AUSTIN, Texas – April 29, 2003 – Perficient, Inc. (NASDAQ: PRFT), a leading eBusiness solutions provider to Global 3000 companies in the central United States, today reported financial results for the quarter ended March 31, 2003.
-- Revenue excluding reimbursed expenses was up 103% to $7,143,000 versus $3,523,000 in the first quarter of 2002. Revenue for the first quarter of 2003 includes software revenue of $1,398,000.
-- Reported net loss was $85,000 and the net loss available to common stockholders was $132,000 or a $0.01 loss per share compared to a net loss per share of $0.27 during the first quarter of 2002. The net loss for the first quarter of 2003 includes intangibles amortization of $338,000 and non-cash stock compensation of $42,000.
-- Gross margin as a percentage of revenue excluding reimbursed expenses was 37%, compared to 41% in the first quarter of 2002.
-- EBITDA was $663,000 for the first quarter of 2003, compared to $(112,000) during the first quarter of 2002. EBITDA for the first quarter of 2003 includes $42,000 of non-cash stock compensation expense.
“Q1 was a great quarter for Perficient,” said Jack McDonald, chairman and chief executive. “We achieved meaningful growth in revenue and EBITDA, and our earnings per share were positive after excluding $0.04 of non-cash stock compensation, depreciation and amortization,” he added. “Our success resulted from stabilizing demand for e-business consulting services, our stringent cost controls and our effectiveness selling industry-leading IBM middleware and portal software products.”
Other Q1 2003 Highlights
Among other Q1 2003 highlights, Perficient:
-- Added new customer relationships and follow-on projects with leading companies including: AAA Michigan, Anheuser-Busch, Exelon, Express-Scripts, KV Pharmaceuticals, Maytag Corporation, MetLife, Nestle-Purina, Paragon Life Insurance, Pioneer Seed, Prime Therapeutics, Thrivent Financial Services, Union Bank of California, and Wells Fargo Mortgage Company.
-- Developed and launched in partnership with IBM vertical portal solutions for the insurance, health care and franchise-based retail industries that increase efficiencies, reduce operating costs and strengthen relationships with customers, employees and business partners.
“IBM is increasingly focused on delivering technology solutions through the channel,” said Jeffrey Davis, chief operating officer. “As a Premier Partner, we’re positioned well to benefit from that trend. Our success in selling and delivering IBM-based solutions and software is a testament to our strong partnership with IBM.”
Perficient provides eBusiness solutions to Global 3000 companies in the Central United States. Perficient helps clients acquire and strengthen customer relationships, reduce costs and empower employees by creating an Enabled Enterprise: a Web-based infrastructure and dynamically integrated business applications that extend enterprise technology assets to customers, employees, suppliers and partners. Perficient's more than 140 professionals serve its clients from five Solutions Centers in the Central United States and Canada. Perficient's partners are leading eBusiness technology and services providers including IBM, Sun, Microsoft, Oracle, Digex, Vignette, Gauss, Stellent, Pinnacor and Autonomy. For more information, visit Perficient's Website at http://www.perficient.com/.
Safe Harbor Statement
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive services, demand for services like those provided by the company and market acceptance risks, fluctuations in operating results, cyclical market pressures on the technology industry and other risks detailed from time to time in the company's filings with Securities and Exchange Commission.
Use of Non-GAAP Financial Information
To supplement our consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), Perficient uses non-GAAP measures, such as EBITDA, which are adjusted from results based on GAAP to exclude certain expenses. Perficient believes these non-GAAP financial measures are important representations of a company’s financial performance and uses such non-GAAP information internally to evaluate and manage its operations. Management has provided information regarding EBITDA to assist investors in analyzing Perficient’s financial position and results of operations. These non-GAAP measures are provided to enhance the user’s overall understanding of our financial performance, but are not intended to be regarded as an alternative to or more meaningful than GAAP measures. The non-GAAP measures presented may not be comparable to similarly titled measures presented by other companies. A reconciliation of EBITDA to operating income (loss) and net income (loss) is included in the unaudited consolidated statements of operations.