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Performant Financial Corporation Provides Fourth Quarter 2012 Guidance

Stocks in this article: PFMT

LIVERMORE, Calif., Jan. 22, 2013 (GLOBE NEWSWIRE) -- Performant Financial Corporation (Nasdaq:PFMT), a leading provider of technology-enabled recovery and related analytics services, today announced preliminary guidance for its financial results and operating metrics in the fourth quarter 2012 as set forth below:

  Preliminary Q4 Guidance
Revenues $53.5 million -- $56.5 million
Net income $5.5 million -- $6.8 million
Adjusted EBITDA $16.1 million -- $18.1 million
Adjusted net income $6.7 million -- $8.0 million
Student Loan Placement Volume $1.9 billion -- $2.2 billion
Placement Revenue as a Percentage of Placement Volume 1.50% - 1.70%
Healthcare Net Claim Recovery Volume $125.0 million -- $140.0 million
Claim Recovery Fee Rate Approximately 11.3%

The expected growth in revenues for the fourth quarter 2012 compared to the third quarter 2012 is due primarily to higher claim recovery volumes in the healthcare market.  The Company's expected net income reflects increased operating expenses consistent with the growth of recovery activities in the healthcare market and the temporary delayed recognition of certain revenues associated with Periodic Interim Payment Providers, or PIP, claims under the Company's contract with the Center for Medicare and Medicare Services, for which associated expenses have been incurred.  

Fourth Quarter Earnings Release Date and Teleconference

The Company also announced that it will release its fourth quarter 2012 and year end 2012 results after the market close on February 28, 2013. The Company will also hold a conference call to discuss results at 5:00 pm (Eastern Time) that day. The conference call can be accessed by dialing 877-941-4774 (domestic) or 480-629-9760 (international). A telephonic replay will be available approximately one hour after the call and can be accessed by dialing 1-877-870-5176, or for international callers, 1-858-384-5517. The passcode for both the live call and the replay is 4592716. The telephonic replay will be available until 11:59 pm (Eastern Time) on March 7, 2013, and an audio webcast will be available for up to one year on the Company's investor relations website.

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