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Perion Revenues Increase 31% And Non GAAP Net Income Up 68% In Third Quarter Of 2013

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.

Josef Mandelbaum, Perion’s CEO, commented: “This was a momentous quarter for Perion, highlighted by the agreement to combine with Conduit’s ClientConnect business to create an industry powerhouse. On a stand-alone basis, we hit the upper range of our revenue guidance and surpassed our EBITDA and net profit expectations. With our search diversification strategy now fully implemented, we are already seeing great progress, and can say with confidence that Q4 will show significant growth over Q3. From a product standpoint, we launched our new iPhone and Android app, Molto, and are excited by the great reviews and ratings Molto has been receiving.”

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