Austin, Texas – October 30, 2002 – 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 September 30, 2002.
For the third quarter ending September 30, 2002:
-- Net revenue (net of project expenses) was up 22% to $5,851,000 vs $4,810,000 in the third quarter of 2001.
-- Reported net loss was $507,000 and the net loss available to common stockholders was $559,000 or a $0.06 loss per share compared to a net loss of $32,380,000 or $5.22 loss per share for the same period of 2001. The net loss per share available to common stockholders for the third quarter of 2002 includes dividend accretion of $51,000 related to the Series A and Series B preferred stock financings. The net loss for the third quarter of 2001 includes an impairment charge of $27 million and $211,000 of restructuring costs.
-- Gross margin as a percentage of net revenue was 44%, compared to 38% in the third quarter of 2001.
-- EBITDA, excluding stock compensation, was $170,000 compared to EBITDA, excluding stock compensation and restructuring expense, of $(84,000) for the same period in 2001.
"Q3 was for a solid quarter for Perficient. We landed over 30 new engagements, including six new Global 3000 customers and were cash flow positive for the second consecutive quarter," said Jack McDonald, chairman and chief executive officer of Perficient. "We continue to see growing demand for our IBM WebsphereTM middleware and enterprise portal solution offerings."
Other Q3 2002 Highlights
Among other Q3 2002 highlights, Perficient:
-- Was named a charter member of the newly formed OASIS Web Services Security Technical Committee, a prestigious standards body that includes as members Microsoft, IBM, Verisign, Oracle, Cisco, BEA, SAP and Sun Microsystems;
-- Was selected as a founding member of IBM.s Web Services on WebSphere (WoW) Advisory Council, along with, among others, Epicentric, Grand Central, Macromedia, Siebel and Versata. WoW will develop technology, product and business strategies for deploying Web Services built on IBM.s WebSphere platform;
-- Named to its board of directors Max D. Hopper, one of CIO Magazine's 12 most influential IT executives of the 1990's;
-- Signed new business agreements with 35 new and existing clients in the quarter, not counting new indirect work signed with IBM.
New clients to Perficient include Affiliated Computer Services (ACS), Amdocs, Charter Communications, Exelon Corporation, Pearson, Stratyc, US Recordings, Washington University in St. Louis, and Yahoo!. Existing clients signing new contracts include Ameren, Bic Corporation, Bristol-Myers Squibb, Communications Data Group (CDG), ChevronTexaco, Commscope, Express Scripts, Fair Isaac, Kirkwood Community College, KV Pharmaceutical, Notiva, NRG Energy, Paragon Life, Pinnacor, Semiconductor Equipment and Materials International (SEMI), Toronto Dominion Bank, UniGroup, Union Bank of California, and U.S. Bank.
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 EnterpriseTM: a Web-based infrastructure and dynamically integrated business applications that extend enterprise technology assets to customers, employees, suppliers and partners. Perficient's more than 150 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. Our reported results may be subject to adjustments, reserves, and other items that may be identified during the normal year-end audit process.