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Perficient Reports Fourth Quarter And Full Year 2012 Results

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 December 31, 2012.

Financial Highlights

For the quarter ended December 31, 2012:

  • Revenues increased 18% to $83.1 million from $70.4 million for the fourth quarter 2011;
  • Services revenue increased 17% to $71.8 million from $61.3 million for the fourth 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 $0.23 from $0.21 for the fourth quarter 2011;
  • Earnings per share results on a fully diluted basis increased to $0.14 from $0.09 for the fourth quarter 2011;
  • EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased 22% to $12.6 million from $10.3 million for the fourth quarter 2011;
  • Net income increased 61% to $4.4 million compared to $2.7 million for the fourth quarter 2011; and
  • Perficient repurchased 619,000 shares of its common stock at a cost of $6.8 million during the fourth quarter 2012.

For the year ended December 31, 2012:

  • Revenues increased 25% to $327.1 million from $262.4 million for 2011;
  • Services revenue increased 23% to $286.5 million from $233.2 million for 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 $0.92 from $0.77 for 2011;
  • Earnings per share results on a fully diluted basis increased to $0.52 from $0.37 for 2011;
  • EBITDAS (a non-GAAP measure; see attached schedule which reconciles to GAAP net income) increased 25% to $48.2 million from $38.7 million for 2011;
  • Net income increased 50% to $16.1 million from $10.7 million for 2011; and
  • Perficient had $5.8 million in cash and cash equivalents as of December 31, 2012 after repurchasing 724,000 shares of its common stock at a cost of $8.0 million during 2012.

“The fourth quarter capped another year of solid revenue and earnings growth at Perficient,” said Jeffrey Davis, chief executive officer and president. “Ours remains a story of consistent and dependable performance, resulting from focused fiscal discipline and a collective commitment to growing our business for clients, employees, and shareholders. Perficient is well-positioned in 2013 to capitalize on the steadily improving enterprise technology spending market.”

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