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In an August 5 release, Perficient noted that financial highlights for the second quarter ended June 30 include:
- Revenues decreased 24 percent to $44.9 million from $59.1 million during the second quarter of 2008;
- Services revenue also decreased 24 percent to $40.8 million from $53.6 million during the second quarter of 2008;
- Per share results on a fully diluted basis were a loss of one cent compared to earnings of $0.13 during the second quarter of 2008;
- Non-GAAP earnings per share (see attached schedule which reconciles to GAAP earnings per share) on a fully diluted basis decreased 60 percent to $0.08 from $0.20 during the second quarter of 2008;
- EBITDAS (a non GAAP measure; see attached schedule which reconciles to GAAP net income) decreased 63 percent to $4.0 million from $10.8 million during the second quarter of 2008;
- The company continued to generate operating cash flow during the second quarter and increased cash on hand by $6.4 million during the quarter and $8.4 million year-to-date as of June 30, to a balance of $31.3 million; and
- The company repurchased 639,000 shares of its stock during the quarter at a cost of $4.2 million. Since the end of the quarter we have purchased an additional 260,000 shares bringing the total shares purchased to date to 3.4 million shares at a total cost of $18.0 million.
"During the second quarter, Perficient continued to execute well in a challenging market," said Jack McDonald, Perficient's chairman and CEO. "Cash earnings and revenues were in-line with analyst estimates and we continued to generate cash flow, build our balance sheet and repurchase shares."
The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially.
The company said it expects its third quarter 2009 services and software revenue, including reimbursed expenses, to be in the range of $41.9 million to $44.7 million, comprised of $40.0 million to $42.3 million of revenue from services including reimbursed expenses and $1.9 million to $2.4 million of revenue from sales of software.
The company noted further it is reiterating its full-year revenue guidance range of $180 million to $200 million and adjusting our 2009 cash earnings per share guidance range to $0.30 to $0.40 to reflect the current economic environment and to align more closely with analysts' consensus estimate.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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