996. During the first nine months of 1997, the Company used a net $79,000 in 
financing activities, primarily for repayments of the line of credit and a 
note payable to a related party.

         The Company maintains a $3 million revolving bank line of credit to 
fund cash requirements from time to time.  Borrowings under such line of 
credit bear interest at a rate per annum equal to the prime rate and are 
subject to compliance by the Company with certain financial covenants. At 
September 30, 1997, the Company was in compliance with all such covenants and 
there was no amount outstanding under such line of credit.  The line of 
credit matures on November 21, 1997.  The Company is currently renegotiating 
a one-year extension of the line of credit at similar terms. 

         The Company believes that the cash flows from operations, together 
with existing cash balances, short term investments and the line of credit, 
will be sufficient to meet its working capital and capital expenditure 
requirements for at least the next 12 months.  Beyond that time, if cash 
flows from operations and available borrowing from the line of credit are not 
sufficient to satisfy its financing needs, the Company may seek additional 
funding through the sale of its securities, including equity securities. 
There can be no assurance that such funding can be obtained on favorable 
terms, if at all. 

RISK FACTORS 

    RELIANCE ON KEY CUSTOMERS; TECHNOLOGY INDUSTRY CONSOLIDATION.  The 
Company has relied on a limited number of key customers for the majority of 
its revenues.  The Company's two largest customers in 1996, IBM and 
Microsoft, each accounted for over 10% of the Company's revenues and together 
accounted for 29.8% of revenues. For the nine months ended September 30, 
1997, the Company's two largest customers, IBM and Hewlett-Packard, each 
accounted for over 10% of the Company's revenues and together accounted for 
30.5% of revenues. Substantially all of the Company's subscriptions and 
customer contracts are renewable annually at the option of the Company's 
customers, although no obligation to renew exists and a customer generally 
has no minimum purchase commitments thereunder. In addition, there is 
significant consolidation of companies in the technology industries served by 
the Company, a trend which the Company believes will continue. Consolidation 
among the Company's top customers could adversely affect aggregate customer 
budgets for the Company's products and services. No assurances can be given 
that the Company will maintain its existing customer base or that it will be 
able to attract new customers. The loss of one or more of the Company's large 
customers or a significant reduction in business from such customers, 
regardless of the reason, would have a material adverse effect on the 
Company. 
                                       12

<PAGE>

    DEPENDENCE ON SUBSCRIPTION AND CONTRACT RENEWALS.  In 1996, 84.0% of the 
Company's revenues were derived from subscriptions to the Company's renewable 
subscription-based products and contracts for renewable proprietary products. 
During the nine months ended September 30, 1997 85.2% of the Company's 
revenues were derived from subscriptions to the Company's renewable 
subscription-based products and contracts for renewable proprietary products. 
The Company expects that a material portion of its revenues for the 
foreseeable future will continue to be derived from such subscriptions and 
contracts. Substantially all such subscriptions and customer contracts are 
renewable annually at the option of the Company's customers, although no 
obligation to renew exists and a customer generally has no minimum purchase 
commitments thereunder. If customers fail to renew or defer their renewals 
from the quarter anticipated by the Company, the Company's quarterly results 
may be materially adversely affected. The Company's ability to secure 
renewals is dependent upon, among other things, its ability to deliver 
consistent, high-quality and timely data. In addition, the marketing and 
market research activities of the Company's customers are dependent on the 
timing of their new product introductions, size of marketing budgets, 
operating performance, industry and economic conditions and changes in 
management or ownership. As a result of such factors, there can be no 
assurance that the Company will be able to maintain its historically high 
renewal rates. Any material decline in renewal rates from such levels would 
have a material adverse effect on the Company's operating results.
 
    COMPETITION.  Overall, the technology-focused market research industry is 
highly competitive. The Company has traditionally competed directly with 
relatively small, local providers of survey-based technology-focused market 
research. The Company also competes directly with third party providers of 
customer registration software (such as KAO Infosystems Company) as well as 
vendors' own customer registration software. In addition, the Company 
competes indirectly with significant providers of (i) analyst-based, 
technology-focused market research (such as Gartner Group, Inc., META Group, 
Inc. and Forrester Research, Inc.); (ii) survey-based, general market 
research (such as A.C. Nielsen Company, NFO Research, Inc., Information 
Resources Inc. and The NPD Group, Inc.); and (iii) analyst-based, general 
business consulting. Although only a few of these competitors have to date 
offered survey-based, technology-focused market research that competes 
directly with the Company's products and services, many of these competitors 
have substantially greater financial, information gathering and marketing 
resources than the Company and could decide to increase their resource 
commitments to the Company's market. Moreover, each of these companies 
currently competes indirectly, if not directly, for funds available within 
aggregate industry-wide market research budgets. There are few barriers to 
entry into the Company's market, and the Company expects increased 
competition in one or more market segments addressed by the Company, which 
could adversely affect the Company's operating results through pricing 
pressure, required increased marketing expenditures and loss of market share, 
among other factors. There can be no assurance that the Company will continue 
to compete successfully against existing or new competitors. 

