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Perion Announces Fourth Quarter And Year End 2011 Results

Perion Network Ltd. (NASDAQ: PERI), a digital media company that helps make the everyday life of second wave adopters easier and more enjoyable, today announced results for the fourth quarter and year ended December 31, 2011, including consolidated Smilebox results for the first time.

2011 non-GAAP Financial Highlights Include:
  • Revenues increased 25% year-over-year to $37.0 million;
  • Premium subscriptions and advertising revenues together increased 72% year-over-year to $11.5 million;
  • Net income totaled $8.3 million, down from $9.8 million in 2010; this figure is net of a $6.2 million increase in customer acquisition costs;
  • GAAP Cash flow from operations totaled $7.0 million; end of year cash balance totaled $11.3 million.

2011 Fourth Quarter non-GAAP Financial Highlights Include:
  • Revenues increased 45% year-over-year to $11.3 million;
  • Premium subscriptions and advertising revenues increased 172% year-over-year to $4.8 million, accounting for 43% of revenues;
  • Net income totaled $1.6 million, down $0.6 million compared to 2010, resulting from a $2.6 million increase in customer acquisition costs focused on future growth.

2011 Operating Metrics:
  • Total downloads in 2011 were 15.4 million, compared to 13.6 million in 2010; in the fourth quarter of 2011 total downloads were 6.4 million, compared to 4.1 million in the same quarter of 2010;
  • Installed base was 12.3 million at the end of 2011, increasing 31% from the end of 2010;
  • Premium subscribers increased to over 400,000 in the fourth quarter of 2011, increasing 149% from the fourth quarter of 2010.

2011 Highlights:
  • Successful acquisition and integration of Smilebox; turned cash flow positive in the first quarter following the acquisition;
  • Broadened product portfolio with the launch of PhotoJoy and Fixie;
  • Launched Facebook integration into IncrediMail and surpassed 1.5 million users;
  • Successful mobile and tablet initiatives with the launch of PhotoJoy for the iPad and Smilebox mobile, which already has over 400,000 users.

“We are extremely pleased with the strong results of 2011, particularly our achievements in the fourth quarter, which were driven by the successful integration of Smilebox, solid growth of our existing IncrediMail business and improved efficiencies in the customer acquisition effort,” commented Josef Mandelbaum, Perion’s CEO.

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