AUSTIN, Texas – April 25, 2001 – Perficient, Inc. (NASDAQ: PRFT), an Internet services firm that uses emerging technologies to web-enable complex enterprise systems, today reported financial results for the first quarter ended March 31, 2001.
First Quarter Highlights
Perficient's third consecutive quarter of pro forma profitability can be traced to its expertise in three strong segments of the Internet software market - middleware, enterprise portal and content management. Among other accomplishments in the first quarter, Perficient:
- Increased revenue 58% to $6,401,000 versus $4,044,000 pro forma revenue in the first quarter of 2000.
- Realized pro forma net income of $185,000 or $0.03 diluted earnings per share compared to pro forma net income of $49,000 or $0.01 earnings per share in the first quarter of 2000.
- Completed technology design and implementation for more than 87 end-user clients, including American Express, DaimlerChrysler, Dell, United Technologies Corporation and Vital Processing Services_ (a recognized leader in technology-based commerce enabling services and a joint venture of Visa® U.S.A. and TSYS®)
- Implemented cost reduction programs that are expected to reduce future annualized expenses by over $4.5 million.
- Expanded our direct sales force to 5 professionals, increasing our ability to source direct end-user projects to supplement the retainer revenue stream we earn from our software company partners.
“We continue to deliver ‘heavy lifting’ software engineering skills the market is willing and needs to buy,” said Jack McDonald, Chairman and CEO of Perficient. “Our pro forma profitability in a tough market demonstrates the essential nature of the expertise we provide and the value of our partnerships with technology leaders like IBM, Vignette and Plumtree. In addition, we have acted to align our cost structure to the new economic reality and boost our direct sales capability, which position us well going forward.”
Pro forma net income and pro forma net income per share exclude the impact of goodwill amortization, depreciation, stock compensation, and one-time costs including $289,000 of restructuring and $123,000 of costs associated with a public financing that was postponed during the quarter. Pro forma net loss for the first quarter of 2001 would have been $74,000 or $.01 per share including the one-time restructuring charge and the costs associated with the postponed public financing.
Investor Conference Call
Perficient has scheduled an investor conference call at 4:30 p.m. EDT today, April 25, to discuss the company’s first quarter results. Investors and other interested parties may listen to the call by dialing toll-free (800) 553-0327. The call will be available for playback beginning April 25, 2001, at 7:30 p.m. EDT and ending one week later on May 2, 2001, at 11:59 p.m. EDT. The playback number is (800) 475-6701, or (320) 365-3844 outside the United States, and the access code is 580200.
About Perficient
Perficient (NASDAQ: PRFT) is a leading Internet services firm that uses emerging technologies to web-enable complex enterprise systems. Perficient builds deep expertise around a targeted set of core technologies and products through unique partnerships with leading Internet software companies. Under these arrangements, the company provides customers and partners with teams of expert technology professionals that manage the implementation of their products for end-user customers. Perficient's expertise and experience is based on the company.s success integrating next-generation solutions with customers’ previous-generation IT assets. This provides the framework that allows the company to concentrate on three key solution segments: Web services and transaction middleware, enterprise portal software and content management services. Perficient partners are leading Internet commerce “enablers” that provide the software platform for building the e-business infrastructure, such as IBM, Plumtree Software and Vignette Corporation. For more information, visit Perficient's Web site at 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, particularly with respect to our position for growth and the effectiveness of our model, 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 the Securities and Exchange Commission. Our reported results may be subject to adjustments, reserves, and other items that may be identified during the normal year-end audit process.
Pro Forma Consolidated Statements of Operations Including the Effect of Significant Acquisitions