    RAPID TECHNOLOGICAL CHANGE AND NEW PRODUCT INTRODUCTION.  The Company's 
customers compete in markets characterized by rapid, continual technological 
change. The Company's success will depend in part upon its ability to 
anticipate and keep pace with rapidly changing technology and to add new 
products and services which address the increasingly sophisticated, rapidly 
changing and demanding needs of its customers and their evolving market 
strategies. In particular, the Company is expending significant resources to 
develop its proprietary customer registration products to take advantage of 
certain market opportunities. However, such software products may contain 
defects following customization or when new versions are released; the 
Company has in the past discovered software defects in certain of its 
products and may experience delays or lost revenue to correct such defects in 
the future. In addition, the significant growth in the use of the World Wide 
Web has created the opportunity to use the Internet as an information 
transmission medium. Accordingly, the Company is expending significant 
resources to develop Internet-based information collection tools. There can 
be no 

                                       13

<PAGE>

assurance, however, that the Company will be successful in developing and 
marketing, on a timely basis, these or other new or improved products and 
services that adequately and competitively address the needs of the 
marketplace. Any failure to continue to provide insightful and timely data in 
a manner that meets rapidly changing market needs could materially and 
adversely affect the Company's future operating results.


    EXPANSION OF DIRECT SALES FORCE.  The Company has historically relied on 
customer referrals, supplemented by its own sales and marketing efforts, to 
generate the majority of its revenue growth. Although the Company has 
historically had a small number of dedicated account representatives, it only 
recently began to develop a formal sales management structure. As the Company 
develops new products and services targeted at broader-based market segments, 
it intends to continue to expand its sales force. The Company's plans for 
future growth may depend in part on, among other things, its unproven ability 

                                       14

<PAGE>

to hire, train, deploy, manage and retain an increasingly large direct sales 
force. There can be no assurance that the Company will be able to develop or 
manage such a sales force.

     FLUCTUATIONS IN OPERATING RESULTS; SEASONALITY.  The Company's operating 
results in any particular fiscal period have fluctuated in the past and will 
likely fluctuate significantly in the future due to various factors.  The 
Company expects that revenues from customer registration products will 
continue to increase during the remainder of 1997.  However, such revenues 
are primarily a function of the timing of customer shipments, which can be 
difficult to forecast and over which the Company has no control.  Any delay 
in customer orders for the Company's customer registration products, or a 
decrease in orders due to adoption by customers of custom software 
applications, could have a material adverse effect on the Company's future 
operating results. Substantially all revenues and expenses attributable to 
the Company's CIMS product for a particular year are recognized when the 
final study is completed and delivered, usually in the third quarter of that 
year. Delay in delivering the final study in any given year could postpone 
recognition of such revenues and expenses until the fourth quarter of such 
year, which would materially affect operating results for such third and 
fourth quarters. Furthermore, all costs related to CIMS are included in cost 
of revenues and none are allocated to sales, general and administrative 
costs, which tends to reduce the Company's third quarter gross margin below 
that of other quarters. Many of the Company's customers operate in industry 
segments that are becoming increasingly seasonal as technology vendors have 
increased their focus on consumer markets, with sales in the fourth calendar 
quarter constituting a growing portion of the annual sales of such customers. 
This may translate into seasonal demand for the Company's products, 
particularly the customer registration products. In addition, the Company's 
operating results may fluctuate as a result of a variety of other factors, 
including the timing of orders from customers, the size and timing of orders 
for customer registration products, response rates on customer registration 
products, delays in development and customer acceptance of custom software 
applications, product or panel development expenses, new product or service 
introductions or announcements by the Company or its competitors, levels of 
market acceptance for new products and services, the hiring and training of 
additional staff and customer demand for market research, as well as general 
economic conditions. Because a significant portion of the Company's overhead 
is fixed in the short term and because spending commitments must be made in 
advance of revenue commitments by customers, the Company's results of 
operations may be materially adversely affected in any particular quarter if 
revenues fall below the Company's expectations. These factors, among others, 
make it likely that in some future quarter the Company's operating results 
may be below the expectations of securities analysts and investors, which 
would have a material adverse effect on the market price of the Company's 
common stock. 

