This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Performant Financial Corporation Announces Financial Results For Fourth Quarter And Full Year 2012

LIVERMORE, Calif., Feb. 28, 2013 (GLOBE NEWSWIRE) -- Performant Financial Corporation (Nasdaq:PFMT), a leading provider of technology-enabled recovery and related analytics services in the United States, today reported the following financial results for its fourth quarter and fiscal year ended December 31, 2012:

Fourth Quarter Financial Highlights

  • Revenues increased to $56.0 million, year-over-year growth of 31.3%
  • Adjusted EBITDA increased to $17.4 million, compared to the prior year period of $14.4 million, year-over-year growth of 20.8%
  • Net income increased to $6.0 million, resulting in earnings per diluted share (EPS) of $0.12 compared to a net loss of $0.10 in the prior year period
  • Adjusted net income increased to $7.1 million, year-over-year growth of 8.6% - Adjusted earnings per diluted share (Adj. EPS) was $0.15 compared to $0.15 in the prior year period

Full Year 2012 Financial Highlights

  • Revenues increased to $210.1 million, from $163.0 million in 2011, growth of 28.9%
  • Adjusted EBITDA increased to $69.6 million, growth of 20.4% compared to the prior year period of $57.8 million
  • Net income increased to $23.0 million, from $12.4 million in 2011, growth of 85.5% - earnings per diluted share (EPS) was $0.44 compared to $0.13 in the prior year period
  • Adjusted net income increased to $30.6 million, year-over-year growth of 22.7% - Adjusted earnings per diluted share (Adj. EPS) was $0.64 compared to $0.55 in 2011

Fiscal 2012 Fourth Quarter Results

Lisa Im, Performant Financial's Chief Executive Officer said, "We delivered strong revenue growth in both Student Lending and Healthcare, despite the challenges presented by the Department of Education's system conversion and the temporary suspension of some of our healthcare audit and recovery activities as a result of Hurricane Sandy. This performance is a testament to our proprietary technology platform, our differentiated operating model and our ability to continually execute on our business plan. The Healthcare market again delivered the strongest growth and accounted for approximately 28% of the company's total revenues during the fourth quarter, relative to about 3% only two years ago in the fourth quarter of 2010. Finally, we recently announced a new strategic partnership with Magellan Healthcare and the award of a new payment recapture contract with the Department of Education. These events highlight the adaptability of our analytics and recovery services platform to new markets."

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,113.54 +61.81 0.36%
S&P 500 1,983.53 +9.90 0.50%
NASDAQ 4,456.0160 +31.3120 0.71%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs