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Performant Financial Corporation Announces Financial Results For First Quarter 2013

Stocks in this article: PFMT

LIVERMORE, Calif., May 9, 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 fiscal first quarter ended March 31, 2013:

First Quarter Financial Highlights

  • Revenues of $49.4 million, year-over-year growth of 7.6%
  • Adjusted EBITDA of $11.4 million, compared to $13.7 million in the prior year period
  • Net income of $1.8 million, resulting in earnings per diluted share of $0.04, compared to net income of $2.5 million or $0.02 per fully diluted share in the prior year period
  • Adjusted net income of $4.0 million, resulting in adjusted earnings per diluted share of $0.08 compared to adjusted net income of $5.7 million or $0.12 in the prior year period

Fiscal 2013 First Quarter Results

Lisa Im, Performant Financial's Chief Executive Officer said, "We successfully executed on our strategy during the first quarter despite challenges in our Medicare recovery and audit operations primarily due to our inability to audit certain healthcare providers in the fourth quarter following Hurricane Sandy, which negatively impacted our Healthcare results. Student Lending revenues drove continued growth in the quarter, revenues grew 14.1% during the first quarter to $33.3 million from $29.2 in the prior year period. Student Loan Placement Volume (defined below) during the quarter totaled $1.7 billion, an increase of 74.2% compared to the prior year period. This is primarily a result of more normalized placements from the Department of Education and a steady increase in placements from our Guaranty Agency clients.

As previously discussed, and directly related to Hurricane Sandy, healthcare revenues declined 14.8% during the first quarter to $10.3 million from $12.1 million in the prior year period. Our Net Claim Recovery Volume (defined below) during the quarter was $90.4 million, compared to $106.1 million in the prior year period. Other revenues grew 25.1% during the first quarter to $5.8 million from $4.6 million in the prior year period.

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