LIVERMORE, Calif., Aug. 8, 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 second quarter ended June 30, 2013:
Second Quarter Financial Highlights -
- Revenues of $69.2 million, year-over-year growth of 26.1%
- Adjusted EBITDA of $27.0 million, compared to $20.2 million in the prior year period
- Net income of $11.2 million, resulting in earnings per diluted share of $0.23, compared to net income of $8.1 million or $0.16 per fully diluted share in the prior year period
- Adjusted net income of $13.1 million, resulting in adjusted earnings per diluted share of $0.27, compared to adjusted net income of $9.7 million or $0.21 in the prior year period
Fiscal 2013 Second Quarter ResultsStudent Lending revenues represented 65% of total revenues and grew 24.7% during the second quarter to $45.0 million from $36.1 in the prior year period. Student Loan Placement Volume (defined below) during the quarter totaled $1.3 billion, a decrease of 2.6% compared to the prior year period. Healthcare revenues increased 33.2% during the second quarter to $18.0 million from $13.5 million in the prior year period. The second quarter benefitted from the delays in revenue production during the first quarter as a result of the curtailment of some healthcare audit and claim activity due to Hurricane Sandy, a temporary interruption in claim processing by our client. In addition, automated processing of claims involving PIP providers began late in the quarter and contributed approximately $3 million to revenues. Our Net Claim Recovery Volume (defined below) during the quarter was $159.8 million, compared to $118.6 million in the prior year period. Other revenues grew 17.7% during the second quarter to $6.2 million from $5.2 million in the prior year period.