     DATA COLLECTION RISKS.  The Company currently collects information both 
telephonically and electronically. In addition, certain of the Company's new 
products and services involve the use of the Internet and commercial online 
services to gather information from end users for processing and sale to 
customers of the Company. A number of legislative initiatives exist 
domestically and abroad that seek to regulate the telephonic or electronic 
collection of data about persons. In addition, an increasing number of court 
cases have been brought seeking damages and injunctive relief for actions 
allegedly violating so-called "rights of privacy." The law in this area, both 
statutory and case law, is highly unsettled. No assurance can be given, 
therefore, that the Company will be allowed to continue to pursue existing or 
proposed new products and services. In addition, the Company's ability to 
provide timely and accurate market research to its customers depends on its 
ability to collect large quantities of high quality data through interviews, 
customer registrations, product satisfaction questionnaires and certain other 
surveys. If receptivity to the Company's customer registration, interview and 
survey methods by respondents declines, or for some other reason their 
willingness to complete and return surveys, registrations, or other 
information declines, or if the Company for any reason cannot rely on the 
integrity of the data it receives, it would reduce the quantity and/or 
quality of the data the Company seeks to disseminate and would have 

                                       15

<PAGE>

a material adverse effect on the Company's ability to market and sell its 
market research products and on its results of operations. 

    RISKS RELATED TO CIMS.  CIMS is one of the leading databases of media 
readership and viewership habits of both business and household technology 
purchase influencers in the United States. Because many advertisers use CIMS 
data as a key component in their media buying decisions and because many 
media companies use CIMS data to promote their media properties, such data 
can have a significant impact on advertiser demand for, and advertising rates 
charged by, such media properties. In the past, it has not been unusual for 
media companies with properties that have not performed well in the studies 
to be dissatisfied with the results of the studies or the manner in which 
such results have been used by their competitors. Furthermore, the Company in 
1996 revised data from a study that was inaccurate due to software defects, 
which it remedied and disclosed to its customers. Although neither media 
company dissatisfaction nor the inaccurate study has resulted in litigation 
against the Company, there can be no assurance that the Company will not face 
future litigation as a result of media company dissatisfaction with CIMS or 
the results thereof, and if initiated, that such litigation will not have a 
material adverse effect on the Company's business, financial condition or 
results of operations. 

    MANAGEMENT OF GROWTH; POSSIBLE ACQUISITIONS.  Since inception, the 
Company's growth has placed significant demands on the Company's management, 
administrative, operational and financial resources. In order to manage its 
growth, the Company will need to continue to implement and improve its 
operational, financial and management information systems and continue to 
expand, motivate and effectively manage an evolving and expanding workforce. 
If the Company's management is unable to effectively manage under such 
circumstances, the quality of the Company's products, its ability to retain 
key personnel and its results of operations could be materially adversely 
affected. Furthermore, there can be no assurance that the Company's business 
will continue to expand. The Company's growth could be adversely affected by 
reductions in customers' spending on market research or customer registration 
products, increased competition, possible pricing pressures and other general 
economic trends. Although market research expenditures by technology 
companies have increased in recent years as such companies have adopted 
certain marketing strategies traditionally utilized by consumer goods 
manufacturers, there can be no assurance that this trend will continue or 
that technology companies will continue to rely on externally-generated 
market research to enhance the marketing of their products. 

    The Company hopes to achieve a portion of its future revenue growth, if 
any, through acquisitions of complementary businesses, products or 
technologies, although the Company currently has no commitments or agreements 
with respect to any such acquisition. As part of this strategy, the Company 
acquired Pipeline Communications, Inc., renamed IntelliQuest Communications, 
Inc. ("IntelliQuest Communications"), in May 1996 and Zona Research, Inc. 
("Zona") in February 1997. The Company's management has limited experience 
dealing with the issues of product, systems, personnel and business strategy 
integration posed by acquisitions, and no assurance can be given that the 
integration of the IntelliQuest Communications acquisition, the Zona 
acquisition, or any possible future acquisitions will be managed without a 
material adverse effect on the business of the Company. In addition, there 
can be no assurance that any possible future acquisition will not dilute the 
Company's earnings per share. 

    DEPENDENCE ON KEY PERSONNEL.  The Company's future performance will 
depend to a significant extent upon the efforts and abilities of key 
personnel who have expertise in developing, interpreting and selling 
survey-based information for technology markets. Although customer 
relationships are managed at many levels in the Company, the loss of one or 
more of IntelliQuest's corporate officers or senior managers could have an 
adverse effect on the Company's business. The Company's success may also 
depend on its ability to hire, train and retain skilled personnel in all 
areas of its business. Competition for 

                                       16

<PAGE>

qualified personnel in the Company's industry is intense, and many of the 
companies with which the Company competes for qualified personnel have 
substantially greater financial and other resources than the Company. 
Furthermore, competition for qualified personnel can be expected to become 
more intense as competition in the Company's industry increases. There can be 
no assurance that the Company will be able to recruit, retain and motivate a 
sufficient number of qualified personnel to compete successfully.

