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Performant Financial Corporation Provides First Quarter 2013 Guidance

LIVERMORE, Calif., April 10, 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 first quarter 2013 as set forth below:
  Preliminary Q1 Guidance
Revenues $47.5 million - $50.5 million
Adjusted EBITDA $10.3 million - $11.8 million
Net income $1.3 million - $1.9 million
Adjusted net income $2.7 million - $3.4 million
Student Loan Placement Volume $1.5 billion - $1.8 billion
Placement Revenue as a Percentage of Placement Volume 1.8% - 2.0%
Healthcare Net Claim Recovery Volume $80.0 million - $95.0 million
Claim Recovery Fee Rate Approximately 11.3%

The expected 7% growth in revenues for the first quarter 2013 (at the midpoint of the range) compared to the first quarter 2012 was primarily due to increased revenues from the student lending market. Revenues from the student lending market are estimated to be between $33.0 million and $33.5 million, representing an increase of approximately 14% at the midpoint of the range compared to the three months ended March 31, 2012. The estimated 36% decrease in net income compared to the first quarter of 2012 (at the midpoint of the range) was primarily due to an approximately 16% decrease in revenues from the healthcare market, which are estimated to be between $9.2 million and $11.2 million. Reduced healthcare revenues in the quarter primarily reflect the Company's inability to audit certain healthcare providers in the fourth quarter of 2012 following Hurricane Sandy and a temporary interruption during the first quarter in claim processing by the Company's principal healthcare client that delayed recognition of certain revenues until after quarter end. The Company also incurred higher operating expenses consistent with the growth of the Company's healthcare claim recovery activities. In addition, the Company had expenses of approximately $1.6 million associated with its public offering completed in February 2013, and these expenses were not deductible for tax purposes. This resulted in an effective tax rate of approximately 50%; absent these offering expenses, the Company believes that its effective tax rate would have been approximately 40%.

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