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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."

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