Perion Revenues Nearly Double And Non GAAP Net Income Up 85% In Second Quarter Of 2013

Perion Network Ltd. (NASDAQ: PERI) today announced financial results for the second quarter and six months ended June 30, 2013.

Q2 2013 non-GAAP Financial Highlights Include:
  • Quarterly revenues increased 99% year-over-year reaching $24.4 million;
  • EBITDA increased 61% year-over-year to $4.3 million;
  • Net income increased 85% year-over-year, reaching $3.4 million, or 14% of revenues;
  • Earnings Per Share was $0.26; and
  • GAAP Cash flow from operations was $6.8 million.

First Six Months 2013 non-GAAP Financial Highlights Include:
  • Year-to-date revenues increased 121% year-over-year to $52.0 million;
  • EBITDA increased 131% year-over-year to $12.2 million;
  • Net income increased 129%, reaching $9.2 million, or 18% of revenues;
  • Earnings Per Share was $0.71; and
  • GAAP Cash flow from operations was $14.3 million.

Josef Mandelbaum, Perion’s CEO, commented: “We had strong results in the second quarter and a record first half of 2013. We nearly doubled revenues and profits in the second quarter compared to last year and generated $6.8 million in cash flow from operations. In the first half of the year we also signed a renewal with Google and two new search agreements with Bing and Ask.com. In addition, earlier today we announced a partnership with Yahoo!, and I am also pleased to announce today that we have signed and launched a search distribution partnership with Conduit, expanding our search partners to five.”

“In the past seven months we have significantly diversified and strengthened our search business,” concluded Mr. Mandelbaum. “However, the implementation of these partnerships has taken longer than we expected, dampening our second quarter results and pushing revenue expected in the third quarter into the fourth quarter of the year. With implementation of these partnerships now well underway and the new product launch of Guardius, in addition to our other products, we are well positioned for future growth in the fourth quarter and leading into 2014.”

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