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
- 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.