AUSTIN, Texas – Jan. 30, 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 year and quarter ended December 31, 2000.
For the year ended December 31, 2000:
- Revenue, including the effect of significant acquisitions, increased 138% to $23,111,000 compared with $9,711,000 in 1999.
- Pro forma net income was $298,000 or $.04 diluted earnings per share compared to a net loss of $8,000 or $0.00 loss per share in 1999.
- Gross margin as a percentage of revenue was 50.6%.
For the fourth quarter ending December 31, 2000:
- Revenue increased 112% to $6,746,000 versus $3,187,000 in the same period in 1999 and represented Perficient’s ninth consecutive quarter of sequential revenue growth.
- Pro forma net income was $177,000 or $.03 diluted earnings per share compared to net income of $22,000 or $0.00 earnings per share in 1999.
- Gross margin as a percentage of revenue was 51.1%.
- Perficient’s dot-com exposure was nominal (with less than 1% of accounts receivable as of December 31, 2000 representing dot-com clients).
Operating results include the effect of the acquisitions of Compete, Inc. and LoreData, Inc. as of the beginning of the period discussed. Pro forma net income and pro forma net income per share excludes the impact of goodwill amortization, depreciation, stock compensation, and one time acquisition related charges.
“These results demonstrate that our focus on Java 2 Enterprise Edition (J2EE) and high growth segments of the enterprise market continues to be a winning strategy,” said Jack McDonald, CEO of Perficient. “We’re well positioned for growth in 2001 through our VSO (Virtual Service Organizations) outsourcing partnerships, which enable us to cost-effectively source business from the Global 2000. Our recently announced three-year agreement with IBM to provide WebSphereTM consulting services is a powerful example of how well our VSO model can work.”
Other 2000 Highlights
Perficient’s revenue growth in 2000 can be traced to its expertise in three rapidly growing segments of the Internet software market - middleware, content management and enterprise portal software - and its VSO outsourcing partnerships, which enable Perficient to leverage the sales forces of its partners and provide an effective sales channel into the Global 2000. Among other achievements in 2000, Perficient:
- Completed technology design and implementation for more than 200 clients, such as Ariba, Citibank, Kemper Insurance, Key Bank, MCI WorldCom, Nokia, Penguin and The Associates.
- Signed a three-year services agreement with IBM, to provide deployment integration and training services for their WebSphereTM software platform customers.
- Completed and integrated two significant acquisitions.
- Increased employee base to 202 currently from 115 through year-end 1999.
- Launched its Java Bootcamp immersion training program to educate its new and existing consulting staff on the latest J2EE technologies.
- Was named to Computerworld’s prestigious list of 100 Emerging Companies To Watch in 2001 and was recognized by LocalBusiness.com, formerly dbusiness.com, as a company to watch.
Perficient (NASDAQ: PRFT) is a leading Internet services firm that uses emerging technologies to webenable complex enterprise systems. Perficient builds deep expertise around a targeted set of core technologies through unique outsourcing partnerships with leading Internet software makers (called “Virtual Services Organizations” or “VSOs”). Perficient’s VSOs enable its software company partners to focus on their core business of improving and selling their software by outsourcing services delivery to Perficient teams that function as an extension of the partner’s organization. Perficient partners are leading Internet commerce “enablers” that provide the software platform for building the e-business infrastructure, such as Vignette Corporation, IBM and Plumtree Software. 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 focus on Java 2 Enterprise Edition, 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.