     LIMITED PROTECTION OF PROPRIETARY SYSTEMS, SOFTWARE AND PROCEDURES.  The 
Company's success is in part dependent upon its proprietary software 
technology, research methods, data analysis techniques, and internal systems 
and procedures that it has developed specifically to serve customers in the 
technology industry. The Company has no patents; consequently, it relies on a 
combination of copyright, trademark and trade secret laws and employee and 
third party non-disclosure agreements to protect its proprietary systems, 
software and procedures. There can be no assurance that the steps taken by 
the Company to protect its proprietary rights will be adequate to prevent 
misappropriation of such rights or that third parties will not independently 
develop functionally equivalent or superior systems, software or procedures. 
The Company believes that its systems, software and procedures and other 
proprietary rights do not infringe upon the proprietary rights of third 
parties. There can be no assurance, however, that third parties will not 
assert infringement claims against the Company in the future or that any such 
claims will not require the Company to enter into costly license arrangements 
or result in protracted and costly litigation, regardless of the merits of 
such claims. 

    RISKS ASSOCIATED WITH INTERNATIONAL OPERATIONS.  Revenues attributable to 
international market research represented 20.2%, 28.3% and 27.8%, 
respectively, of the Company's revenues for 1994, 1995 and 1996. The Company 
expects that revenues from international market research will continue to 
account for a significant portion of its revenues and intends to continue to 
expand its international market research efforts. However, the Company's 
international data collection operations are subject to numerous inherent 
challenges and risks, including maintenance of an international data 
collection network that adheres to the Company's quality standards, 
fluctuations in exchange rates, foreign political and economic conditions, 
tariffs and other trade barriers, longer accounts receivable collection 
cycles and potentially adverse tax consequences. In addition, demand for the 
Company's international market research depends on the international sales 
and operations of its customers, which may increase or decrease over time. 
The addition of market research coverage in new geographic territories can be 
expected to require the commitment of considerable management and financial 
resources and may negatively impact the Company's near-term results of 
operations. Any material decline in the Company's ability to provide and 
market timely, high-quality data that is consistent across international 
markets would have a material adverse effect on the Company's results of 
operations.   Additionally, potential fluctuations in the value of the U.S. 
dollar as compared to other various currencies in which the Company operates 
facilities could have an adverse affect on results of operations.

    VOLATILITY OF STOCK PRICE.  The trading price of the Company's Common 
Stock has been volatile and is likely to continue to be subject to wide 
fluctuations in response to a variety of factors, including quarterly 
variations in operating results, the signing of new contracts, new customers, 
consolidations in the industry, technological innovations or new products by 
the Company or its competitors, developments in patents or other intellectual 
property rights, general conditions in the  technology-focused market 
research industry, revised earnings estimates, comments or recommendations 
issued by analysts who follow the Company, its competitors or the 
technology-focused, market research industry and general economic and market 
conditions.   In addition, it is possible that in some future period the 
Company's operating results may be below the expectations of public market 
analysts and investors.  In such event, the price of the Company's Common 
Stock could be materially adversely affected. Additionally, the stock market 
in general has experienced extreme price volatility in recent years.  
Volatility in price and volume has had a substantial effect on the market 
prices of many companies for 

                                       17

<PAGE>

reasons unrelated or disproportionate to the operating performance of such 
companies.  These broad market fluctuations could have a significant impact 
on the market price of the Company's Common Stock.


                                       18

<PAGE>


PART II.  OTHER INFORMATION
---------------------------
Item 1.  Legal Proceedings
    None.

Item 2.  Changes in Securities
    None.

Item 3.  Defaults Upon Senior Securities
    None.

Item 4.  Submission of Matters to a Vote of Security Holders
    None.

Item 5.  Other Information
    None

Item 6.  Exhibits and Reports on Form 8-K
    (a)  Exhibits
         11.1   Statement re: computation of per share earnings.
         27     Financial Data Schedule 
    (b)  Reports on Form 8-K
         None. 


                                       19

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

DATED November 14, 1997 
                                       IntelliQuest Information Group, Inc.
                                       (Registrant)



                                       By:  /s/ SUSAN GEORGEN-SAAD    
                                            -----------------------------------
                                            Susan Georgen-Saad
                                            Chief Financial Officer

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