AUSTIN, Texas - May 3, 2005 - Perficient, Inc. (NASDAQ: PRFT), a leading information technology consulting firm in the central United States, announced today that it will not proceed with a proposed secondary offering of its common stock.
“Given current market conditions, we are not willing to proceed with the proposed stock offering,” said Jack McDonald, Chairman and CEO, Perficient. “With our continued strong performance and the availability of multiple sources of capital, including senior debt, there is more than one financing path to achieve our goals.”
To that end, Perficient also announced today that it has executed a financing commitment letter from Comerica Bank for a $25 million senior debt facility to be used primarily for acquisitions and to refinance existing debt. The facility is subject to completion of definitive documentation.
“The senior credit facility and cash flow from operations will provide the funding we need to finance the cash portion of $50 million in acquisitions,” said McDonald. “This will enable us to execute fully our acquisitions plan for 2005. As our updated first quarter guidance reflects, our business is strong. In addition, we have a healthy acquisitions pipeline.”
Perficient intends to amend its Form S-3 registration statement previously filed with the Securities and Exchange Commission to convert the proposed offering to a shelf registration.
Perficient is a leading information technology consulting firm serving Global 2000 and midsize companies in the central United States. Perficient helps clients gain competitive advantage by using Internet-based technologies to make their businesses more responsive to market opportunities and threats, strengthen relationships with customers, suppliers and partners, improve productivity and reduce information technology costs. Our solutions enable our clients to operate a real-time enterprise that dynamically adapts business processes and the systems that support them to the changing demands of an increasingly global, Internet-driven and competitive marketplace. Perficient is an award-winning "Premier Level" IBM business partner, a TeamTIBCO partner and a Microsoft Gold Certified Partner. For more information about Perficient, which has more than 470 professionals in the central United States and Canada, please visit www.perficient.com. IBM is a trademark of International Business Machines Corporation in the United States, other countries, or both.
About Comerica Bank
Comerica Bank’s Technology and Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. The Technology and Life Sciences Division serves all major U.S. technology centers from offices coast-to-coast and its headquarters in Palo Alto, Calif. Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Detroit, which is the 21st largest banking company in the nation, with $51.8 billion in total assets at Dec. 31, 2004.
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, the ability to manage strains associated with the company’s growth, credit risks associated with the company’s accounts receivable, the company’s ability to continue to attract and retain high quality employees, accurately set fees for and timely complete its current and future client projects, and other risks detailed from time to time in the company’s filings with Securities and Exchange Commission, including the most recent Form S-3.