Perion Network Ltd. (NASDAQ: PERI) today announced financial results for the third quarter and nine months ended September 30, 2013.
Q3 2013 non-GAAP Financial Highlights Include:
- Quarterly revenues increased 31% year-over-year reaching $21.3 million;
- EBITDA increased 48% year-over-year to $5.6 million;
- Net income increased 68% year-over-year, reaching $4.5 million; and
- Earnings per Share increased 31% year-over-year, reaching $0.34.
First Nine Months 2013 non-GAAP Financial Highlights Include:
- Year-to-date revenues increased 84% year-over-year and were $73.3 million;
- EBITDA increased 96% year-over-year reaching $17.8 million;
- Net income increased 105%, reaching $13.6 million; and
- Earnings per Share increased 59%, reaching $1.05.
ClientConnect Pro-forma non-GAAP Financial Highlights Include:On September 16, 2013, Perion announced an agreement to combine with Conduit’s ClientConnect in an all-stock transaction, scheduled to close in early January 2014, subject to a vote of Perion’s shareholders and other closing conditions. Management does not anticipate any issues with the vote or closing at this time. Select highlights of ClientConnect’s Pro-forma non-GAAP third quarter financial performance as provided by Conduit are as follows 1:
- Third quarter revenues increased 58% year-over-year reaching $80.9 million;
- Third quarter EBITDA increased 48% year-over-year reaching $21.2 million;
- Third quarter net income increased 44% year-over-year, reaching $19.4 million;
- Year-to-date revenues increased 62% year-over-year reaching $241.4 million;
- Year-to-date EBITDA increased 65% year-over-year reaching $79.6 million; and
- Year-to-date net income increased 63%, reaching $69.6 million.