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Performant Financial Corporation Announces Financial Results For Second Quarter 2013

Stocks in this article: PFMT

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 Results

Student 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.

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