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Perion Expects 2013 Revenues To Exceed $110 Million

Perion Network Ltd. (NASDAQ: PERI) announced today revenue estimates for 2012 and its guidance for 2013.

Revenues in the fourth quarter of 2012 are expected to reach a record $21 million, more than double the fourth quarter of 2011. This will bring total non-GAAP revenues for 2012 to $61 million, increasing 64%, from $37 million in 2011. The $61 million exceeded the updated guidance of $55 million and includes one month of results from the acquisition of SweetPacks. Perion intends to report final 2012 financial results at the beginning of March.

2013 Financial Outlook:
  • Revenue is expected to exceed $110 million, representing overall growth of 80%+ year over year, and at least 25% organic growth year over year
  • EBITDA is expected to be at least $26 million, representing an EBITDA margin of 24%
  • Non-GAAP Net Income is expected to be at least $20 million, representing an 18% net profit margin
  • Non-GAAP EPS is expected to be at least $1.61, based on an average of 12.4 million shares outstanding

Commenting on the guidance, Mr. Josef Mandelbaum, Perion’s CEO said, “We are very excited about 2013 and expect it to be a breakout year in terms of growth both in top and bottom line results. Our improving financial results are a result of our strong organic growth coupled with our acquisition strategy and a diversified product portfolio with multiple revenue streams.

“Since 2010, Perion will have more than tripled its revenues, enriched its product portfolio, developed strong back-end systems and moved onto mobile platforms, while maintaining robust EBITDA margins,” continued Mr. Mandelbaum. “This year, as in previous years we also expect strong cash flow from operations, closely tracking our non-GAAP net income.”

Customer acquisition costs, with a positive return on investment, are expected to exceed $50 million, driving revenue growth in 2013 and beyond.

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