* Posts lower Q1 results

* Cuts outlook for 2009

* Cuts quarterly dividend by 77 percent

* Shares fall 10 pct in post-market trade

May 4 (Reuters) - Corporate Executive Board Co (EXBD.O: Quote, Profile, Research) posted a drop in quarterly profits hurt by a fall in the value of its contracts, slashed quarterly dividend and cut its outlook for 2009, sending its shares down as much as 10 percent in extended trading.

The company, which provides research and analysis services to businesses, said contract value fell by 20 percent in the first quarter due to reduced program memberships from some of its large corporate members.

It said the drop in subscriptions for its research was mostly concentrated in the financial services sector.

For 2009, the company expects to earn 90 cents a share to $1.40 a share. It had previously forecast earnings to range between $1.30 and $1.60 a share.

Revenue for 2009 is expected to be $410 million to $450 million, down from its previous forecast of $445 million to $475 million.