<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:  March 31, 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 APRIL 30, 1997
     Common Stock, $.0001 par value                    8,345,766

                                       1

<PAGE>

                     INTELLIQUEST INFORMATION GROUP, INC.
                                    INDEX


                                                                        PAGE NO.
PART I.  FINANCIAL INFORMATION

    Item 1.  Financial Statements:
               Condensed Consolidated Balance Sheet
               March 31, 1997 (unaudited) and December 31, 1996             3

               Condensed Consolidated Statement of Operations (unaudited)
               Three months ended March 31, 1997 and 1996                   4

               Condensed Consolidated Statement of Cash Flows (unaudited)
               Three months ended March 31, 1997 and 1996                   5

               Notes to Consolidated Financial Statements                   6

    Item 2.  Management's Discussion and Analysis of Financial Condition
             and Results of Operations                                      7

PART II.  OTHER INFORMATION

    Item 1.  Legal Proceedings                                             14

    Item 2.  Changes in Securities                                         14

    Item 3.  Defaults Upon Senior Securities                               14

    Item 4.  Submission of Matters to a Vote of Security Holders           14

    Item 5.  Other Information                                             14

    Item 6.  Exhibits and Reports on Form 8-K                              14

    Signatures                                                             15

                                       2

<PAGE>

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


                     INTELLIQUEST INFORMATION GROUP, INC.
                     CONDENSED CONSOLIDATED BALANCE SHEET
                                (IN THOUSANDS)


                                                       MARCH 31,    DECEMBER 31,
                                                         1997           1996
                                                      -----------   ------------
                                                      (UNAUDITED)

                       ASSETS

Current assets:
  Cash and equivalents. . . . . . . . . . . . . . . .   $ 1,544       $   734
  Short-term investments. . . . . . . . . . . . . . .    47,941        51,152
  Accounts receivable, net. . . . . . . . . . . . . .     7,949         6,636
  Unbilled revenues . . . . . . . . . . . . . . . . .     2,023         2,651
  Projects in process . . . . . . . . . . . . . . . .     1,010            98
  Prepaid expenses and other assets . . . . . . . . .       531           324
                                                        -------       -------
  Total current assets. . . . . . . . . . . . . . . .    60,998        61,595
  Furniture and equipment, net. . . . . . . . . . . .     2,853         2,396
  Other assets. . . . . . . . . . . . . . . . . . . .       287           291
                                                        -------       -------
      Total assets. . . . . . . . . . . . . . . . . .   $64,138       $64,282
                                                        -------       -------
                                                        -------       -------

        LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
  Accounts payable. . . . . . . . . . . . . . . . . .   $ 2,029       $ 1,930
  Accrued liabilities . . . . . . . . . . . . . . . .     1,598         1,795
  Deferred revenues . . . . . . . . . . . . . . . . .     2,734         2,800
  Other current liabilities . . . . . . . . . . . . .        67           253
                                                        -------       -------
      Total current liabilities . . . . . . . . . . .     6,428         6,778
Obligations under capital leases and deferred rent. .        36           302
                                                        -------       -------
      Total liabilities . . . . . . . . . . . . . . .     6,464         7,080
                                                        -------       -------

Preferred stock, $.0001 par value, 1,000,000 shares 
  authorized, no shares issued or outstanding . . . .        --            --
Common Stockholders' Equity:
  Common stock, $.0001 par value, 30,000,000 shares 
    authorized, 8,346,000 and 8,332,000 shares 
    issued and outstanding, respectively. . . . . . .         1             1
  Capital in excess of par value. . . . . . . . . . .    58,291        58,362
  Deferred compensation . . . . . . . . . . . . . . .       (45)          (47)
  Other . . . . . . . . . . . . . . . . . . . . . . .       (17)           25
  Accumulated deficit . . . . . . . . . . . . . . . .      (556)       (1,139)
                                                        -------       -------
      Total common stockholders' equity . . . . . . .    57,674        57,202
                                                        -------       -------
      Total liabilities and stockholders' equity. . .   $64,138       $64,282
                                                        -------       -------
                                                        -------       -------


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
                                                 MARCH 31, 1997   MARCH 31, 1996
                                                 --------------   --------------
Revenues:
  Continuous services . . . . . . . . . . . . .      $6,529           $3,850
  Other services. . . . . . . . . . . . . . . .         955              564
                                                     ------           ------
  Total revenues. . . . . . . . . . . . . . . .       7,484            4,414

Operating expenses:
  Costs of revenues . . . . . . . . . . . . . .       3,957            1,878
  Sales, general and administrative . . . . . .       2,717            1,561
  Product development . . . . . . . . . . . . .         409              608
  Depreciation and amortization . . . . . . . .         213              151
                                                     ------           ------
  Total operating expenses. . . . . . . . . . .       7,296            4,198
                                                     ------           ------

