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Perficient Reports Second Quarter 2013 Results

Stocks in this article: PRFT

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 June 30, 2013.

Financial Highlights

For the quarter ended June 30, 2013:

  • Revenues increased 15% to $94.2 million from $81.8 million for the second quarter 2012;
  • Services revenue increased 11% to $80.4 million from $72.7 million for the second quarter 2012;
  • 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 $0.28 from $0.24 for the second quarter 2012;
  • Earnings per share results on a fully diluted basis increased to $0.14 from $0.12 for the second quarter 2012;
  • EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased to $14.5 million from $12.5 million for the second quarter 2012;
  • Net income increased 27% to $4.6 million compared to $3.6 million for the second quarter 2012; and
  • Repurchased 775,000 shares of its common stock at a cost of $9.5 million.

“Perficient is executing well on key performance metrics as we head into the second half of 2013,” said Jeffrey Davis, chief executive officer and president. “The world’s leading enterprises are increasingly recognizing our unique capacity to deliver a wide array of business-driven technology solutions by combining industry expertise with deep technical skills across multiple platforms.”

“Average bill rates reached an all-time high in the second quarter,” said Paul Martin, chief financial officer. “Opportunity remains to continue to gradually improve rates and manage utilization to drive services margins higher and realize increasing profitability.”

Other Highlights

Among other recent achievements, Perficient:

  • Was named Microsoft’s 2013 US Partner of the Year, taking top honor among all partners in the United States for demonstrating excellence in innovation and implementation of Microsoft technologies. In addition, Perficient was selected as Microsoft’s Healthcare Provider Partner of the Year, Microsoft’s Central Region Cloud Partner of the Year, East Region NSI Partner of the Year and the Northeast District Cloud Partner of the Year.
  • Completed two acquisitions in the month of May, which broadened Perficient’s portfolio and expanded the company’s presence in key markets. Most recently, Perficient acquired San Francisco-based Clear Task, Inc., an $8 million annual services revenue consulting firm focused entirely on the product suite. Perficient also acquired TriTek Solutions, Inc., a $19 million annual IBM- focused enterprise content management and business process management consulting firm.
  • Expanded its share repurchase program increasing the total authorization to $90 million from the previous total of $70 million. The stock repurchase program runs through Dec. 31, 2014;
  • Increased the size of its credit facility from $50m to $75m, reducing interest rates and extending the term to July 2017;
  • Added new customer relationships and follow-up projects with leading companies including: Canon USA, Carters, CDW, CH2M Hill, Marathon Oil, Stryker, Texas Children’s Health Plan, Vitamin Shoppe and WireCo WorldGroup; and
  • Was named a Top Workplace by both the St. Louis Post-Dispatch and Minneapolis Star Tribune. Perficient was honored for its entrepreneurial spirit, expertise with cutting-edge technologies, and strong reputation in the technology consulting industry.

Business Outlook

The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. See “Safe Harbor Statement” below.

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