AUSTIN, Texas – July 30, 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 June 30, 2003.
For the second quarter ended June 30, 2003:
-- Revenue from services and software was up 13% to $6,479,747 versus $5,731,755 in the second quarter of 2002.
-- Reported net income was $177,303 or $0.01 earnings per share compared to a net loss of ($708,825) or ($0.15) per share during the second quarter of 2002.
-- Gross margin as a percentage of services and software revenue was 43%, compared to 45% in the second quarter of 2002.
-- EBITDA (a non-GAAP performance measure) was $820,990 compared to ($146,349) during the second quarter of 2002.
“Q2 was an all-time record quarter for operating income and EBITDA and we were profitable on a GAAP basis,” said Jack McDonald, chairman and chief executive. “The $.01 per share we earned on a GAAP basis was after deducting $0.03 per share of non-cash expenses including stock compensation, depreciation and amortization, which shows we’re generating meaningful cash,” he added. “Q2 also showed sequential growth in services revenue for the second consecutive quarter, demonstrating that demand for our services is solid and we’re well positioned for a market upturn.”
Other Q2 2003 Highlights
Among other Q2 2003 highlights, Perficient:
-- Added new customer relationships and follow-on projects with leading companies and organizations including: AAA Michigan, Ameren UE, Anheuser-Busch, Bank of America, BIC Corporation, Boeing, Commerce Bancshares, Express-Scripts, GE Capital, MetLife, Mutual Trust Life, Pioneer Seed, Sheetz, ShopNBC, State of Kansas, Union Bank of California and Wells Fargo;
-- Executed alliance agreements with leading technology companies including Mainline Information Systems, Bowstreet, Inc. and Fusion Technologies of India. All three relationships strengthen Perficient’s solution sales and implementation capabilities and open new revenue opportunities; and
-- Was recognized by VARBusiness magazine for the second consecutive year as a member of the VARBusiness 500, an annual listing of the top solution providers in the United States by revenue.
Perficient is the leading provider of eBusiness solutions to Global 3000 companies in the Central United States. Perficient helps companies acquire and strengthen their customer relationships, reduce their costs and empower their employees by helping them create Enabled Enterprises™, Web-based infrastructures with dynamically integrated business applications that extend enterprise technology assets to customers, employees, suppliers and partners. A “Premier Level” IBM business partner—and one of only five WebSphere service providers retained worldwide by IBM, Perficient’s partners include leading eBusiness technology and services organizations like IBM, Sun, Microsoft, Oracle, Digex, Vignette, Gauss, Stellent, Pinnacor and Autonomy. For more information about Perficient, which has more than 140 professionals in the Central US and Canada, please visit 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.