Operating income. . . . . . . . . . . . . . . .         188              216

Interest income, net. . . . . . . . . . . . . .         463               20
                                                     ------           ------
Income before income taxes. . . . . . . . . . .         651              236
Provision for income taxes. . . . . . . . . . .          68               79
                                                     ------           ------
Net income. . . . . . . . . . . . . . . . . . .      $  583           $  157
                                                     ------           ------
                                                     ------           ------

Net income per share. . . . . . . . . . . . . .      $  .07           $  .03
Weighted average shares outstanding . . . . . .       8,328            5,974


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

                                       4

<PAGE>

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


                                                  THREE MONTHS     THREE MONTHS
                                                     ENDED            ENDED
                                                 MARCH 31, 1997   MARCH 31, 1996
                                                 --------------   --------------
Cash flows from operating activities:
  Net income. . . . . . . . . . . . . . . . . .    $    583          $   157
  Adjustments to reconcile net income to net 
    cash provided by (used in) operating 
    activities:
      Depreciation and amortization . . . . . .         213              168
      Bad debt expense. . . . . . . . . . . . .          25               29
      Loss on disposal. . . . . . . . . . . . .          30               --
      Deferred compensation . . . . . . . . . .           2                4
Net changes in assets and liabilities:
      Accounts receivable and unbilled 
        revenues. . . . . . . . . . . . . . . .        (710)             253
      Prepaid expenses and other assets . . . .        (207)             (55)
      Projects in process . . . . . . . . . . .        (912)            (855)
      Accounts payable and accrued expenses . .         (99)             186
      Deferred revenues . . . . . . . . . . . .         (66)             323
      Other . . . . . . . . . . . . . . . . . .         161               (9)
                                                   --------          -------
  Net cash provided by (used in) operating 
    activities. . . . . . . . . . . . . . . . .        (980)             201
                                                   --------          -------
Cash flows from investing activities:
  Purchases of short-term investments . . . . .     (76,108)              --
  Sales and maturities of short-term 
    investments . . . . . . . . . . . . . . . .      79,164               --
  Purchases of equipment and leasehold 
    improvements. . . . . . . . . . . . . . . .        (700)            (422)
  Other . . . . . . . . . . . . . . . . . . . .         (42)            (124)
                                                   --------          -------
    Net cash provided by (used in) investing 
      activities. . . . . . . . . . . . . . . .       2,314             (546)
                                                   --------          -------
Cash flows from financing activities:
  Proceeds from issuance of stock, net. . . . .          53           25,787
  Offering costs. . . . . . . . . . . . . . . .        (124)              --
  Borrowings under line of credit . . . . . . .       2,029               59
  Repayments under line of credit . . . . . . .      (2,216)              --
  Other . . . . . . . . . . . . . . . . . . . .        (266)             (17)
                                                   --------          -------
    Net cash provided by (used in) 
      financing activities. . . . . . . . . . .        (524)          25,829
                                                   --------          -------
  Net increase in cash and equivalents. . . . .         810           25,484
  Cash and equivalents at the beginning of the 
    period. . . . . . . . . . . . . . . . . . .         734            1,678
                                                   --------          -------
  Cash and equivalents at the end of the 
    period. . . . . . . . . . . . . . . . . . .      $1,544          $27,162
                                                   --------          -------
Supplemental cash flow disclosures:
  Interest paid . . . . . . . . . . . . . . . .          13                3
  Property and equipment acquired under capital 
    leases. . . . . . . . . . . . . . . . . . .           0               47
  Taxes paid. . . . . . . . . . . . . . . . . .         435              230


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

                                       5

<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 merged with 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 March 31, 1997 
    and the results of the Company's operations and its cash flows for the 
    three-month periods ended March 31, 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.  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
    with 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>

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.

                                       6

<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 fourteen distinct product modules covering a variety of 
technologies and geographic markets.  This study 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 information 
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 information products 
are derived from a variety of sources including proprietary customer 
registration products and proprietary customer satisfaction products.

    The Company's other revenues are composed of 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.

                                       7

<PAGE>

RESULTS OF OPERATIONS

    TOTAL REVENUES.  Total revenues increased from $4.4 million to 
$7.5 million for the quarters ended March 31, 1996 and 1997, respectively.  
This growth represents a 69.6% increase for the three-month period ended 
March 31, 1997 from the comparable 1996 period.  Revenues from continuous 
services increased 69.6% to $6.5 million during the three months ended 
March 31, 1997 from $3.9 million for the same period in 1996 due primarily to 
new sales of customer information products as well as increased demand for 
proprietary recurring tracking products.  Other revenues increased 69.3% to 
$955,000 for the three months ended March 31, 1997 from $564,000 for the first 
quarter of 1996, due primarily to growth in customer demand for the Company's 
Technology Panel research.  Revenues attributable to international market 
research increased 93.4% to $2.7 million in the first quarter of 1997 from 
$1.4 million in the first quarter of 1996 representing 36% and 32% of total 
revenues over each respective period.  The quarter to quarter percentage 
increase in international revenues is primarily due to an overall increase in 
the level of international activity.  However, due to the timing of the 
dramatic growth in international customer information product revenues during 
1996, the quarter to quarter percentage increase is unusually high.

