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Perion Announces Another Record Quarter: Third Quarter Revenues Up 81%; EBITDA Up 71%

Perion Network Ltd. (NASDAQ: PERI), today announced financial results for the third quarter and nine months ended September 30, 2012.

Q3 2012 non-GAAP Financial Highlights Include:
  • Quarterly revenues increased 81% year-over-year to a record $16.3 million;
  • Product and other advertising revenues increase 78% year-over-year, reaching $5.4 million;
  • Search revenue increased year over year 82% to $10.9 million;
  • EBITDA increased year over year 71%, reaching $3.8 million, or 23% of revenues; and
  • Net income grew year over year 46%, reaching $2.6 million, or $0.26 per share, representing 16% of revenues;

First Nine Months 2012 non-GAAP Financial Highlights Include:
  • Year-to date revenues increased 55% year-over-year to a record $39.8 million;
  • Product and other advertising revenues increase 153% year-over-year, reaching $17.0 million;
  • Search revenue increased year over year 20% to $22.8 million;
  • EBITDA increased year over year 9% to $9.1 million, or 23% of revenues; and
  • Net income was $6.7 million, or $0.66 per share, representing 17% of revenues;

Josef Mandelbaum, Perion’s CEO commented: “This quarter was a phenomenal quarter for us in every aspect of our business. A year post the acquisition of Smilebox, I am proud to announce that Q3 was a record quarter of profitability for Smilebox and revenues continue to grow at a 30% pace. The acquisition has truly proven out to be a big win for us.”

“In addition,” continued Mandelbaum, “thanks to efforts invested in our back-end systems and analytics, we have succeeded in ramping up our customer acquisition efforts with a very high return on investment which in turn created rapid growth in search generated revenues. Even more encouraging is while we have invested in growing our business, our profits and profit margins have increased dramatically. We intend to build and even further improve on these successes, as we contemplate new acquisition opportunities and plan for even greater growth in 2013.”

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