Perficient Reports Third Quarter 2016 Results

Perficient, Inc. (NASDAQ: PRFT) ("Perficient"), the leading digital transformation consulting firm serving Global 2000® and other large enterprise customers throughout North America, today reported its financial results for the quarter ended September 30, 2016.

Financial Highlights

For the quarter ended September 30, 2016:
  • Revenue decreased 1% to $119.2 million from $120.9 million for the third quarter of 2015;
  • Services revenue decreased 2% to $103.0 million from $105.4 million for the third quarter of 2015;
  • Gross margin decreased 10% to $36.4 million from $40.4 million for the third quarter of 2015;
  • Net income decreased to $5.5 million from $7.4 million for the third quarter of 2015;
  • GAAP earnings per share results on a fully diluted basis decreased to $0.16 from $0.22 for the third quarter of 2015;
  • Adjusted earnings per share results (a non-GAAP measure; see attached schedule, which reconciles to GAAP earnings per share) on a fully diluted basis decreased to $0.26 from $0.36 for the third quarter of 2015; and
  • EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) decreased to $15.1 million from $19.9 million for the third quarter of 2015.

"Macroeconomic uncertainty drove delays in project wins and starts during the quarter," said Jeff Davis, chief executive officer and president. "Perficient's long-term thesis remains intact, and we expect that our continued investments in cloud, digital, customer experience, and industry vertical solutions will drive organic growth in 2017."

"Our strong balance sheet and cash flow leave us well-positioned to continue to drive growth by supplementing strategic internal investments with an active and ongoing M&A program," said Paul Martin, chief financial officer. "It also provides Perficient with flexibility to execute our share repurchase program, where we currently have $25 million of authorization remaining."

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