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Perion Announces Third Quarter 2011 Results; Record Revenues

Perion Network Ltd. (NASDAQ: PERI), formerly IncrediMail Ltd., today announced results for the third quarter ending September 30, 2011.

Third Quarter 2011 non-GAAP Financial Highlights Include:
  • Record revenues increased 20% year-over-year to $9.0 million;
  • Premium and other revenues increased 87% year over year to $3.0 million;
  • Net income totaled $1.8 million, compared to $2.8 million in the third quarter of 2010;
  • Year to date cash flow from operations totaled $5.4 million, cash balance of $9.5 million;
  • Secured $20 million long term bank credit facility, still unutilized.

Commenting on the results, Josef Mandelbaum, Perion’s CEO, said, “With one month of consolidated activity included in our Q3 results, we can already see the positive impact that Smilebox has had on our operations and results. We had record revenues and most importantly, significant growth in premium and advertising sales, which provides us with a more balanced revenue mix. While our net income was lower on a year over year basis we are extremely pleased with our customer acquisition effort, which was the largest factor in our lower net income, and expect it to drive future revenue growth and profitability.”

Third Quarter 2011 Operating Metrics:
  • Total downloads for the quarter were 4.0 million versus 2.9 million in Q3 2010
  • Installed base was 9.6 million at the end of Q3, a 31% increase from the end of Q3 2010
  • Total search queries for the quarter were 276 million, a 6% decrease from Q3 2010
  • Premium subscribers increased to 370,000 a 125% increase from Q3 2010

Third Quarter 2011 Operational Highlights Include:
  • Successfully completed Smilebox acquisition;
  • Launched beta of webmail version for IncrediMail;
  • Launched Smilebox mobile app on iPhone;
  • Integrated Facebook photos into PhotoJoy;
  • Expanded into new computer safety and security category with beta launch of Fixie.

“In addition,” Mandelbaum continued, “the integration with Smilebox is proceeding as planned and I am happy to report that on a non-GAAP basis Smilebox should be breakeven in Q4 of this year and we are confident that it will be profitable in Q1 of 2012, well ahead of plan. We continue to make good progress on our strategy and with our name change to Perion, the addition of Smilebox and launch of new organic products we continue to be excited about our broader landscape and the future it holds.”

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