    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 for the 
first quarter of 1997 increased 110.7% to $4.0 million, from $1.9 million in 
the first quarter of 1996.  Costs of revenues increased as a percentage of 
total revenues from 42.6% to 52.9% for the quarters ended March 31, 1996 and 
1997.  This increase was due to increases in customer information product 
revenues quarter over quarter which yield higher costs of revenues as a 
percentage of total revenues than other product lines as well as a delay in 
the closure of a material IntelliTrack contract.

    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 for the first quarter of 1997 increased 74.1% to $2.7 
million, from $1.6 million in the first quarter of 1996.  As a percentage of 
total revenues, sales, general and administrative expenses increased slightly 
to 36.3% for the first quarter of 1997 from 35.4% for the first quarter of 
1996 The aggregate dollar and percentage increases were the result of several 
items including additional expenses associated with becoming a public 
company, the acquisition of Zona, as well as expansion of the Company's 
United Kingdom facilities. Acquisition costs expensed during the first 
quarter 1997 were $137,000.

    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 
$409,000 and $608,000 for the three months ended March 31, 1997 and 1996, 
respectively. As a percentage of total revenues, product development expenses 
represented 5.5% and 13.8% for the first quarters of 1997 and 1996.  In the 
first quarter of 1996 the Company's product development expenses consisted 
primarily of costs to develop the Technology Panel.   Product development in 
the first quarter of 1997 focused on expansion of completed proprietary 
customer information and syndicated projects which were less cost intensive 
than the Company's 1996 projects.

    DEPRECIATION AND AMORTIZATION.  Depreciation and amortization increased 
41.1% from $151,000 to $213,000 for the quarters ended March 31, 1996 and 
1997, respectively.  This increase was principally due to computer equipment 
and purchases of advanced data delivery alternatives to improve 
communications and data processing systems required to support business 
growth and international expansion.

                                       8

<PAGE>

    INCOME TAXES.  Provision for income taxes as a percentage of income 
before income taxes represents 10.4% for the quarter ended March 31, 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.  Also, 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 March 31, 1997, the Company had cash of $1.5 million, short term 
investments of $47.9 million and working capital of $54.6 million.

    During the three months ended March 31, 1997, the Company used $1.0 
million in operating activities while it generated $201,000 during the same 
period last year.  This decrease in cash flow from operations was primarily 
due to the timing of costs incurred in advance of sales on certain projects 
as well as the timing of collection of accounts receivable. Although the 
Company's increased earnings provided an increase in cash flow, an increase 
in accounts receivable and unbilled receivables, which resulted from typical 
billing activity as discussed below, caused an offsetting decrease in cash 
flow.

    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 March 31, 1997 and 1996, the Company had $2.7 million and $1.6 million of 
deferred revenues respectively.  In addition, when work is performed in 
advance of billing, the Company will record this work as unbilled revenue.  
As of March 31, 1997 and 1996, the Company had $2.0 million and $1.0 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 three months ended March 31, 1996 net cash used in investing 
activities primarily for the purchase of fixed assets was $546,000.  During 
the first quarter 1997,  net cash provided by short term investments in the 
amount of $3.1 million was utilized primarily in operating activities as 
described above.  During the first quarter of 1997 the Company invested 
$700,000 in equipment, furniture and internally developed software.

    Financing activities provided cash of $25.8 million in the first quarter 
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 quarter of 1997 the Company used a net $524,000 in 
financing activities, primarily for repayments of the line of credit, a note 
payable to a related party and capital lease obligations.

    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 March 31, 
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 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 

                                       9

<PAGE>

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. In 1996, the Company's two largest customers, IBM and 
Microsoft, each accounted for over 10% of the Company's revenues and together 
accounted for 29.8% of revenues. The Company expects that these two customers 
will each account for over 10% of revenues in 1997 as well. 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.

    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 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 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.

    DEPENDENCE ON SUBSCRIPTION AND CONTRACT RENEWALS.  In 1996, 84% 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. At March 31, 1997, one material contract which the 
Company had expected to be renewed in the first quarter had not yet been 
renewed.  While the Company expects this contract to be renewed in the second 
quarter, to the extent that other 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.

     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 

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<PAGE>

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.

    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 

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<PAGE>

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 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.

     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 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 

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<PAGE>

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 IntelliQuest Communications Inc. 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 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 

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<PAGE>

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 materially adverse 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.

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
                10.8.1  Amendment To Lease dated September 18th 1996
                10.8.2  Amendment To Lease dated January 17th 1997
                11.1    Statement re: computation of per share earnings.
         (b)  Reports on Form 8-K
         None.

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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  May 15, 1997

                                  IntelliQuest Information Group, Inc.
                                  (Registrant)



                             By:  /s/ Susan Georgen-Saad
                                  ------------------------------------
                                  Susan Georgen-Saad
                                  Chief Financial Officer

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