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Perion Announces Another Record Quarter And Year: Fourth Quarter Revenues Up 90%; Adjusted EBITDA Triples To $4.9 Million

Perion Network Ltd. (NASDAQ: PERI) today announced financial results for the fourth quarter and full year ended December 31, 2012.

Q4 2012 non-GAAP Financial Highlights Include:
  • Quarterly revenues increased 90% year-over-year to a record $21.4 million;
  • Product and advertising revenues increased 27% year-over-year, reaching $6.1 million;
  • Search revenue increased year-over-year 136% to a record $15.3 million;
  • Adjusted EBITDA increased 262% year-over-year, reaching $4.9 million, or 23% of revenues;
  • Net income doubled year-over-year, reaching $3.6 million, or 17% of revenues; and
  • Earnings Per Share was $0.32, double that of the fourth quarter of 2011.

Year of 2012 non-GAAP Financial Highlights Include:
  • Year-to date revenues increased 65% year-over-year to a record $61.2 million;
  • Product and advertising revenues increased 101% year-over-year, reaching $23.1 million;
  • Search revenue increased year-over-year 49% to $38.1 million;
  • Adjusted EBITDA increased year-over-year 44% to $14.0 million, or 23% of revenues;
  • Net income was $10.3 million, representing 17% of revenues;
  • Earnings Per Share was $0.99, a 20% increase from 2011; and
  • GAAP Cash Flow from Operations was $16.3 million, a 133% increase from 2011.

Josef Mandelbaum, Perion’s CEO, commented: “2012 was a great year for Perion. We had record organic revenue growth, increased profitability, strong cash generation, made significant progress in our mobile product efforts and we completed another successful and accretive acquisition. As we enter 2013, I am as optimistic about our business as I've ever been since joining Perion. Based on the tremendous advances so far and the opportunities I see ahead, I believe we are well on our way to achieving our long term objective of building a growing and profitable company that provides real value to its users through quality products and services.”

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