ST. LOUIS (June 16, 2017) – Perficient, Inc. (NASDAQ: PRFT) (“Perficient”), the leading digital transformation consulting firm serving Global 2000® and other large enterprise customers throughout North America, today announced it is repatriating $9.6 million from its subsidiary in China, freeing up that capital to provide more flexibility for growth.
“Our successful and profitable operations in China have allowed us to build cash balances greater than we plan to permanently deploy in the region,” said Paul E. Martin, chief financial officer. “We will use this capital to help further invest and hire domestically, reduce borrowing costs, and to help fund mergers and acquisitions. While the transaction creates a one-time tax impact to quarterly and annual GAAP earnings, there is no impact on our quarterly or annual adjusted earnings, and we expect the repatriation will provide long-term benefits to the business.”
Perficient now expects its second quarter GAAP earnings per share to be in the range of $0.05 to $0.07, and full-year GAAP earnings per share to be in the range of $0.49 to $0.64. The company is reiterating previous adjusted earnings per share (a non-GAAP measure: see attached schedule which reconciles to GAAP earnings per share) guidance of $0.29 to $0.31 for the second quarter and $1.17 to $1.31 for the full year.
Perficient is the leading digital transformation consulting firm serving Global 2000® and enterprise customers throughout North America. With unparalleled information technology, management consulting, and creative capabilities, Perficient and its Perficient Digital agency deliver vision, execution, and value with outstanding digital experience, business optimization, and industry solutions. Our work enables clients to improve productivity and competitiveness; grow and strengthen relationships with customers, suppliers, and partners; and reduce costs. Perficient's professionals serve clients from a network of offices across North America and offshore locations in India and China. Traded on the Nasdaq Global Select Market, Perficient is a member of the Russell 2000 index and the S&P SmallCap 600 index. Perficient is an award-winning Platinum Level IBM business partner, a Microsoft National Service Provider and Gold Certified Partner, an Oracle Platinum Partner, an Adobe Premier Partner, and a Platinum Salesforce Consulting Partner. For more information, visit www.perficient.com.
Safe Harbor Statement
Some of the statements contained in this news release that are not purely historical statements discuss future expectations or state other forward-looking information related to financial results and business outlook for 2017. Those statements are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on management’s current intent, belief, expectations, estimates, and projections regarding our company and our industry. You should be aware that those statements only reflect our predictions. Actual events or results may differ substantially. Important factors that could cause our actual results to be materially different from the forward-looking statements include (but are not limited to) those disclosed under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2016.