Boston, MA 03/03/2014 (wallstreetpr) – Perion Network Ltd. (NASDAQ:PERI) had a very good fourth quarter and full year 2013 and reported excellent results for both the periods.
Full Year Results:
Perion Network Ltd. (NASDAQ:PERI) reported revenues of $104.6 million for the full year 2013, an increase of 71% over the previous year. Among other non GAAP results, the company reported a surge in net income by 82% to reach $20.1 million. EBITDA also increased by 82% on year-on-year basis to reach $25.5 million. As a result, the company was able to reported diluted earnings of $1.54 per share, an increase of almost 56% y-on-y basis. The company expects to record revenues of $460-$470 million with EBITDA of $125-$130 million in 2014 for the full year.
A Look At Fourth Quarter Results:
Revenues for the fourth quarter increased 47% to $31.3 million on y-on-y basis. EBITDA also surged by 56% during the quarter to reach $7.7 million as compared to the same quarter last year. With net income increasing by 77% to $6.4 million, Perion Network Ltd. (NASDAQ:PERI) was able to declare diluted earnings per share of $0.49, an increase of 56% on y-on-y basis.
Acquisition To Create Industry Leader:
Perion Network completed the acquisition of ClientConnect in an all stock transaction in January. Based on the record performance and the strategic acquisition the company is now poised as one of the industry leaders. The management expects the Lifecycle Management Platform to become the Gold standard in the industry. The market needs have changed rapidly and companies need to focus on developers who can develop unique applications that can reach more consumers and also engage the customers. Both desktop and mobile applications are gaining prominence. With the integration with ClientConnect proceeding at a very fast pace, the company can expect to reap the benefits of talents and management skills in the coming period. This would also allow the merged company to sustain adverse headwinds.
