Perion Network Ltd. (NASDAQ: PERI) today announced record financial results for the first quarter ended March 31, 2014.
Q1 2014 non-GAAP Financial Highlights:
- Revenues increased to $117.1 million;
- EBITDA increased to $33.6 million, or 29% of revenues;
- Net income increased to $27.6 million, or 24% of revenues;
- Earnings per diluted share were $0.40;
- Cash flow from operations reached $13.9 million; and
- Perion completed the quarter with $51.2 million in cash and cash equivalents.
Josef Mandelbaum, Perion’s CEO, commented: “We are very pleased with our first quarter performance as a combined company. The integration proceeded more smoothly and more rapidly than we anticipated, and the combined operations are delivering record results with strong top- and bottom-line growth. The post-merger integration work we completed, combined with our new found scale, sophisticated analytical capabilities, and combined talent, helped produce a strong start to 2014. While there still remain some headwinds in the overall industry, we are increasingly confident in our ability to adapt, gain market share and diversify and are therefore very excited about the future of the new Perion.”
“As an industry leader in the app developer ecosystem on the desktop, we are now positioning ourselves to be the same on the mobile platform,” added Mr. Mandelbaum. “Our expertise in helping app developers grow, monetize and optimize their business makes us the ideal partner for the mobile platform. Our technology, data set and people give me great confidence that we will be one of the leading companies that provides solutions for each platform and more importantly cross platform. Over the course of the remainder of the year you should expect to see some exciting new initiatives from us in the mobile and data driven programmatic advertising space which will further diversify and strengthen our business.”