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Perficient Reports Third Quarter 2012 Results

Stocks in this article: PRFT

Perficient, Inc. (NASDAQ: PRFT) (“Perficient”), a leading information technology consulting firm serving Global 2000 and other large enterprise customers throughout North America, today reported its financial results for the quarter ended September 30, 2012.

Financial Highlights

For the quarter ended September 30, 2012:

  • Revenues increased 25% to $87.5 million from $70.2 million for the third quarter 2011;
  • Services revenue increased 22% to $76.0 million from $62.5 million for the third quarter 2011;
  • Adjusted earnings per share results (a non-GAAP measure; see attached schedule, which reconciles to GAAP earnings per share) on a fully diluted basis increased to $0.26 from $0.22 for the third quarter 2011;
  • Earnings per share results on a fully diluted basis increased to $0.16 from $0.12 for the third quarter 2011;
  • EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased 19% to $13.1 million from $11.0 million for the third quarter 2011; and
  • Net income increased 48% to $5.1 million compared to $3.5 million for the second quarter 2011.

“Perficient’s business in the third quarter exhibited continued strength and resiliency,” said Jeffrey Davis, Perficient’s chief executive officer and president. “Average billing rates at record highs contributed to improved margins and earnings while an exceptionally strong software quarter contributed to record revenues. Heading into 2013, we remain well-positioned to continue to gain market share and deliver growth and outperformance.”

Other Highlights

Among other recent achievements, Perficient:

  • Added new customer relationships and follow-up projects with leading companies including: Adesa, Ameritas Holding Company, Best Buy, Capital Group, DTE Energy, Green Dot, Roche Diagnostics, Texas Health Resources, Union Bank, YUM Restaurant Services Group, and many others;
  • Was ranked in the top 10 of the 2013 Vault Top IT Consulting list, marking the third consecutive year Perficient has ranked as a leader among top information technology and management consulting firms; and
  • Was recognized with IBM’s 2012 Information Management Integration Excellence Award and 2012 Business Analytics Partner Achievement Award for its work with Premier healthcare alliance and IBM in developing and delivering PremierConnect, a technology platform that houses the largest virtual healthcare community in the country.

Business Outlook

The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. See “Safe Harbor Statement” below.

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